India’s Zydus Lifesciences receives Final Clearance from US-FDA for Esomeprazole; Product will be manufactured at Moraiya facility

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Pharmaceutical tablets and capsules are arranged on table in photo illustration

On Thursday, June 8, Indian pharmaceutical company Zydus Lifesciences Limited received final approval from the United States Food and Drug Administration (USFDA) for Esomeprazole Magnesium for Delayed-Release Oral Suspension 20 mg and 40 mg. Read Also: Cipla signs binding term sheet to sell its entire stake in Saba Investments; Deal worth US$6.50 million Zydus Lifesciences … Read more

India’s Axis Bank executes first onshore INR non-deliverable derivative trade with a South-based domestic corporate client following RBI directives

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A customer enters a branch of Axis Bank in Mumbai

India’s third largest private sector lender Axis Bank announced on June 8 that Axis Bank has executed its first onshore INR non-deliverable derivative trade with a large domestic corporate client based in the South within the guidelines of the Central Bank. Read Also: Axis Bank acquires Citibank’s Indian retail consumer business for $1.6 billion The … Read more

Chalet Hotels and Marriott launches second 168-room hotel, managed & operated by an all-women team at ‘The Westin Hyderabad Hitech City’

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Hotel reception

On Monday 5th June, Chalet Hotels announced the launch of its second hotel in Hyderabad i.e. The Westin Hyderabad Hitech City. Chalet Hotels Limited launched The Westin Hyderabad Hitech City hotel in partnership with Marriott International. Read Also: NSE changes the expiry day of Nifty Bank F&O contracts from Thursday to Friday from July 14 … Read more

NSE changes the expiry day of Nifty Bank F&O contracts from Thursday to Friday from July 14

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share price on the screen

On Tuesday, June 6, the National Stock Exchange of India (NSE) issued a new circular changing the Nifty Bank Futures and Options (F&O) expiry day from Thursday to Friday with effect from July 14, 2023. The National Stock Exchange of India Limited (NSE) started trading in derivatives on 12 June 2000 with the launch of … Read more

ED searches GTL Ltd’s offices in Mumbai and seizes company’s annual reports, term loan & balance details, purchase registers

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Enforcement Directorate

On 17 May 2023, the offices of GTL Limited located in Navi-Mumbai and Mumbai were searched by the Enforcement Directorate (ED). GTL is a telecom-focused infrastructure services company providing network services to Telecom operators, OEMs, and tower companies. According to Enforcement Directorate (ED) officials, the documents seized from GTL Limited’s offices in Mumbai pertain to … Read more

Praj Industries Ltd granted in-principle approval to form a Joint Venture company with Indian Oil Corporation Ltd

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Indian Oil

On 25 May 2023, the Board of Indian Multinational Project Engineering Company Praj Industries Limited gave its in-principle approval to form a joint venture with Indian Oil Corporation Limited. Read Also: Green Hydrogen Energy: India plans to produce 5 million tonnes of green hydrogen by 2030 Praj Industries Limited’s diversified portfolio includes Bio-energy solutions, High … Read more

RBI to withdraw ₹2000 banknotes from circulation; Notes to be exchanged in banks from May 23

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INR 2000 notes

On 19 May 2023, the Reserve Bank of India (RBI) announced that the ₹2000 banknote has now been withdrawn from circulation. The ₹2000 banknote was introduced after the Narendra Modi-led government demonetised the ₹500 and ₹1000 denomination banknotes on 8 November 2016. The ₹2000 banknote was introduced under Section 24(1) of the Reserve Bank of … Read more

India’s retail market size expected to reach ₹91 trillion by 2025; fashion footwear to contribute over 25%: Economists

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Indian rupee notes

India is becoming a favorable market for fashion retailers. Factors like increase in income levels, improvement in consumer behavior, increase in demand from Tier 3, Tier 4 cities and rural markets, increase in youth spending led to growth in the Indian footwear industry. India’s retail market size was ₹55 trillion in 2020, growing at a … Read more

Cipla signs binding term sheet to sell its entire stake in Saba Investments; Deal worth US$6.50 million

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Indian rupee notes

Indian multinational pharmaceutical company Cipla Limited announced the sale of its entire stake in Saba Investments Limited on 15 May 2023. Saba Investments Limited is a UAE-based Joint Venture between Cipla Limited and Shibam Group Holding Limited. Read Also: Tech Mahindra Ltd approves proposal to increase stake in Tech Mahindra Arabia Ltd to 80% by … Read more

Deepak Nitrite Q4 FY23: Net profit declined by 12.48% YoY to Rs 233.86 crore; Declared dividend of Rs 7.50 per share

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share price on the screen

Indian chemical manufacturer Deepak Nitrite Limited announced its results for the quarter ending March 31, 2023 (Q4 of FY23). Deepak Nitrite reported a 6.69% YoY growth in standalone revenue at Rs.800.50 crore in Q4 FY23 as against Rs.750.24 crore in Q4 FY22 last year. The company reported a YoY growth of 4.7% in consolidated revenue … Read more

Go First Collapse Explained: what and why Go First Airline faced bankruptcy crisis

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Go First airline's A320neo passenger plane passing over the city of Mumbai, India

India’s aviation sector is once again in the limelight after the Indian GoFirst airline filed for bankruptcy on Tuesday. On 2 May 2023, GoFirst Airline filed an application for resolution under Section 10 of the Insolvency and Bankruptcy Code with the National Company Law Tribunal (NCLT) in Delhi. GoFirst is India’s third-largest budget carrier airline, … Read more

