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Today Business News Live Updates December 14, 2024: Get all real-time and latest live news on business, economy, companies, financial news updates.
India’s exports to the United States have shown a consistent upward trend, valued at $77.5 billion in FY24, marking a growth rate of 10.3 per cent compounded annually (CAGR) over the last 30 years, according to a report by Bank of Baroda.
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Mukesh Ambani, the richest Asian, has announced the appointment of Ira Bindra as the new Group President of entire people, leadership and talent piece at Reliance Industries Ltd as he looks to pivot people policies at the oil-to-telecom conglomerate.
Read more
Unlike the previous year, the 12 major ports in India have outpaced non-major ports in handling higher quantum of coastal cargo during the first seven months of the financial year 2025. Paradip, Jawaharlal Nehru Port and Mormugao have led the charge.
Read more
With robust data centre (DC) demand fuelling expansion into India’s digital infrastructure, investment commitments in the industry are expected to surpass $100 billion by the end of 2027, according to CBRE report.
India’s Data Centre (DC) market is witnessing a surge in investment activity, with Maharashtra and Tamil Nadu emerging as the most preferred destinations.
Read more
With the reliability of letters of credit being honoured by Bangladeshi banks coming down, Indian exporters are afraid that payments against their shipments might be delayed or not be made, resulting in a significant drop in export to neighbouring Bangladesh.
“Export out of India to Bangladesh has hit badly because the payment assurances have come down to a very low level. The exporters are not very sure about the reliability of the letters of credit being honoured by Bangladeshi banks on time,” Yogesh Gupta, Regional Chairman, Federation of Indian Export Organisations (FIEO), told businessline.
Read full report here
Drugmaker Lupin acquires anti-diabetes trademarks Gibtulio, Gibtulio Met and Ajaduo from Boehringer Ingelheim International , strengthening its diabetes footprint in the country.
The trademark rights for these brands will be transferred to Lupin by March next year, Lupin said, without giving financial details.
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Indian alcobev company Blisswater Industries recently launched the limited-edition Yaksha Bluemoon Artisanal Whisky at the Bengaluru Duty-Free, Kempegowda International Airport. The company released 1,200 bottles in 2024.
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Government agencies have procured around 12 per cent of the sanctioned quantity of soyabean at minimum support price (MSP) till December 12 at over 4.15 lakh tonnes, even as the procurement window is set to close from end of this month in some states. Public procurement of soyabean at MSP is currently on in six states by the government agencies and the sanctioned quantity for procurement by the Agriculture Ministry is over 33.60 lakh tonnes.
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Indian-made foreign liquor (IMFL) major Radico Khaitan has announced that its flagship brand, After Dark Whisky, surpassed the milestone of one million cases in November 2024.
After Dark Whisky is the eighth brand to enter the millionaires club, following the footsteps of brands like Magic Moments Vodka, 8 PM Whisky, 8 PM Premium Black Whisky, Spirit of Victory 1965 Rum, Morpheus Brandy, Old Admiral Brandy, and Contessa Rum.
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In an interview to businessline, Sankey Prasad, Chairman and MD, India & Middle East, Colliers, talks the ongoing debate on price appreciation leading to a ‘bubble’, factors that will continue to drive demand for residential real estate including luxury offerings, and the commercial real estate market outlook.
Read interview here
The Government of India has signed an agreement with the German state-owned development bank KfW for a loan of 340 million euros (₹3,044.54 crore) to support Phase 2 of the Bangalore Metro Rail Project.
Read more
The Group of Ministers (GoM) on Compensation Cess likely to seek six more months for finalising its report. Originally, it was asked to submit the report by December 31.
“We may need at least 6 more months to complete the discussion and prepare the report,” Minister of State in Finance, Pankaj Chaudhary, who is also the Chairman of the 10 members group, told reporters here on Friday. The group has met twice so far. It is likely to update about progress so far to the GST Council and accordingly, the Council will decide about extension.
The Group of Ministers (GoM) on Compensation Cess likely to seek six more months for finalising its report. Originally, it was asked to submit the report by December 31.
“We may need at least 6 more months to complete the discussion and prepare the report,” Minister of State in Finance, Pankaj Chaudhary, who is also the Chairman of the 10 members group, told reporters here on Friday. The group has met twice so far. It is likely to update about progress so far to the GST Council and accordingly, the Council will decide about extension.
Read full report here
Shares of Mahanagar Telephone Nigam Ltd (MTNL) fell 2.05 per cent to ₹57.33 on the BSE today, after the company had announced that it was unable to fund the escrow account for the semi-annual interest payment on its 6.85 per cent MTNL Bond Series, due on December 21, 2024. The company cited insufficient funds as the reason for this delay.
Read full report here
Life Insurance Corporation of India has decreased its shareholding in equity shares of NMDC Ltd. from 7.615% to 5.598% of the paid-up capital of the said Company.
ICICI Bank board has approved a proposal for sale of 19% stake held in ICICI Merchant Services Private Limited, an associate of the Bank, subject to receipt of requisite approvals. Consequent to the completion of this transaction, IMSPL will cease to be an associate of the Bank.
SpiceJet has cleared all pending employee provident fund (PF) dues amounting to ₹160.07 Crore, spanning over two years, reaffirming its commitment to employee welfare and financial accountability.
The Securities and Exchange Board of India (SEBI) issued an administrative warning letter to HDFC Bank violation of norms related to the lender’s merchant banking activities, according to an exchange filing.
V-Mart Retail informed that SES ESG Research Private Limited (SES), a SEBI registered ESG Rating Provider, has assigned an Environmental, Social, and Governance (ESG) Score as 70.6 (Grade B+) for the Company based on the data pertaining to FY 2023-24.
