The Thomas Cook (India) said it will prepay about Rs 67 cr of corporate bonds to make the standalone company debt-free by the end of this month. It said it will also pay off short-term debts using the proceeds of an offer for sale of its shares. This, said the travel and tourism company, will […]
Mahindra & Mahindra has unveiled its next SUV, the Marazzo, at a price that is considerably below what the market was expecting. While the ‘shark-inspired’ UV was supposed to be priced in the same range as the XUV500, the actual starting price is about 20% below that of the 500. Against Rs 12.6 lakhs for […]
Bharatiya Janata Party put up a stronger performance in city councils than in towns and villages in Karnataka local body elections. According to the results as of 11:35 AM, the BJP was leading in or had won 352 seats out of the total of 927 seats in 29 city councils for which elections were held. […]
Bajaj Auto, one of India’s biggest two- and three-wheeler makers, reported relatively strong auto sales numbers for August. Total sales came in at 4.37 lakh, up 30% over 3.35 lakh in August last year. Growth was led by exports, even as the floods in Kerala dampened domestic growth slightly. Total exports for the month was […]
Zydus Cadila said it received the final approval from the USFDA to market cholesterol-lowering Gemfibrozil and antipsychotic Aripiprazole in the US. Gemfibrozil Tablets are used together with diet to treat very high cholesterol and triglyceride levels in people with pancreatitis. It is also used to lower the risk of stroke, heart attack or other heart […]
Reliance Infrastructure Ltd said it has completed the sale of its Mumbai power business to Adani Transmission for Rs 18,800 cr. Out of the total amount, it has already got Rs 13,800 cr, and has used the amount to pay back its debt. It will get another Rs 5,000 cr next year. “Regulatory Assets under […]
Jet Airways, which is in the middle of implementing cost cutting measures, said it will introduce 28 new flights in the coming month. Among the new routes are daily flights from Indore, connecting the ‘largest city in Madhya Pradesh’ to Jodhpur as well as to Vadodara. It will also commence flight operations between Chandigarh and […]
Parag Milk Foods said it has started targeting the North Indian market more effectively as it has operationalized its recently acquired Danone milk plant in Sonipat in Haryana. The plant was acquired in April. So far, the company had to rely on its Maharashtra milk plant to supply products to Delhi and other North Indian […]
Reliance Power said it has been awarded damages of $56 Million, or about Rs 390 cr, by an arbitration panel in Singapore in relation to the acquisition of three mines in Indonesia. Reliance Power, an Anil Ambani Group company, had signed an agreement with Indonesia’s Sugico Group eight years ago to acquire three coal mines. […]
The board of directors of Jet Airways, the body that acts as the representative of all shareholders, will on Monday consider the cost cutting measures proposed by the management of the airline, the company said. “The Audit Committee and the Board of Directors at their meeting scheduled to be held on Monday, 27 August 2018, […]
GIC, Singapore’s sovereign wealth fund, is acquiring a “significant minority stake” in Provenance Land, said the developer that partners with Canada’s Four Seasons Hotels to run the Four Seasons Hotel in Mumbai. The investment will be in an entity that owns the property on which the hotel operates, another under-construction Four Seasons branded apartment complex […]
SpiceJet said it would start six new daily direct flights on both domestic and international routes starting from 10th October 2018. These flights cover Hyderabad, Guwahati, Patna and Bangkok. There will be new daily flights from Hyderabad to Bangkok. The inaugural fare from Hyderabad to Bangkok will be Rs 9,999 and the return will be Rs 8,299. […]
Pharma major Lupin said it has launched corticosteroid cream Clobetasol Propionate in the US. The cream is the generic equivalent of Fougera Pharmaceuticals Inc.’s Temovate. Clobetasol Propionate Cream USP 0.05% had annual sales of approximately USD 108.6 million in the US. It is used for the relief of the inflammatory and pruritic (itchy) manifestations of corticosteroid-responsive […]
Maruti Suzuki, India’s biggest carmaker, said it will contribute Rs 3.5 cr, including employee contributions, to the Prime Minister’s National Relief Fund in the context of floods in Kerala. “With regard to the recent floods and colossal damages in Kerala, Maruti Suzuki stands with the people of Kerala and prays for quick rehabilitation of all […]
GAIL India Ltd said it awarded the first contract for purchase of the 108 km, 24-inch diameter pipes under the Barauni—Guwahati segment of the Jagdishpur—Haldia & Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project to M/s Ratnamani for Rs 125 crore. “Line pipe procurement activities for the rest of the 600 km trunkline upto Guwahati is at […]
Infibeam Avenues, one of India’s largest home-grown e-commerce companies, reported a standalone loss of Rs 14 cr for the first quarter due to a sharp increase in payment gateway charges. While operating revenue for the Apr-Jun quarter increased sequentially by Rs 5.3 cr to Rs 91.34 cr, payment gateway charges jumped by a whopping Rs […]
India’s biggest drug maker Sun Pharmaceutical Industries reported strong numbers for the first quarter of Apr-Jun this year, with rising sales lifting margins and profits. Overall sales rose 16% on year to Rs. 7,139 crores, led by growth in key geographies such as the US, India and emerging markets. This was partly on account of […]
Hero MotoCorp Ltd., the world’s largest two-wheeler manufacturer, said it will start shipping its first premium motorcycle, the Xtreme 200R, from its factories next week. This marks the end to a long period of waiting for the fans of the machine that is priced at Rs 90,000 in Delhi, which is about 10% cheaper than […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the money will have to be put in by the tax […]
PVR, India’s largest multiplex operator by far, said it will acquire 72% of SPI Cinemas, which operates 17 multiplex theaters in South India including Chennai’s Sathyam, for around Rs 633 cr in cash, and the remaining 28% by issuing its own shares. SPI Cinemas is a leading cinema player in South India with 17 multiplexes, […]
