Essar Steel shareholders offer to pay Rs 54,389 crore to clear dues
NEW DELHI: Shareholders of embattled Essar Steel on Thursday offered to pay Rs 54,389 crore, including an upfront cash payment of Rs 47,507 crore, to clear all dues owed to lenders. The move aims at pulling the company out of insolvency proceedings. The proposal was made as the Committee of Essar Steel Creditors voted on […]
IDFC Bank to be renamed as IDFC First Bank
NEW DELHI: IDFC Bank has proposed to change its name to ‘IDFC First Bank Ltd’ as it is in the process of amalgamating non-banking financial company Capital First with itself. The Board of Directors of IDFC Bank at its meeting on Wednesday decided to seek approval of the Reserve Bank of India to rename the […]
NBCC gets Rs 902 crore order to build AIIMS in Jharkhand
NEW DELHI: NBCC (India) Ltd., a Navratna CPSE under Ministry of Housing and Urban Affairs, has bagged a prestigious project for Planning, Designing, & Construction of All India Institute of Medical Sciences (AIIMS) in Deoghar, Jharkhand valuing Rs. 902 crore. The Project has been awarded to NBCC by the Ministry of Health & Family Welfare, […]
Mistry announces startup fund on 2nd anniversary of his ouster
NEW DELHI: The billionaire brothers Cyrus and Shapoor Mistry have announced formation of Mistry Ventures LLP to incubate and fund the startup ecosystem. The announcement on Wednesday comes on the second anniversary of Cyrus’ unceremonious salving by the Tatas as the group chairman. The new firm is jointly promoted by Cyrus and his elder brother […]
Ambuja Cements’ net profit up 12.7% in Q3 2018
NEW DELHI: Ambuja Cement on Tuesday reported a 12.73 per cent increase in consolidated net profit to Rs 396.01 crore for the quarter ended September 2018, helped by growth in sales volume. Part of the Swiss cement giant LafargeHolcim, the company had clocked a net profit of Rs 351.29 crore in July-September 2017, Ambuja said […]
Nokia Chennai factory first to manufacture 5G radio equipment in India
NEW DELHI: Nokia’s state-of-the-art manufacturing unit in Chennai in South India has started manufacturing 5G New Radio (NR) based on the 3GPP 5G New Radio Release 15 standard. The Chennai plant is one of the largest telecom equipment manufacturing plant in the country, recently reaching the 4 million unit annual production milestone of 2G, 3G […]
SEBI declares highest bidders for Pancard Clubs’ properties in Mumbai, Udaipur, other places
NEW DELHI: Markets regulator Securities and Exchange Board of India (SEBI) on Wednesday declared the highest bidders for four properties belonging to Pancard Clubs for a combined bid value of over Rs 54 crore, as part of its efforts to recover investors’ money. The properties include office spaces in Mumbai suburban area, a resort in […]
India’s TCS among top 10 firms to get foreign labour certification for H-1B visas
By Lalit K Jha WASHINGTON: Tata Consultancy Services is the only Indian company among top 10 firms to get foreign labour certification for the H-1B visas for the fiscal year 2018, according to data from the US Department of Labour. The H-1B visas are the most sought-after among Indian IT professionals. The visa programme allows […]
IndiGo, SpiceJet, Jet Airways face credit rating revisions as costs spiral
NEW DELHI: Listed carriers — IndiGo, SpiceJet and Jet Airways — have seen this month downgrading of credit rating assigned to some of their loan facilities as they grapple with rising expenses and limited room to hike fares amid intense competition. Despite being one of the fastest growing domestic aviation markets in the world, local […]
OnePlus, Reliance Digital partner to elevate customer experience in India
NEW DELHI: Smartphone maker OnePlus today announced its partnership with Reliance Digital, fastest growing consumer electronics chain. With this partnership, both OnePlus and Reliance Digital are creating more retail touch points for customers to experience and purchase OnePlus mobile phones across cities in India. With the entry of Reliance Digital as an offline channel partner, […]
Suntech signs global partnership agreement with Cyient
NEW DELHI: OSS (operations support systems) solutions provider Suntech has announced that it has signed a non-exclusive business alliance agreement with Cyient, a global provider of engineering, manufacturing, geospatial, digital, network and operations management solutions. Through this agreement, Cyient and Suntech intend to jointly pursue business opportunities globally in the communications industry by leveraging their […]
Coca-Cola partners with Vodafone Idea
NEW DELHI: Coca-Cola India, one of the country’s leading beverage companies, has collaborated with Vodafone Idea Business Services, the enterprise arm of Vodafone Idea Limited, the largest telecommunications service provider in India and eBest IoT, to introduce state-of-the-art Connected Coolers across the country. The IoT enabled fleet of Connected Coolers will enable Coca-Cola to understand […]
Five of top-10 companies add Rs 31,381 crore in market capitalisation
NEW DELHI: Five of the 10 most valued companies in the country together added Rs 31,381.39 crore in market valuation last week, with ITC topping the chart. While HUL, ITC, Infosys, Kotak Mahindra Bank and ONGC saw addition in their market capitalisation (m-cap) for the week ended Friday, TCS, RIL, HDFC Bank, HDFC and SBI […]
Petrol, CNG pumps in Delhi to remain shut on Monday
NEW DELHI: All 400-odd petrol pumps along with linked CNG dispensing units in the national capital will remain shut Monday in protest against Delhi government’s refusal to reduce VAT on fuels, the Delhi Petrol Dealers Association (DPDA) said in a statement. There are about 400 petrol pumps in Delhi which also have linked compressed natural […]
Mukesh Ambani, Sunil Mittal to share dais at India Mobile Congress
NEW DELHI: Heads of the country’s top telecom firms will be seen sharing dais during the India Mobile Congress from October 25-27, where these telcos are expected to discuss critical issues facing the industry. According to the event schedule, Reliance Jio Chairman Mukesh Ambani and Bharti Airtel Chairman Sunil Mittal are going to be part […]
Earnings to drive stock markets; oil, rupee also to be watched: Experts
NEW DELHI: Trading in the stock market will continue to be guided by the ongoing quarterly earnings season, with some blue-chips like Wipro and Bharti Airtel scheduled to announce their results this week, say experts. Key factors such as movement of the rupee and crude oil prices would also be keenly watched for further cues, […]