Ratings agency CRISIL has downgraded certain debt securities of Vodafone Idea Ltd by one notch, quoting conditions in the Indian telecom market. It downgraded Rs 6,000 cr worth of non-convertible debentures issued by Vodafone from AA- to A+. The highest rating in the scheme is AAA+, and the current revision represents a lowering of the […]
Tata Consultancy Services (TCS) said it will deploy an enhanced policy management solution for Phoenix Group, Europe’s largest life and pensions consolidator and a TCS client of 12 years. The move will not only give more advanced features for Phoenix Group, but also increase the number of Phoenix policies managed using TCS’s BaNCS platform to 5.5 […]
Maruti Suzuki, India’s largest car maker, said its premium hatchback, Baleno, averaged sales of 13,158 units since launch, crossing the 5 lakh mark this month. Moreover, sales in the first seven months of this financial year have been 20% higher than that in 2017. The numbers are surprisingly strong for a ‘premium’ car. Part of […]
Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”. The company did not disclose the value of the transaction. “TCS currently partners with eight of the top […]
The National Company Law Tribunal has admitted a petition filed by Sony Pictures Networks India Ltd against cable and broadband operator Ortel Communications. The petition, under Section 9 of the Insolvency and Bankruptcy Code of India, was for initiating insolvency proceedings against the cash-strapped cable and broadband operator. The NCLT also appointed an interim resolution […]
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, said it renewed its ‘global partner deal’ with golf player Tiger Woods, originally inked in 2014. Hero Motocorp said it will be the title sponsor of the 2018 Hero World Challenge golfing tournament hosted by Tiger Woods that will be played at Albany, Bahamas from […]
Inox Wind, one of India’s leading wind energy equipment makers, said it will launch turbines with a capacity of 3 million watts (MW) each, 50% more than the typical, large turbine sold in India. The new turbines, to be launched in technical collaboration with US-based AMSC, will help reduce power generation costs, the company said. […]
Pharma major Lupin said the US Food & Drug Administration has given it an Establishment Inspection Report for its Tarapur facility. The company had two months ago pointed out that the inspection, carried out in August, had been completed with one observation related to what it called a “procedural deficiency”. The receipt of an EIR is […]
Sun Pharmaceutical Industries said it agreed to acquire Pola Pharma Inc, a Japanese pharmaceutical company engaged in the research and development, manufacture, sale and distribution of branded and generic products in Japan for $1 million. Pola Pharma had annual revenues of approximately US$ 108 million and net loss of US$ 7 million for the 12 […]
Godrej Fund Management and Godrej Properties said they have entered into a joint venture agreement with Hero Cycles, which belongs to the same group as Hero MotoCorp, to develop an office complex at the cycle manufacturer’s four-acre property in Gurgaon. The ‘prime office property’ will have around 1 million square feet of prime office and […]
Sun Pharma Advanced Research Company Ltd, the research focused unit of Sun Pharma, said a trial of its cancer formulation, Paclitaxel Injection, “met all the endpoints” of a bioequivalence study and the company was looking forward to filing a new drug application. SPARC’s study involved Paclitaxel and Abraxane. If two products are said to be bioequivalent it […]
Reliance Jio has pulled its enormously popular Jio Music app and replaced it with JioSaavn, a new app based largely on Saavn, a competitor that the company had acquired in March. Users who have enabled auto-updating of their apps will be upgraded to the new application automatically. With over 100 mln (10 cr) downloads, Jio […]
Vodafone Idea, the company formed out of the merger of the former No.2 and No.3 telecom operators in India, said it will eliminate around 16,000 distributors, close over 2,000 branded stores in urban areas and slash the number of call centers by more than half. The moves are aimed at reducing operating costs and helping […]
Vodafone Idea will shut down nearly 88,000 cell sites (tenancies) as part of the company’s network optimization drive, the company’s chief technical officer Vishant Vora told analysts in Mumbai yesterday. Vodfone Idea had sent out notices to shut down 66,000 towers in the first week of September itself, resulting in savings of Rs 1,800 cr […]
Vodafone Idea, India’s No.1 telecom operator by subscribers and revenue, said it will increase its 4G network capacity by 50% in four months, largely by redeploying existing 4G equipment to avoid duplication. The move would also increase the coverage of Vodafone Idea’s 4G signals by about 30% compared to the present. “We are looking at […]
Vodafone Idea, India’s No.1 telecom operator, said it has decided to withdraw all existing recharges and replace them with five coupons with specific validity. The recharge balance has to be used within the validity period, or it will be lost. With this, a customer has to spend at least Rs 35 per month to keep […]
GAIL India, the country’s largest pipeline operator, said the government has decided to include two additional districts of Bihar — Sheikhpura and Jamui — and one more district in Jharkhand — Deoghar — in the 10th round of bidding for setting up of city gas distribution networks. The ninth round of bidding, for 86 ‘geographical […]
Weeks after Mahindra & Mahindra announced the Marazzo, Maruti Suzuki has announced a total revamp of its affordable utility vehicle, Ertiga, at a cost of Rs 900 cr. The company said the vehicle, which has an image of being rather boringly utilitarian due to its plain looks, has been totally rebuilt using its parent Suzuki’s […]
Infosys, the Bangalore-based technology company, announced it would create 1,200 jobs in Australia and open three new ‘innovation hubs’ by 2020. The company said 40% of the jobs will be filled with Australian university graduates from areas like computer science and design. This is part of the company’s efforts to broad-base its workforce by opening […]
Jewelry manufacturer Rajesh Exports said it has won an order for jewelry worth Rs 933 Crores from a UAE-based firm. The order is for its new design jewelry, and will be supplied from its manufacturing facility. It order has to be fulfilled by March. The company had recently introduced new designs in the international markets which […]
