Page 31 - Companies

AstraZeneca Pharma India's MD resigns; appoints Sanjeev Panchal for 3 years

AstraZeneca Pharma India on Wednesday said Gagandeep Singh Bedi has resigned from the post of managing director. The drug firm said it has approved the appointment of Sanjeev Panchal as its managing director for a period of three years with effect from January 1, 2023. Panchal had joined AstraZeneca Pharma in February 2003 as Brand Associate and progressed through several positions in India, Indonesia, Asia Pacific and the international region, based in Singapore and the United Kingdom (UK), it said.

Braithwaite aims Rs 1,000 cr topline in FY23, wagon dependence down to 50%

State-run Braithwaite & Co Ltd on Wednesday said it has reduced its dependence for revenue on wagons to 50 per cent in the last two to three years as it diversified into new areas to turn around and propel growth. The company was projecting revenue growth of 30 per cent to Rs 1,000 crore in the current fiscal from Rs 764 crore in FY'22. The net worth of the company which was Rs 5.8 crore in 2017-18 will touch Rs 200 crore in the current fiscal, the official said. Our 98 per cent of revenue used to come from wagons in 2018-19 but we have reduced the dependence to 50 per cent by way of diversification into new areas to turn around from losses. We have entered into the services sector in a big way, like O&M, civil construction, container manufacturing, foundry, material handling and solar, Braithwaite & Co Ltd Chairman and Managing Director Yatish Kumar said at a special session with Merchants' Chamber of Commerce. The PSU under the administrative control of the Ministry of ..

GMR Hyderabad International Airport raises Rs 1,150 cr through NCDs

GMR Hyderabad International Airport Limited (GHIAL) which manages Rajiv Gandhi International Airport here on Wednesday said it has raised funds through the issuance of 10 year Listed, Rated, Redeemable, Secured Non-Convertible Debentures (NCDs) amounting to Rs 1,150 crore on private placement basis. A press release form the company said the NCDs which were raised on Tuesday will be listed on BSE Limited. The NCDs have been priced at an interest rate of 8.805 per cent per annum payable quarterly for an initial period of five years and thereafter the interest rate will be reset for next five years. The issue has been subscribed by eligible investors (Qualified Institutional Buyers, registered under SEBI). The proceeds from the NCDs will be utilised for partial refinancing of about USD 140 Million of the existing ( External Commercial Borrowings) ECB Bonds of 2024 and 2026, for which tendering has been completed, along with accrued interest and other issue expenses. Commenting on

UN aviation body rejects SpiceJet claim, says it didn't inspect airline

Budget carrier said on Dec 5 its safety processes were found in order 'following an exhaustive audit conducted by the ICAO'

Colgate Palmolive to focus on volume growth in India, says MD Narasimhan

According to the new MD, the naturals market, which witnessed strong growth from 2016 to 2019, has started to plateau

Amazon faces $280 mn lawsuit from Vietnamese supplier for post-Covid cuts

Gilimex Inc. said it was a key partner of Amazon from 2014 to 2022, investing tens of millions of dollars in manufacturing facilities to build the steel-and-cloth storage pods

FTX's Bankman-Fried charged with fraud; could face up to 115 yrs in prison

U.S. prosecutors charged Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes and campaign finance violations on Tuesday, alleging he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The indictment says that, beginning in 2019, Bankman-Fried intentionally devised a scheme and artifice to defraud FTX's customers and investors, diverting their money to pay expenses and debts at his crypto hedge fund, Alameda Research, and to make lavish real estate purchases and large political donations. Bankman-Fried was arrested Monday by Bahamian authorities at the request of the U.S. government, which charged him with eight criminal violations, ranging from wire fraud to money laundering to conspiracy to commit fraud. He was also charged with making illegal campaign contributions, a notable charge as Bankman-Fried was one of the largest political donors this year. The indictment is on to

Meta faces new lawsuit, accused of amplifying hate speech in Africa

Meta Platforms is facing a lawsuit in Kenya's high court accusing the company of failing Africans by amplifying hate speech and incitement to violence on Facebook

Adani Transmission incorporates wholly-owned subsidiary Adani Cooling Sol

Adani Transmission on Tuesday said it has incorporated a wholly-owned subsidiary Adani Cooling Solutions Ltd. According to a regulatory filing, the subsidiary was incorporated on Monday with an initial authorised and paid up share capital of Rs 1,00,000 each, for the purpose of carrying on District Cooling System business. The entity will commence its business operations in due course, it added.

557,000 firms struck off due to non-compliance with law provisions

More than 5.57 lakh companies were struck off the records in the last five years due to non-compliance with various provisions of the companies law, according to the government. Minister of State for Corporate Affairs Rao Inderjit Singh on Tuesday said that 5,57,055 companies were struck off under Section 248 of the Companies Act, 2013 read with the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 in the country in the last five years. They were struck off due to non-compliance with provisions of the Act, he said in a written reply to Rajya Sabha. He also said that the term 'shell company' is not defined under the Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership and benami properties, he added. Further, the minister said the special task force set up by the government to look into the issue of

Abans Holdings IPO registers 28% subscription on second day of offer

The Initial Public Offer (IPO) of Abans Holdings, financial services arm of the Abans Group, was subscribed 28 per cent on the day two of offer on Tuesday. The IPO received bids for 35,27,260 shares against 1,28,00,000 shares on offer, as per NSE data. The portion for Qualified Institutional Buyers (QIBs) was fully subscribed, while the category for Retail Individual Investors (RIIs) received 23 per cent subscription and non-institutional investors 13 per cent. The IPO of up to 1.28 crore equity shares has a fresh issue of up to 38 lakh equity shares and an offer for sale of up to 90 lakh equity shares. The offer has a price range of Rs 256-270 a share. Proceeds from the fresh issue will be utilised towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base to meet future capital requirements and for general corporate purposes. The company operates a diversified global financial services business, providing Non-Banking Financial .

