Corporate & Markets News

Alok Industries Case: SBI may not demand revote on resolution plan
Shayan Ghosh | June 21, 2018 4:29 AM
Going by the recent order on Alok Industries from the National Company Law Tribunal (NCLT), it would appear State Bank of India (SBI) has no objection if the resolution plan is not put to vote again. When the plan was voted on, in April, 70% of the lenders voted for it.
Adhunik Metaliks: Lenders negotiating with UK-based Liberty House to raise offer
Mithun Dasgupta | June 21, 2018 4:23 AM
After Adhunik Metaliks (AML) received additional time to complete the ongoing insolvency resolution process, lenders are now negotiating with UK-based Liberty House for exploring opportunity to raise its offer for the bankrupt company.
Uber India Systems reports Rs 19-crore net profit in FY17
Anushree Bhattacharyya | June 21, 2018 4:17 AM
Uber India Systems has reported an incremental rise in its net profit at Rs 19 crore for the year ended March 2017, according to filings with Registrar of Companies (RoC) and data platform Tofler.
BYJU’s crosses Rs 100 cr in monthly revenue
FE Bureau | June 21, 2018 4:11 AM
E-learning company BYJU’s has announced that it crossed Rs 100 crore in monthly revenue last month and has become profitable. The learning app has 20 million registered students and 1.26 million annual paid subscribers.
Our co-working spaces are 20-25% cheaper than conventional offices, says CEO of Cowrks
June 21, 2018 4:01 AM
In 2016, Sidharth Menda started CoWrks, a shared working space platform which today has one million sq ft area across nine centres.
Sterlite gas leak: Madras HC orders Tamil Nadu Pollution Control Board, district administration to file response
FE Bureau | June 21, 2018 3:45 AM
The Madurai bench of the Madras High Court asked the TNPCB and the Tuticorin district administration to file a detailed response as to whether they require power, water supply as well as Sterlite’s expert supervision for evacuating the hazardous substances inside the factory.
Premier struggles to stay afloat
Geeta Nair | June 21, 2018 3:38 AM
Vehicle manufacturer Premier has restarted operations after a 14-day shutdown, but the company faces a stiff challenge in turning around a business struggling with liquidity crunch, labour unrest and piling up of losses.
DSK Group Cheating Case: Bank of Maharashtra MD & CEO Ravindra P Marathe arrested for fraud
Geeta Nair | June 21, 2018 2:12 AM
The Bank of Maharashtra MD and CEO, Ravindra P Marathe, and executive director Rajendra Gupta were remanded to police custody for seven days till June 27 by the Pune district court on Wednesday.
RBI panel voted for rate hike on inflation risks
FE Bureau | June 21, 2018 2:03 AM
Taking a neutral stance and voting in favour of a rate hike, the minutes of the monetary policy committee (MPC) indicate, all the members voted for a 25 basis points hike in their June meeting, primarily because of rising fuel prices. In governor Urjit Patel’s view, given the prevailing uncertainties, it is opposite to maintain […]
Maintain ‘buy’ on Tejas, see strong India business growth
Axis Capital | June 21, 2018 1:43 AM
Tejas’ management in the analyst meet reiterated 20% CAGR revenue guidance for FY17-20E led by a strong order book to be executed over FY18-20E (after muted FY18) implying a stronger growth.
RITES IPO subscribed 0.6 times on Day 1
FE Bureau | June 21, 2018 1:34 AM
The initial public offer (IPO) of RITES was subscribed 0.6 times on Wednesday, the first day of the offer, with investors bidding for 1.50 crore shares of the 2.52 crore shares offered to them.
Maintain ‘buy’ on Crompton with a target price of Rs 260
ICICI Securities | June 21, 2018 1:25 AM
Crompton Consumer (Crompton) has corrected 20% since January 2018 driven by two successive quarters of lower than expectations results. From an FY19-FY20 perspective, there are multiple positive levers available to the company.
Fine Organic Industries IPO subscribed 0.12 times
FE Bureau | June 21, 2018 1:15 AM
The initial public offer (IPO) of Fine Organic Industries was subscribed 0.12 times on Wednesday, the first day of the offer with investors bidding for 6.20 lakh shares of the 53.65 lakh shares offered to them.
Uttar Pradesh plans reverse auction for over 1,000 MW solar project by July end
Vikas Srivastava | June 20, 2018 4:56 AM
Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) plans to conduct reverse auction for its first large solar project of over 1,000 MW capacity by July end.
