ICICI Bank, one of India’s top banks, said it has decided to list its equity broking arm ICICI Securities. “The board of directors of the bank today approved the sale of a part of its shareholding in ICICI Securities Ltd in an initial public offering by the company, subject to requisite approvals and market conditions,” […]
Ramco Systems said First Balfour, one of the largest construction and engineering firms in the Philippines, has deployed its ERP software to manage its entire business operations. “Deployed over nine months, Ramco ERP Suite has enabled First Balfour automate and streamline its equipment rental management, inventory, supply chain and asset management, along with finance, accounting […]
Tata Motors said its overseas subsidiary Jaguar Land Rover saw retail sales grow 0.2% in October to 46,418 vehicles. Jaguar retail sales were down 14.3% to 12,336 vehicles in October, primarily reflecting lower sales of the Jaguar XE, said Tata Motors. Land Rover retailed 34,082 vehicles in October, up 6.8%, led by the introduction of […]
Reliance Communications said it is in talks with several parties, including Brookfield Asset Management, to sell its tower assets. “The Company is renegotiating the tower transactions with all the interested parties including Brookfield Infrastructure Group,” it said. The clarification comes after reports that Brookfield had withdrawn from the tower deal completely sent RCom’s shares plunging […]
Biocon said its partner Mylan has resubmitted the marketing application for two substances used to treat cancer — trastuzumab and pegfilgrastim — before European authorities after making changes to their production facilities. The drug applications before the European Medicines Agency (EMA) were withdrawn in August after the authorities refused to issue approval without reinspecting the […]
Fire has been reported from the eight floor of Arunachal Bhawan building in Sector 30, Vashi, New Mumbai. No casualties have been reported. However, there are four floors above the floor on which the fire has spread. Smoke can also be seen from the 9th floor, but it is not yet clear whether the floor […]
Greenlam Industries reported a 15.8% increase in net profit for the September quarter despite a hit on revenue from the GST by cutting down on operating costs. The company recorded a net profit of Rs 16.0 crores, up from Rs. 13.8 crores in the corresponding quarter last year. This was despite a 0.8% decline in […]
Reliance Industries said it would raise Rs 5,000 cr from the debt market by issuing debentures on Wednesday, November 8. The debentures issued will not be convertible to equity shares and will be sold privately (private placement) without a public offering, RIL added. Unlike shares, debentures generate a fixed return in the form of interest. […]
Star India, India’s biggest broadcasting company, has threatened to pull out its channels from Tata Sky, India’s biggest distributor of television content. Tata Sky is a joint venture between Tata Group and Rupert Murdoch’s 21st Century Fox, which also owns Star India. Unlike in case of Star, Fox owns only a minority stake of around […]
Godrej Properties, one of the few big real estate giants that weathered the slow down in the market over the last three years well, has reported strong numbers for its second quarter. Revenue from operations jumped 49% to 492 cr, while net profit rose by 91% to 44 cr. Both revenue and profit more or […]
Royal Orchid Hotels said it had tied up with Bespoke Hotels of the UK to market each others’ properties to their customers. Bespoke manages over 200 hots with 9,500 hotel rooms, 8,000 employees and £815 million of assets. “Royal Orchid now has the ability to offer its guests hundreds of hotel options across multiple global […]
Pune has become the latest Indian city to join the Metro bandwagon, with the contract for the 32-km first phase awarded to Hindustan Construction Company and the Dubai-based AL FARAA construction group. Construction of the first phase will have to be completed in 110 weeks (a little over 2 years). It will have nine elevated […]
Hathway Digital said it has started rolling out fiber-to-the-home services in congested areas, and also reported a strong increase in data use after slashing prices and increase quotas. For the three months ended September, an average consumer on Hathway Broadband increased her consumption to 98 GB per month, or 3.2 GB per day, from 78 […]
Ruchi Soya Industries said global private equity player Devonshire Capital will buy 51% of the company and 100% of certain of its ‘branded packaged oils distribution business’. The money will be substantially utilized for payment to all lenders over a period of time, it said. Devonshire will pay Rs 4,000 cr for the branded packaged […]
Bajaj Auto said sales of motorcycles in India fell 1% in the festival month of October. However, a timely growth of 20% in exports of motorcycles helped the company report a 6% growth in overall motorcycle sales during the month. Total motorcycles sold in India was 2.12 lakh, down from 2.13 lakh last year, and […]
Two of India’s top satellite-based cinema feed providers, UFO Moviez and Qube Cinema Technologies, have decided to merge to take advantage of higher scale. The merger ratio and valuation will be 63.6% for UFO and 36.4% for Qube Digital. Currently, UFO supplies its movie feeds to around 4,000 screens while Qube provides its feed to […]
TVS Motor Company reported a sales growth of 3% for its two- and three-wheeler sales in October. TWO WHEELERS Scooter sales grew by 15.7% to 106,910 units in October 2017. Motorcycles sales grew by 3.2% to 125,409 units in October 2017. However, the growth came largely from exports. Two-wheeler exports grew by 20.0% increasing from […]
IT services provider Tech Mahindra Ltd reported a 3.7% sequential jump in Q2 revenue and a 4.7% jump in net profit. Revenue increased to Rs 7,606 crore, up 6.1% YoY, while net profit increased to Rs 836 crore, up 29.7% YoY. Revenue in dollar terms was up 3.6% QoQ at $1,179.2 mln; up 10.0% YoY. […]
Two- and three-wheeler manufacturer TVS Motor Company reported a revenue growth of 18.2% for the quarter ended September 2017, while net profit jumped 20%. Revenue excluding duties grew to Rs. 4097.99 crores in the quarter ended September 2017 from Rs. 3465.69 crores last year. Profit After Tax (PAT) increased by 20.2% to Rs.213.16 crores in […]
IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter. Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 basis points as compared to the preceding […]
