HT Media group’s ad-for-equity portfolio crosses Rs 500 cr

The Hindustan Times group, which runs a similarly named English newspaper and the Hindi daily Hindustan, said its total investment in various companies under its ‘ad for equity’ scheme has crossed the Rs 500 cr mark. Most large media houses in India offer a fixed amount of ad inventory in return for equity of the […]

BPO provider HGS rides COVID wave to record profit

Hinduja Global Solutions, one of India’s top pure-play business process outsourcing companies, has been able to turn the massive challenge posed by COVID lock-down restrictions into an opportunity, posting record profits for the year. Like many organizations that depend on thousands of staff working inside a single building, Hinduja Global Solutions found its working model […]

Adani-NSDL confusion nears resolution

The confusion over the alleged freezing of the demat accounts of three big Mauritius-based investors in Adani group companies edged closer to being resolved, with National Securities Depository Ltd clarifying that the three accounts were frozen five years ago by a SEBI order. Adani Group divulged a clarification it received from NSDL, the agency which […]

Sobha to create ‘mini New York’ on Hosur road

Sobha Ltd, one of India’s largest real estate developers, said it will build a ‘Manhattan-like’ mini city at Yadavanahalli, which lies between Electronics City and Hosur towards the south east of Bangalore. Despite its somewhat removed location, the project is targeted at the well-to-do, with the three-bedroom flats costing upwards of Rs 90 lakh. Chairman […]

Adani says FPI accounts not frozen

Adani Transmission, a part of the diversified Adani Group, disputed a report by financial newspaper Economic Times that said that NDSL had frozen the share accounts of three foreign investors who held nearly Rs 43,500 cr worth of stock in various Adani group companies. Economic Times had carried the news quoting an update published by […]

Lupin gets US FDA warning letter for Somerset plant

Lupin Ltd, one of the world’s largest generic drug makers, today said it received a warning letter from the US Food and Drug Administration relating to its US-based manufacturing plant located in Somerset, New Jersey. “We wish to inform you that the Company has received a warning letter from the US FDA for the company’s […]

Post COVID, Arvind Fashions tests new strategy for online

Branded apparel maker Arvind Fashions, which sells clothes under brands such as Arrow, Tommy Hilfiger, US Polo and Flying Machine in India, is trying a new strategy as far as its online business is concerned, said Director Kulin Lalbhai. While traditionally, garment vendors have looked at e-commerce as a way to get rid of their […]

COVID second-wave impact temporary: Bharat Forge

Baba Kalyani, chairman and managing director of India’s largest forging and metal components manufacturer Bharat Forge, today expressed the opinion that the current economic setback on account of the second wave of COVID-19 is of a temporary nature. “The lock down in India to curtail the spread of Covid has clearly had an impact on […]

SpiceJet offers upto 30% discounts for doctors, nurses, paramedics

SpiceJet, India’s fastest-growing airline, said it will offer a discount of up to 30% on its base fares to registered healthcare professionals, including doctors, nurses and paramedics. Base fare excludes items like airport usage charges, taxes and so on. The offer is applicable for bookings and travel until 30 September, 2021. “To avail the benefits […]

PVR issues profit warning, all screens remain shut

PVR, India’s No.1 film exhibitor, said it has put on hold all construction and other capital expenditure related to new projects and screens, and issued a profit warning for the current quarter on account of the ongoing COVID-19 pandemic. “The Company opened 13 new screens in FY’21 which were already under fit-out prior to lockdown. […]

Airtel sells Tanzania towers for Rs 1,280 cr

Bharti Airtel said its Africa unit, Airtel Africa, has sold around 1,400 telecom towers in Tanzania to a joint venture company of SBA Communications Corp and Paradigm Infrastructure Ltd for $175 mn, or around Rs 1,280 cr. SBA Communications Corp is a leading global independent owner and operator of wireless communications infrastructure, while Paradigm is […]

Wockhardt says in talks with COVID-19 vaccine makers

Mumbai-based pharmaceuticals manufacturer Wockhardt officially confirmed that it is indeed in negotiations with multiple companies to explore the option of manufacturing their COVID-19 vaccines. The confirmation comes in the wake of recent media reports quoting government sources that the company had suggested to the government that it can divert some of its manufacturing capacities for […]

AstraZeneca annuls diabetes drug deal with Abbott Healthcare

AstraZeneca India, which entered into a licensing deal with Sun Pharma for a key diabetes drug, said that it had terminated a distribution agreement for the same drug with Abbott Healthcare. The drug, dapagliflozin, was being supplied to Abbott Healthcare by the Indian unit of the British-Swedish company under a distribution agreement, which has now […]

AstraZeneca rejigs diabetes drug deal with Sun Pharma

AstraZeneca Pharma India, the local unit of the global pharmaceuticals giant, said it has decided to end its marketing agreement with Indian pharmaceutical giant Sun Pharma for two diabetes medications after the Indian company acquired a license to manufacture the same locally. In a separate statement, Sun Pharma said it has acquired the patent license […]

Delhi Police says we only want info from Twitter

Delhi Police today said it only wanted to ask Twitter for any information the company had about the so-called manipulation of a ‘toolkit’ that was allegedly prepared by the main opposition party, Indian National Congress. It also accused Twitter of refusing to hand over “material evidence” about manipulation of the photographs contained in some BJP […]