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Comprehensive, up-to-date news coverage, aggregated from sources all over the world on hot PreIPO, Upcoming IPO's , Growing startups and Delisted stocks in India 𝐰𝐡𝐢𝐜𝐡 𝐚𝐫𝐞 𝐭𝐫𝐚𝐝𝐞𝐚𝐛𝐥𝐞 by Planify News.
  • Reliance Retail starts accepting RBI's Digital Rupee

Reliance Retail starts accepting RBI's Digital Rupee

Feb. 7, 2023

The RBI's digital currency experiment has gained significant momentum as a result of Reliance Retail starting to accept digital rupee in its stores. Only one restaurant in Mumbai, Freshpik, has started to accept digital rupee as of right now. The Supreme Court has recommended that ICICI and Kotak be the collaborating banks. Operations on the backend will be handled by Innoviti Payment Solutions.

Source: Times Of India

  • Centre hikes windfall tax on crude oil, export of diesel, ATF | Mint

Centre hikes windfall tax on crude oil, export of diesel, ATF | Mint

Feb. 6, 2023

According to the notice, the levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been hiked to ₹5,050 per tonne from ₹1,900 per tonne. The Centre has also raised the tax on export of diesel to {7.5 per litre from ₹ 5, and the same on overseas shipments of ATF to ₹ 6 a litre from ₹ 3.5 a litre.

  • Paul Merchants partners with Care Health Insurance

Paul Merchants partners with Care Health Insurance

Feb. 6, 2023

Paul Merchants, a fast- growing NBFC based in Chandigarh, has partnered with Care Health Insurance to provide their customers with various health insurance products. PML Gold Plus Programme which provides group health cover to customers along with the gold loan was successfully launched a month ago. "At Paul Merchants, we serve customers from semi-urban to rural India by providing them with affordable Cold Loans to meet their basic financial needs. We are pleased to collaborate with Care Health Insurance, to offer our customers comprehensive healthcare and wellness solutions. Our Insurance products will help, to alleviate the financial burden of unexpected hospitalisation or medical emergencies. Care Health Insurance has done exceptionally well with customers and has gained good traction in the very first month of our partnership," said Rajneesh Bansal, Managing Director of Paul Merchants.

Source: ANI News

  • Kotak Realty Fund invests over Rs 1,100 crore in The LaLiT's Bharat Hotels

Kotak Realty Fund invests over Rs 1,100 crore in The LaLiT's Bharat Hotels

Feb. 5, 2023

Kotak Realty Fund, a property-focused private equity asset manager, has invested more than Rs 1,100 crore in hospitality company Bharat Hotels, the owner of The LaLiT brand that operates luxury hotels, resorts, and palaces across the country.With this transaction, Kotak Realty Fund’s total investments in FY23 exceeded Rs 5,500 crore, a record for any fiscal year. The fund, a part of Kotak Mahindra Group’s alternative assets management and investment advisory business Kotak Investment Advisors, has invested in a hospitality company after more than 14 years. Prior to this, it had invested in the parent company of Lemon Tree Hotels in 2007-08.The fund has invested in Bharat Hotels through debt with a total tenure of five years and the company will be using the same to repay its existing lenders including public and private sector banks.“The undersupply in luxury hospitality and rising demand particularly after the pandemic has improved the business confidence in this segment. This investment supports the debt refinancing and frees up the capital for growth,” Vikas Chimakurthy, CEO, Kotak Realty Fund, told ET.Bharat Hotels has a portfolio of twelve luxury hotels, palaces & resorts and two mid-market segment hotels under The LaLiT Traveller brand offering 2,261 rooms across prime locations in markets such as Delhi, Udaipur, Mumbai, Bengaluru, Jaipur, Goa and Srinagar.SOVEREIGN FUND COMMITMENTKotak Realty Fund has invested in the holding company of the hotel chain through its 13th real estate fund that recently achieved the first closure with a $500 million commitment from the sovereign wealth fund Abu Dhabi Investment Authority (ADIA).

Source: Economic Times

  • PharmEasy CFO Steps Down To Join Entero Health

PharmEasy CFO Steps Down To Join Entero Health

Feb. 3, 2023

Online pharmacy PharmEasy's chief financial officer (CFO) Chebolu V Ram, on Wednesday announced that he has quit from his role to join healthcare supply chain services firm Entero Healthcare, through a post on professional social network LinkedIn. CV Ram was onboarded as the chief financial officer at Entero Health, after his two-year stint at PharmEasy, owned by API Holdings Ltd. According to his LinkedIn profile, the former PharmEasy CFO worked in his previous role till October last year. In his earlier stints, he has worked at top positions at several firms including Apollo Health and Lifestyle Ltd, GE Capital, Impresario Handmade Restaurants, among others.

Source: VCCircle

  • Hexaware Expands its membership in SAP® PartnerEdge ...

Hexaware Expands its membership in SAP® PartnerEdge ...

Feb. 1, 2023

Kamal Maggon, Corporate Vice President – Hexaware Technologies - Expanding our SAP partnership to the Sell track is a natural next step to continue to accelerate our clients' business transformations leveraging SAP solutions and our Triadic+ platform. This expanded partnership reinforces our continuous investments in innovations, solution accelerators, digital automations, and a strong focus on customer business outcomes.

Source: Valdosta Daily Times

  • European resin prices under pressure from weak demand, lower costs

European resin prices under pressure from weak demand, lower costs

Feb. 1, 2023

In December, European standard thermoplastic prices declined across the board as a result of lower feedstock costs and weak demand. The already weak demand picture was further exacerbated by the short production month and converters reducing stock levels prior to preparation of the end-of-year balance sheet. Polyethylene prices fell in line with the reduction of €25 per metric ton in the ethylene reference price. Polypropylene prices were down by just less than the €30 per tonne reduction in the propylene reference price. Base PVC prices fell for the eighth month in a row with a reduction of €60 per tonne. Polystyrene prices saw a triple-digit reduction following the €132 per tonne fall in the styrene monomer reference price. PET prices declined by a mere €20 per tonne as producers' efforts to reduce stock levels appeared at last to be paying off.

Source: Plastic News

  • PharmEasy might need to sell Thyrocare

PharmEasy might need to sell Thyrocare

Feb. 1, 2023

Just a few months ago, it looked like PharmEasy was well on the way to listing on the public markets at a valuation of over $5 billion. But with investors fast losing their appetite for technology stocks in recent months, the online drugs and medical services startup shelved its IPO in November. Now, some of the decisions it took in the run-up to the withdrawn public offer are beginning to bite. In particular, its acquisition of diagnostics chain Thyrocare in June 2021, which has become a milestone around its neck, threatening to thwart PharmEasy's ambition to build India's biggest pharmacy.

Source: The Morning Context

  • Bootstrapped Zerodha, Zoho become the most profitable new-age companies in FY22

Bootstrapped Zerodha, Zoho become the most profitable new-age companies in FY22

Feb. 1, 2023

Software as a service (SaaS) platform Zoho, and stock broking firm Zerodha reported sharp growth in their earnings once again for the latest financial year (FY2021-22) as the two bootstrapped start-ups became the most profitable new-age companies in India for the period. Zoho and Zerodha, have stayed away from private equity and venture capital (PE/VC) funding, and are thus considered to be anomalies in this era when new-age technology companies are chasing high valuations and in the process are incurring heavy losses. Moneycontrol has compiled data on at least 50 unicorns that have filed their FY22 results with the Ministry of Corporate Affairs (MCA), and according to the data, Zoho and Zerodha are the most profitable new-age technology entities.

Source: Money Control

  • ESDS Announces Unique Wellness Leaves Organization-wide

ESDS Announces Unique Wellness Leaves Organization-wide

Feb. 1, 2023

ESDS Software Solutions ltd is all set to implement the 11-day paid leave policy for Vipassana meditation to promote better mental and physical health across the organization. This unique policy will be available for ESDSians from Jan 2023 onwards, making ESDS one of the first organizations to introduce this distinctive practice. As Vipassana is a form of meditation that has been proven to reduce stress, increase focus, and improve overall well-being. The addition of this exclusive leave policy allows ESDS members to take advantage of this powerful practice and to return to work refreshed and rejuvenated and leading a healthier lifestyle.