Tech Mahindra Ltd approves proposal to increase stake in Tech Mahindra Arabia Ltd to 80% by acquiring additional 29% shares; Acquisition cost $11.1 million

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Tech Mahindra headquarter in Mumbai city, India

Late night on Thursday 4 May, Tech Mahindra Limited (TechM) announced that it has approved a proposal to increase the stake to 80% by acquiring an additional 29% equity shares in Tech Mahindra Arabia Limited (TechM Arabia). Tech Mahindra is an Indian multinational information technology services and consulting company that enables digital transformation, consulting and … Read more

Nestle India Q1 CY23 results: Net profit increased by 24.7% YoY to ₹ 736.64 crore; Declared interim dividend of ₹ 27 per share

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share price on the screen

On Tuesday 25 April, Nestlé India Limited, an Indian subsidiary of Swiss multinational company Nestle, released the results of the January-March quarter i.e. Q1 CY2023. Nestle India Limited recorded an increase of ₹ 736.64 crores in its net profit in quarter 1 of the current year 2023 (Q1 CY23) with an increase of 24.7% year-on-year. … Read more

Adani Ports Approves Tender Offer to Purchase Up to $130 Million in Cash in the Aggregate Principal Amount of the Outstanding 3.375% Senior Notes

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Indian billionaire Gautam Adani addresses delegates during the Business Summit in Kolkata

Adani Ports and Special Economic Zone Limited (APSEZ): On Monday, April 24, Adani Ports said the company has launched a cash tender offer for up to US$130 million in the aggregate principal amount of 3.375% senior notes outstanding due 2024. About 39% of Adani Group’s total debt is in foreign currency bonds. Adani Ports is … Read more

Sun Pharma’s Mohali plant to have temporary hold on batch release till US FDA-mandated measures are implemented

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share price on the screen

On Sunday, April 23, Indian multinational pharmaceutical company Sun Pharmaceutical Industries Limited said that there would be a temporary suspension of batch releases from its Mohali (Punjab) plant until US FDA-mandated measures are implemented. Sun Pharmaceutical Industries Limited is India’s largest pharmaceutical company and the world’s fourth largest specialty generic drug company. Read Also: Eicher … Read more

Reliance Industries Q4 FY23 results: Revenue grew by 2.8% YoY to ₹ 239082 cr; Net profit increased by 18.3% to ₹ 21327 cr

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Reliance Smart Mall in Mumbai, India

Reliance Industries on Friday released its January-March quarter i.e. Q4 FY23 results. Reliance Industries’ Q4 revenue and net profit beat market estimates. The consolidated revenue of Reliance Industries grew by 2.8% YoY to ₹ 2,39,082 crore in Q4 FY23, while the company’s net profit grew by 18.3% to ₹ 21,327 crore. Reliance Jio’s ARPU (average … Read more

HCL Tech Q3 FY23 earnings: Gross profit grew by 16.9% YoY to Rs 9980 crore; interim dividend of Rs 10 per equity share

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share price on the screen

Today HCL Tech announced its Q3 FY23 results after the market closed on Thursday. HCL Tech reported a 19.3% YoY growth in total income at Rs 26,960 crore in Q3 FY23 as against Rs 22,586 crore in the same quarter last year. HCL Tech reported a 18.9% YoY increase in total expenses to Rs 21,588 … Read more

Eicher Motors to buy 10.35% stake in Stark Future SL by investing €50 million: Electric Mobility

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Indian rupee notes

On Thursday 29 December, Eicher Motors Ltd announced a strategic investment and collaboration with Spain-based Stark Future SL to advance the electric motorcycle space. Two-wheelers account for 20% of India’s total carbon dioxide emissions, due to which many companies are investing heavily in electric vehicles. Royal Enfield’s parent company Eicher Motors will buy a 10.35% … Read more

Reliance to demerge fin services arm and list Jio Financial Services on exchanges, RIL shareholders to get 1:1 shares

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share price on the screen

On Friday 21 October, Reliance Industries Limited (RIL) announced that it would soon demerge its financial services business to form a new company Jio financial services limited (JFSL). Reliance Strategic Investments Limited (RSIL) is a wholly-owned subsidiary of Reliance Industries Limited (RIL) which currently carries out its business of providing loans to merchants and consumers. … Read more

LIC raises stake in Dr Reddy’s Laboratories to over 7.6% by buying another 33.86 lakh equity shares

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share price on the screen

Today the share price of Dr Reddy’s Laboratories Ltd rose by 1.92% to Rs 4419 as LIC increased its stake in the company. LIC (Life Insurance Corporation of India) has purchased 3,386,486 shares in Dr Reddy’s Laboratories Limited through open market purchase at an average price of Rs 4289.29, the company said on Monday, October … Read more

Federal Bank Q2 FY23: Gross Advances grew 19.4% YoY to Rs 163956 cr, CASA deposits rise to Rs 68873 cr

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share price on the screen

The share price of Federal Bank rose by 5.62% to Rs 119.35 today as the bank announced its FY23 Quarter 2 Result. Federal Bank Gross Advances grew by 19.4% year-on-year to Rs.163956 crore in Quarter 2 (i.e. July 2022- September 2022) of FY23 as compared to Rs.137313 crore in the same period last year. Gross … Read more

India expects FDI of $100 billion in the current fiscal after $83.6 billion in FY21-22: Govt

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Indian rupee notes

India’s domestic economic recovery in FY 2021-22 boosted import demand while India’s external sector remained resilient and safe-haven demand for gold expanded the trade deficit from October 2021 to March 2022 time period. But strong capital inflows, dominated by strong exports and foreign direct investment (FDI), eased the pressure on the current account balance. In … Read more