Page 23 - Companies

Italy's insurer Generali to return up to $7 bn to investors under new plan

Italy's top insurer Generali on Wednesday pledged to return up to 6.1 billion euros ($7 billion) in dividends and buybacks to shareholders

Skoda Auto Volkswagen India announces resignation of MD Gurpratap Boparai

Auto maker Skoda Auto Volkswagen India on Wednesday said its Managing Director Gurpratap Boparai has resigned from the company with effect from January 1, 2022. Christian Cahn von Seelen will take interim charge of the VW Group's Indian operations from January 1, 2022, in his capacity as Chairman of Skoda Auto Volkswagen India Pvt Ltd (SAVWIPL), the automaker said in a statement. The successor to Boparai will be announced shortly, it added. It is with deep regret that we accept the resignation of Gurpratap. I would like to thank him for leading the group's India operations through a complex merger, and for his outstanding role in ensuring that the Group's important INDIA 2.0 project was on schedule with only minimal disruptions, despite the challenges that arose from the pandemic," Skoda Auto Chairman Thomas Schaefer noted. The seamless execution of the merger and the success of the products launched under the project is a testimony to his leadership and deep understanding of all

Ex-Netflix executive gets 2.5 years in prison for accepting tech bribes

A former Netflix executive was sentenced Tuesday to 2 and 1/2 years in federal prison for taking bribes and kickbacks from tech companies to approve lucrative contracts with the streaming giant.

Corp Affairs Ministry giving more leeway for firms to hold AGMs virtually

The corporate affairs ministry on Tuesday provided more leeway for companies in terms of holding annual general meetings in virtual mode.

Walmart-owned PhonePe digitises 25 mn merchants, kirana stores across India

The company said that offline merchant transactions on its platform have shown 200 per cent growth since last year

Gravita India starts battery recycling unit in Gujarat; to invest Rs 62 cr

Recycling firm Gravita India on Monday said it has operationalised its new battery recycling unit near Mundra Port in Gujarat and plans to invest a total of Rs 62 crore

Investors push world's top chemicals companies over hazardous substances

Investors managing $4.1 trillion in assets are urging the world's biggest chemicals companies to phase out production of hazardous substances

Nandan Terry files draft offer document for maiden IPO of up to Rs 254 cr

Ahmedabad based company, Nandan Terry Limited, belonging to Chiripal group, a textile conglomerate, filed draft offer document with the regulators.

Paytm GMV more than doubles to Rs 1.66 trn in Oct-Nov 2021 period

Paytm reported over two-fold rise in its gross merchandise value to about Rs 1,66,600 crore in the first two months of the third quarter of this fiscal, driven by sharp uptick in loan disbursals

Vietnam's Masan eyes international IPO for retail unit in 2023-2024

Vietnamese conglomerate Masan said on Monday it was considering launching an international initial public offering for its consumer retail unit The CrownX in 2023-2024

Shiprocket closes $185 mn funding round, led by Zomato, Temasek, Lightrock

E-commerce logistics firm Shiprocket said it has signed definitive agreements for a $185 million (Rs 1,380 crore) Series E funding round

India Ratings launches ESG relevance disclosure on rated companies

India Ratings and Research launched its integrated disclosure that shows how environmental, social, and governance (ESG) factors impact individual credit rating decisions

PDD signs power purchase agreement with SECI for solar project in Leh

The PPA was signed between chief engineer, PDD Ladakh, Ghulam Ahmad Mir and Senior Manager (Projects), SECI, Debajyoti Bordoloi

'Execution blunder': Better.com CEO apologises after firing 900 employees

Better.com CEO Vishal Garg fired 900 people last week via a Zoom call

Google to give all employees additional bonus of $1,600 this year

The latest benefit is in addition to Google's work-from-home allowance and well-being bonus

Major e-commerce companies failed to meet net zero-emission targets: Study

Majority of the companies in the last mile delivery sector have weak commitments in India, a latest study has found out.

Tata Motors 'to invest' Rs 7,500 cr in commercial vehicles, focus on EVs

Company reportedly working on a range of options that include short-range battery-operated vehicles for the last mile with small CV offerings

No extension in AGM deadline beyond June 30, 2022 for companies: MCA

MCA has said that its circular should not be construed as conferring any extension of time for holding annual general meetings by the companies under the Companies Act, 2013.

EV scooter startup Simple Energy to invest $330 mn for new Tamil Nadu units

Simple Energy plans to invest as much as 25 billion rupees ($330 million) in new capacity to make electric scooters, with support from the government in Tamil Nadu

Frequent CEO changes reduce cos potential to improve equity premium: Study

Companies that frequently changed chief executive officers (CEO) have reduced potential to improve equity premium, thereby hurting shareholders' long-term returns, according to a study. The study tracked a few Nifty 50 companies over a 15-year period. The companies with fewer CEO transitions enjoyed more than twice the average premium CAGR of 3 per cent, against those with frequent chief executive transitions during the period, as per the study. The finding was part of a study conducted by Deloitte India on "What sets outperforming CEOs apart and how boards can help". It analysed the financial performance of companies after the appointment of the new CEO. Stability and continuity of CEOs and their policies ensured higher returns, the study noted. Most resignations or removals occurred in the services industry compared to the manufacturing industry, it added. Services companies saw appointments of relatively younger CEOs. Among other findings, it was also found that outperformin