LIC gets RBI nod to continue buying Kotak Mahindra Bank shares

Life Insurance Corporation of India, a government-controlled insurance company that has the highest share of the market in India, can continue to increase its stake in private lender Kotak Mahindra Bank, having got the nod from Reserve Bank of India to increase its stake to 9.99%. LIC has been increasing its stake in Kotak Mahindra […]

Royal Enfield starts assembling unit in Thailand, targets SE Asia

Royal Enfield, India’s largest retro, semi-premium motorcycle brand, said its third assembly plant outside India started operations in Thialand. The plant, which will assemble the parts manufactured at the main plants in Chennai in India, will cater to markets such as Indonesia and Vietnam, besides the Thai market. Due to ASEAN trade pacts, it is […]

Revolt bike network to expand to 75 cities by early 2022

RattanIndia Enterprises, led by IndiaBulls founder Rajiv Rattan, has announced plans to open Revolt electric bike showrooms in 60 new cities by early next year, which will take the total number of showrooms to 75. These new cities include Kolkata, Chandigarh, Lucknow and the national capital. The current crop of showrooms are located in Bangalore, […]

Parag Milk says derivates back to growth, milk vols yet to reach pre-pandemic levels

Parag Milk Foods Ltd, India’s largest dairy-focused consumer goods brand, said sales of some of its key products has reached pre-pandemic levels, but sales of liquid milk are half their regular volume. The company, which was hit by the COVID-19 pandemic both because of logistical disruptions as well as a dip in consumer demand, reported […]

Rising costs dampen Exide’s revenue out-performance

Exide Industries, one of India’s oldest automotive battery companies, reported a strong increase in revenue for the September quarter, but an equally significant jump in the cost of key raw materials prevented any benefit of the higher sales from flowing to the company’s bottom line. The company’s operating revenue jumped Rs 4,758 cr from Rs […]

L&T to build ministry offices under central vista project

Larsen & Toubro, India’s largest construction company, said it won a contract from the union government to build three 10-storeyed buildings that form part of the new central secretariat. The union government is current redeveloping the central vista — the hub of administration in India that houses most of the major ministries and departments of […]

Havells sees shift to organized players as input prices rise

Havells India, one of the country’s largest electrical equipment makers, said it expects organized players such as itself to benefit as raw material price increases put pressure on unorganized players. The company, a prominent player in the switchgear, wire and lighting segments in India, also said that demand for electrical goods in India is on […]

Mahindra XUV700 first-month sales at 1,370, vs 50,000 bookings

Mahindra & Mahindra manufactured 1,535 units and sold 1,370 units of its latest and most high-profile passenger vehicle, XUV700, in the first month of sales – September 2021. This is only 2% of the total outstanding booking for the vehicle. Its predecessor, XUV500, had sold 1,213 units in its first month of sales, in October […]

Vakrangee sees strong Q2 growth, reiterates FY22 targets

Vakrangee Ltd, India’s largest operator of IT-enabled kiosks and service centers, reported a strong increase in its operating financials for the September quarter as its performance clearly overshot pre-COVID levels. The company’s total revenue jumped to Rs 207.2 cr for the three months ended September this year, up from just Rs 70.2 cr in the […]

Sanofi sells India nutraceuticals unit to Kedaara-backed firm

The Indian unit of French pharmaceuticals maker Sanofi said it decided to sell its nutraceuticals business Universal Nutriscience Private Ltd for Rs 587.0 cr ($80 mln) plus debt-like obligations such as retirals and provisions for sales returns. Universal Nutriscience is a joint venture between Kedaara Capital Fund II LLP and Universal Medicare Private Limited. The […]

Indian Army orders more Akash missiles from BDL

Bharat Dynamics Ltd, the prime production agency under India’s Integrated Guided Missile Development Programme (IGMDP), said it received top-up orders worth Rs 499 cr for the supply of Akash missiles to the Indian Army. Bharat Dynamics Ltd had got a mega contract worth for Rs 14,000 cr for Aakash missiles in March 2018. In September […]

Matrimony.com buys Shaadisaga.com for Rs 11 cr

Matrimony.com, one of India’s top matchmaking service providers, has agreed to buy ShaadiSaga.com, a Delhi-based online wedding services marketplace, for Rs 11 cr in cash. Shaadisaga.com had revenue of Rs 2.11 cr for the year-ended March, down by about 45% from the previous year due to COVID-19. Shaadisaga.com works by helping couples getting married to […]