ABS Free Dish, the free DTH service run by a Bermuda-based company of the same name, has shut down its signals over India. The service used to quite popular in the southern and eastern parts of India as the only other free DTH service — DD Free Dish — was almost entirely focused on the […]
YES BANK said it has been approved as a clearing bank for the National Stock Exchange, adding to similar status with other exchanges like the BSE, MCX and NCDEX. India’s fourth largest private sector bank said it will provide “comprehensive settlement & clearing services” under its mandate as a clearing bank for the NSE. The […]
SpiceJet has introduced ten new flights between South Indian cities of Mangalore, Kozhikode, Bangalore, Chennai, Hyderabad and Rajahmundry. Three new flights have been introduced from Chennai — to Kozhikode, Hyderabad and Mangalore, while Hyderabad will see two new flights — to Chennai and Rajahmundry. Kozhikode will see two new flights, to Bangalore and Chennai. It […]
DQ Entertainment, creator of children’s TV animations such as Jungle Book, said it decided to open several indoor theme parks in India. The company signed a franchisee agreement with India-based Chiliad Procons to open the theme parks, which it said would be of world standard. “It’s as close as India gets to a Disneyland equivalent,” […]
Larsen & Toubro said it received a ₹1,425 crore order to build 23 km of highway in Gujarat. “The (construction) business has secured an order from a prestigious private client for the construction of eight lane Vadodara – Kim Expressway, package I (part of Vadodara Mumbai Expressway) in the state of Gujarat,” it said. The […]
Yes Bank said it recovered 66% of its total claim of Rs 325 cr from bankrupt steelmaker Bhushan Steel after it was taken over by Tata Steel. “With this recovery, the Bank now has an exposure to only one account, aggregating to only Rs 23.4 Crores (with 50% provision) as on March 31, 2018, from […]
State Bank of India, the country’s largest bank, reported a sharp increase in its quarterly net loss in Jan-Mar after setting apart a whopping Rs 24,080 cr in the three months to cover bad loans extended by the company in the past. Even excluding the write-off and provisions, the company’s operating profit was down compared […]
Larsen & Toubro said it has won construction orders worth ₹ 4,033 crore under its its Buildings & Factories division. Among the orders is one to build 1,125 residential towers of four storeys each under PMAY Scheme at Visakhapatnam, Prakasam, Guntur, and Krishna Districts in Andhra Pradesh. It also won another government order to establish […]
Kishore Biyani-promoted Future Retail has bought Foodworld, a supermarket chain that is popular in Bangalore, for Rs 40.79 cr in cash. The acquisition of the grocery-focused retail chain will strengthen Biyani’s existing portfolio of super markets, particularly the smaller stores under the EasyDay brand. Foodworld had revenue of Rs 119 cr for the year ended […]
L Catterton Asia, the Asian unit of the consumer‐focused private equity firm, will take a stake of around 10% in Future Lifestyle Fashions Ltd, the company that operates the Brand Factory and Central fashion stores in India. The valuation or the amount invested was not revealed. However, Future Lifestyle Fashions has an equity market value […]
Bharti Airtel and Amazon will offer Rs 2,600 cash back over a period of three years for anyone who purchases any of the 65 smartphones exclusively available on Amazon. However, they must make Airtel recharges of Rs 7,000 over a period three years, or about Rs 200 per month. Customers have to buy any of […]
India-based Sun Pharmaceutical Industries said it has launched an authorized generic version for Daiichi Sankyo’s cholesterol drug Welchol in the US market. The drug, whose compound name is colesevelam hydrochloride, had US sales of approximately US$ 520 million for the 12 months ending March 2018, as per IQVIA, the company said. The launch of the […]
Reliance Jio Infocomm Ltd said it has tied up with Israel-based Screenz to offer interactivity and ‘play along’ features for television programs in India. With the help of the offering, television channels can keep their viewers engaged on a realtime basis using smartphone apps. Jio has already deployed the concept for the quiz show Kaun […]
Pharma player Suven Life Sciences said it received two patents from Australia and one from Singapore for new drugs that can be used for the treatment of disorders associated with Neurodegenerative diseases. “The granted patents include the class of selective H3 Inverse agonists and 5HT 6 compounds respectively and are being developed as therapeutic agents […]
Private sector lender Axis Bank reported a loss of Rs 2,189 cr for the Jan-Mar quarter, hit by costs that rose faster than revenues as well as higher provisions to account for eventualities. For the quarter, the company’s interest income increased by Rs 603 cr on year, but the interest that it paid out on […]
DB Corp, the publisher of newspapers such as Dainik Bhaskar, reported a sharp decline in its profits for the fourth quarter due to rising operating costs, particularly those related to raw materials. The company, however, was able to report a 10% year-on-year increase in its total revenue due to its strategy of rapidly growing its […]
India has withdrawn its decision to impose a duty of 7.5% (effectively around 10%) on imports of solar modules, and this could give a shot in the arm for the solar power industry, according to India Ratings. The move could also help achieve the government’s target of achieving total, grid-connected solar power capacity of 100 […]
Kishore Biyani, head of Future Group, outlined mega expansion plans for his retailing business for the next 12-15 months in the context of the entry of WalMart into India’s retailing sector. “Our plan is to add 1,000 small stores over the next 12-15 months,” Biyani told CNBC-TV18 in an interview. “Our plan is to open […]
Low-cost airline SpiceJet reported a resilient set of numbers for the Jan-Mar quarter despite increasing fuel prices, posting its 13th quarterly profit in a row. Despite worries over rising crude prices, the company managed a slight increase in its net profit to Rs 40.5 cr from Rs 38.6 cr a year ago. SpiceJet said the […]
CyberMedia Research, the market research arm of the CyberMedia publishing group, has predicted that the $16 bln acquisition of Flipkart by WalMart, the world’s largest retailer, will bring far-reaching changes in India’s retail sector, both online and offline. The news of the deal has already led to some response from offline retail players such as […]
