Editor Tech Mahindra has launched GAiA – the first enterprise edition of open source Artificial Intelligence (AI) platform Acumos. GAiA will enable enterprises across industry verticals to build, share and rapidly deploy AI-driven services and applications to solve business critical problems. GAiA will also provide support to enterprises in adopting open source AI platform offerings to … Read more
Hindustan Construction Company (HCC) has raised funds worth Rs 497.60 crore through a rights issue. The issue was oversubscribed with HCC getting applications worth Rs 551.38 crore for sale through which it would issue up to 49.75 crore equity shares. With this the paid-up equity capital of the company will go up Rs 151.30 crore … Read more
Mahindra & Mahindra Financial Services (Mahindra Finance) has received an approval for the allotment of 167 Secured Redeemable Principal Protected – Market Linked Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each, at a premium, aggregating to Rs 16.70 crore. The duly authorised committee at its meeting held on December 27, 2018, approved … Read more
Credit rating agency, ICRA has reaffirmed Dynamatic Technologies’ long-term rating of BBB+ outstanding on the Rs 369 crore term loans, the Rs 145 crore long-term fund-based limits and Rs 0.01 crore proposed limits. The rating agency has also reaffirmed the short-term rating of A2 outstanding on the Rs 23 crore short-term non fund-based facilities and … Read more
Selan Exploration Technology has received its board approval for buyback of equity shares at a price not exceeding Rs 300 per share. The company will aggregate an amount of Rs 25 crore from the open market through stock exchange mechanism. The primary objective of share buyback programme is to arrest the fall in the value … Read more
Indian Oil Corporation (IOC) may quit its plan to buy 50% stake in the Mundra LNG terminal in Gujarat, according to a report. Earlier, in August 2017, the company has received an in-principle approval from its board to acquire 50% stake in the 5 million tonnes per annum terminal (mtpa) for around Rs 750 crore. … Read more
Phoenix Township’s board has approved proposal to enter a Memorandum of Understanding (MOU) with Castle House Goa Situated Patnem Paloem Road, Palolem, Canaona, Goa, to takeover the business of the Castle House Hotel, In view to expansion of the business of the company in Goa region. The Board of the company at its meeting held … Read more
Karnataka Bank has opened its 829th Branch at Bengaluru – Heggadadevanapura Alur GP in the state of Karnataka on December 27, 2018. Earlier, the Bank had inaugurated its 825th branch at Mangaluru – Kavoor, 826th branch at Kadabagere and 827th branch at Ele Kodigehalli in the state of Karnataka. Karnataka Bank operates as a private … Read more
Kansai Nerolac Paints has entered into Share Purchase Agreement (SPA) to acquire 100% equity stake in Perma Construction Aids for a total consideration of Rs 29.10 crore. The company is expanding its product portfolio in construction chemicals. The acquisition of Perma Construction Aids will increase its product offerings in construction chemicals business. Perma is a … Read more
Lemon Tree Hotels has agreed to enter into a joint venture (JV) with Magnolia Grove investment, an affiliate of Warburg Pincus group. The joint venture company i.e., Hamstcde Living will construct, acquire, develop, operate and lease short and long stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and … Read more
Government of India will make a capital infusion of Rs 2,159 crore in the equity capital of Union Bank of India by Preferential Allotment. The Bank proposes to secure the shareholders’ approval to the proposed preferential allotment by a Special Resolution by convening an Extraordinary General Meeting. Union Bank of India is one of the … Read more
Tata Power Company has won ‘Par-Excellence’ and ‘Excellent’ award. The company’s LQC teams from Jojobera division of Avengers, Challenger and Pragati winning accolades at the 32nd National Convention on Quality Circles (NCQC) held in Gwalior from December 21 – 24, 2018. Team Pragati from the Operation Department was bestowed with the most Prestigious ‘Par-Excellence’ Award … Read more
Tata Motors is working in partnership with other group firms namely Tata Capital for financing and Tata Power for the charging infrastructure network to develop electric vehicle (EV) ecosystem. The company is working on developing prowess in the field of EVs. The company participated in the tender floated by Energy Efficiency Services and has already … Read more
Vaibhav Global’s Greater China subsidiary STS Gems has earned a place among the ‘Best Companies to Work For in Greater China 2018’ List for the third consecutive year. STS Gems was commended in a conference and awards ceremony organized in Shanghai earlier in December. Among the 150 companies with more than 225,000 employees in Mainland … Read more
Karnataka Bank has opened two new branches in Bengaluru in the state of Karnataka on December 27, 2018. The bank has opened 828th branch at Dodda Aalada Mara, Bengaluru Urban District and 829th Branch at Bengaluru – Heggadadevanapura Alur GP. Karnataka Bank operates as a private sector bank. Its products and services include current account, … Read more
City Union Bank has opened various branches in the state of Tamil Nadu on December 27, 2018. The bank has opened 613th branch at Neelanqarai, while 614th branch at Mugalivakkam and 615th branch at Perumalpattu, Thiruvallur District in the state of Tamil Nadu. City Union Bank offers a suite of products across deposits, loans, investment … Read more
Atlas Cycles (Haryana) has reported results for second quarter ended September 30, 2018. The company has reported net loss of Rs 1.46 crore for the quarter under review against net profit of Rs 0.77 crore for the same quarter in the previous year. Total income of the company decreased by 4.18% at Rs 160.29 crore … Read more
Maruti Suzuki India is reportedly planning to shut down its diesel engine assembly plant in Gurgaon at New Delhi. The company may convert the diesel engine line in Gurgaon to produce petrol engines or add an assembly line for petrol engines at its plant in Manesar. Maruti Suzuki India (formerly known as Maruti Udyog) is … Read more
Gammon India’s step down subsidiary — Preeti Townships — has ceased to be the company’s step down subsidiary pursuant to sale of its stake by Gammon Realty (the company’s subsidiary). The consideration received from such sale/ disposal is Rs 32.15 crore. Gammon India is engaged in construction of buildings, civil engineering, construction of utility projects, … Read more
Bajaj Finance has raised Rs 1189.30 crore through allotment of 11893 Secured Redeemable Non-Convertible Debentures (NCDs) of face value of Rs 10 lakh each. The Debenture Allotment Committee of the company at its meeting held on December 27, 2018 allotted the same. Bajaj Finance, the lending and investment arm of Bajaj Finserv group, is one … Read more