Mahindra & Mahindra Ltd launched the 2018 version of its high-end utility vehicle, the XUV500, with improved interiors and an engine that is about 10% more powerful than the outgoing variant. The XUV500 2018 comes with an mHawk engine that delivers 155 BHP (114 kW) of power, compared to 140 BHP on the outgoing version. […]
Maruti Suzuki India said it has become the No.1 utility vehicle brand in India, overtaking long-time incumbent Mahindra & Mahindra in the financial year ended March 2018. The company said it had a 27.5% market share in the UV/SUV space in the year. Riding on the success of models like Vitara Brezza, Ertiga and S-Cross, […]
Fortis Healthcare confirmed a report that the company had availed of a three-year loan of Rs 160 cr, but denied that it was done to avoid bankruptcy. “We wish to confirm that the Company has availed a secured financing facility upto Rs. 160 crore from RattanIndia Finance Private Limited on March 29, 2018.. We would […]
India-based pharma major Lupin said the US drugs regulator has granted it a conditional, or tentative, approval to sell a generic version of the popular testosterone gel AndroGel. AndroGel, made by AbbVie Inc, is a big-selling drug with annual sales of well over $1 bln. AbbVie, which has patents valid up to 2020 on the […]
The government of India has blamed a sudden spurt in currency demand, to the tune of Rs 45,000 cr in 13 days, for the ongoing cash crunch reflected in ‘dry’ ATMs in many parts of the country. In a statement, the finance ministry said the sudden demand has come from the states of Andhra Pradesh, […]
Finance minister Arun Jaitley blamed a ‘sudden and unusual’ increase in the demand for cash for causing a scarcity in currency notes in some states. Commenting on the reports that banks are running short of cash in many states such as Andhra Pradesh, Uttar Pradesh, Bihar and Madhya Pradesh, Jaitley said he has reviewed the […]
Adani Ports and Special Economic Zone said it signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use-or-pay basis at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity […]
Bangalore-based real estate player Sobha Ltd said it will enter the Gujarat market with a Rs 500-cr residential project in GIFT City in Ahmedabad. The project will have about 1,000 apartments that to support the ‘walk to work’ concept underlying the smart city, the company said. Ajay Pandey, MD and Group CEO of GIFT City […]
Government-controlled infrastructure equipment maker Bharat Heavy Electricals Limited (BHEL) said it has been awarded a Rs 137 cr renovation and modernisation order for a pollution control system at NTPC Ltd’s Ramagundam Super Thermal Power Station. The order is for the modernization of the plant’s electrostatic precipitator (ESP), a device that removes suspended dust particles from a […]
Vedanta Resources said it has appointed Srinivasan Venkatakrishnan, the CEO of gold miner AngloGold Ashanti, as its new CEO and a member of the board. He will take over from interim CEO Kuldip Kaura on 31 August 2018. Since 2013, the 53-year-old has been the CEO of AngloGold Ashanti, an emerging market gold producer. Before […]
HCL Infosystems said its deal to sell its Middle East and Africa unit for about Rs 7.34 cr has been canceled after the buyer failed to make payment. “The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA),” it said. “Since the Buyer has failed to pay […]
Private sector lender DCB Bank reported all-round improvement in the bank’s financial performance for the final quarter of FY2018, at a time when the sector is undergoing major stress over bad loans. The bank’s net profit rose to 64 cr for the final quarter from Rs 53 cr in the same quarter a year ago. […]
Mahindra & Mahindra, India’s largest SUV maker, said it will launch a high-end electric car brand in Europe, with the first model out in 2020. The company will leverage the design talent of Pininfarina, an Italian design car designer it purchased three years ago. The new brand will be called Automobili Pininfarina. “The company will […]
Reliance Infrastructure, the construction arm of the Anil Ambani group, said it, along with its consortium partner, won three different contracts to construct about 20 km out of the 32 km Mumbai Metro line between Thane and Wadala. The total package is worth about Rs 1,584 cr. The consortium of Reliance Infrastructure Limited and ASTALDI […]
JSW Steel Limited said it, along with its consortium partner and private equity player AION Investments Private II Ltd, has accept the terms and conditions for the acquisition of the assets of bankrupt steelmaker Monnet Ispat and Energy Limited. The duo were declared the successful, and only, bidders two days ago. The bids were placed […]
Mahindra Defence Systems said it has entered into a long-term partnership with Government of India-controlled defence electronics manufacturer Bharat Electronics Ltd “to jointly address emerging opportunities in the domestic market”. The two will address opportunities created by policy initiatives of the Government of India, like ‘Make in India’ and the ‘Export Promotion Policy’ of the […]
Punj Lloyd, Rave Gears (USA) and Adani Group said they will set up a joint venture to manufacture helicopter parts. The collaboration will use the manufacturing base in India for exports to global OEMs, both in the military and civil aerospace domain, Adani Defence & Aerospace said. The JV will design, manufacture and assemble high […]
Pharma manufacturer Strides Shasun said it received approval from the United States Food and Drug Administration to sell a generic version of Merck’s Periactin tablets. The US market for Cyproheptadine Hydrochloride Tablets is approximately USD 20 Million, according to IQVIA, the company said. The drug is an antihistamine used to relieve allergy symptoms such as […]
Cyient, formerly known as Infotech Enterprises, said it will form a joint venture with Israel-based BlueBird Aero Systems to manufacture drones for security use in India. The joint venture will be called Cyient Solutions & Systems Private Limited and will have 51% shareholding by Cyient. BlueBird Aero Systems, said the Indian company, is a specialist […]
Credit rating agency ICRA Ltd downgraded Fortis Healthcare’s outstanding debt obligations of Rs 1,170 cr after the company missed the repayment of a loan. The company’s long term rating for Rs 250 crore non-convertible debenture programme, Rs 105 crore fund-based limits, and Rs 195 crore term loans has been revised from BBB- to C. It […]
