Wipro, one of India’s top IT services exporters, reported a fall in net profit for the second quarter, despite getting a lift from the falling rupee, due to a sharp increase in ‘other expenses. Net profit for the September quarter came in at Rs 1,886 cr, down from Rs 2,094 cr in the preceding three […]
Zydus Wellness, the consumer healthcare arm of Zydus Cadila, said it has agreed to acquire Heinz India Private Ltd, the Indian unit of global FMCG major Kraft Heinz. The transaction, which will be carried out in association with Cadila Healthcare Ltd, values Heinz India at Rs 4595 cr, the company said. Heinz India’s business comprises the brands Complan, Glucon D, […]
Mumbai-based RBL Bank reported a 48% jump in operating profit on strong growth in both interest as well as non-interest income. However, a near-doubling of provisions to Rs 140 cr (flat sequentially) prevented the full benefits from reflecting on the bottom line. The company’s overall interest income in the second quarter rose by Rs 372 […]
In yet another indication that the real estate market is starting to revive, Sunteck Realty, a Mumbai-based real estate developer, announced that it has sold 2,000 out of the 2,476 flats in its upcoming West World project in Naigaon near Mumbai. It said the sales has generated Rs 600 cr, which implies a per unit […]
Even as liquidity remains tight for non-banking finance companies in India, PNB Housing Finance said it has raised Rs 1,775 cr from various mutual funds and banks by issuing commercial paper. Commercial paper refers to short-term loans raised by companies, and are typically used to meet short-term requirements like taking care of inventory and accounts […]
Alembic Pharmaceuticals said one of its dermatology-focused joint ventures cleared its first United States Food and Drugs Administration (USFDA) inspection at its new formulation manufacturing facility located at Karakhadi, Gujarat, India without any observations. The inspection was carried out between 15th October, 2018 and 19th October, 2018. Alembic holds 60% of Aleor, with Orbicular Pharmaceutical […]
Libi CS, a self-proclaimed atheist, was taken away by police today on her way to the holy site of Sabarimala. The woman, a native of Cherthala in Kerala, had announced on Facebook yesterday that she, along with three of her friends, will visit Sabarimala today. “When Rahul Easwar (leader of the agitation) is camping at […]
Sterlite Tech said it has got the confirmed order to build and manage a pan-India digital network to enable communication for the Indian Navy. Typically, such projects are won by multinational companies. However, given that the network will be used for defence purposes, the Navy seems to have preferred an Indian vendor. Nevertheless, it will […]
Dr. Reddy’s Laboratories, one of the biggest pharmaceutical companies in India, said it has agreed to sell its API manufacturing unit located in Jeedimetla, Hyderabad, to Therapiva Private Ltd, an emerging generics pharmaceutical company. The company did not reveal the financial details of the deal, but said the transaction is designed as a slump sale […]
Online sales of smartphones in India continues to gather pace — expected to rise to 38% of all smartphone sales this quarter — even as Xiaomi is expected to outsell Samsung 4:1 online. In total, 15 mln (1.5 cr) smartphones are likely to be sold through online channels in the festival quarter — a growth […]
SPI Cinemas, a part of India’s largest multiplex chain PVR, has launched at Park Square Mall in Whitefield in Bengaluru. The four-screen cinema is set on the third and fourth floors and can seat 696 people in total. With the launch, PVR’s network now stands at 715 screens at 154 properties in 60 cities. On […]
Royal Orchid hotel chain said it has opened its 49th property near the Bharatpur bird sanctuary in Rajasthan. Regenta Resort has 50 rooms, including Royal Suites, Club Rooms and Family Suites, as well as executive suites. It also comes with an in-house restaurant and two function halls. Bharatpur is a popular winter destination for North […]
The 2018 version of Ciaz, the ‘A3’ sedan from Maruti Suzuki, has notched up bookings of over 10,000 in the first month, India’s largest carmaker said. This comes as a relief as the numbers had seen a drastic decline in the run-up to the launch of the new, 2018 model in August. The new variant, […]
IndusInd Bank launched what it called India’s first dual, debit cum credit card. The ‘Duo’ card has two magnetic stripes on either edges and two chips on either ends. The card design uses the anagram technique to enhance and highlight the singularity of the Duo Card. IndusInd Bank, part of the Hinduja Group, is among […]
Voltas, the largest selling AC in India, today launched ‘smart ACs’ in an exclusive tie-up with online retailer Amazon. Users can turn their AC on and off and change the temperature using voice commands like “Alexa, turn on the AC” or “Alexa, set AC to 23 degrees”. For finer-grained control, they can use can the company’s […]
Heavy machinery maker Bharat Heavy Electricals Limited said it won four orders for emission control equipment from power producer NTPC, worth about Rs 2,900 cr, The orders involve the supply and installation of Flue Gas Desulphurization (FGD) systems for control of SOx emissions at NTPC’s producing stations at North Karanpura, Mauda Stage-I, Barh Stage-I and […]
Suzuki, the Japan-based parent of India’s largest carmaker Maruti Suzuki, has started real-life testing of electric vehicles in India. The company had, in September, promised to bring 50 units of its electric vehicles to India for conducting tests in real life conditions. “This extensive real-life usage of the vehicles in multiple terrains and climatic conditions […]
NTPC, India’s biggest power producer, said it has taken a loan of Rs 5,000 cr from the State Bank of India to fund its capital expenditure. The loan is repayable over a period of 12 years. This is one of the first large corporate loans extended by Indian banks after the NPA crisis, in which […]
Volvo Eicher Commercial Vehicles, which manufactures Eicher branded trucks and buses in India, said it would increase its capacity by 44% by setting up a new, 40,000-trucks-per-year plant in Bhopal in Madhya Pradesh. At present, the joint venture between Eicher Motors and AB Volvo has a capacity of manufacturing 90,000 trucks per year at its […]
India’s largest lead recycler Gravita India said it has been forced partially cancel a Rs 300 cr order received earlier this year due to counterparty problems. The company said it supplied only 3,800 tons out of the contracted Rs 18,000 tons to buyer Kyen Resources Pte. Ltd. Singapore. “The contract entered with them has been terminated due […]
