India is the fifth largest economy in the world with a gross domestic product (GDP) of about US$3.5 trillion in 2022, despite a period of sustained economic growth interrupted by the COVID-19 pandemic. The largest country in the Indian subcontinent located in South Asia, India’s GDP declined by 7.3% in 2020 due to the stringent … Read more
MUMBAI, August 7 (MeelBijendra) – On Monday, Adani Energy Solutions Limited (AESL), the transmission and distribution business arm of Adani Group, has got the financial closure for a $1 billion project to supply renewable energy in Mumbai, India. Indian conglomerate Adani is the only private player to install High Voltage Direct Current (HVDC) links in … Read more
MUMBAI, Aug 7 (MeelBijendra) – Paytm Founder and CEO Vijay Shekhar Sharma on Monday executed an agreement to buy 10.30% shareholding in Paytm from Antfin (Netherlands) Holding B.V through its 100% owned overseas entity Resilient Asset Management B.V. Based on the closing share price of the company on Friday, August 4, 2023, Vijay Shekhar Sharma-owned … Read more
BENGALURU, Aug 5 (MeelBijendra) – Late on Saturday night, Indian drugmaker Cipla received an ‘Official Action Indicated’ (OAI) classification from the United States Food and Drug Administration’s (USFDA) inspection carried out in February 2023 at Cipla’s manufacturing facility in Pithampur, Indore. The United States Food and Drug Administration (USFDA), an agency of the United States … Read more
MUMBAI, August 3 (MeelBijendra) – On Thursday 3rd August 2023 Ambuja Cements Limited formerly known as Gujarat Ambuja Cement Limited (GACL) announced that it has acquired 56.74% stake in Sanghi Industries Limited. Sanghi Industries is in the business of Cement manufacturing in India, established on 14th June 1985 and Sanghi Industries has a network of … Read more
NEW DELHI, August 1 (MeelBijendra) – On Tuesday, August 1, Indian conglomerate Reliance Industries announced that Brookfield Asset Management has signed a memorandum of understanding (MoU) with Reliance Industries to further explore opportunities in Australia to pursue renewable energy and manufacture decarbonization equipment. Brookfield Asset Management is a Canadian multinational company with over US$825 billion … Read more
BENGALURU, July 25 (MeelBijendra) – Paytm, the second largest digital payments app in India by market share, says the value of loans disbursed through the Paytm platform grew by 167% year-on-year to INR 14,845 crore in Q1 FY24, with continued momentum in consumer and merchant loan disbursements along with improving portfolio quality. Paytm generally disburses … Read more
MUMBAI, July 21 (MeelBijendra) – On Friday, Lupin Limited an Indian multinational pharmaceutical company based in Mumbai announced that it has received tentative approval from the United States Food and Drug Administration (US FDA) under the US President’s Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir Lamivudine and Tenofovir Alafenamide … Read more
MUMBAI, July 22 (MeelBijendra) – Paytm‘s parent One97 Communications Ltd on Friday released its Q1 FY24 results in which the company’s revenue grew by 39% YoY to INR 2,342 crore. In the previous quarter i.e. Q4 FY23, the company had a revenue of INR 2,152 crore (One 97 Communications has excluded UPI incentives of INR … Read more
Adani Green, the renewable energy arm of Adani Group, in its board meeting held on July 6, 2023, has approved a plan to raise ₹12,300 crore to finance green energy diversification. Tycoon Group’s renewable energy company will use the funds to diversify its green energy supply in India by selling shares through a qualified institutional … Read more
Nykaa is one of India’s leading beauty and fashion omnichannel players with a total of 154 retail stores across 60 cities in India and a customer base of 24 million by the end of March 31, 2023. India’s FSN E-Commerce Ventures Limited is the parent of Nykaa, a cosmetics-to-fashion retailer that sells beauty, wellness, and … Read more
On Monday, June 5, Valiant Laboratories, a subsidiary of Valiant Organics, filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for approval of an Initial Public Offer (IPO) for a fresh issue of 1,15,56,000 equity shares. Also read: India’s Axis Bank executes first onshore INR non-deliverable derivative trade with … Read more
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 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
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
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
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
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
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 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
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
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
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
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
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