Bharti Airtel said it has tied up with HMD, the maker of Nokia smartphones, to offer cash back of Rs 2,000 on the Nokia 2 and 3 smartphones. The initial price of Nokia 3 will be Rs 9,499 and that of Nokia 2 will be Rs 6,999. To get the cash back of Rs 2,000, […]
Axis Bank has again increased the rate of interest that will be charged for new loans, this time by one-tenths of a percentage. The hike comes a month after a 0.05 percentage point increase in January, and ten days after rival HDFC Bank increased its lending rate. The new interest rates will be applicable to […]
State-owned oil producer ONGC said it may not be able to keep up with the development schedule of its offshore oil block next to Reliance Industries’ KG D6, but said it was too early to ascertain the exact quantum of delay. The KG-DWN- 98/2 offshore block was supposed to see an investment of $5.1 bln […]
Two key personnel of Gitanjali Ltd — its chief compliance officer and its chief financial officer — resigned last week, regulatory filings on Tuesday showed. While Pankhuri Warange, the chief compliance officer and the company secretary, resigned over concerns about “absence of disclosures” from the company, Chief Financial Officer Chandrakant Karkare resigned due to a […]
Pune Municipal Corporation has awarded a Rs 1,680 cr contract to construction major Larsen & Toubro to revamp the city’s water supply system. The plan is to “transform the prevailing intermittent water supply into 24X7 pressurized water supply and to implement 100% smart metering covering every household of Pune City over the next 5 years,” […]
Glenmark Pharmaceuticals reported encouraging results from its Phase 2 clinical trial for GBR 830, a drug that it is testing as a potential treatment for a skin disease known as atopic dermatitis. “A clinical improvement in Eczema Area and Severity Index (EASI) scores was observed in 17 out of 23 patients treated with GBR 830,” […]
Allahabad Bank said it is exposed to the tune of $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured from Punjab National Bank. However, said Allahabad Bank, it is not worried about getting its money back as the loans are guaranteed by PNB. “The […]
Upcoming politician Kamal Hasan expressed ‘shock’ that the Supreme Court has reduced the quota of water allocated to Tamil Nadu from the river Cauvery, but said the matter should not be exploited for votes. “Like the farmers in Tamil Nadu, I am also shocked at the reduction of water,” said Hasan, who is currently building […]
Auto major Mahindra & Mahindra Ltd said it would invest up to Rs 176 cr in Bangalore-based car rental firm Zoomcar for a stake of up to 16%. Zoomcar, which calls itself a self-drive mobility platform, has been offering car sharing services from 2013 for as low as Rs 65 per hour. It also started […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]
Sunil Mehta, MD of Punjab National Bank today denied that billionaire diamond merchant Nirav Modi has offered a concrete proposal to repay the $1.77 bln that he’s accused to embezzling. Speaking at a press conference called to address the allegations and controversies surrounding the ‘scam’, Mehta said he cannot go into the details, given that […]
National Stock Exchange of India, India’s largest securities trading platform, has sought details from Punjab National Bank on media reports regarding raids by enforcement agencies on the bank’s premises in the Nirav Modi case. “The exchange has advised the company to provide clarification or confirmation on the news item (on the raids) in detail,” the […]
Mahindra Lifespaces announced the launch of its a new affordable housing project in the Mumbai suburb of Palghar with one-room-kitchen flats starting at just Rs 8 lakhs. The project, under Mahindra Lifespace’s Happinest brand, also offers 1 Bedroom-Hall-Kitchen and 2 BHK flats “amidst lush, green surroundings” costing up to Rs 24 lakhs. The flats are […]
Gold exporter Rajesh Exports said it received an order worth Rs 873 crore from a leading global white label importer from UAE. The Company expects to complete this order by June 2018, it added. With annual sales of Rs 2.42 lakh cr (or $37 billion), Rajesh Exports is one of the world’s leading jewelry companies. […]
Renewable energy player Inox Wind said it won orders to erect wind power turbines with a combined capacity of 200 MW in the third round of national auctions held two days ago. The third round was for a total capacity of 1,000 MW or 1 GW, and was the third of the national wind power […]
Google, the maker of the most popular web browser in the world, has decided to crack the whip on intrusive advertisements. Starting Thursday, said the company, all advertisements on websites that repeatedly bombard users with intrusive ads will be blocked by default. Before the blocking goes into effect, the intrusive ads will be ‘flagged’, presumably […]
Club Mahindra, the holiday company owned by Mahindra & Mahindra, said it purchased two non-operating companies that have started ‘villa construction’ business in Sweden. The acquisition of the companies were done at a nominal price of 50,000 Swedish Kronas (Rs 4 lakh) each. The two companies were established recently, in October last year, under Swedish […]
Spectra, formerly known as Spectranet, said it has become India’s largest 1Gbps broadband network after carrying out a free network upgrade for all its customers in Bangalore. “Spectra’s Bengaluru customers have been upgraded to the 1 Gbps speed at no extra cost and with this, it is now the largest 1 Gbps broadband speed network […]
Sun Direct, the DTH platform from Chennai-based Sun TV Network, said it has added 25 new channels, including five HD channels. With this, the total number of HD channels on the platform has risen to 65 and the number of standard definition channels has risen to 237. It is expected to add another 15 HD […]
Pune-based real estate developer Kolte Patil Developers reported a 55% growth in its net profit for the December quarter after strong sales lifted margins compared to last year. However, on a sequential basis, net profit fell to Rs 28 cr from Rs 30 cr due to lower non-sales income. New area bookings in Q3 were […]
