Days after it imposed a monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank of India has slapped a fine of Rs 1 crore on ICICI Bank for delays in the implementations of the new controls relating to the SWIFT system of international payments. The SWIFT (Society for Worldwide Interbank Financial […]
Pharmaceutical major Lupin and partner Natco Pharma received approval from the US Food and Drug Administration (FDA) to sell a generic equivalent of Novartis Pharmaceuticals’ Gleevec cancer tablets in the US market. Imatinib Mesylate Tablets, in 100 and 200 mg doses, have annual sales of around $655 million in the United States, Lupin said, making […]
State Bank of India and Hitachi Payment Services announced the start of operations of their payment processing venture in India as India’s largest bank tries to stay on top of the merchant-payment business. Hitachi took a 26% stake in SBI Payments in January for an undisclosed amount. SBI Payments was already India’s biggest merchant-enabler payment […]
India’s most aggressive low-cost airline SpiceJet announced new flights connecting Hyderabad to Colombo, Chennai with Patna and Surat, as well as six new flights under the UDAN scheme. It has introduced direct flights on the Hyderabad-Colombo-Hyderabad route with effect from April 15. SpiceJet is the first Indian budget carrier to service the route and will […]
Anil Ambani Group’s construction arm Reliance Infrastructure said it has got the letter of award for a Rs 648 crore contract to build a new greenfield Airport at Hirasar in Rajkot district of Gujarat. The airport is to be completed within 30 months. The new airport is being constructed at a location near National Highway […]
CARE Ratings has cut the rating on Rs 11,400 cr of bank and debenture financing availed by Tata Motors due to poor financial performance and high product development costs at the company’s UK subsidiary. It cut the rating on Tata Motors’ long-term bank facilities and non-convertible debentures to AA from AA+. CARE said the cut […]
Home textile manufacturer Himatsingka Seide said it has signed a multi-year deal with US-based Iconix Brand Group to manufacture Royal Velvet heritage luxury brand of bedding and sheets etc in the US market. “We look forward to partnering with Iconix Brand Group and leveraging our integrated expertise to enhance the presence of the Royal Velvet […]
The head of Indian Air Force today said that Wing Commander Abhinandan Varthaman can join back his old unit immediately if he’s declared fit by the doctors. Addressing a press conference, Air Chief Marshal BS Dhanoa said the IAF won’t make any changes to his deployment status based purely on recent events. However, he said, […]
Bharat Heavy Electricals Limited, which makes heavy electrical equipment, said has started rolling out a network of electric vehicle charges on the Delhi-Chandigarh Highway. The first such charger was inaugurated today at Ethnic India Resort in Rai in Sonepat district of Haryana. The chargers will be powered entirely by solar technology and will cover entire […]
Glenmark Pharmaceuticals, a pharmaceutical company headquartered in Mumbai, reported progress in a proof-of-concept study of GBR 830, being studied as a treatment for atopic dermatitis, commonly known as eczema. The company said it was able to notice a decline in atopic dermatitis score during the study involving 62 patients, which also showed that the drug […]
Cochin Shipyard Limited (CSL), which operates the largest ship-building and maintenance facility in India, on Friday signed contracts for the construction and delivery of four 8,000-ton mini bulk carriers with a subsidiary of the JSW Group, one of India’s largest business conglomerates. The vessels will be built at the CSL yard in Kochi and will […]
SpiceJet, the most aggressive of India’s low-cost carriers, launched 10 new flights under the government-supported UDAN scheme, including eight to Gwalior and four connecting Bhopal. Gwalior will be SpiceJet’s 52nd domestic destination. The move will make the airline the only one to offer daily direct flights on several sectors, such as Gwalior-Hyderabad, Gwalior-Jammu, Gwalior-Bengaluru and Gwalior-Kolkata. […]
Tata Motors reported a 5% decline in its commercial vehicle sales in India for the month of February, while passenger vehicle sales were up 2% for the month. More worryingly, most of the loss in volume were in high-value items, such as medium and heavy trucks (down 18%) and commercial passenger vehicles (also down 18%). […]
Mahindra & Mahindra received a much needed boost in February with the launch of the moderately priced XUV300 compact SUV. The company, which had reported zero growth in its SUV sales in January, was able to post a jump of 3,372 in its total UV sales for the month of February. Total UV sales jumped […]
NCC Limited, formerly known as Nagarjuna Construction Co, said that it received five orders worth Rs 4,088 crore in the month of February. The company had won orders worth Rs 4,090 cr in January and Rs 2,891 cr in December. Of its February orders, two worth Rs 738 crore were received in the buildings division, […]
Maruti Suzuki, India’s largest auto maker, reported a marginal decline in its February 2018 sales, as exports fell 20% and domestic market sales rose 0.9%. Total vehicle sales, including exports, were down 0.8% at 149 lakh compared to February 2018. The monthly performance is largely similar to what was seen in January, when domestic market […]
Bajaj Auto, the country’s biggest two-wheeler exporter, reported a jump of 16% in its February exports, and an increase of 6% in domestic sales. Overall, the company’s total sales for the month were up 10%. Bajaj Auto sold 1.87 lakh motorcycles in India during February, and exported 1.41 lakh. The performance is well below what […]
Escorts, one of India’s biggest tractor makers, reported a 12% jump in its unit sales in February. The company sold 7,240 tractors in February this year, versus 6,462 last year, including exports. Exports nearly doubled to 322 this year from 167 last year. Sales of tractors within India increased by 10% to 6,295, which is […]
Pharmaceuticals manufacturer Lupin said it has launched an exclusive generic version of Gilead Sciences’ heart drug Ranexa in the US. Ranolazine ER, to be sold in 500mg and 1000mg tablets, is indicated for the treatment of chronic angina or chest pain. “Products like Ranolazine bring significant savings to US consumers and are a key part […]
The official spokesperson for Pakistani Armed forces confirmed that the Pakistani Air Force crossed over into Indian territory today morning, were pursued by Indian jets across the border, and that two of these were shot down. At least one Indian pilot has been arrested, he said. “In response to PAF strikes this morning as released […]
