Parag Milk Foods Ltd said it purchased the manufacturing plant of French dairy giant Danone in Sonipat near Delhi. The Mumbai-based company has so far been supplying the North Indian market from its factory in Maharashtra. The plant’s current milk processing capacity is 0.75 LLPD (Lakh Litre Per Day) along with curd processing capacity of […]
Cement maker UltraTech said it has commissioned a greenfield clinker capacity of 2.5 million tons per year at Manawar in Madhya Pradesh. Clinker is raw cement made by heating ground limestone and clay at a temperature of about 1400 °C – 1500 °C. Cement is made by grinding the clinker and adding gypsum to control […]
Cement maker ACC reported a 14% increase in its sales for the March quarter, boosted by an 8% increase in cement volumes and a 16% jump in ready mix volumes. Lifted by the top line growth, margins improved across the board, lifting net profit by 18.5% to Rs 250 cr for the Jan-Mar period. Sales […]
Pharmaceuticals maker Zydus Cadila said it received the final approval from the USFDA to market inflammation solution Diclofenac Sodium in the country. Diclofenac Sodium topical solution, 1.5%, is a non-steroidal anti-inflammatory drug (NSAID) used for symptomatic treatment of osteoarthritis of the knee. It will be manufactured at the group’s Topical manufacturing facility at Ahmedabad, the […]
Embattled hospital chain Fortis Healthcare said it received an improved combined offer from the Munjals of Hero MotoCorp and the Burmans of Dabur Ltd. Under the revised terms, the investors are willing to invest Rs 1,500 cr, against the Rs 1,250 cr promised earlier. The upfront investment has been increased to Rs 750 crores, while […]
Hero MotoCorp has launched online shop for consumers to buy genuine parts and accessories for their Hero scooters and motorbikes. The portal, www.hgpmart.com, will be run by the company directly. However, it will tap close to 100 distributors in a ‘hub and spoke’ model for fulfillment. Consumers can buy any part by following a step-by-step […]
Bajaj Auto has launched a new twin-brake variant of Pulsar 150, arguably the highest-selling ‘sports motorcycle’ in the country. Much of the emphasis is in a sharper and sportier styling, along with the twin disc brake option. This will be in addition to the existing single disc variant and will be priced at ₹78,016, ex […]
Mahindra & Mahindra Ltd launched the 2018 version of its high-end utility vehicle, the XUV500, with improved interiors and an engine that is about 10% more powerful than the outgoing variant. The XUV500 2018 comes with an mHawk engine that delivers 155 BHP (114 kW) of power, compared to 140 BHP on the outgoing version. […]
Maruti Suzuki India said it has become the No.1 utility vehicle brand in India, overtaking long-time incumbent Mahindra & Mahindra in the financial year ended March 2018. The company said it had a 27.5% market share in the UV/SUV space in the year. Riding on the success of models like Vitara Brezza, Ertiga and S-Cross, […]
Fortis Healthcare confirmed a report that the company had availed of a three-year loan of Rs 160 cr, but denied that it was done to avoid bankruptcy. “We wish to confirm that the Company has availed a secured financing facility upto Rs. 160 crore from RattanIndia Finance Private Limited on March 29, 2018.. We would […]
India-based pharma major Lupin said the US drugs regulator has granted it a conditional, or tentative, approval to sell a generic version of the popular testosterone gel AndroGel. AndroGel, made by AbbVie Inc, is a big-selling drug with annual sales of well over $1 bln. AbbVie, which has patents valid up to 2020 on the […]
The government of India has blamed a sudden spurt in currency demand, to the tune of Rs 45,000 cr in 13 days, for the ongoing cash crunch reflected in ‘dry’ ATMs in many parts of the country. In a statement, the finance ministry said the sudden demand has come from the states of Andhra Pradesh, […]
Finance minister Arun Jaitley blamed a ‘sudden and unusual’ increase in the demand for cash for causing a scarcity in currency notes in some states. Commenting on the reports that banks are running short of cash in many states such as Andhra Pradesh, Uttar Pradesh, Bihar and Madhya Pradesh, Jaitley said he has reviewed the […]
Adani Ports and Special Economic Zone said it signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use-or-pay basis at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity […]
Bangalore-based real estate player Sobha Ltd said it will enter the Gujarat market with a Rs 500-cr residential project in GIFT City in Ahmedabad. The project will have about 1,000 apartments that to support the ‘walk to work’ concept underlying the smart city, the company said. Ajay Pandey, MD and Group CEO of GIFT City […]
Government-controlled infrastructure equipment maker Bharat Heavy Electricals Limited (BHEL) said it has been awarded a Rs 137 cr renovation and modernisation order for a pollution control system at NTPC Ltd’s Ramagundam Super Thermal Power Station. The order is for the modernization of the plant’s electrostatic precipitator (ESP), a device that removes suspended dust particles from a […]
Vedanta Resources said it has appointed Srinivasan Venkatakrishnan, the CEO of gold miner AngloGold Ashanti, as its new CEO and a member of the board. He will take over from interim CEO Kuldip Kaura on 31 August 2018. Since 2013, the 53-year-old has been the CEO of AngloGold Ashanti, an emerging market gold producer. Before […]
HCL Infosystems said its deal to sell its Middle East and Africa unit for about Rs 7.34 cr has been canceled after the buyer failed to make payment. “The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA),” it said. “Since the Buyer has failed to pay […]
Private sector lender DCB Bank reported all-round improvement in the bank’s financial performance for the final quarter of FY2018, at a time when the sector is undergoing major stress over bad loans. The bank’s net profit rose to 64 cr for the final quarter from Rs 53 cr in the same quarter a year ago. […]
Mahindra & Mahindra, India’s largest SUV maker, said it will launch a high-end electric car brand in Europe, with the first model out in 2020. The company will leverage the design talent of Pininfarina, an Italian design car designer it purchased three years ago. The new brand will be called Automobili Pininfarina. “The company will […]