Source: ITVoice

  • Russian Oil Exports to India Could Hit New High In 2023

Russian Oil Exports to India Could Hit New High In 2023

Jan. 31, 2023

Crude oil exports from Russia to India could reach a new record this year if prices and other terms remain favorable, the Times of India reported, citing experts. The upcoming EU embargo on seaborne diesel imports from Russia could also contribute to higher exports of crude to India, where it will be refined into fuels and exported to the European Union. Russia used to be a minor exporter of oil to India until last year when EU sanctions in response to Russia’s invasion of Ukraine led to a re-routing of Russian oil flows. China became one of the biggest buyers of Russian crude, and India, which relies on imported crude for more than 80 percent of its consumption, was also an obvious alternative destination for Russian crude.

Source: OIL PRICE

  • NSE remains largest global derivatives market for 4th straight year

NSE remains largest global derivatives market for 4th straight year

Jan. 30, 2023

The National Stock Exchange (NSE) has emerged as the world's largest derivatives exchange in 2022 by the number of contracts traded based on statistics maintained by the Futures Industry Association (FIA), a derivatives trade body. Also, NSE ranked 3rd in the world in the equity segment by the number of trades (electronic order book) in 2022, an advancement from the previous year when it ranked 4th as per statistics maintained by the World Federation of Exchanges

Source: The Economic times

  • Reliance Retail acquisition of V Retail opens access to lucrative Indian footwear market

Reliance Retail acquisition of V Retail opens access to lucrative Indian footwear market

Jan. 30, 2023

Reliance Retail’s acquisition of V Retail Pvt Ltd, a South Indian footwear retailer will enable the subsidiary of Reliance Industries to tap the growing Indian footwear market that has recovered from the adverse impact of the pandemic and is set to grow significantly in the coming years, says GlobalData, a leading and data analytics company. V Retail operates 32 stores in the states of Andhra Pradesh, Karnataka, and Telangana under the brand name Centro Style, with a large proportion of them located in Hyderabad. Centro’s strategy has been to launch many individual brands to target young consumers in different ways. According to GlobalData’s Market Analyzer, the Indian footwear market will grow in value by 13.9%, and 10.2% annually in 2023 and 2024, respectively. It is estimated to have grown by 22% in 2022.

Source: Just Style

  • OYO estimates its revenue to be USD 751 million in 2022-23: Ritesh Agarwal

OYO estimates its revenue to be USD 751 million in 2022-23: Ritesh Agarwal

Jan. 28, 2023

Hospitality and travel-tech firm OYO estimates its revenue in 2022-23 to be USD 751 million on the back of which it expects to post its first operating profit in a full year, Company Founder and Group CEO Ritesh Agarwal has told its employees. In the first half of the fiscal year, OYO posted an adjusted EBITDA loss of USD 8.3 million. It had registered and adjusted EBITDA loss of USD 37million in the same period of FY22.

Source: The Economic Times

  • Entertainment brand SMAAASH expands presence, opens new centre in New Delhi

Entertainment brand SMAAASH expands presence, opens new centre in New Delhi

Jan. 28, 2023

SMAAASH, the lifestyle and entertainment brand, has opened its new center at R Cube Monad Mall in Rajouri, New Delhi. The entertainment center, located in an affluent area of the city, offers gaming and entertainment experiences and is positioned as a one-stop family and corporate entertainment center.

Source: Retail4Growth Bureau

  • JioMart sees 37% monthly increase in orders via Whatsapp

JioMart sees 37% monthly increase in orders via Whatsapp

Jan. 27, 2023

Relaince Retail e-commerce arm JioMart has expanded it's active customer base on Whatsapp by 37 per cent on a month on month basis, the company said in its quarterly report. It added that the number of orders on JioMart on Whatsapp increased by 9 times since the launch.

Source: Business Of Brands

  • Latest SAT relief colocation matter to free up Rs 1,000 cr for NSE

Latest SAT relief colocation matter to free up Rs 1,000 cr for NSE

Jan. 27, 2023

Tribunal prunes penalty on bourse from Rs 1,100 cr to just Rs 100 cr; Sebi told to refund excess amount in six weeks along with interest.The latest relief to the National Stock Exchange (NSE) from the Securities Appellate Tribunal (SAT) in colocation matter is likely to free up over Rs 1,000 crore -- money that the exchange has parked with the Securities and Exchange Board of India (Sebi).

Source: Business Standard

  • Paytail collaborates with HDB financial to offer low-interest EMIs on lifestyle products

Paytail collaborates with HDB financial to offer low-interest EMIs on lifestyle products

Jan. 27, 2023

Paytail has collaborated with HDB Financial Services Ltd. (HDBFS), India’s top NBFC, to provide loans on lifestyle products such as bicycles, electric vehicles (EVs), mobile devices, Consumer Durables, and kitchen appliances. This collaboration will provide millions of customers with fast digital funding for in-store purchases, as well as the opportunity to pay for the product in convenient instalments. It would also enable retailers in over 85,000 stores throughout India establish opportunities for cross-selling and up-selling their items. Depending on the borrowed amount and product sector, the loan amount ranges from Rs 5,000 to Rs 3,00,000 with a hassle-free EMI period of up to 24 months. Speaking on the association, G Ramesh, MD & CEO, HDB Financial Services, said, “Our aim is to enable ease of purchase by improving access to credit to customers across India through digital and digitised journeys. Purchase experience will be a seamless journey with zero to minimal human intervention. This association will also help us enter segments which are relatively new, thus expanding and fostering our customer reach”. Commenting on the partnership, Vikas Garg, Co-founder & CEO, Paytail, said, “Our collaboration with HDBFS aims to fulfil customers’ aspirations who often put their purchasing plans on hold because of various financial challenges. Customers can now enjoy instant credit offerings at no cost EMIs with easy repayment options. Joining hands with a leading lender like HDB also promises superior and reliable credit provision in tier II and tier III cities where the capital demand is high. It will also allow our affiliated retail offline sellers to attract and retain customers”.

Source: BFSI Network

  • OYO to refile updated draft IPO papers by mid February

OYO to refile updated draft IPO papers by mid February

Jan. 20, 2023

Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month. Earlier this month, capital markets regulator Sebi had asked the company to refile the draft initial public offering (IPO) papers with certain updates. "We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the Book Running Lead Managers, essentially the IPO bankers, the lawyers and the auditors.

  • Retail, HNI likely to be selective in choosing IPOs in 2023: HDFC Securities MD

Retail, HNI likely to be selective in choosing IPOs in 2023: HDFC Securities MD

Jan. 20, 2023

Retail and high net-worth investors participation in initial public offerings is likely to be subdued and selective in 2023, HDFC Securities Managing Director and Chief Executive Officer Dhiraj Relli said. In the last two years about ₹1.8 lakh crore worth of money was raised in initial public offerings, with about two-thirds of it coming in 2021, which was a record year for IPOs. Several high profile IPOs that were launched in 2021 such as that of beauty and fashion retailer Nykaa, payments platform Paytm, and insurance services aggregator Policybazaar have performed dismally since they listed. In 2022 too, IPOs of Life Insurance Corporation of India, and Delhivery also disappointed with negative returns. With their fingers well and truly scorched, retail and high net worth investors’ participation in the IPO market in 2022 was predictably muted., thought towards the end of the year some IPOs did well

Source: The Hindu Business Line

  • Taxing free-on-board imports: Gujarat High Court seeks Centre's reply

Taxing free-on-board imports: Gujarat High Court seeks Centre's reply

Jan. 20, 2023

The petitioner, Gandhar Oil Refinery (India) Ltd, has sought the court's intervention to end double taxation, seeking the quashing of IGST on transportation charges on the import of goods on FOB basis through a reverse charge. In the landmark Mohit Minerals case, the Supreme Court has already struck down Integrated Goods and Services Tax (IGST) lew on imports on a Cost, Insurance, and Freight (CIF) basis.A decision on the issue will have wide ramifications for crude oil, alcohol, and capital goods as a large quantum of their imports are on FOB basis as also on tax collections, experts said.

