63 moons to provide next-gen tech to Italian firm; eyes pan-European markets
NEW DELHI: 63 moons technologies, formerly known as Financial Technologies, on Tuesday said it will provide next-generation technology solutions to Italy-based Spuma SRL as it targets pan-European markets. In addition, 63 moons said it will evaluate global giants in cloud computing services like Amazon’s AWS, Microsoft’s Azure and Google cloud for deploying the technology, the […]
True North and others invest $93 million in US-based Accion Labs
NEW DELHI: Home-grown private equity fund True North on Tuesday announced that it has acquired a significant minority stake in digital engineering company Accion Labs for USD 93 million along with co-investors. The stake in the USA’s Pittsburg-based Accion has been acquired by the True North-advised Indium VI (Mauritius) Holdings from private equity fund TA […]
HAL’s rocket engine manufacturing facility inaugurated in Karnataka
BENGALURU: An Integrated Cryogenic Engine Manufacturing Facility (ICMF) set up by Hindustan Aeronautics Limited (HAL) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO) was inaugurated by President Droupadi Murmu here on Tuesday. The state-of-the-art ICMF, set up over an area of 4,500 square metres houses […]
Akasa Air to start services to Guwahati, Agartala from Bengaluru
NEW DELHI: Newly-launched Akasa Air on Monday said it will commence its flight services to the northeast with the addition of Agartala (Tripura) and Guwahati (Assam) from October 21. As part of this expansion, the airline will connect the two north-eastern destinations, which will be its seventh and eighth, respectively, with Bengaluru, Akasa Air said […]
SmallCap World Fund buys nearly 550k Mastek shares worth over Rs 96 crore
NEW DELHI: Small Cap World Fund on Monday acquired software company Mastek Ltd’s shares worth over Rs 96 crore through an open market transaction. According to bulk deal data available with BSE, SmallCap World Fund Inc purchased 5,49,676 shares of the company, amounting to a 1.82 per cent stake in the firm. The shares were […]
1,898 tribal women from Jharkhand offered jobs to mark Narendra Modi’s birthday
NEW DELHI: Around 1,900 tribal women from Jharkhand were offered jobs during an employment drive conducted by Tata Electronics Limited in collaboration with the Union Tribal Affairs Ministry to mark Prime Minister Narendra Modi’s birthday, a statement said. The two-day recruitment drive was organized at Khunti, Saraikela, Chaibasa and Simdega districts of Jharkhand on September […]
India, Pakistan both partners with different points of emphasis, says US
NEW DELHI: India and Pakistan are both partners of the US with different points of emphasis, the Biden administration said Monday, a day after visiting External Affairs Minister S Jaishankar questioned the rationale behind the latest American F-16 security assistance to Islamabad. Referring to the argument made by the US that F-16 sustenance package is […]
Andhra power distributor bars staff from using mobile phones on duty
AMARAVATI: Come October 1, all employees working under the state-owned Andhra Pradesh Central Power Distribution Corporation Limited will be barred from using their mobile phones while on duty to create a distraction-free environment in offices. The CPDCL noted that the communication gadgets have become a veritable nuisance as employees are wasting their working hours on […]
ADB explains why RBI may slow down on rate cuts till next year
NEW DELHI: With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year […]
FPIs pump in Rs 8,600 crore in September in equities; pace of investment slows
NEW DELHI: After infusing more than Rs 51,000 crore last month, foreign investors have slowed down the pace of equity buying in India in September so far, as they invested a little over Rs 8,600 crore, on sharp depreciation in rupee. Going forward, Foreign Portfolio Investors (FPIs) are unlikely to buy aggressively amid rising dollar, […]
Mutual Funds add 7 million accounts in 5 months of FY23 as awareness, digital access rise
NEW DELHI: With increase in digital access and growing awareness about mutual funds, asset management companies (AMCs) have added close to 70 lakh investor accounts in the first five months of the current fiscal, bringing the total to 13.65 crore. This came following an addition of 3.17 crore investor accounts in 2021-22 and 81 lakh […]
PLI schemes should focus on firms making pharma products: Bharat Biotech
NEW DELHI: Production-linked incentive schemes should also focus on companies providing packaging materials and other services in addition to manufacturers of branded pharmaceutical items to reduce import dependence, according to Bharat Biotech Executive Director Sai Prasad. He also emphasised on shifting the focus towards innovative pharmaceuticals products in order to enhance the margins for industry […]
About 393 infrastructure projects show cost overruns of Rs 4.65 trillion
NEW DELHI: As many as 393 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.65 lakh crore, as per a report. According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects of Rs 150 crore and above, out […]
Century Plyboards expecting 20-25% revenue growth this fiscal year
NEW DELHI: Century Plyboards is expecting a 20-25 per cent growth in revenue this fiscal and is setting up a new Rs 700-crore manufacturing plant in Andhra Pradesh, its ED Keshav Bhajanka said. Kolkata-based Century Plyboards — one of the leading players in the wood panel sector — currently has nine manufacturing plants in West […]
Salesforce to increase India headcount to 10,000 by January next year: CEO
SAN FRANCISCO: Salesforce India will increase its headcount in the country to 10,000 by January next year from 7,500-plus currently, its chairperson and CEO Arundhati Bhattacharya has said. Bhattacharya further said that in the order of priority, the focus areas for Salesforce in India are banking, financial services and insurance (BFSI), manufacturing, services and social […]
Russia backs India, Brazil for permanent membership in UN Security Council
UNITED NATIONS: Russia has voiced its support for India and Brazil as worthy candidates for permanent membership in the UN Security Council, calling them key international actors. During the 77th Session of the UN General Assembly, Russian Foreign Minister Sergey Lavrov on Saturday expressed his support for India, becoming a permanent member of the Security […]