India launches its 5th Scorpene submarine in Mumbai
NEW DELHI: India’s Junior Defence Minister Shripad Y Naik on Thursday launched the fifth of the Indian Navy’s Kalvari Class submarines under the ongoing Project-75 Scorpene programme at the Mazagaon Dock Ltd (MDL), officials said here. The new submarine was named ‘Vagir’ by Naik’s wife Vijaya S Naik. The launch ceremony was conducted through videoconference […]
Change of guard at Murugappa group firms, Chairman MM Murugappan steps down
NEW DELHI: Diversified industrial conglomerate Rs.381 billion Murugappa group’s family member M.M. Murugappan has stepped down as the Chairman and as Director of Cholamandalam Investment and Finance Company Ltd and Coromandel International Ltd on Wednesday, the two companies said. In a regulatory filing Cholamandalam Investment said Murugappan stepped down as Chairman and as a Director […]
Flipkart opens first grocery centre in Uttar Pradesh
NEW DELHI: Flipkart has established its first grocery fulfilment centre in Lucknow, which was virtually inaugurated on Wednesday by Uttar Pradesh Industries Minister Satish Mahana. Spread across an area of nearly 50,000 square feet, the facility will support Flipkart’s ability to deliver a wide selection of grocery products to consumers in the cities of Lucknow, […]
India okays PLI scheme for 10 sectors, including auto, telecom
NEW DELHI: To give an impetus to the manufacturing sector, the Indian Cabinet on Wednesday approved a mega production linked incentive (PLI) scheme for 10 sectors. The total outlay has been pegged at Rs 1,45,980 crore. Announcing the decision, Union Finance Minister Nirmala Sitharaman said that the scheme would entail an expenditure of about Rs […]
India extends VGF support to PPP infrastructure projects in social sector
NEW DELHI:In a bid to push public-private partnership (PPP) in health, education and water supply projects, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday decided to extend financial support in the form of viability gap funding (VGF) to the development of social infrastructure. The Centre currently provides VGF support of 20 per cent to […]
Procter & Gamble Hygiene’s Jul-Sep net profit up 86%
NEW DELHI:Procter & Gamble Hygiene and Health Care Ltd on Tuesday reported an 86 per cent year-on-year growth in its net profit for the July-September quarter at Rs 254 crore. For the quarter ended September 30, 2020, the company delivered sales of Rs 1,009 crore, up 18 per cent compared to the year ago period, […]
Pfizer CEO sold $5.6 million stock on the day it announced vaccine results
NEW DELHI: Pfizer CEO Albert Bourla sold $ 5.6 million worth of company stock on Monday—the same day it said its and BioNTech’s coronavirus vaccine was more than 90 per cent effective. Axios reported the same day the Pfizer stock soared almost 8 per cent. As per the Axios report, the stock sale is perfectly […]
NTPC begins 8 MW commercial operations at Auraiya Solar PV project
NEW DELHI: Power generation major NTPC on Tuesday commenced part commercial operations at Auraiya Solar PV Project in Uttar Pradesh of 8 MW. “India’s largest power generator, NTPC Ltd commenced commercial operations for 8 MW capacity, out of total 20 MW Auraiya Solar PV Project in Uttar Pradesh effective today,” the company said in a […]
NDMC announces rebate in Property Tax Bills
NEW DELHI: The New Delhi Municipal Council (NDMC) on Thursday announced a 10 per cent rebate in the Property Tax Bills paid before December 31 and a 5 per cent rebate for payment till January 31, 2021. “The civic body has already authenticated the assessment list for the year 2020-21 to determine the tax liability […]
ICICI Bank crosses Rs. 2 trillion mark in mortgage portfolio
NEW DELHI: ICICI Bank has announced that its mortgage loan portfolio has crossed the milestone of Rs. 2 trillion (Rs. 2 lakh crore), making it the first private sector bank in the country to achieve this feat. The achievement can be attributed to ICICI Bank’s focus on offering a hassle free and frictionless experience to […]
Apollo Hospitals to acquire 50% stake in Apollo Gleneagles Hospitals Ltd
NEW DELHI: Corporate hospital major Apollo Hospitals Enterprise Ltd on Wednesday said it would acquire for Rs.4.10 billion the remaining 50 per cent stake in Apollo Gleneagles Hospitals Ltd, Kolkata held by Gleneagles Development PTE Ltd, Singapore. In a regulatory filing, Apollo Hospitals said its Board has decided that the company would acquire 50 per […]
CCI approves 7.73% stake buy by Google in Jio Platforms
NEW DELHI: The Competition Commission of India (CCI) on Wednesday said it has approved internet major Google’s proposed purchase of 7.73 per cent stake in Jio Platforms. In July, it was announced that Google has agre ed to invest Rs 33,737 crore to buy a 7.7 per cent stake in the Reliance Industries’ technology venture. […]
Festive mood stimulating offers doled out by Hiranandani at Powai Project
NEW DELHI: Buying real estate has been sentiment-driven, and festive season augments the consumers ‘confidence index to see a sentiment-powered upsurge in home buying. The decision is powered by the idea of being an auspicious and best time to grab the deal. The festive period heralding from Dussera to Diwali to New Year eve has […]
SpiceJet narrows Q2 net loss, optimistic about future demand
NEW DELHI: Airline major SpiceJet on Wednesday reported a significantly narrower net loss in the traditionally weak Q2 despite travel restrictions. On a standalone basis, the net loss reduced to Rs 112.6 crore from a loss of Rs 462.6 crore in the same period of the previous fiscal. However, its total income had come down […]
Airlines allowed to deploy up to 70% capacity in domestic sector
NEW DELHI: The government of India on Wednesday allowed domestic airlines to deploy up to 70 per cent of their flight capacity from an earlier 60 per cent, with immediate effect. Till now, the Centre had permitted only 60 per cent capacity utilisation in the domestic sector with effect from September 2. In June, the […]
AirAsia India to operate higher frequency to meet holiday season demand
NEW DELHI: Budget airline AirAsia India will operate additional frequencies to meet rise in passenger traffic during the holiday season. The airline will operate additional frequencies between Bagdogra and Kolkata, and connecting Bengaluru with Kolkata and Kochi as well as offering via-flight connectivity between Kolkata and Kochi. Besides, the airline has also launched a daily […]