IIFL Finance, under the scrutiny of RBI for irregularities in its gold portfolio, took corrective measures and concluded the special audit. The audit began on 23 April 2024, following an earlier inspection of IIFL’s financial position for Q4FY2024, leading to the imposition of supervisory restrictions on March 4, 2024. Reason for inspection: The initial inspection …
Bharti Airtel, one of India’s leading telecommunications companies, has made a significant financial move by prepaying Rs.7,904 crore to the Department of Telecom (DoT). This prepayment is aimed at clearing all deferred liabilities of the company related to the spectrum acquired during the 2012 and 2015 auctions. Details of the Prepayment The prepayment of Rs.7,904 …
One97 Communications, the parent company of digital payments giant Paytm, is reportedly in talks with the food delivery and restaurant discovery platform Zomato to sell its movie and events ticketing business. This move is part of Paytm’s broader effort to streamline its operations and focus on its core financial services. Details of the Potential Sale …
Rail Vikas Nigam Limited (RVNL), a prominent player in the Indian railway infrastructure sector, has secured a significant contract from the East Coast Railway. This project, valued at Rs.160 crore, involves the installation of an Automatic Block Signaling System, an upgrade for boosting railway efficiency and safety. Project Details and Scope The project involves the …
Company Overview Avenue Supermarts Limited (ASL) is a prominent player in the organized retail sector, operating through its DMart chain of stores. Incorporated in 2000 and promoted by Mr. Radhakishan Damani, an esteemed equity market investor, the company is led by Mr. Ignatius Navil Noronha, who serves as the Chief Executive Officer and Managing Director. …
Indian Railways is issuing tenders for 10,000 kilometers of Kavach, an automatic train protection system, to mitigate accidents caused by human errors like Signal Passing at Danger and over-speeding. Currently, 6,000 kilometers of the Kavach system have been tendered, with 1,465 route kilometers and 139 locomotives, including Electric Multiple Unit rakes, deployed on South Central …
State Bank of India’s Chairman Mr. Dinesh Kumar Khara talked about the Bank’s plan for the fiscal year 2024-25 after it recorded its highest-ever quarterly and yearly profit for Q4 and FY24 respectively. Chairman’s Statement: In an interview with PTI, the chairman remarked that the bank’s credit growth rate is targeted to be 13-15 percent. …
On June 17, 2024, HFCL Limited (HFCL) announced in a stock exchange filing a significant decision made by the European Commission on June 14, 2024. The decision concluded that HFCL is the sole Indian company not involved in dumping Optical Fiber Cable (OFC) in European markets. Consequently, a provisional anti-dumping duty has been imposed on …
On June 17, 2024, Alembic Pharmaceuticals announced that it had received final approval from the US Food & Drug Administration (USFDA) for its Icatibant Injection. This injection, provided in a single-dose prefilled syringe with 30 mg/3 mL concentration (10 mg/mL), is now approved as a generic version of Firazyr Injection by Takeda Pharmaceuticals U.S.A., Inc. …
Maithan Alloys has acquired shares of Life Insurance Corporation of India (LIC), which operates in the life insurance industry. The acquisition was completed on June 14, 2024. The total acquisition cost was ₹30.07 crore, paid in cash. Maithan Alloys acquired 2,86,500 shares, representing 0.0045% of LIC’s shareholding. In total, Maithan Alloys has acquired 4,82,437 shares, …
