ONGC Videsh Limited, the overseas subsidiary of ONGC, said it completed the acquisition of 30% interest in Namibia’s offshore block, as announced earlier. The acquisition involves blocks 2112A, 2012B and 2113B. The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. T Tullow with continue to be the […]
Piramal Enterprises Limited said it will invest Rs 280 crore in Puranik Builders’ “Puranik City Reserva” project in Thane. The investment, routed through Piramel Finance, will be modeled on the ‘financial partnership’ model, it said. Puranik City Reserva is a theme-based ongoing project at Ghodbunder Road in Thane and is being developed on 13 acres […]
Godrej Properties Ltd, one of the few real estate players still actively launching new projects, announced the beginning of a new project in Pune. It said it will develop a residential project on approximately 59 acres in Mamurdi, West Pune, within the municipal corporation limit. The project will offer approximately 418,000 square metres (4.5 million […]
Indraprastha Gas Ltd, which sells CNG to the National Capital Region, said it has raised the price of CNG by 95 paise per kg in Delhi and by Rs 1.26 per kg in the consumer price of CNG in Noida, Greater Noida and Ghaziabad. In Rewari, the price will be increased by Rs 1 per […]
Acharya Balkrishna of Patanjali has emerged as the latest addition to the list of the top ten richest people in India, which is still headed by Mukesh Ambani, chairman of Reliance Industries. Haridwar-based Acharya Balkrishna, age 45, rose to 8th position from 25th last year after seeing his wealth grow by 173%. He is now […]
Capital equipment maker Siemens today said it has transferred its lease for its Worli building to a joint venture K. Raheja Corp Group and GIC, Singapore for a consideration of Rs 610 cr. The deal was originally announced in December and is one of the biggest land deals in India in recent times. The property, […]
Representatives of apparel exports met commerce minister Suresh Prabhu and sought certain changes in the tax reimbursement scheme under the current Goods and Services Tax regime. Apparel exporters are eligible for reimbursement of various state and central taxes under two schemes meant to promote exports: Rebate of State Levies (ROSL) and Drawback (DBK). However, they […]
In one of the biggest film acquisitions in recent times, NFAI has added 162 films to its collection. The entire collection came from Famous Cine Laboratory in Mumbai. NFAI or the National Film Archive of India is aimed at preserving Indian film heritage. “We thank them for depositing these films at NFAI,” said Prakash Magdum, […]
Oil minister Dharmendra Pradhan today said that the current spike in petrol and diesel price is ‘temporary’ and related to the impact of Hurricane Harvey in the US. “The prices have gone up because some of the refining capacity has been shut down (in the US). It is temporary,” Pradhan said today, in response to […]
Bajaj Finance said it will offer 8.10% on fixed deposits to senior citizens, making it among the highest interest rates offered on fixed deposits in the country. For others, it will be 7.85% per year. The non-banking finance company claims to have the highest credit ranking in the sector in India. It is the lending […]
Tata Motors has denied media reports that the production of commercial vehicles at its Jamshedpur plant was disrupted last week due to a strike. Media had reported that around 6,000 of the 10,000 workers at the company’s Jamshedpur plant were protesting, and that this had brought down production of commercial vehicles to 60-70 per day […]
Indian promoters are unwilling to give total management control to professional boards and managers, a survey by Assocham has revealed. A majority of the corporate firms have promoters’ holding well over 50 per cent and even those with much lower stake are not willing to bet fully on professionals, found the survey that was based […]
Total retail sales for Jaguar Land Rover increased 4.3% to 38,519 in August, the company said. The increase was “primarily reflecting the introduction of the new Range Rover Velar and the long wheel base Jaguar XFL in China as well as continuing strong sales of Discovery Sport and F-PACE,” Tata Motors said. Retail sales were […]
Mumbai-based real estate developer Capacit’e Infraprojects has priced its initial public offer at Rs 245-250 per share. The company said it will open its Rs 400 cr IPO on Wednesday, Sep 13 and close it on Sep 15. Up to 50% of the issue will be allocated to institutional investors, and within this, up to […]
Information technology firm Wipro said it won a five-year IT applications management contract from Outokumpu, one of the world’s biggest producers of stainless steel. Shares of the company were marginally higher at 299 rupees, up 0.6%. In 2014, the Finnish company had given a somewhat similar contract to the Bangalore-based firm, but the latest deal […]
Laws to protect Indian women who are abandoned by their NRI (non-resident Indian) husbands or foreign partners to be finalised soon, said Rakesh Srivastava, Secretary, Ministry of Women & Child Development at an ASSOCHAM event held in New Delhi today. India has taken a lead role in gender budgeting in the world, he added. Effort […]
Escorts, which makes Farmtrac and Powertrac tractors in India, launched several new models today, including what it called India’s first Electric & Hydrostatic concept tractor as well as high-end models with cabins and tier 4 emission norms compliant CRDi engines. These will be exported to the United States, Europe, Latin America, Africa and ASEAN countries. […]
Mahindra & Mahindra Ltd, one of the biggest Indian automakers, reported stronger sales for its SUVs. Total utility or SUV sales for the company came in at 18,225 units, up 7% from 17,119 in August last year. With this, the company has been able to post a growth of 2% in SUV sales so far […]
Jet Airways said it would offer up to 20% discount on international tickets under a week-long sale that will end on Sep 6. “Under the offer, guests enjoy attractive savings of up to 20% discount on the lowest prevailing return base fares,” the airline said. The offer is valid for travel only on direct flights […]
Moody’s Investors Service has downgraded debt issued by IDBI Bank over concerns on “reduction in the amount of extraordinary government support incorporated into the bank’s ratings and its weak standalone credit profile,” the bank said. While earlier, Moody’s used to assume that government support for IDBI Bank was at the top-end of the ‘very high’ […]
