CARE Ratings has cut the rating on Rs 11,400 cr of bank and debenture financing availed by Tata Motors due to poor financial performance and high product development costs at the company’s UK subsidiary. It cut the rating on Tata Motors’ long-term bank facilities and non-convertible debentures to AA from AA+. CARE said the cut […]
Infrastructure major Larsen and Toubro (L&T) on Tuesday bagged contracts for its water and effluent treatment business from in Tamil Nadu, Jharkhand and Odisha. The total value of the contracts is between Rs 5,000 to 7,000 cr. The engineering and construction company secured two orders from the Government of Tamil Nadu for the execution of […]
Gateway Distriparks Ltd, Mumbai-based logistics company, distanced itself from bankrupt lender Infrastructure Leasing and Financial Services Limited (IL&FS) and IL&FS Financial Services Ltd (IFIN). Responding to media reports, the company said there are no transactions between itself or its subsidiaries with IL&FS or IL&FS Financial Services. However, it said there is a transaction between Prism, […]
A day after it imposed monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank on Monday slapped a fine of Rs 4 crore on Mangaluru-headquartered Karnataka Bank for delays in the implementation of new controls relating to the SWIFT system of international payments. The private sector lender was one of the […]
Home textile manufacturer Himatsingka Seide said it has signed a multi-year deal with US-based Iconix Brand Group to manufacture Royal Velvet heritage luxury brand of bedding and sheets etc in the US market. “We look forward to partnering with Iconix Brand Group and leveraging our integrated expertise to enhance the presence of the Royal Velvet […]
Bharat Heavy Electricals Limited, which makes heavy electrical equipment, said has started rolling out a network of electric vehicle charges on the Delhi-Chandigarh Highway. The first such charger was inaugurated today at Ethnic India Resort in Rai in Sonepat district of Haryana. The chargers will be powered entirely by solar technology and will cover entire […]
Glenmark Pharmaceuticals, a pharmaceutical company headquartered in Mumbai, reported progress in a proof-of-concept study of GBR 830, being studied as a treatment for atopic dermatitis, commonly known as eczema. The company said it was able to notice a decline in atopic dermatitis score during the study involving 62 patients, which also showed that the drug […]
Former Finance Secretary Dr. Hasmukh Adhia, credited with the effective implementation of demonetization two years ago, was on Friday appointed as the Non-Executive chairman of the Bank of Baroda for a period of three years. “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment […]
Cochin Shipyard Limited (CSL), which operates the largest ship-building and maintenance facility in India, on Friday signed contracts for the construction and delivery of four 8,000-ton mini bulk carriers with a subsidiary of the JSW Group, one of India’s largest business conglomerates. The vessels will be built at the CSL yard in Kochi and will […]
SpiceJet, the most aggressive of India’s low-cost carriers, launched 10 new flights under the government-supported UDAN scheme, including eight to Gwalior and four connecting Bhopal. Gwalior will be SpiceJet’s 52nd domestic destination. The move will make the airline the only one to offer daily direct flights on several sectors, such as Gwalior-Hyderabad, Gwalior-Jammu, Gwalior-Bengaluru and Gwalior-Kolkata. […]
Tata Motors reported a 5% decline in its commercial vehicle sales in India for the month of February, while passenger vehicle sales were up 2% for the month. More worryingly, most of the loss in volume were in high-value items, such as medium and heavy trucks (down 18%) and commercial passenger vehicles (also down 18%). […]
Commercial vehicle maker Ashok Leyland reported a 2% drop in sales of medium and heavy commercial vehicle domestic sales for February as the Indian auto industry grapples with an overall slowdown.However, a 9% jump in the light commercial vehicle segment supported overall volumes, helping the automaker post a 1% increase in its total domestic sales […]
Mahindra & Mahindra received a much needed boost in February with the launch of the moderately priced XUV300 compact SUV. The company, which had reported zero growth in its SUV sales in January, was able to post a jump of 3,372 in its total UV sales for the month of February. Total UV sales jumped […]
NCC Limited, formerly known as Nagarjuna Construction Co, said that it received five orders worth Rs 4,088 crore in the month of February. The company had won orders worth Rs 4,090 cr in January and Rs 2,891 cr in December. Of its February orders, two worth Rs 738 crore were received in the buildings division, […]
Maruti Suzuki, India’s largest auto maker, reported a marginal decline in its February 2018 sales, as exports fell 20% and domestic market sales rose 0.9%. Total vehicle sales, including exports, were down 0.8% at 149 lakh compared to February 2018. The monthly performance is largely similar to what was seen in January, when domestic market […]
Bajaj Auto, the country’s biggest two-wheeler exporter, reported a jump of 16% in its February exports, and an increase of 6% in domestic sales. Overall, the company’s total sales for the month were up 10%. Bajaj Auto sold 1.87 lakh motorcycles in India during February, and exported 1.41 lakh. The performance is well below what […]
Escorts, one of India’s biggest tractor makers, reported a 12% jump in its unit sales in February. The company sold 7,240 tractors in February this year, versus 6,462 last year, including exports. Exports nearly doubled to 322 this year from 167 last year. Sales of tractors within India increased by 10% to 6,295, which is […]
Pharmaceuticals manufacturer Lupin said it has launched an exclusive generic version of Gilead Sciences’ heart drug Ranexa in the US. Ranolazine ER, to be sold in 500mg and 1000mg tablets, is indicated for the treatment of chronic angina or chest pain. “Products like Ranolazine bring significant savings to US consumers and are a key part […]
Maruti Suzuki today revealed more details about IGNIS 2019, the latest version of its small car targeted at millennials. The car has been in the news for the last two days after it was spotted at dealerships over the weekend. India’s largest carmaker said the new version of IGNIS, a car that has not exactly […]
Bharti Airtel, one of India’s top three telecom operators, said it has chosen US-based Ciena to supply the core technology on which its countrywide optical backbone will be managed. The adoption of technology from Ciena — one of the original dotcom-era startups — will help Airtel adapt to the new age of 5G and fiber-to-the-home, […]