Virgin Hyperloop One may invest $450 million for demo track in India
Geeta Nair | June 20, 2018 4:51 AM
Futuristic transport solutions company Virgin Hyperloop One may invest around $450 million in India to turn its hyperloop vision into reality.
Competition not a worry, we are focussing on volume growth, says group chief financial officer of Mahindra & Mahindra
Bhavik Nair and guest | June 20, 2018 4:35 AM
Mahindra and mahindra is prepared for the transformation that India wants to make to EVs and are ready to partner the country.
Thai chain to open two wholesale cash-and-carry outlets in NCR
Jharna Mazumdar | June 20, 2018 5:10 PM
Lots Wholesale Solutions is all set to launch its initial two wholesale cash-and-carry outlets in Delhi-NCR within 2018, the first of which will be launched in July.
Merger-bound Idea Cellular completes VoLTE expansion
FE Bureau | June 20, 2018 4:22 AM
Idea Cellular on Tuesday said it has completed the rollout of VoLTE services in all its 20 4G circles with the country’s third largest telecom operator announcing the launch of VoLTE in five circles — Himachal Pradesh, Odisha, Assam, North East Service Area (NESA) and Jammu & Kashmir.
Visa Power IRP invites resolution plans
Shritama Bose | June 20, 2018 3:55 AM
The interim resolution professional (IRP) for Visa Power on Tuesday invited resolution plans for the company from interested bidders under the corporate insolvency resolution process (CIRP). On
Tata Power expects nod for spot sale of excess power from Mundra in 2 months
FE Bureau | June 20, 2018 3:50 AM
Tata Power, India’s largest private-sector power producer, has sought the government’s permission to sell the excess capacity above 80% of the plant load factor (PLF) from its Mundra unit as spot power.
Telangana, Andhra Pradesh keep tabs as Kerala unwraps its NRI chitty
M Sarita Varma | June 20, 2018 2:01 AM
Telangana and Andhra Pradesh, which enjoy substantial diaspora population, have been keeping tabs on Kerala government’s experiment to garner Rs 10,000 crore this year through a diaspora chit fund.
General insurers’ premium grew 12% in April-May
FE Bureau | June 20, 2018 1:57 AM
In the first two months of the current financial year, general insurers saw a growth of 12% (year-on-year) in gross direct premium underwritten at Rs 24,209.86 crore as against Rs 21,613.32 crore in the last financial year.
ICICI Bank COO Sandeep Bakhshi assumes office; NS Kannan new CEO of ICICI Prudential Life
FE Bureau | June 20, 2018 1:46 AM
Sandeep Bakhshi, who was appointed as a whole-time director and the chief operating officer (COO) of ICICI Bank on Monday, has started work in his new capacity while regulatory approvals are still being awaited, sources close to the matter said on Tuesday.
Large private banks’ CASA market share shoots up
FE Bureau | June 20, 2018 1:40 AM
Large private banks have grown their market share in current accounts (CAs) by five percentage points between FY16 and FY18 and held nearly 41% of all such deposits at the end of the last financial year, according to a note by investment bank Nomura.
Gas leak at closed Sterlite Copper plant in Tuticorin
FE Bureau | June 19, 2018 5:00 AM
Select company staff, in association with officials from the TN Pollution Control Board, Directorate of Health and Safety and Revenue Department, have swung into action to remove sulphuric acid from the storage site to avoid any untoward incidents.
Piramal sanctions Rs 200 cr for Appaswamy Group
FE Bureau | June 19, 2018 4:54 AM
Piramal Capital & Housing Finance has sanctioned a Rs 200-crore facility for Chennai-based real estate developer Appaswamy Group via a structured equity transaction to enable the acquisition of 3.34 acres of land at Kotturpuram in the heart of Chennai city.
EPC road projects being given away at discounts
Rouhan Sharma | June 19, 2018 4:48 AM
The average bid for an EPC (engineering, procurement and construction) road contract has come down by 15-25% over the last few years. This is thanks to the intense competition in this space after the government switched focus to the hybrid annuity model (HAM).

Horoscope: By Peter Vidal

Today ( 21 Jun )This Week ( 17 Jun - 23 Jun )

SAGITTARIUS Your creative energy should now be at a peak, but not perhaps because the stars are all on your side. On the contrary, challenging romantic stars remind us of the cliché that all great art stems from… read more

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