  • Hexaware wins in 17 categories at the MarCom Awards 2022

Hexaware wins in 17 categories at the MarCom Awards 2022

Jan. 20, 2023

Hexaware has been declared the winner of awards in 17 categories at the recently announced MarCom Awards 2022. It has won 8 Platinum and 7 Gold awards with 2 Honorable Mentions. Hexaware’s win in multiple categories substantiates its commitment to excellence, innovation, and customer delight. Nidhi Alexander, CMO Hexaware Technologies, said, “This recognition highlights our passion for creating compelling communication strategies. We will continue to design experiences that engage our customers and create a lasting impact on all our stakeholders.”

Source: Martech Series

  • Delhi Court Grants Bail to Kamal Nath’s Nephew Ratul Puri in Fertiliser Scam

Delhi Court Grants Bail to Kamal Nath’s Nephew Ratul Puri in Fertiliser Scam

Jan. 19, 2023

A Delhi court on Wednesday granted bail to Ratul Puri, nephew of former Madhya Pradesh Chief Minister Kamal Nath, in a money laundering case linked to an alleged fertiliser scam for which Rs 685 crore was claimed to have been paid as kickback. Puri is also an accused in cases related to the AgustaWestland chopper scam and Moser Baer scam. He is currently out on bail. Indian Farmers Fertiliser Co-operative Limited (IFFCO) is a multi-state farmers' cooperative, while IPL (Indian Potash Ltd) 0is its company involved in supplying fertilisers for which the government provides subsidies to keep the rates affordable, the ED said. It alleged Awasthi and others in IFFCO generated proceeds of crime and layered it through various unrelated entities, and part of that was transferred to the entities controlled by Awasthi and others.

  • Ioc Signs Mou With Urban Tots To Offer Toys Across India

Ioc Signs Mou With Urban Tots To Offer Toys Across India

Jan. 18, 2023

(IOC), India’s oil refining and marketing giant with a global presence signs exclusive MOU with Deepak Houseware and Toys Pvt Ltd., popularly known as Urban Tots, a fast-emerging start-up engaged in the business of manufacturing and selling toys including electronic toys and roll play. Under the mutually beneficial agreement, Urban Tots intends to set up Toy Shops and kiosks at IOCL Retail Outlets allowing the company to market its products to the customers approaching the Retail Outlets of IOCL to buy Petroleum products.

Source: CNBC TV18

  • HDFC Securities to chase market share and derivatives in 2023: CFO

HDFC Securities to chase market share and derivatives in 2023: CFO

Jan. 18, 2023

Indian bourses outperformed their global peers and the UK-based financial services provider, CMC Market, found India to. HSL’s performance is broadly in line with the industry in 2022. We had grown very well in fiscal 2021 and 2022 by 80% and 40% respectively, on a bottom line basis. In 2023, we look forward to increasing our market share and having deeper penetration . hdfc-securities-to-chase-market-share-and-derivatives-in-2023.

  • Boat share sale likely to be revived, Mehta says | Mint

Boat share sale likely to be revived, Mehta says | Mint

Jan. 17, 2023

Sameer Mehta, co-founder and chief product officer of Imagine Marketing Ltd, the parent, said in an interview that its proposed IPO is not off the table, and may be revived once the firm doubles its manufacturing capacity to 20-25 million units by FY24 through partnerships, and by establishing its own plant in India.

Source: Mint

  • Instamart tests Swiggys appetite for biz growth amid rising losses

Instamart tests Swiggys appetite for biz growth amid rising losses

Jan. 16, 2023

With losses mounting, early investors at food aggregator platform Swiggy, the eight-year-old food ordering and delivery platform, have started to question if the founders’ focus on its quick commerce play Instamart, which it started in 2020, needs to be revisited.

  • Hara Capital Sarl completes purchase of Trafigura's interest in ...

Hara Capital Sarl completes purchase of Trafigura's interest in ...

Jan. 13, 2023

Singapore, 11 January 2023 - Trafigura Group Pte Ltd has today announced the completion of the sale of its 24.5 percent indirect minority interest in downstream energy and petrochemicals company Nayara Energy Limited to Hara Capital Sarl, a wholly owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.), an energy investment group with a focus on energy and carbon efficiency infrastructure. Headquartered in Rome, Mareterra Group Holding is predominantly active in Italy, Luxembourg, France, Spain and is expanding its reach to include regions outside of Europe. As a new shareholder in Nayara Energy, it will bring its strong experience in reducing the carbon footprint of fuel stations, installing electric charging stations and improving energy efficiency at industrial assets. The Group will also support Nayara Energy’s strategy to become a major petrochemical producer. Over the past two years, Mareterra Group Holding has installed innovative pumping systems and charging systems for electric cars across Italy and France, which have helped to reduce CO2 emissions.

  • Zerodha posts Rs 4,964 Cr revenue and Rs 2,094 Cr profit in FY22

Zerodha posts Rs 4,964 Cr revenue and Rs 2,094 Cr profit in FY22

Jan. 12, 2023

Bootstrapped stock broking firm Zerodha continues its growth momentum in the fiscal year ending March 2022: its operating scale neared the Rs 5,000 crore mark. Meanwhile, its profit surged 86% during FY22. Zerodha’s revenue from operations grew 82% to Rs 4,964 crore in FY22 as compared to Rs 2,729 crore in FY21, according to its consolidated annual financial statements with the Registrar of Companies (RoC). Zerodha makes money from brokerage fees, the sale of its premium tech products such as Kite Connect API, user onboarding collections, and exchange transaction charges collected from clients on behalf of various securities exchanges. Collections from these services spiked 83.3% to Rs 4,129 crore in FY22 from Rs 2,252.5 crore in FY21.

  • Sterlite Power gets ₹305 cr funding from Aseem Infra Finance for transmission project | Mint

Sterlite Power gets ₹305 cr funding from Aseem Infra Finance for transmission project | Mint

Jan. 12, 2023

Sterlite Power on Wednesday said it has received funds worth ₹305 crore from Aseem Infrastructure Finance to set up the Kishtwar Transmission Limited (KTL) project located in Jammu & Kashmir. The project involves construction of a transmission system comprising of a 400/132kV GIS substation at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti.

Source: Mint

  • Reliance Retail FMCG arm to acquire 50% stake in Sosyo Hajoori Beverages | Mint

Reliance Retail FMCG arm to acquire 50% stake in Sosyo Hajoori Beverages | Mint

Jan. 11, 2023

Reliance Retail Ventures Ltd's subsidiary on Tuesday said that it will acquire 50 per cent stake in Gujarat-headquartered Sosyo Hajoori Beverages Private Limited. The FMCG arm, Reliance Consumer Products Limited, is the wholly owned subsidiary of Reliance Retail Ventures Limited has acquired stake in the Sosyo Hajoori Beverages Pvt Ltd which operated a beverage business under the brand ‘Sosyo’. The existing promoters, Hajoori family, will continue to own the remaining stake in Sosyo Hajoori Beverages Pvt Ltd (SHBPL). SHBPL, operated by Abbas Hajoori and Aliasgar Hajoori, has several beverage brands in its portfolio including Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, Hajoori Soda and S’eau. The joint venture with RCPL is expected to accelerate the growth of Sosyo's brands by leveraging Reliance’s know-how, distribution and retail network.

