Indiabulls Housing Finance said its offer of non-convertible debentures — a kind of fixed deposit in the company — has generated total retail collection of Rs 807.8 cr. Under the issue, the company was targeting to raise up to Rs 1,000 cr, including a ‘greenshoe’ option of Rs 800 cr that depended on demand. The […]
HDFC, one of India’s oldest housing finance companies, said it has slashed the interest rate on its home loans to 6.7% for those with qualifying credit scores. The rate of 6.7% is one of the lowest interest rates charged by any bank or housing finance companies in India at present. The closest competition is with […]
SpiceJet, one of the two companies trying to take over the national airline, has rejigged its holding structure by transferring its cargo business to a wholly owned subsidiary to allow for greater ease of monetization. The airline also said it will also raise Rs 2,500 cr through a qualified institutional placement of SpiceJet shares. The […]
Tata Power said it signed a preliminary agreement to set up and supply power from a 250 megawatt solar power plant to Maharashtra state. This is one of the largest, single-site solar projects ever awarded by any agency in India. Typically, solar power plant awards tend to be in the 100 MW range. The new […]
Dish TV India, one of the largest direct-to-home satellite broadcasters in the world, said a shareholder resolution calling for the removal of its chairman and certain directors as proposed by YES Bank cannot be implemented without the approval of the government and lenders, and therefore, the DTH company has sought permission to postpone the annual […]
Zydus Cadila said it received approval from the US Food & Drug Administration to sell new generation anti-depressant Vortioxetine in the US market. The drug was first approved around seven years ago, and was developed by Denmark-based pharmaceuticals maker Lundbeck in the late 2000s. Around 2007, Japanese pharmaceuticals maker Takeda agreed to pay an upfront […]
Brickwork Ratings, a credit rating agency that gives advice on the ability of companies to service their debt, has hailed the slew of measures announced by the government yesterday to give relief to the telecom sector, but added they’re not enough to save the industry. FLIP FLOP The most import measure announced yesterday was a […]
IT and outsourcing major HCL Technologies said it has agreed with South Korean software maker Hancom to help each other to expand in different markets. As a part of the deal, Hancom with help HCL Tech expand into the South Korean market, while HCL Tech will help the South Korean company expand in countries such […]
SpiceJet said it signed yet another leasing agreement for an unspecified number of Boeing 737 MAX aircraft, which were pulled out of service in early 2019 following accidents and mishaps. The American aviation regulator was the first to re-approve the aircraft for operations in November last year, followed by Canadian and European authorities in January […]
Assocham, one of India’s top three industry associations, has predicted double digit GDP growth for India this year, citing encouraging response from its members. The association, which counts hundreds of manufacturing and service sector companies as its members, said the economy is fast returning to normal after the disruption seen in April and May due […]
With youngsters increasingly preferring non-traditional careers and gigs for their livelihoods, several financial services startups have also sprung up to target these customers who may not qualify for traditional banking services. In this direction, FPL Technologies, a two-year-old, Pune-based credit scoring company, announced that it has launched a free credit card targeting the youth, with […]
Pune-based real estate developer Kolte-Patil Developers Ltd has introduced its second Group CEO in three months in the form of Rahul Talele, currently Business Head for Pune. It was on June 12 this year that the company had appointed Yashvardhan Patil as its Group CEO. At the time, Kolte Patil Chairman & MD Rajesh Patil […]
Chennai-based TVS Motor Company said it has signed a distribution partnership with ETG Logistics, part of a prominent South African business group present in over 70 countries across Africa, South East Asia, the Indian Sub-Continent, Latin America and the Middle East. ETGL will operate 30 dealerships for TVS Motor Company in South Africa as part […]
Indian pharmaceuticals manufacturer Lupin Ltd said it received a non-exclusive license to manufacture the anti-TB drug pretomanid from non-profit drug developer, TB Alliance. The company said it plans to sell the drug in 140 countries and territories, including many of the highest TB burden countries around the world. Pretomanid will be administered as part of […]
Marurti Suzuki, India’s largest car maker, has warned customers not to drive their Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6 models made between 4 May 2018 and 27 October 2020 over water-logged areas. The company said there is a fault in 1.82 lakh of these vehicles which can cause unexpected results if the customer drives […]
Hyderabad based aviation equipment manufacturer Zen Technologies said it received a Rs 155 cr contract to a supply an anti-drone defence system to Indian Air Force. Details of the order were not disclosed, but the company said it would make the supplies over a 12-month period. Zen Technologies specializes in Defence Training Solutions, drones and […]
Mahindra & Mahindra said it will cut its automobile production this month by 20-25% due to a shortage of semiconductors. The company, like most producers, has been finding it difficult to source the chips required that carry out various functions within a car, such as controlling the engine/fuel flow, display boards and so on. “The […]
Mahindra & Mahindra, the second biggest home-grown automaker in India, reported a slow down in momentum in its August auto sales after reporting strong numbers for July. Overall sales of UVs fell to 15,786 in August from 20,797 in July. A similar deceleration was also seen in the commercial vehicles segment, as well as in […]
Ramco Systems, a Chennai-based provider of enterprise software, said it won a contract to supply operations management software to Draken International, a key US defence contractor which provides aircraft maintenance and management services to the US Department of Defence. The exact size of the deal was not revealed, but Ramco said the US company will […]
The latest industry numbers for the broadband and broadcasting industries seem to confirm what many industry watchers have been warning for years — the rising penetration of affordable and high-speed wired internet will displace cable and DTH services in India. While this has always been seen as a theoretical possibility or hypothesis, new data from […]
