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Thursday, May 26, 2022

LIC to declare financial results for FY22 next week, consider payment of dividend

May 26, 2022 1:12:16 pm

The insurance behemoth, which was listed on the bourses earlier this month on May 17, said the board will consider and approve the audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2022.

Whistleblower accuses Amtek Auto promoters of Rs 12,000-crore fraud

May 26, 2022 10:51:04 am

The May 23 complaint names 27 employees of the Amtek Group who were allegedly used by the Dham family to create a ‘benami’ structure in order to move, park and siphon off funds.

Govt to sell its entire stake in Hindustan Zinc

May 25, 2022 5:26:11 pm

The government currently owns a 29.54 per cent stake in Hindustan Zinc.

digit insurance

Digit Insurance targets $5 billion in IPO valuation: Report

May 25, 2022 4:36:14 pm

Digit was valued at close to $4 billion earlier this month when it raised a tranche of funding. It has so far raised more than $400 million from Sequoia Capital, A91 Partners and Faering Capital, besides Fairfax.

As losses mount, Zomato turns focus to conserving cash

May 24, 2022 6:08:25 am

The company acknowledged a shortage of delivery workers, saying many professionals, who left for their villages during the first Covid-induced lockdown in 2020, have not returned yet.

zilingo ankiti bose co founder ceo

Zilingo ex-CEO Ankiti Bose says conflicts of interest led to her termination

May 20, 2022 10:26:40 pm

Zilingo said that Ankiti Bose made certain harassment-related allegations only after she was suspended on March 31, and an investigation has concluded that the firm took appropriate action.

Front-running: Axis AMC sacks chief dealer Joshi

May 20, 2022 3:25:21 am

On May 6, Axis AMC suspended two fund managers — Viresh Joshi and Deepak Agarwal.

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Maruti’s third Haryana unit by 2025; ‘full capacity in 8 years’

May 20, 2022 3:19:04 am

Calling it “one of the biggest investments in the state”, Khattar said, "Today, if Gurgaon has become an iconic destination for investors, it is due to the base provided by Maruti, which started its production in Haryana four decades ago. We are heading towards a new era of relationship between Haryana and Japan."

SC dismisses plea to review verdict on removal of Cyrus Mistry as Tata Sons head

May 19, 2022 4:13:45 pm

The court, however, agreed to expunge certain remarks against Mistry from last year's judgement even as it took exception to a remark in Mistry’s application that said “the judgment is worse than a press statement".

Asia's richest men Gautam Adani and Mukesh Ambani

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal

May 18, 2022 11:01:23 pm

With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd. is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world.

KLM’s Elbers to succeed Dutta as IndiGo CEO

May 19, 2022 5:30:58 am

Elbers, 52, started his career with KLM in 1992, and has held several managerial positions in both The Netherlands, and in Japan, Greece and Italy.

Tata in buyout talks with as many as five consumer brands

May 18, 2022 4:47:45 pm

Since its formation in 2020 during an ongoing streamlining of Tata’s 153-year-old business empire, which operates across dozens of sectors, Tata Consumer Products has widened its portfolio by buying stakes in companies such as bottled-water business NourishCo Beverages Ltd., as well as cereal brand Soulfull.

Ruchi Soya to acquire Patanjali Ayurved’s food retail business for Rs 690 crore; rename itself as ‘Patanjali Foods’

May 18, 2022 4:24:45 pm

The company will also get the manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra.

Weak market debut for LIC, lists at 8% discount

May 18, 2022 4:12:38 am

LIC, India’s biggest insurer and domestic financial institution, started trading at Rs 867.20 — at a discount of 8.62 per cent — on the BSE as against the issue price of Rs 949 per share.

Alibaba, Ant Financial to exit Paytm Mall

May 18, 2022 4:00:55 am

Paytm Mall will buy the stakes at a lower valuation of nearly `100 crore, compared to its peak of over `21,000 crore in 2019.

Petronet LNG

Petronet LNG reports 14% year-on-year rise in PAT at Rs 3,352 crore in FY 2021-22

May 17, 2022 7:02:17 pm

Petronet LNG reported 13 per cent year-on-year rise in its profit before tax (PBT) at Rs 4,474 crore for FY 2021-22 while the profit after tax (PAT) grew 14 per cent on-year at Rs 3,352 crore.

Adani makes open offer for 26% each in Ambuja Cements, ACC

May 17, 2022 4:43:19 am

Through its Mauritius-based subsidiary Endeavour Trade and Investment, the group has made an open offer at Rs 385 per share for Ambuja Cements Ltd and Rs 2,300 per share for ACC Ltd.

LIC to list today: GMP in negative

May 17, 2022 4:39:29 am

Despite gloomy markets sentiments, the LIC offer got better than expected subscriptions figures led by strong demand from retail policyholders, retail investors and employees of the insurer.

Ajay Srinivasan quits as MD of Aditya Birla Capital

May 17, 2022 4:37:39 am

ABCL is the holding company for the financial services businesses of the Aditya Birla group. The scale is evidenced with overall AUM across asset management, life insurance and health insurance businesses, growing 16 per cent year on year to over Rs 372,423 crore.

Holcim CEO rules out capital gains tax on sale proceeds

May 17, 2022 4:45:34 am

Tax experts said Holcim may not have to pay capital gains tax for the bulk, if not all, of the $10.5-billion proceeds from the sale as it will sell the shares in the Indian companies to the Adani family’s offshore special purpose vehicle (SPV) through a Mauritius-incorporated entity.

Paytm to file for new license, says bullish about its roadmap for general insurance

May 16, 2022 12:14:41 pm

In a regulatory filing, Paytm reiterated its intention to make inroads in the general insurance sector, as it is extremely bullish about its potential.

reliance industries, reliance retail

Reliance to acquire dozens of brands in $6.5 billion consumer goods play: Report

May 16, 2022 10:24:43 am

Reliance, run by Indian billionaire Mukesh Ambani, plans to build a portfolio of 50 to 60 grocery, household and personal care brands within six months and is hiring an army of distributors to take them to mom-and-pop stores and bigger retail outlets across the nation

Biggest infra materials deal: Holcim’s India biz is Adani’s for $10.5 billion

May 16, 2022 7:13:32 am

Through its subsidiaries, Holcim holds 63.19% in Ambuja Cements Ltd and 54.53% in ACC Ltd (of which 50.05% is held through Ambuja Cements). This is the largest ever acquisition by Adani, which beat the JSW and Aditya Birla groups to the deal.

Tesla, Tesla market cap, Tesla share price, Tesla news

Tesla puts India entry plan on hold after deadlock on tariffs: Report

May 13, 2022 4:47:25 pm

The decision caps more than a year of deadlocked talks with government representatives as Tesla sought to first test demand by selling electric vehicles (EVs) imported from production hubs in the United States and China, at lower tariffs.

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Swiggy to acquire Dineout

May 13, 2022 3:54:05 pm

Dineout, which serves diners across its network of 50,000 restaurants in 20 cities, will continue to operate as an independent app post the acquisition, Swiggy said in a statement.