  • India buys more Russian Arctic crude as demand rises

India buys more Russian Arctic crude as demand rises

Jan. 10, 2023

India has diversified its purchases of Russian crude to include Arctic grade Varandey Blend for the first time, as it further increases its dependence on Russian oil. India received 1.82mn bl (59,000 b/d) of light sour Varandey Blend from the Barents Sea port of Murmansk in December 2022, Vortexa data show. This is the first time India has ever imported this grade, which is produced by Russian firm Lukoil, according to Vortexa. Another 748,892 bl of Varandey Blend is scheduled to be delivered on 10 January to Vadinar port, where Russian-owned Nayara Energy operates a 400,000 b/d refinery.

  • Costs near Rs 10K crore, Swiggy losses widen 2x to Rs 3.6K crores

Costs near Rs 10K crore, Swiggy losses widen 2x to Rs 3.6K crores

Jan. 9, 2023

Food delivery aggregator Swiggy’s losses widened 2.24 times to Rs 3,628.9 crore during last financial year, as its expenses stood at 227 per cent of the previous year's cost. This was even as the decacorn’s revenue jumped more than twofold to Rs 5,704.9 crore in FY22, according to details from company research platform Tofler. While the company’s losses surged from a base of Rs 1,616.9 crore in FY21, its total expense in FY22 touched Rs 9,748.7 crore, from Rs 4,292.8 crore a year ago. Swiggy, the unlisted key competitor of Zomato, spent 300 per cent more on advertisement and promotional charges and the figure hit Rs 1,848.7 crore in FY22, up from Rs 461 crore in FY21. Outsourcing cost, too, came in at Rs 2,249.7 crore in FY22, against Rs 985.1 core a year ago.

  • RHI Magnesita to acquire Indian refractory business of Dalmia Bharat Refractories Limited

RHI Magnesita to acquire Indian refractory business of Dalmia Bharat Refractories Limited

Jan. 6, 2023

RHI Magnesita announced the acquisition of the Indian refractory business of Dalmia Bharat Refractories (DBRL). Under the terms of a Share Swap Agreement, RHI Magnesita will acquire all outstanding shares in Dalmia OCL (DOCL) in exchange for 2.7 crore new shares in RHI Magnesita India. Based on the issuance price of RHI Magnesita India at Rs 632.5029 per share, the Share Consideration had a value of approximately Rs 1,708 crore (208 million). As a result of this deal, the whole refractory business of Dalmia Bharat Refractory will be transferred to RHI Magnestia, and Dalmia Bharat Refractory will become an investment company holding 14.4% of RHI

Source: RHI Magnesita

  • Odisha clears 16 industrial investment proposals worth Rs4200 ...

Odisha clears 16 industrial investment proposals worth Rs4200 ...

Jan. 4, 2023

The State Level Single Window Clearance Authority (SLSWCA) on Saturday held its 1 14th meeting under the chairpersonship of the chief secretary of Odisha Suresh Chandra Mahapatra. After the whopping success of the 3rd edition of Make-ln-Odisha Conclave held earlier this month, the committee approved 16 industrial projects worth INR 4183 crores that would generate employment opportunities for over 1 2,973 people in the state across 9 sectors. The committee gave a nod to the proposal of TRL Krosaki Refractories Ltd, the leading Refractories Manufacturing Company of India, to set up a refractory manufacturing unit for the Metal Ancilliary & Downstream industry in Dhamra. The unit is being set up at an investment of INR 650 crores and is expected to generate employment opportunities for over 700 people in the state.

  • Defence Secretary Giridhar Aramane Visited the Goa Shipyard Limited & Was Briefed ... - Latest Tweet by ANI

Defence Secretary Giridhar Aramane Visited the Goa Shipyard Limited & Was Briefed ... - Latest Tweet by ANI

Jan. 4, 2023

Defence Secretary Giridhar Aramane visited the Goa Shipyard Limited & was briefed about ongoing projects of the shipyard. The Defence Secretary also inaugurated the “Virtual Reality Centre" there.

Source: LATESTLY

  • Reliance Retail arm acquires 51% stake in Lotus Chocolate for ₹74 cr | Mint

Reliance Retail arm acquires 51% stake in Lotus Chocolate for ₹74 cr | Mint

Jan. 2, 2023

Reliance Retail Ventures Ltd's subsidiary on Thursday said that it has acquired 51 per cent controlling stake in Lotus Chocolate Company. It has acquired Lotus Chocolate company from Prakash P Pai, Ananth P Pai and other members of the current promoter and promoter group of the company for ₹74 crore.

  • Nayara Energy reports significant progress on its entry into petrochemicals

Nayara Energy reports significant progress on its entry into petrochemicals

Jan. 2, 2023

Nayara Energy Ltd, India's second-largest private oil refiner, on Wednesday said it is on track for entry into petrochemicals sector with majority of work being completed on a propylene recovery unit. Nayara, which operates a 20 million tonne-a-year oil refinery at Vadinar in Gujarat, has adopted a phase—wise asset development strategy to enter into the petrochemicals secton "Under Phase-I of the project, Nayara is setting up a 450-kilo tonne per annum polypropylene plant at its Vadinar refinery in Gujarat - a propylene recovery unit along with upgrades to the existing FCC Unit (Fluidized Catalytic Cracking Unit) and a polypropylene unit (PPIJ)," the firm said in a statement. Stating that it is on track with the projects, the firm said it is well positioned to make a strong energy into this high growth segment given that it is located in the largest petrochemical consumption region of the country and its proximity to a jetty. "Phase-I project development has achieved over 85 per cent progress and expects production of its first petrochemical product i.e. polypropylene by Q4 of 2023," the statement said.

  • Medi Assist Healthcare Services names Manmohan S. Kalsy as president, business operations and HR

Medi Assist Healthcare Services names Manmohan S. Kalsy as president, business operations and HR

Dec. 31, 2022

Medi Assist Healthcare Services Ltd has announced the appointment of Manmohan S. Kalsy as president – business operations and HR. As per a company statement, Kalsy will be responsible for building a team for delivering on Medi Assist’s ‘Borderless Benefits’ promise. Moreover, he will lead the integration of acquisitions and build a member-centric operations framework at the company. Kalsy’s diverse experience and organization-building capabilities from various sectors will help the company deliver on the motto ‘every employee a partner and every customer a commitment’.

Source: The Financial Express

  • Unfair to class a few brands as ‘popular’ in a short time, liquor makers tell Delhi govt

Unfair to class a few brands as ‘popular’ in a short time, liquor makers tell Delhi govt

Dec. 29, 2022

Prominent liquor manufacturers have alleged that orders for their brands have been stopped in liquor shops run by Delhi’s tourism department, which account for nearly a third of sales.

  • Imagine Marketing (parent company of boAt) now ranks 2nd in the Wearable market globally

Imagine Marketing (parent company of boAt) now ranks 2nd in the Wearable market globally

Dec. 29, 2022

Imagine Marketing, the parent company of boAt, is now ranked #2 in the overall wearable market as per the leading market research and advisory firm International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker Q3CY2022. The brand now commands 8.5% market share on a volume basis (~1% jump in market share v/s Q2CY22).

Source: APN NEWS

  • Ola, Uber, Dunzo, PharmEasy, Amazon Flex score 0/10 in providing fair conditions for gig workers: Report

Ola, Uber, Dunzo, PharmEasy, Amazon Flex score 0/10 in providing fair conditions for gig workers: Report

Dec. 28, 2022

Synopsis: Fairwork India Ratings 2022 Report, which assessed platforms against five principles: Fair Pay, Fair Conditions, Fair Contracts, Fair Management, and Fair Representation, found that Amazon Flex, Dunzo, Ola, PharmEasy and Uber scored zero out of 10 points. "This year, no platform scored more than seven out of the maximum of ten points, and none scored all the first points across the five principles," the report said.

  • PharmEasy FY22 loss widens to Rs 2,700 crore

PharmEasy FY22 loss widens to Rs 2,700 crore

Dec. 27, 2022

API Holdings Ltd, the parent company of online pharmacy and health tech platform PharmEasy reported a bigger loss for FY22 (2021-22) from a year earlier, as the company's employee benefit expenses surged more than five times during the year. PharmEasy reported a net loss of Rs 3,992 crore for FY22 against Rs 641 crore in FY21 (2020-21). However, excluding exceptional items or one-time loss on impairment of goodwill, the company reported a loss of Rs 2,731 crore during the year, the filings showed.

