Page 3 - Companies

Shell agrees to buy Solenergi Power from UK-based Actis for $1.55 bn

Shell said its unit, Shell Overseas Investment, would buy 100% of Solenergi Power Private Limited, the flagship company of Sprng Energy group, from UK-based investor Actis

Tata Motors planning to launch long-range electric cars by 2050

Last year, Tata announced plans to launch 10 EV models by March 2026, investing about $2 billion

Chiratae Ventures plans to raise $600 million to bet on tech: Report

Chiratae has already invested $950 million in companies over the last 15 years

Drone maker ideaForge raises $20 mn in Series B from Florintree, Infosys

Qualcomm, Infina and Exim Bank also participated in the funding round for company that serves Indian security forces

JioSaavn appoints former Amazon Music director Sahas Malhotra as CEO

Music app firm JioSaavn has appointed former Amazon Music director and entertainment industry veteran Sahas Malhotra as its new CEO. Malhotra has earlier worked with Sony Music India and Tips Industries. At Tips Industries, Sahas was leading the business at Tips Music and marketing for Tips Film production. "Based out of the company's headquarters in Mumbai, Sahas will lead the company's endeavours in a constantly evolving and exciting Indian market. Sahas brings over 24 years of elaborate experience in the entertainment industry, in building teams, film marketing, music P&L management, licensing, media planning, music publishing and product management," JioSaavn said in a statement. Founded in 2007 as Saavn, JioSaavn is an audio streaming service for South Asian music and artists. In March 2018, Reliance Industries Limited (RIL) acquired a majority stake in the firm. JioSaavn claims to have over 100 million monthly active users.

NCLT directs to initate insolvency proceedings against Andhra Cement

The National Company Law Tribunal has directed to initiate insolvency proceedings against Andhra Cement, a company owned by the debt-ridden Jaypee Group. The Hyderabad bench of the NCLT (National Company Law Tribunal) has also appointed Nirav K Pujara as the Interim Resolution Professional (IRP) of the company, and declared a moratorium in respect of the company as per the provision of the Insolvency & Bankruptcy Code (IBC). "The company is now under CIRP (Corporate Insolvency Resolution Process) as per the provisions of the code. As per Section 17 of the code, the powers of the board of directors of the company stand suspended and as such the powers shall be vested with and exercised by the IRP," Andhra Cement said in a regulatory filing. The company has also shared the order passed by the insolvency tribunal on April 26, 2022, in this regard. Meanwhile, in a separate filing, Andhra Cement has invited its creditors to submit their claims by May 10, 2022, before the IRP. NCLT's ..

Bajaj Allianz General Insurance records profit of Rs 1,339 cr in FY22

Bajaj Allianz General Insurance on Thursday said its profit remained flat at Rs 1,339 crore for the 2021-22 financial year against Rs 1,330 crore in the previous financial year.

Hindustan Unilever Q4 net up 5%; annual turnover crosses Rs 50,000 crore

HUL's reported numbers were better than industry growth. The company's volume growth was flat in the quarter compared with a contraction of 8 per cent for the industry

Corporate misgovernance in India

NSE has blotted its record even with separate chairman and managing director roles

Sebi approves Radiant Cash Management, Veranda Learning for IPOs

Radiant Cash Management Services and Veranda Learning Solutions have received the go ahead from capital markets regulator Sebi to float their IPOs.

Wipro announces acquisition of global SAP firm Rizing for $540 mn

The deal, which is expected to close by June 30, will strengthen acquirer's capabilities in large SAP transformative engagements

HDFC Life's net profit jumps 12% to Rs 357 cr; VNB margins at 29.3%

The firm settled some 390,000 claims in FY22, with gross and net claims paid of Rs 5,804 cr and Rs 4,328 cr, respectively. It was carrying excess mortality reserves of Rs 55 cr at the end of Q4

Campus Activewear IPO subscribed 1.24x on Day-1 on retail interest

The retail portion was subscribed 1.9 times, HNI 1.32 times and institutional investor portion was subscribed 9%

Chennai-based Prodapt to double UK exposure with £50 mn tech investment

Aims to create over 500 jobs, had set up new office in London earlier this year

Ola to recall 1,441 units of S1 after getting govt's rap on knuckles

Another EV battery blast in Boom e-bike claims life in Vijayawada

Govt moves ahead with proposal to merge Coal India arm with MECL

The government is moving ahead with a proposal to merge Coal India arm CMPDI with the Mineral Exploration and Consultancy Ltd (MECL) and will prepare a cabinet note on the same. Central Mine Planning & Design Institute Ltd (CMPDI) is the planning and design arm of Coal India Ltd (CIL). The mines ministry, in a letter to the CMDs of MECL and CMPDI, sought details such as profitability, turnover, current order books and current position of manpower of the companies in preparation of the merger. The government "has approved the merger of MECL and CMPDI. In order to work out the modalities for preparation of the cabinet note, the... information may be provided to the Ministry of Mines," the official memorandum said. The information sought also includes the authorised capital and paid up capital, details of assets, establishments and valuation, among others. In a letter to Coal Minister Pralhad Joshi, All India Association of Coal Executives (AIACE) Principal General Secretary P K ...

ITC to acquire 10% stake in Blupin Technologies for up to Rs 39.34 crore

Diversified entity ITC on Thursday said it will acquire 10.07 per cent stake in Blupin Technologies Pvt Ltd, the company behind direct-to-consumer(D2C) brand, Mylo for up to Rs 39.34 crore.

Tata Communications profit in fourth qtr grows 22% to Rs 365 crore

Digital connectivity solutions firm Tata Communications on Thursday posted a 22 per cent growth in consolidated profit at Rs 365 crore for the quarter ended March 2022.

HDFC Ltd divests 1% stake in Ansal Housing for nearly Rs 49 lakh

Housing finance major HDFC Ltd on Tuesday divested 1 per cent stake in real estate company Ansal Housing & Construction Ltd through an open market transaction. According to bulk deal data available with the NSE, Housing Development Finance Corporation Ltd (HDFC) sold a total of 5,74,726 shares, amounting to 0.96 per cent stake of Ansal Housing Ltd. The shares were offloaded at an average price of Rs 8.47 apiece, valuing the transaction at Rs 48.67 lakh. The scrip of Ansal Housing closed 2.53 per cent lower at Rs 7.70 apiece on the NSE.

Future Retail EGM for shareholders, creditors to be held on Apr 20, 21

The electronic voting process for shareholders of Future Retail ended on Tuesday ahead of the meetings of the shareholders and creditors to approve the sale of company's assets to Reliance Retail