Tata Motors, M&M report strong CV sales, PV sales fall

Tata Motors and Mahindra & Mahindra, the two primary home-grown auto makers in India, reported continued pick-up in the sales of heavy commercial vehicles, but their passenger vehicle sales showed a declining trend, though not as sharply as in case of market leader Maruti Suzuki. Passenger vehicle sales for M&M fell to 13,134 in September […]

Aurionpro selected as Haryana Roadways’ e-ticketing partner

IT services provider Aurionpro said it has won a “strategic order” from Haryana State Transport Department — the biggest operator of bus services in the state — to implement an automatic fare collection system on a revenue share basis. The system will be ‘open loop’, which means that it will not issue its own tokens, […]

Blue Star increases outlay for Sri City plant to Rs 550 cr, eyes Q2 completion

Air conditioning company Blue Star said it began construction work on its Rs 550 cr manufacturing plant in Sri City in Chittoor district of Andhra Pradesh. The plant will likely be included in the production-linked incentive scheme of government of India, under which companies are eligible to get around 5% of their sales as incentives […]

Anupam Rasayan gets Rs 145 cr order from European client

Specialty chemicals maker Anupam Rasayan said it has signed a preliminary, Rs 145 cr supply agreement with an existing European customer “which is one of the top ten multinational company across the globe”. The company did not name the client or the molecule to be supplied, but said the specialty chemical is related to life […]

Post COVID, Raymond cancels demerger of apparels, to monetize real estate

Mumbai-based Raymond Ltd said it has abandoned its two-year-old plan of splitting its garments, or lifestyle, business into a different company, and will instead focus on monetizing its engineering business. The company also said it will spin off its real estate business into a new company, but wholly owned by Raymond Ltd. In 2019, Raymond […]

Zydus Cadila signs deal with Shipa Medicare for ZyCoV-D production

Cadila Healthcare, also known as Zydus Cadila, has taken one more step towards augmenting the production capacity for its DNA-based Covid vaccine known as ZyCoV-D by inking an agreement with Shilpa Medicare. Under the agreement, Shilpa Medicare Ltd will use its biologics manufacturing plant at Dharwad, Karnataka, to manufacture ZyCoV-D. ZyCoV-D is the world’s first […]

Indiabulls Housing repays Rs 7k cr NCDs, readies for paying back USD bonds

Indiabulls Housing Finance, which recently generated over Rs 800 cr from retail investors by the way of non-convertible debentures (a kind of corporate fixed deposit), said it paid back NCDs worth Rs 7,075.84 cr in September. It also said it was on track to pay back dollar bond holders by May. It said the NCDs […]

Yes Bank says Dish TV resorting to ‘dilatory tactics’, seeks EGM

Yes Bank, which holds around 26% of Dish TV India, accused the direct-to-home satellite provider of resorting to what it called dilatory tactics in seeking shareholder approval for its proposal to reorganize the company’s board of directors. As such, said Yes Bank, it was calling for an extraordinary general meeting under the relevant laws of […]

Bharti Airtel to expand fiber network in cities, selects Tejas Networks

Bharti Airtel, one of India’s largest telecom companies, has selected Tejas Networks, a provider network equipment and services, to expand its fiber network in major cities for 5G and broadband applications, the latter said. “Tejas will supply, install and support its state-of-the-art TJ1600 DWDM/OTN products for extending Airtel’s optical networks towards the edge, supporting 5G […]

Indiabulls Housing Finance NCDs raise Rs 808 cr

Indiabulls Housing Finance said its offer of non-convertible debentures — a kind of fixed deposit in the company — has generated total retail collection of Rs 807.8 cr. Under the issue, the company was targeting to raise up to Rs 1,000 cr, including a ‘greenshoe’ option of Rs 800 cr that depended on demand. The […]

SpiceJet restructures cargo business, eyes fund raising

SpiceJet, one of the two companies trying to take over the national airline, has rejigged its holding structure by transferring its cargo business to a wholly owned subsidiary to allow for greater ease of monetization. The airline also said it will also raise Rs 2,500 cr through a qualified institutional placement of SpiceJet shares. The […]

Dish TV seeks to postpone AGM, says directors can’t be removed without nod

Dish TV India, one of the largest direct-to-home satellite broadcasters in the world, said a shareholder resolution calling for the removal of its chairman and certain directors as proposed by YES Bank cannot be implemented without the approval of the government and lenders, and therefore, the DTH company has sought permission to postpone the annual […]

Zydus Cadila gets US-FDA nod for antidepressant drug

Zydus Cadila said it received approval from the US Food & Drug Administration to sell new generation anti-depressant Vortioxetine in the US market. The drug was first approved around seven years ago, and was developed by Denmark-based pharmaceuticals maker Lundbeck in the late 2000s. Around 2007, Japanese pharmaceuticals maker Takeda agreed to pay an upfront […]

Brickwork Ratings says telecom reforms not enough

Brickwork Ratings, a credit rating agency that gives advice on the ability of companies to service their debt, has hailed the slew of measures announced by the government yesterday to give relief to the telecom sector, but added they’re not enough to save the industry. FLIP FLOP The most import measure announced yesterday was a […]

SpiceJet signs Boeing 737 MAX deal ahead of approval

SpiceJet said it signed yet another leasing agreement for an unspecified number of Boeing 737 MAX aircraft, which were pulled out of service in early 2019 following accidents and mishaps. The American aviation regulator was the first to re-approve the aircraft for operations in November last year, followed by Canadian and European authorities in January […]