Source: Bizz Buzz

  • Delhi court summons Kamal Nath’s nephew in fertiliser scam case

Delhi court summons Kamal Nath’s nephew in fertiliser scam case

Dec. 26, 2022

Industrialist scion Ratul Puri, nephew of former Madhya Pradesh Chief Minister Kamal Nath, was summoned by a Delhi court for his alleged links to a fertiliser scam that purportedly involves payment of Rs 685 crore as kickback on Friday, December 23. The CBI had alleged that money was paid through hawala operators and intermediaries and group companies of Rajiv Saxena, who is an accused in AgustaWestland case also, were used for receipt of commission from supplier of fertilizers. According to the ED, the fertiliser scam case, also involving RJD Rajya Sabha member Amarendra Dhari Singh and IFFCO managing director and CEO US Awasthi, relates to illegal commissions worth over ₹685 crore allegedly paid to the NRI sons of Awasthi and Indian Potash Ltd (IPL) managing director PS Gahlaut, and some others by overseas suppliers during 2007-14.

  • Gandhar Oil Refinery files IPO papers with Sebi

Gandhar Oil Refinery files IPO papers with Sebi

Dec. 24, 2022

The IPO comprises fresh issue of equity shares worth Rs 357 crore and an offer for sale (OFS) of 1.2 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP). Gandhar Oil Refinery (India) Limited has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 357 crore and an offer for sale (OFS) of 1.2 crore by promoters and existing shareholders, according to the draf red herring prospectus (DRHP).

  • CSK Squad IPL 2023: Chennai Super Kings buys Stokes, Rahane, Jamieson in IPL Auction 2023

CSK Squad IPL 2023: Chennai Super Kings buys Stokes, Rahane, Jamieson in IPL Auction 2023

Dec. 24, 2022

Here is the full list of players bought by Chennai Super Kings (CSK) at the Indian Premier League (IPL) 2023 auction in Kochi on Friday, December 23. Ajinkya Rahane (INR 50 lakh), Ben Stokes (INR 16.25 crore), Shaik Rasheed (INR 20 lakh), Nishant Sindhu (INR 60 lakh), Kyle Jamieson (INR 1 crore), Ajay Mandal (INR 20 lakh), Bhagath Varma (INR 20 lakh).

Source: SPORTSTAR

  • India cuts windfall tax on crude, aviation fuel

India cuts windfall tax on crude, aviation fuel

Dec. 23, 2022

The tax on crude oil produced by local firms has been reduced to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, as per government notification.

  • The government’s fertilizer subsidy expenditure is likely to be Rs 2.3-2.5 lakh crore in the current fiscal amid falling global prices.

The government’s fertilizer subsidy expenditure is likely to be Rs 2.3-2.5 lakh crore in the current fiscal amid falling global prices.

Dec. 22, 2022

However, it was also said then by the industry body FAI that it is expected to decline by 25 per cent in the next financial year 2023-24. Also, the Fertilizers Association of India (FAI) expressed concern that the fixed price of urea has not been increased. This affects the profitability of urea plants. It also noted that the industry is operating on very low margins, which is becoming a deterrent for new investments in the sector. PS Gehlot, managing director of Indian Potash Ltd and FAI board member, said the subsidy outgo could come down by around 25 per cent in the next financial year as global prices have softened. However, he added that much would depend on future trends in global prices. The association noted that there has been a significant increase in international prices of fertilizers and fertilizer raw materials, including natural gas/LNG, in the last two years.

  • Reliance Retail strengthens new commerce business with Rs 2,850 crore METRO Cash & Carry acquisition

Reliance Retail strengthens new commerce business with Rs 2,850 crore METRO Cash & Carry acquisition

Dec. 22, 2022

Reliance Retail Ventures Ltd. has signed definitive agreements to acquire 100 percent stake in METRO Cash & Carry India Pvt. Ltd. for a total cash consideration of Rs 2,850 crore. METRO India generated sales worth Rs 7,700 crore for the financial year that ended in September 2022, the best sales performance since its entry into India.

  • A Year in Review: An Interview with RHI Magnesita CEO Stefan ...

A Year in Review: An Interview with RHI Magnesita CEO Stefan ...

Dec. 22, 2022

In this article, the CEO of RHI Magnesita, Stefan Borgas, sumsup the calendar year and shareshis New Year resolutions. Here's how a business leader analyses the current situation and approaches setting goals for the future. What were the main achievements of RHI Magnesita in 2022? Despite the turbulence, our great team achieved a lot - here are a few highlights: We acquired the Indian refractory business of Dalmia Bharat Refractories Limited, one of the most prominent refractory producers in the country. We also acquired the technologically advanced refractory business of Hi-Tech. Once again, I am happy to welcome amazing new people in the RHI Magnesita family! RHI Magnesita India became a top-ranked refractory company in the Fortune India Next 500 list.

  • Zerodha, Groww, HDFC Securities, others to be impacted! Sebi to enhance monitoring of broking houses

Zerodha, Groww, HDFC Securities, others to be impacted! Sebi to enhance monitoring of broking houses

Dec. 22, 2022

As part of its attempts to address the concentration risk on account of the market share of the largest broking firms, the Securities and Exchange Board of India (Sebi) has introduced a new category of Qualified Stock Brokers or QSBs who will be subjected to higher compliance requirements. These are the top 10 broking houses in terms of the number of active clients, as per data from the National Stock Exchange for the month of November. The decision by the capital markets regulator could see leading brokerages like Zerodha, Groww, Angel One, RKSV Securities, ICICI Securities, 5Paisa, HDFC Securities, Kotak Securities, Motilal Oswal Financial Services, and IIFL Securities among others coming under the new category.

  • Signify introduced Philips O-Bulb and Hexa-Bulb in India

Signify introduced Philips O-Bulb and Hexa-Bulb in India

Dec. 21, 2022

Philips Hexa-Bulb and O-Bulb are two distinctively shaped LED bulbs that Signify, a well-known lighting company, has introduced in India. These distinctive circular and hexagonal-shaped LED bulbs give your house a classy feel. Additionally, the bulbs have a straightforward plug-and-play design that fits into existing LED bulb sockets.

  • Promoter Reliance Retail to sell 2% stake in Just Dial

Promoter Reliance Retail to sell 2% stake in Just Dial

Dec. 20, 2022

Promoter Reliance Retail Ventures plans to sell 2% stake in Just Dial through the open market by the end of this month in order to comply with regulatory requirements. Promoter and promoter group entities together hold 76.98% stake in Just Dial. As per regulatory norms, the total promoter holding in a company must not exceed 75%.

  • BVG Group announces Indigenous Manufacturing of Solar Modules, Project will provide employment opportunities in North India

BVG Group announces Indigenous Manufacturing of Solar Modules, Project will provide employment opportunities in North India

Dec. 20, 2022

BVG Group has announced Indigenous Manufacturing of Solar Modules using latest European technology in North India. The Phase-1 of the project is a 500 MW fully automated module manufacturing line of the Multi-GW project of BVG, which has vast experience in the PV world.The first phase of the ambitious 2 GW project for Module line is being sourced from Mondragon Assembly, Spain. Mondragon Assembly is a specialist turnkey line provider with high technological value and adaptable to any existing need in the solar industry in future.

Source: ThePrint

  • Sundaram Finance Ltd. and Care Health Insurance enter into ...

Sundaram Finance Ltd. and Care Health Insurance enter into ...

