Apollo Tyres said it ‘strongly denies’ the Economic Times report that it was trying to acquire South Korea’s No. 2 tyre maker Kumho Tire for $900 million. “Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of ‘The Economic Times’ on […]
Railway minister Piyush Goyal said he has ordered a ‘safety and capacity’ audit of all foot-overbridges in Mumbai. The order comes in the wake of the death of around 25 people in a stampede on a narrow foot-overbridge in the Elphinstone station. He also said that the Railways will give Rs 5 lakh as compensation […]
The amount of money invested or committed by private equity firms in India reached an all time high in the first nine months of this year, said Venture Intelligence, a research firm tracking unlisted company financials, transactions and valuations. PE firms invested about $17.6 billion in Indian companies as of September, overtaking the previous record […]
Tata Steel Limited’s (TSL) memorandum of understanding with thyssenkrupp AGn to create a 50:50 JV in Europe paves the way for TSL to reduce exposure to a structurally weaker business, says Fitch Ratings. However, TSL’s Long-Term Issuer Default Rating (IDR) of ‘BB’ remains on Rating Watch Evolving until further clarity on the proposed JV emerges […]
Bank of Baroda, one of the largest banks in India, has slashed the base rate and benchmark prime lending rates in keeping with the decline in inflation and loan demand. The company slashed the base rate to 9.15% from 9.5% with effect from Oct 1. Base rate is the minimum rate set by the Reserve […]
Nucleus Software, which provides IT solutions for financial services companies, said its loan management solution has been selected by Finova Capital, a Jaipur-based Non-Banking Financial Company (NBFC) to digitise its lending business. Founded in 2015, Finova Capital offers business loans to lower income segments in rural and urban areas. “As a part of their strategic […]
Mumbai-based Godrej Properties Limited said it will co-develop a residential project in Sarjapur in Bangalore in association with Manyata, a local developer. It signed a Development Management Agreement with Manyata Developers Private Limited to develop a group housing project in the East Bangalore locality. Development Management Agreements are usually signed when the owner of the […]
Videocon Wallcam has launched a CCTV solution with bundled 4G connectivity in association with Vodafone. It unveiled a 4G-enabled vehicle surveillance kit and stand-alone outdoor and indoor CCTV cameras, both with a 4G sim slot to support 4G connectivity. This ensures that the camera can be placed anywhere with 4G connectivity and only the power […]
Piramal Finance Limited (PFL) has entered the retail housing finance business. It is part of $1.3 bln Piramal Enterprises, one of India’s large diversified companies, with presence in pharmaceuticals, and financial services. The housing finance venture has been floated through a wholly owned subsidiary, Piramal Housing Finance Private Limited. It will offer home loans as […]
After years of debate, micro-blogging website Twitter is testing a higher word limit for some of its users, including some in India. Users, particularly active ones with large following, have been pleasantly surprised to see the limit of 140 characters relaxed as of today morning. “This is a small change, but a big move for […]
Pharma giant Glenmark Pharmaceuticals said it received final approval to sell skin oinment Desonide Lotion in the US. The ointment has annual sales of approximately $23.2 million. The medicine is used to treat eczema, dermatitis, allergies, rashes etc. Desonide reduces the swelling, itching and redness that can occur in these types of conditions. The United […]
Tata Consultancy Services said it won a 15-year deal from Scottish Widows insurance company to provide end-to-end policy administration services for its 4 million heritage customers. The deal from the Lloyds Banking Group’s Life and Pensions unit was won by TCS’s UK subsidiary Diligenta, which provides outsourcing services to the insurance industry. “Diligenta will provide […]
Vodafone said it will offer Rs 50 per month in extra talk-time for people using any Intex 2G-only feature phone, provided they top-up by Rs 100 or more per month. The offer will work for 18 months. However, Vodafone said the offer is valid only till 31st October, which could indicate that it must be […]
WagonR, which was India’s ‘big’ small car for over a decade, has become the third car to cross the 2 mln sales milestone, Maruti Suzuki said. Launched in 1999, WagonR and Hyundai’s Santro were the most affordable cars after Maruti 800 and Alto, which ruled as the mass models. With its taller stance and higher […]
Hindustan Unilever, the country’s largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors. “Early part of SQ’17 (July-September 2017) was affected by various myths in trade,” the company said at Arisaig Consumer Symposium today. […]
Pharmaceuticals and specialty chemicals maker Vivimed Labs said investment firm OrbiMed will invest $42.5 mn (Rs 270 cr) into its active pharmaceutical ingredients business. The investment will be into Vivimed Labs Mascarene Ltd, which is in turn the holding entity of the company’s API business, UQUlFA. The proceeds of this fund raise will be utilised […]
Maruti Suzuki, India’s largest car maker, has started taking orders for the 2017 variant of S-Cross, its ‘crossover’ SUV. Booking can be done for an initial payment of Rs 11,000 at any of its 280 NEXA showrooms, or by logging on to nexaexperience.com. The car has not started selling and stocks won’t be available immediately. […]
Thomas Cook, the travel services company, said it had purchased the forex business of Tata Capital, Tata Capital Forex, in its entirety. “We would like to inform you that the Board of Directors of the Company at their Meeting held on 25th September, 2017, approved the acquisition and signing of a definitive agreement with TATA […]
Sun Direct, a unit of Sun TV, has become the first DTH or cable operator to start transmission using next-generation HEVC compression technology in India. The company has introduced two HEVC — short for high-efficiency video codec — channels on its GSAT-15 beams. HEVC, also known as H.265, requires only 55%-60% of the bandwidth compared […]
Reliance Jio has opened pre-booking for the new Apple iPhone with an effective price of just Rs 9,200 under a dual cashback offer. The sticker price of iPhone 8 is Rs 64,000 in Jio stores. However, if you buy the device along with a 12 month contract of services from Jio, the company will return […]
