Non-banking financial services company Mahindra & Mahindra Financial Services said it plans to raise Rs 2,000 cr by issuing debt instruments to the public. The non-convertible debenture issue will open on July 10. The NCDs carry a rating of IND AAA from India Ratings and BWR AAA from Brickwork Ratings. The instruments will be offered […]
Telecom operator Reliance Communications said companies in the sector are facing cash flow issues due to what it called a ‘go slow’ approach taken by banks in disbursing loans. In an update on its ‘standstill agreement’ with its lenders, which provides it a window of seven months to complete a merger with local units of […]
IT and outsourcing services provider Wipro said it will use students at Israel’s largest university to jointly conduct research into artificial intelligence. The company inked an agreement with Tel Aviv University, Israel’s largest institution of higher learning which is home to over 30,000 students studying in nine faculties. The two will create a joint research […]
Reliance Communications launched a virtual private network service over its 4G service for the use of businesses. VPNs use software to create a virtual tunnel between two or more end points on the Internet. Since these are not a real private networks — which would require dedicated connection between different end points — they offer […]
Glenmark Pharmaceuticals said it received approval from UK authorities for to sell its Maloff Protect anti-malarial medication without prescription. It contains atovaquone and proguanil hydrochloride, and has been available only as a prescription medicine in the UK. The Medicines and Healthcare products Regulatory Agency gave approval for 250mg and 100mg film-coated tablets, it said. Maloff […]
Hero MotoCorp, the world’s largest two-wheeler manufacturer, reported strong June auto sales and said it cut prices for its scooters and motorcycles in most states of India. “The quantum of reduction ranges from Rs 400 to Rs 1800 on mass-selling models.” it said. The actual benefit varies from state to state, depending on the pre […]
Bajaj Auto said sales of its motorcycles in India fell 36% in June compared to the same month on 2016 to 1.08 lakh units, allowing TVS Motor Co to overtake the company in domestic motorcycle sales for the month. Bajaj’s total vehicle sales, including motorcycles, three-wheelers and exports, were down 23% at 2.45 lakh. Sales […]
Real Estate developer Godrej Properties said it kicked off two new projects — both residential apartments — in Gurgaon and Bangalore. The Gurgaon project is is of 98,000 square meters or 1.05 million sq. ft., while the Bangalore project will add 58,000 square meters of saleable area. The Gurgaon ‘group housing project’ is located 5 […]
Pharmaceutical company Strides Shasun said it received approval from the United States Food & Drug Administration to sell nausea drug Promethazine Hydrochloride in the country. The US market for Promethazine Hydrochloride tablets is approximately USD 17 Million. It will be sold in three doses ranging from 12.5 mg to 50 mg. Promethazine Hydrochloride Tablet is […]
Infosys said it appointed Unilever veteran D Sundaram as an independent director. He is currently the Vice Chairman and MD of TVS Capital Funds Ltd. “He joined Unilever Group in 1975 and served in various leadership capacities in Unilever Group in a career spanning over 34 years, including Director of Finance & IT, and Vice […]
Airline SpiceJet said it has opened its first physical store under its new ‘SpiceStyle’ retail brand at Galleria Mall in Gurgaon, near Delhi. The launch of its first physical store marks SpiceStyle’s entry into the offline segment besides its ecommerce portal and a brand store launched in association with Amazon. It also announced freebies, including […]
Packaged food company Nestlé said it would pass on to consumers any reduction in tax rates due to the introduction of the goods and services tax tomorrow. Companies are not obliged to pass on the benefit of lower taxes to consumers, and many are unlikely to. The Swiss giant said it won’t be one of […]
Union ministry of women & child development has expressed its consternation at its minister Maneka Gandhi being painted as insensitive by the media following a rather lively interaction between the minister and citizens. Media headlines today screamed that Gandhi, who has a reputation as a champion of the oppressed, said she had never heard of […]
Larsen & Toubro Deputy Managing Director and President S.N. Subrahmanyan has taken over as CEO and Managing Director with effect from today. He has been on the company’s board since 2011 and was named the new CEO in April this year. At the meeting on April 7, 2017, the company’s director board had also requested […]
Unichem Laboratories said the US FDA has completed its inspection of the company’s formulations manufacturing facility in Goa. The facility has received an Establishment Inspection Report, the company added. “This receipt indicates the successful closure of the inspection and the queries raised during the audit (Form 483). The inspection has now been closed by the […]
Zydus Cadila said it received the final approval from the US FDA to market obesity drug Phentermine Hydrochloride. The drug will be marketed in the form of orally disintegrating tablets in strengths of 15 mg, 30 mg, and 37.5 mg. The drug is used to treat obesity in people with risk factors such as high […]
JSW Steel Limited said the company’s board has approved a plan to build a pipeline from its Vijayanagar plant in Karnataka to the coast to facilitate the import of cheaper iron ore from Odisha and Eastern India. “This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. […]
JSW Steel said it will seek approval from its shareholders to raise thousands of crores of rupees via debt and equity in the upcoming annual general meeting of the company. “the Company had obtained the approval of members at the Annual General Meetings held on 26.07.2016 and 31.07.2014 for raising of resources in the form […]
Ratings agency Fitch said the string of farm loan waivers announced by various Indian states could impact the financial profile of the country as a whole. The agency, however, did not directly say that the moves could lead to a downgrade in India’s credit rating, which would increase the cost of borrowing for both government […]
Infosys Chief Executive Officer Vishal Sikka said his company was not overwhelmed by the problem of automation and that it is trying to retrain its staff displaced by automation. Sikka was responding to a question on ‘what happened to the 11,000 employees’ displaced by automation at the sidelines of the World Economic Forum at Dalian […]