Dec. 20, 2022

Sundaram Finance Ltd., one of the most respected financial services groups in India, and Care Health Insurance, one of the country's leading specialized health insurers, entered into a Corporate Agency Agreement today. With this association, Sundaram Finance will offer Care Health's specialised and innovative range of health insurance solutions to its loyal and increasing base of customers. Products will be offered in the retail and group segments of Sundaram Finance's customers, who in addition to the company's existing portfolio of technology-driven and customised offerings, can now have their diverse insurance needs addressed under one umbrella.

  • Pharmeasy ends the struggles in ordering medicines through...

Pharmeasy ends the struggles in ordering medicines through...

Dec. 19, 2022

There have been several shenanigans in ordering medicines and we have always resorted to the wholesale market along with the regular retail business model. But a digital upgrade to any industry comes with flexibility and enough room for adjustments. As digital outlook to the pharmaceutical industry takes a front seat, customers can now order medicines online with the help of several e-commerce platforms. Such a seamless process has been further backed by companies like Pharmeasy.

Source: Business Outreach

  • Pune man orders burgers for Rs 71,000 on Swiggy for his entire team

Pune man orders burgers for Rs 71,000 on Swiggy for his entire team

Dec. 19, 2022

Swiggy’s biggest order of 2022 came from Bengaluru, where a customer ordered food worth Rs 75,378 on the festival of Diwali. Meanwhile in Pune, a man ordered burgers and fries worth a whopping Rs 71,229 for his entire team. His order was the second-biggest for the food delivery platform this year. These facts were revealed in Swiggy’s annual trends report ‘HOW INDIA SWIGGY’D 2022’ which was released Thursday. Swiggy said that biryani continued to be the most-ordered dish for the seventh consecutive year. Indians ordered 137 biryanis per minute in 2022. Italian pasta dish ravioli and Korean bibimbap also emerged as popular choices as more and more Indians explored global cuisines.

  • HarvestPlus and Syngenta Foundation Partner to Build Value ...

HarvestPlus and Syngenta Foundation Partner to Build Value ...

Dec. 19, 2022

Improving nutrition and empowering women go hand in hand. HarvestPlus and the Syngenta Foundation for Sustainable Agriculture (SFSA) are partnering to increase the availability of biofortified seeds while developing the capacity of women as change-agents across the value chain. The collaboration will bring nutrition and livelihood benefits to smallholder farming households in several countries across Africa and Asia.

  • Reliance Retail arm launches FMCG brand 'Independence' in Gujarat

Reliance Retail arm launches FMCG brand 'Independence' in Gujarat

Dec. 19, 2022

Reliance Consumer Products, the FMCG arm of Reliance Retail on Thursday announced the launch of its made-for-India consumer packaged goods brand 'Independence' in Gujarat. The company will be selling products ranging from staples to processed foods and other daily essentials, it said in a statement.

  • What India ate in 2022: Want to know the most ordered food on Swiggy?

What India ate in 2022: Want to know the most ordered food on Swiggy?

Dec. 17, 2022

East or west, biryani still the best. At 2.28 orders per second, biryani is the queen-bee of Swiggy! The dish was the most-ordered item on Swiggy in 2022! Biryani still dominates the Indian stomach and heart. It emerged as the most ordered dish in 2022 on Swiggy for the seventh consecutive year.

  • Capgemini recognized for its leadership in corporate transparency and performance on climate change on CDP's A-List

Capgemini recognized for its leadership in corporate transparency and performance on climate change on CDP's A-List

Dec. 17, 2022

– Capgemini has retained its position on the ‘A List’ published by global environmental non-profit CDP. The scoring process, widely recognized as the gold standard of corporate environmental transparency, is based on the data reported by the company through CDP’s 2022 climate change questionnaire. More than 15,000 companies were scored.

Source: Capgemini

  • Tata Technologies IPO: All you need to know

Tata Technologies IPO: All you need to know

Dec. 17, 2022

Domestic automotive manufacturing company Tata Motors has announced its plan to partially divest its equity shares in Tata Technologies Limited through an initial public offering route. The IPO Committee of Tata Motors has accorded its in-principle approval for divesting the stake.

Source: Zee Business

  • Bengaluru customer ordered for Rs 75378 on Swiggy, highest single order this year

Bengaluru customer ordered for Rs 75378 on Swiggy, highest single order this year

Dec. 16, 2022

The biggest single order on Swiggy this year was from Bengaluru. In its latest trend report, the online food ordering and delivery platform said its top customer was from the IT city who made a single order worth Rs 75378 during Diwali in October. Another customer from Pune paid Rs 71229 to buy several units of burgers and fries.

  • 4 workers injured in fire incident at Vedanta ESL Steel plant in Jharkhand

4 workers injured in fire incident at Vedanta ESL Steel plant in Jharkhand

Dec. 16, 2022

Four workers associated with ESL Steel Ltd, a Vedanta Group firm, were injured due to a fire incident at its plant in Jharkhand's Bokaro district, an official said on Thursday. The condition of one of the four is stated to be critical as he suffered an 80 per cent burn injury, said Chas Circle Officer Dilip Kumar who visited the plant. The fire incident tool place around 10:30 am in MRSS Substation caused by flashover. .

Source: Business Standard

  • Taparia Tools outshines at National Expo 2022

Taparia Tools outshines at National Expo 2022

Dec. 16, 2022

Taparia Tools is an ISO-9001 accredited company that started manufacturing hand tools in 1969 in India. Taparia Tools has participated in the 12th year of the National Expo—2022 exhibition held at the International Hockey Stadium (Science College Ground), Raipur, Hall no: B; Stall no. 19–20, from December 9 to 11. Sachin Soman, from Taparia Tools, was present at the exhibition to answer questions about the technical aspects of Taparia Tools products. Taparia Tools has always been on the cutting edge of educating their customers on the various applications.

Source: The HITAVADA

  • Schneider Electric India wins FICCI CSR Award for Improving Livelihoods Opportunities with Innovative Green Energy Solutions

Schneider Electric India wins FICCI CSR Award for Improving Livelihoods Opportunities with Innovative Green Energy Solutions

Dec. 15, 2022

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  • Heads Up Ventures in pact with Reliance Retail to sell fashion apparels, accessories

Heads Up Ventures in pact with Reliance Retail to sell fashion apparels, accessories

Dec. 14, 2022

Textile and garments manufacturer Heads Up Ventures on December 13 said that it has entered into a pact with Reliance Retail, the retail subsidiary of Reliance Industries (RIL). "We wish to inform that the company has entered into a contract with Reliance Retail Limited, for sale of the products viz. fashion apparels, accessories, bags, footwear etc," Heads UP Ventures said in a regulatory filing. It also added that its products will be sold under the brand name “HUP” and its sub-brands on the e-commerce platforms of Reliance Retail.

  • Tata Motors board gives in-principle approval for Tata Tech IPO

Tata Motors board gives in-principle approval for Tata Tech IPO

Dec. 14, 2022

Tata Motors on Monday said that company board has given in-principal approval for partial disinvestment in its subsidiary Tata Technologies via IPO route. In a meeting held on Monday, the company board decided to explore partial disinvestment of its investment in Tata Technologies, a global product engineering and digital services company.

  • 1,113 acres acquired for phase-1 of Kannur airport project, says Minister

1,113 acres acquired for phase-1 of Kannur airport project, says Minister

Dec. 14, 2022

A total of 1,113.33 acres have been acquired for the Kannur airport in the first phase and handed over to Kannur International Airport Limited (KIAL).Steps are on to acquire 804.37 acres more in the second phase to be handed over to KIAL, Minister for Cooperation and Registration V.N. Vasavan said in the Assembly on Tuesday.

Source: The Hindu

  • Healthtech startup PharmEasy lays off more employees

Healthtech startup PharmEasy lays off more employees

Dec. 13, 2022

PharmEasy has laid off more employees from the company amid a funding crunch. The layoffs were attributed to a variety of factors, including restructuring, macroeconomic headwinds, and the ongoing Russia-Ukraine conflict. According to Inc42, the majority of affected employees worked in product technology, quality analytics, and support verticals.