Reliance Industries Ltd is India's most-visible company, says report

Reliance Industries Ltd, India's largest corporate by revenues, profits, and market value, topped the 2022 Wizikey Newsmakers report as India's most-visible corporate in the media. State Bank of India, ICICI Bank Limited, Bharti Airtel Limited, and One 97 Communications Limited, which owns Paytm, are the other firms in the top five rankings, Wizikey said in a statement. The rankings are based on Wizikey's News Score which measures news visibility for brands & individuals by analyzing the volume of news, headlines presence, and the reach of publications. Wizikey's AI and ML technology gathers media intelligence from over 50 million news articles across 400,000-plus online publications. The report considered over 1000 Indian corporates for analysis. For its No.1 position Reliance has a news score of 92.56 for 2022, becoming the first Indian company ever to cross the threshold of 90. Reliance improved its news score from 84.9 in 2021. Wizikey's news score is the world's first ...

Paytm's share buyback plan draws skepticism over growth prospects

While a buyback could help stem the rout in Paytm shares at least temporarily, investors are questioning the attempt to manage the stock price rather than putting the cash to use for business

Top Headlines: Ex-FTX CEO arrested, CPI inflation eases in Nov, and more

Business Standard brings you the top headlines at this hour

Uniparts India makes tepid market debut; shares settle nearly 7% lower

Shares of engineering systems and solutions provider Uniparts India made a tepid market debut on Monday and settled nearly 7 per cent lower against the issue price of Rs 577. The company's shares debuted at Rs 575 -- 0.34 per cent lower than the issue price of Rs 577 on the BSE. During the day, it fell 7 per cent to Rs 536.15. It settled at Rs 539.55 apiece, a decline of 6.49 per cent. On the NSE, it started the trade at Rs 575 and ended at Rs 537.60 per share, lower by 6.82 per cent. Its market valuation was at Rs 2,435.19 crore on the BSE. In volume terms, 5.06 lakh shares were traded on the BSE during the day and 75.30 lakh shares on the NSE. The Initial Public Offer (IPO) of Uniparts India was subscribed 25.32 times earlier this month. The IPO of up to 1,44,81,942 equity shares had a price range of Rs 548-577 per share. Uniparts India is a global manufacturer of engineered systems and solutions.

Kirloskar Brothers EGM: Shareholders reject call for forensic audit

Shareholders of Kirloskar Brothers Ltd have rejected a resolution for forensic audit of the affairs of the company by an external agency, according to a regulatory filing on Monday. On December 8, an extraordinary general meeting of the company's shareholders was convened following requisition by Kirloskar Industries Ltd (KIL) along with Atul Kirloskar and Rahul Kirloskar, who together hold 24.92 per cent in Kirloskar Brothers Ltd (KBL), amid the simmering feud between Kirloskar siblings. The ordinary resolution was rejected with 63.99 per cent of votes against it while 36.01 per cent were in favour, the filing said. The resolution had called for the appointment of an independent forensic auditor for conducting a forensic audit to investigate and verify the expenses incurred by KBL on legal, professional consultancy charges over the past six years and the affairs of the company. It had also sought investigation to verify all records, books of accounts, minutes books, and other ...

upGrad strengthens domestic leadership with 2 strategic appointments

upGrad Strengthens Its Domestic Leadership with Two Strategic Appointments

Paytm loan disbursal reaches annualised run rate of Rs 39,000 crore in Nov

Digital financial services firm One97 Communications on Monday said that its loan disbursals reached an annualised run rate of around Rs 39,000 crore in November this year. One97 Communications (OCL), which owns Paytm brand, had reported loan disbursals at an annualised run rate of around Rs 37,000 crore in October. "Our loan distribution business (in partnership with top lenders) continues to witness an accelerated growth with disbursements through our platform now at an annualised run rate of Rs 39,000 crore in the month of November," Paytm said in a regulatory filing. The GMV (Gross Merchandise Value) processed through Paytm platform grew 37 per cent for the two months ended November 2022, aggregating to Rs 2.28 lakh crore from Rs 1.67 lakh crore a year ago. The value of loans disbursed through Paytm grew by over four-fold on year-over-year (y-o-y) basis to Rs 6,292 crore in November from Rs 1,328 crore, while the number of loans disbursed grew two-and-a-half times to around 68

Tata group to open 100 small, exclusive Apple stores in India: Report

Apple is in talks with Tata-owned Infiniti Retail, which runs Croma stores, to open the Apple stores spreading across 500 to 600 sq ft

Masayoshi Son's SoftBank buyout would look more like Musk than Dell

Every quarter Masayoshi Son is forced to give metrics he doesn't believe capture the value of his firm. "We are an investment company, we're not engaged in operations," he said in August 2020