Larsen & Toubro said it received a ₹1,425 crore order to build 23 km of highway in Gujarat. “The (construction) business has secured an order from a prestigious private client for the construction of eight lane Vadodara – Kim Expressway, package I (part of Vadodara Mumbai Expressway) in the state of Gujarat,” it said. The […]
Yes Bank said it recovered 66% of its total claim of Rs 325 cr from bankrupt steelmaker Bhushan Steel after it was taken over by Tata Steel. “With this recovery, the Bank now has an exposure to only one account, aggregating to only Rs 23.4 Crores (with 50% provision) as on March 31, 2018, from […]
State Bank of India, the country’s largest bank, reported a sharp increase in its quarterly net loss in Jan-Mar after setting apart a whopping Rs 24,080 cr in the three months to cover bad loans extended by the company in the past. Even excluding the write-off and provisions, the company’s operating profit was down compared […]
Larsen & Toubro said it has won construction orders worth ₹ 4,033 crore under its its Buildings & Factories division. Among the orders is one to build 1,125 residential towers of four storeys each under PMAY Scheme at Visakhapatnam, Prakasam, Guntur, and Krishna Districts in Andhra Pradesh. It also won another government order to establish […]
L Catterton Asia, the Asian unit of the consumer‐focused private equity firm, will take a stake of around 10% in Future Lifestyle Fashions Ltd, the company that operates the Brand Factory and Central fashion stores in India. The valuation or the amount invested was not revealed. However, Future Lifestyle Fashions has an equity market value […]
Boosted by the first big victory since in several years, Congress Party president Rahul Gandhi said his party will join hands with the opposition to “protect Indian institutions” from the attacks of the Bharatiya Janata Party and Rashtreeya Swayamsevak Sangh. Speaking in the aftermath of the BJP failing to win majority in Karnataka Assembly, Gandhi […]
BJP sources are reported to have started indicating to media that the party is not interested in winning ‘by hook or crook’ and may not go through with the trust vote if it is not able to garner the requisite numbers. The move indicates that the ruling front may have failed to achieve its target […]
Bharti Airtel and Amazon will offer Rs 2,600 cash back over a period of three years for anyone who purchases any of the 65 smartphones exclusively available on Amazon. However, they must make Airtel recharges of Rs 7,000 over a period three years, or about Rs 200 per month. Customers have to buy any of […]
India-based Sun Pharmaceutical Industries said it has launched an authorized generic version for Daiichi Sankyo’s cholesterol drug Welchol in the US market. The drug, whose compound name is colesevelam hydrochloride, had US sales of approximately US$ 520 million for the 12 months ending March 2018, as per IQVIA, the company said. The launch of the […]
Reliance Jio Infocomm Ltd said it has tied up with Israel-based Screenz to offer interactivity and ‘play along’ features for television programs in India. With the help of the offering, television channels can keep their viewers engaged on a realtime basis using smartphone apps. Jio has already deployed the concept for the quiz show Kaun […]
Pharma player Suven Life Sciences said it received two patents from Australia and one from Singapore for new drugs that can be used for the treatment of disorders associated with Neurodegenerative diseases. “The granted patents include the class of selective H3 Inverse agonists and 5HT 6 compounds respectively and are being developed as therapeutic agents […]
Private sector lender Axis Bank reported a loss of Rs 2,189 cr for the Jan-Mar quarter, hit by costs that rose faster than revenues as well as higher provisions to account for eventualities. For the quarter, the company’s interest income increased by Rs 603 cr on year, but the interest that it paid out on […]
The Indian National Congress has officially lent its support to the Janata Dal (Secular) led by HD Kumaraswamy to form the next government at the center. This was revealed by Congress Party’s local leadership. “It is for them to take a decision, we have extended our support,” said a Congress party spokesperson in Bangalore. “The […]
Politician Shashi Tharoor said his wife would never commit suicide, and termed the charges of abeting her suicide “unbelievable”. “I have taken note of the filing of this preposterous charge sheet & intend to contest it vigorously,” Tharoor said. “No one who knew Sunanda believes she would ever have committed suicide, let alone abetment on […]
India has withdrawn its decision to impose a duty of 7.5% (effectively around 10%) on imports of solar modules, and this could give a shot in the arm for the solar power industry, according to India Ratings. The move could also help achieve the government’s target of achieving total, grid-connected solar power capacity of 100 […]
Two companies belonging to the Aditya Birla Group issued clarifications that they were not impacted by an attempted hacking of computers as reported in media reports. Telecom services provider Idea Cellular and financial services firm Aditya Birla Capital said they were not impacted. However, a third firm, Ultratech Cement, said there was an attempt “to […]
Low-cost airline SpiceJet reported a resilient set of numbers for the Jan-Mar quarter despite increasing fuel prices, posting its 13th quarterly profit in a row. Despite worries over rising crude prices, the company managed a slight increase in its net profit to Rs 40.5 cr from Rs 38.6 cr a year ago. SpiceJet said the […]
CyberMedia Research, the market research arm of the CyberMedia publishing group, has predicted that the $16 bln acquisition of Flipkart by WalMart, the world’s largest retailer, will bring far-reaching changes in India’s retail sector, both online and offline. The news of the deal has already led to some response from offline retail players such as […]
Zee Entertainment Enterprises Ltd, the largest Indian-owned media company, reported a strong quarter of advertisement growth in Jan-Mar, benefiting from a bounce-back from the lows of demonetization last year. Advertising revenue for the Jan-Mar quarter rose 24% on year to Rs 1,050 cr. With this, full-year advertising revenue growth has recovered to 14.5%. Subscription revenue […]
Parag Milk Foods, the maker of Gowardhan butter and cheese, reported pretax profits that more than doubled on year, benefiting from the higher leverage afforded by sales that went up by 21% on year. On a sequential basis, however, the company’s performance in Jan-Mar quarter was largely comparable to that of Oct-Dec. Operating profit (EBITDA) […]