  • India's Tata Motors Looks to Sell Part Stake in Tata Technologies Via IPO - Latest Tweet by Reuters

India's Tata Motors Looks to Sell Part Stake in Tata Technologies Via IPO - Latest Tweet by Reuters

Dec. 13, 2022

Automaker Tata Motors said on Monday it was exploring the sale of a portionof its stake in Tata Technologies through an initial public offering (IPO). The proposed IPO could be among Tata Group's first in years, with direct broadcast satellite service provider Tata Play also set to file offer documents with the market regulator soon.

  • Tata Group likely to announce new IPO soon after Tata Play and Tata Technologies?

Tata Group likely to announce new IPO soon after Tata Play and Tata Technologies?

Dec. 12, 2022

Amid all the rumours of IPOs being planned for Tata Play and Tata Technologies, the salt-to-steel conglomerate Tata Group, which has 29 publicly listed enterprises with a combined market capitalisation of $314 billion as of December 31, 2021, may silently be prepping up for a very different IPO. According to a report, Tata Electrinics Private Limited (TEPL) may also list on the stock market through an IPO.

  • Reliance Retail's AZORTE Comes to Hyderabad.

Reliance Retail's AZORTE Comes to Hyderabad.

Dec. 12, 2022

Continuing its retail expansion, Reliance Retail, India’s largest retailer, today announced the launch of the third store of its premium fashion and lifestyle brand, AZORTEat Sarath City Capital Mall, HITEC City, Kondapur. Spread across around 18,000 square feet of retail space, this store will strengthen Reliance Retail’s commitment to a multi-format approach to cater to all consumer segments and disrupt the way the people of Hyderabad shop for international and contemporary Indian fashion.

  • Bidders seek clarity on ESL Steels environmental clearance from Vedanta

Bidders seek clarity on ESL Steels environmental clearance from Vedanta

Dec. 10, 2022

Potential bidders of ESL Steel (earlier known as Electrosteel Steels) have said they are seeking additional clarity on the environmental clearances from Vedanta group after their initial round of due diligence.

Source: Business Standard

  • Why Danaher is Focusing on Genomic Medicines

Why Danaher is Focusing on Genomic Medicines

Dec. 10, 2022

To unlock the value that genomic medicines have to offer, the biopharma industry will need to overcome several roadblocks, including patient identification when the therapeutic intervention is able to provide maximum clinical benefit, scalability of drug manufacturing, and timely intervention which are critical components' to maximize impact of these revolutionary modern medicines.

  • Swiggy may lay off 250 employees in December, more to follow in coming months

Swiggy may lay off 250 employees in December, more to follow in coming months

Dec. 9, 2022

Two sources from Economic Times mentioned that the layoffs could possibly cross 250 in the approaching months while another stated that people employed in the supply chain, operations, customer service as well as technology will also be affected. This is about 3 to 5 percent of its entire workforce. Swiggy, in response to the daily, said that there haven’t been any layoffs as of now, but did not rule out such a possibility in the near future.

  • Sterlite Power acquires transmission project from PFC Consulting | Mint

Sterlite Power acquires transmission project from PFC Consulting | Mint

Dec. 8, 2022

Sterlite Power on Tuesday said it has acquired Kishtwar Transmission Ltd, a special purpose vehicle (SPV,) from PFC Consulting Ltd. (PFCCL). Sterlite Power now has a portfolio of 30 projects across India and Brazil, which includes projects under various stages of development and those that have been sold. The company has a portfolio of high-performance power conductors, extra-high voltage (EHV) cables and optical ground wires (OPGW). The company provides bespoke solutions for the upgrade, uprate, and fiberization of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid.

  • AB InBev shows interest in expanding Mysuru unit, to invest ₹500 crore

AB InBev shows interest in expanding Mysuru unit, to invest ₹500 crore

Dec. 7, 2022

AB InBev is an American-Belgian multinational drink and brewing company based in Leuven, Belgium. This company has set up a brewery unit in Mysuru and wanted to extend its plan by investing another Rs 500 crore. The State was appreciated for having the best Excise policy and also a good industry-friendly atmosphere, it further said, adding that the company intends to make more investments in Karnataka.

  • JioMart is finally making a dent in Amazon and Walmart's e-commerce stronghold in India

JioMart is finally making a dent in Amazon and Walmart's e-commerce stronghold in India

Dec. 7, 2022

In its first Diwali season, JioMart’s daily sales grew by 2.5 times, with the company managing to shed its grocery-only image. Though JioMart’s market share remained miniscule — with established platforms Flipkart and Amazon accounting for 88% of the $5.7 billion sales in the first week of September — the upstart did manage to cement its position.

  • Reliance gears up for fight against D-Mart and hypermarkets as its looks to close Metro deal this month

Reliance gears up for fight against D-Mart and hypermarkets as its looks to close Metro deal this month

Dec. 5, 2022

Reliance is said to acquire Metro' India unit in a deal estimated at around 500 million euros (Rs 4,060 crore), which includes 31 wholesale distribution centres, land banks and other assets owned by METRO Cash & Carry in the country. This is going to aid Reliance Retail, the country's largest retailer, expand its presence in the B2B segment.

  • Why Oyo boss Ritesh Agarwal must clean up before the IPO | Mint

Why Oyo boss Ritesh Agarwal must clean up before the IPO | Mint

Dec. 5, 2022

Over the last many years, this hospitality startup has changed the way unbranded hotels are aggregated and marketed—life is far easier for couples and business travelers on a budget.

  • Soon, hang out at Kochi airport without a flight ticket

Soon, hang out at Kochi airport without a flight ticket

Dec. 5, 2022

Talks are on for the overall transformation of the vacant space on the airport premises where people from outside can spend time. CIAL is planning to pitch it as their commercial business, similar to the one at Bengaluru airport.

  • Reliance to Open Balenciaga Store in New Delhi

Reliance to Open Balenciaga Store in New Delhi

Dec. 3, 2022

In August, Reliance Brands, the high-end fashion and lifestyle retailing unit of Reliance Retail, announced it has signed a long-term franchisee agreement with French luxury group Kering to sell Balenciaga products in India.

  • Adani looks top contender to buy RINL, ESL Steel

Adani looks top contender to buy RINL, ESL Steel

Dec. 3, 2022

Acquiring the two companies could give a much-needed boost to the Gautam Adani-led conglomerate’s steel ambitions. These are state owned firms Rashtriya Ispat Nigam Ltd and ESL Steel (earlier known as Electrosteel Steels), a formerly bankrupt firm bought by Vedanta Group in 2018.

  • Odisha signs MoU with BSE, NSE to promote MSMEs to access stock market | Mint

Odisha signs MoU with BSE, NSE to promote MSMEs to access stock market | Mint

Dec. 2, 2022

To enable MSMEs to access capital markets, Odisha has signed MOUs with BSE Ltd (formerly Bombay Stock Exchange) and NSE Ltd National Stock Exchange) for facilitating the listing of medium and small enterprises (MSMEs). Under the aegis of the MOUs, BSE and NSE shall provide handholding to MSMEs to impart training and education required for listing and improving financial credibility.

  • Ola Electric opens 14 more Experience Centers

Ola Electric opens 14 more Experience Centers

Dec. 1, 2022

Ola Electric, an electric scooter manufacturer, is increasing its D2C (direct-to-consumer) footprint by launching 14 additional Ola Experience Centers in eleven locations across the country. Three such centers have been established in Bengaluru, two in Pune, and one in each of Ahmedabad, Bhopal, Dehradun, Delhi, Hyderabad, Kota, Nagpur, Ranchi, and Vadodara. Ola currently has more than 50 experience centers spread across the nation, and by the end of this year, that number will increase to 200. Customers will be able to touch and feel Ola scooters, clarify their questions, and receive support both before and after purchase at Ola Experience Centers.

