Television broadcaster NDTV Ltd said it was selling part of its stake in Red Pixels Ventures Ltd, an online focused subsidiary, to pay rent and meet other working capital requirements. NDTV Ltd holds about 37.04% of the online-focused outfit. NDTV said its board has approved the transfer of “up to 7.38% stake of the company […]
Steel and pipe manufacturer Prakash Industries reported a 45% jump in fourth-quarter sales and a 140% improvement in its operating profi, largely due to a steady improvement in steel prices. The company had sales of Rs 910 Crores and EBIDTA of Rs 210 Crores for the March quarter. With this, the full year sales is […]
Idea Cellular slashed its employee costs by nearly 40% in the three months from January to March this year, and also reduced several other items of expenditure in a successful attempt to protect its margins from the impact of falling revenue. As a result of the heavy cost cutting ahead of its merger with Vodafone, […]
The Andaman & Nicobar Island Administration can look forward to taking delivery of its two 500-passenger vehicles as the erection, or final welding, process has begun at the Cochin Shipyard. During the shipbuilding process, each ship block is brought to the building dock, where they are erected with cranes. After each erection, welding is carried […]
Indian Oil Corporation said it will set up a unit at its Paradip refinery to manufacture the main ingredient used in the production of polyester. The plant to manufacture ethylene glycol will be set up in Paradip in Odisha at a cost of Rs 4,221 cr, the company said. Ethylene Glycol is used to manufacture […]
Mahindra & Mahindra launched two high-power tractors under its Novo brand. The 65 horsepower variant with two-wheel drive has a starting price of Rs 9.99, while the 75 HP variant with four-wheel drive costs Rs.12.5 lakh. Currently most of the tractors available in India are in the 30-40 horsepower range. Like most tractors sold in […]
Bharti Airtel CEO Gopal Vittal said he has seen “some bottoming out” of the company’s revenue trends during the Jan-Mar quarter of 2018, but that it was too early to call the bottom as far as average revenue per user is concerned. Bottoming out refers to the process of hitting the lowest point in a […]
Bharti Airtel CEO Gopal Vittal said his company’s DTH service, Airtel Digital, will continue adding new HD channels and was not facing any capacity constraints in this regard. Addressing investor queries after the company’s quarterly results announcement, Vittal said Airtel Digital has around 75 HD channels as of now. “We will be beefing up HD […]
Anil Ambani today praised his son Anmol Ambani for bringing about a “cultural change” in his business group, and said the 26-year-old has been added to the director boards of two more of his group companies. Anmol Ambani will join the director boards of Reliance Nippon Life Asset Management and Reliance Home Finance. It was […]
Bharti Airtel announced the much-anticipated merger of its tower subsidiary with Indus Towers, a three-way tower venture controlled by Bharti Airtel, Vodafone and Idea Cellular. Indus Towers is currently jointly owned by Bharti Infratel and Vodafone, who own 42% each, Idea Group (11.15%) and Providence Equity Partners, who hold4.85%. Bharti Airtel and Vodafone Group will […]
Bharti Airtel was able to prove wrong all those who predicted that it will post its first quarterly loss in 15 years, as its non-mobile business such as enterprise and tower unit more than made up for the losses from its mainstay wireless telecom operation. The company’s India mobile operations did indeed post an operating […]
Malaysia’s IHH Healthcare has come out with a binding offer to invest Rs 650 cr in Fortis Healthcare, and follow it up with Rs 3,350 cr after conducting three weeks of due diligence on the company’s account books. The move competes with offers such as the Rs 1,500 cr offer from the combined team of […]
Jiophone sales are rising fast and could start affecting the growth rates of rival telecom companies once the churn effect of fleeing Aircel subscribers gets over, analysts from financial services firm Credit Suisse said. Analysts Sunil Tirumala and Viral Shah said trends indicated that the Jiophone is contributing about 7 mln out of the 8-9 […]
The United States Food & Drugs Administration has closed its audit of the UK manufacturing plant of Dr Reddy’s Laboratories, the Indian pharmaceutical company said. In September last year, the company had announced that the US FDA issued a Form 483 with three observations regarding operations at the pharmaceutical drug manufacturing plant at Mirfield, leading […]
Bharti Infratel, the telecom tower company from the Bharti group, reported a modest 4% growth in sales and 2% improvement in net profit due to a loss of tenancies as well as increasing fuel costs. The company’s revenue rose 4.2% on year to Rs 1,673 cr in the fourth quarter, which, however represented a decline […]
Pharma major Lupin said it received final approval for to launch a generic version of Valeant Pharmaceuticals’ Xenazine in the US. Tetrabenazine Tablets, 12.5 mg and 25 mg, has annual sales of approximately USD 288.1 million in the US, according to IQVIA. The tablet is indicated for the treatment of chorea, or involuntary movements associated […]
Reliance Industries said it was not aware of any inquiry into the funds received by entities connected with it or its promoters from Singapore-based Biometrix Marketing. It also said, as far as it was aware, that the Income Tax Appellate Tribunal “was satisfied with the source of funds”. The clarifications came after report by the […]
Water pipe manufacturer and construction company Indian Hume Pipe Co said it has won a Rs 578.50 cr order from the Madhya Pradesh government. The order was from Madhya Pradesh Jal Nigam Maryadit for Kundaliya Multi Village Rural water supply scheme in Rajgarh district, it added. This is the second major order the company reported […]
Hospital chain Fortis Healthcare said it has set up a special committee to evaluate the bids submitted by various parties to invest money into the company. It said the company has received binding offers from the Manipal – TPG consortium and the Munjal & Burman family offices, while non-binding expressions of interest has been received […]
Anil Ambani Group’s Reliance Infrastructure Limited said it received a Rs 774 cr contract to build 105 km of railway track, including 13 railway stations and staff quarters. The order from Rail Vikas Nigam Limited is the first from the firm to be awarded to the Anil Ambani company. The scope of work includes Civil, […]