Source: Indiainfoline

  • Swiggy shuts its cloud kitchen brand The Bowl Company in Delhi-NCR

Swiggy shuts its cloud kitchen brand The Bowl Company in Delhi-NCR

Dec. 1, 2022

Swiggy has shut down its cloud kitchen brand The Bowl Company in Delhi-NCR as losses continue to mount for the food and grocery delivery major. “This experiment has led to its due learnings, even as we focus on operational excellence for the brand. We will continue to invest and grow The Bowl Company in cities like Bengaluru, Chennai, and Hyderabad where the brand is well-loved and growing,” the spokesperson said. Apart from Bowl Company, Swiggy operates brands such as Breakfast Express and Homely.

  • Anglo French Drugs Forays Into Fertility Segment, Launches Lyber Range

Anglo French Drugs Forays Into Fertility Segment, Launches Lyber Range

Dec. 1, 2022

Anglo-French Drugs and Industries an Indian pharma company announced on Friday that it has entered into the fertility space with the launch of the Lyber Range. The products that have been launched are Lyber-M: A male fertility supplement which uses a combination of antioxidants to improve sperm motility, count, quality and DNA preservation, the company said in a statement.

Source: BW Healthcareworld

  • India Alcohol Market to Receive Overwhelming Hike in Revenue That Will Boost Overall Industry Growth: United Spirits Ltd, Tilaknagar Ind. Ltd., Jagatjit Ind., Mohan Meakin, Globus Spirits

India Alcohol Market to Receive Overwhelming Hike in Revenue That Will Boost Overall Industry Growth: United Spirits Ltd, Tilaknagar Ind. Ltd., Jagatjit Ind., Mohan Meakin, Globus Spirits

Nov. 30, 2022

The report conducted a professional and in-depth analysis of the current situation of the India Alcohol market, including major players such as manufacturers, suppliers, distributors, traders, customers, and investors. The report also helps you understand the dynamic structure of the India Alcohol market by identifying and analyzing market segments.

Source: Digital Journal

  • Delivery pangs: Swiggy strike hits hard

Delivery pangs: Swiggy strike hits hard

Nov. 29, 2022

Swiggy strike’ has been in the news over the past two weeks. While the indefinite strike by delivery executives demanding higher remuneration rages on in Kochi, the restive truce in Thiruvananthapuram looks set to implode. TNIE speaks to stakeholders to get to the bottom of the issue. Arun George, an LLB graduate who works as a part-time delivery executive in Kochi, says a hike in base charges has been a longstanding demand. However, he adds, the issue flared up about two months ago, when Swiggy signed up with third-party app-based agencies (chiefly Shadowfax) for deliveries.

Source: The New Indian Express

  • Mormugao council resolves to revoke occupancy NOC to new GSL building

Mormugao council resolves to revoke occupancy NOC to new GSL building

Nov. 29, 2022

In a significant decision, the Mormugao Municipal Council (MMC) on Monday resolved to revoke the Occupancy NOC issued to a new building of Goa Shipyard Limited (GSL) after seeking legal advice. The decision was taken during the council meeting on Monday wherein the councillors expressed anger as the MMC had earlier issued the NOC to GSL based on a letter by DMA, without placing it in the council meeting. Councillors stated that the GSL, which is located in the jurisdiction of MMC, does not support the council nor employs Goan youth, especially from Vasco.

Source: The Goan Everyday

  • Vienna-based RHI Magnesita set to acquire Dalmia Bharat Refractories for over Rs 1,700 cr

Vienna-based RHI Magnesita set to acquire Dalmia Bharat Refractories for over Rs 1,700 cr

Nov. 29, 2022

RHI Magnesita is in process of acquiring the refractory business of Dalmia Bharat Refractories Limited (DBRL) in India for about Rs 1,708 crore, Stefan Borgas, CEO of the Vienna-based company, has said. The share swap deal is being made through RHI Magnesita India, he added. This transaction represents a strong commitment from the senior management to continue strengthening the company's operations in\ India and to further expand our footprint in the region," Parmod Sagar, CEO of RHI Magnesita India, said.

Source: The Economic Times

  • Reliance Retail to open first 'Swadesh' store in Delhi

Reliance Retail to open first 'Swadesh' store in Delhi

Nov. 29, 2022

Reliance Industries Limited’s retail arm Reliance Retail plans to open its first brick-and-mortar store for its artefact, gift, and accessories brand Swadesh in Delhi’s Connaught Place area. Reliance Retail aims to work closely with artisans for its new venture. The business has signed an agreement with the Union Ministry of Textiles to this end and committed to sourcing 100% of its products directly from artisans across the country.

Source: FashionNetwork.com

  • OYO posts positive Ebitda in H1FY23

OYO posts positive Ebitda in H1FY23

Nov. 28, 2022

OYO reported a 24% YoY rise in revenues to Rs 2,904.62 crore, while narrowing its losses to Rs 747.13 crore in the first half of the financial year 2023 (H1FY23). The hospitality unicorn, however, reported a positive adjusted EBITDA of Rs 62.93 crore in H1FY23 compared to a negative EBITDA of Rs 280.36 crore in the same period last year.

Source: The Financial Express

  • Reliance Retail to open store chain for India's artisans with 'Swadesh'

Reliance Retail to open store chain for India's artisans with 'Swadesh'

Nov. 28, 2022

According to the sources, Reliance plans to partner with the state governments to promote artisanal products and also take 'Swadesh' global. It has already signed an agreement with the West Bengal government for this.

Source: Economic Times

  • Nayara Energy exports 80% of fuel to Asia, Africa; none to EU

Nayara Energy exports 80% of fuel to Asia, Africa; none to EU

Nov. 26, 2022

From April 2022 to October 2022, Nayara, which runs a 20 million tonne per year oil refinery at Vadinar in Gujarat, exported 4.46 million tonnes of petroleum products, including diesel, jet fuel, and gasoline. The majority of the fuel produced at Vadinar is sold through its 6,648 gas stations, the largest network of private fuel outlets in the nation, as well as institutional sales. Through institutional business, sales to other oil firms, and its own retail chain, the corporation focuses primarily on serving the domestic market.

  • Kochi’s Swiggy strike: Another chapter in the continuing struggle of gig workers

Kochi’s Swiggy strike: Another chapter in the continuing struggle of gig workers

Nov. 26, 2022

It’s been 11 days since 5,000 Swiggy employees went on strike in Kerala’s Kochi demanding higher remuneration and labour benefits. Even as negotiations orchestrated by the district labour officials broke down, the online delivery platform insisted that it gives its workers “consistent and reliable income opportunities”. Swiggy workers in Kochi are currently paid Rs 5 per km. They are demanding that this be increased to Rs 8 per km, given that orders have “come down” and the price of petrol has gone up.

  • Anglo French Drugs & Industries Ltd forays into fertility segment, launches LYBER Range

Anglo French Drugs & Industries Ltd forays into fertility segment, launches LYBER Range

Nov. 26, 2022

Anglo French Drugs & Industries Ltd forays into fertility segment, launches LYBER Range LYBER means “God of Fertility” and the product range has supplements for both Men and Women.

Source: ETHealthWorld

  • Coast Guard chief lays keel for 2 new pollution control vessels at Goa Shipyard

Coast Guard chief lays keel for 2 new pollution control vessels at Goa Shipyard

Nov. 26, 2022

Keel-laying is a major milestone activity in the construction of ships, symbolising the formal commencement of the erection process of ships on the building berth. The Keel was laid by Indian Coastal Guard's Director General VS Pathania and the ceremony was performed in presence of Goa Shipyard's CMD Brajesh Kumar Upadhyay and other senior dignitaries from both Goa Shipyard and the Indian Coast Guard.

  • Kochi Airport’s Business Jet Terminal To Be Launched In December

Kochi Airport’s Business Jet Terminal To Be Launched In December

Nov. 25, 2022

The Cochin International Airport Limited (CIAL) is prepared to launch operations of its business jet terminal — a portion of terminal 2 — by December. This is part of an effort to optimise the available areas to produce new revenue streams from its non-aero sectors.

Source: Swarajya

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