Astra Microwave Products’ joint venture company Astra Rafael Comsys Private Limited has bagged ₹255.88 crore worth of order from Ministry of Defence for procurement of 93 numbers of additional sets of Software Defined Radios (SDR) LRUs with A kits, SBC 2 card and Network Centric Operations application for the Su-30 MKI fighter aircraft, by the Indian Air Force.
The Ministry of Petroleum & Natural Gas (MoPNG) is in favour of allocating a portion of the Oil Industries Development Cess (OID cess) to ONGC and Oil India (OIL), which will help in providing more capital to these companies to enhance exploration & production (E&P) activities.
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Insolvency appellate tribunal NCLAT had appointed state-owned NBCC as a project management consultant to complete debt-ridden realty firm Supertech Ltd’s 16 real estate projects at a cost of nearly Rs 9,500 crore, a move that will provide relief to thousands of homebuyers.
Within a gap of just two days, India’s leading major ports — Paradip in Odisha and Kandla in Gujarat — have crossed the 100 million tonnes (mt) mark in cargo handling this financial year. While Paradip port achieved the milestone on December 9, Kandla did it on December 11.
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Foreign banks anticipate a 25-basis-point rate cut by the Reserve Bank of India (RBI) in the February MPC meeting. November CPI inflation fell within the tolerance band and is expected to ease further, nearing the 4 per cent target by March 2025. Official data released on Thursday showed headline CPI inflation softened to 5.48 per cent year-on-year in November 2024 from a 14-month high of 6.21 per cent year-on-year in October 2024.
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Brookfield India Real Estate Trust said it has successfully completed a capital raise of Rs 3,500 crore (US$ 415 million) through a qualified institutional placement of units.
The placement saw strong demand from marquee long – term investors including a mix of foreign institutions, mutual funds, and life insurance companies. The issue marked the first REIT investments in India from the International Finance Corporation (part of the World Bank group) and Life Insurance Corporation of India. Other anchor investors included SBI Mutual Fund and ICICI Prudential Mutual Fund. The total demand secured from investors was over Rs 5,200 crore, of which Rs 3,500 crore was allotted
Ashok Leyland, a leading truck and bus maker, has announced a price increase of up to 3 per cent across its commercial vehicle range, effective January 2025.
Jubilant FoodWorks informed that Jubilant Bhartia Group, in the Press Release dated December 11, 2024, announced that they will be acquiring a 40% equity interest in Hindustan CocaCola Holdings Private Limited, India (‘HCCH’) through its entity Jubilant Beverages Limited.
Since the Company is not part of the proposed acquisition announcement, hence, no disclosure is required to be made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Neuland Laboratories has transferred final part of the property situated at Nanakramguda, Hyderabad, Telangana, admeasuring 1.75 lakh sq.ft. by way of perpetual lease, for a consideration of Rs. 23.45 crore.
Tata Consultancy Services (TCS) has partnered with Landis+Gyr, a leading energy management solutions company based in Cham, Switzerland, to deliver innovative, flexible energy efficiency solutions for utilities.
AVG Logistics has secured order from one of the most renowned cement companies in India. This major development would strengthen AVG’s market position and expected to add approximately Rs. 90 Crore over a period of 3 years to the company’s annual revenue started from Q3 FY 2025.
Goldiam International informed that the second store for retail operations of the Company situated at Shree Krishna Paradise CHS, Shop No. 12, Opp Tata Power Plant, Sector 12, Kharghar, Navi Mumbai, Maharashtra- 410210 opens to the public today i.e. on December 13, 2024 under brand name “ORIGEM”.
Ashok Leyland announced price increase up to 3% of its entire range of commercial vehicles, effective Jan 2025
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JK Tyre & Industries (JK Tyre) on Thursday said that Germany-based DEG—Deutsche Investitions—und Entwicklungsgesellschaft will provide a long-term loan of Euro 30 million to expand production capacities at the company’s site in Madhya Pradesh.
More read
The Ministry of Defence (MoD) on Thursday signed a ₹13,500 crore deal with Navratna PSU Hindustan Aeronautics Limited (HAL) to procure 12 Russian-origin Su-30MKI fighter jets to fill the Indian Air Force fleet strength deficiency.
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The bidding process features ThyssenKrupp Marine Systems partnering with Mazagaon Dock Shipbuilders Limited and a consortium led by Larsen & Toubro with Navantia.
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Contract manufacturing marketplace Zetwerk has received board approval to raise ₹565.5 crore in a funding round led by Khosla Ventures, according to market intelligence platform Tofler.
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FirstClub, a members-only rapid-delivery retail platform, has raised $8 million in seed funding co-led by Accel and RTP Global.
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Mobility app Uber has rolled out “Uber Moto Women”, a service it claims is the first of its kind in Bengaluru, offering women-only bike rides.
Read more here
French men’s apparel brand Celio India is targeting to add 100 stores in the next two to three years, according to Satyen Momaya, CEO of Celio Future Fashion.
More read
India and the Middle East are the largest markets for Zoho’s Finance Suite, Prashant Ganti, Head of Product Management, Finance and Operations BU, Zoho Corp shared. The company has also enhanced its finance suite in Mexico and Germany, among other markets.
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The rupee depreciated by 4 paise to settle at an all-time low of 84.87 (provisional) against the US dollar on Thursday, dragged down by negative domestic equity markets, outflow of foreign funds and rise in crude oil prices.
Forex traders said investors were awaiting cues from domestic inflation data to be released later in the day even as an elevated dollar index weighed on the Indian currency.
Read more here.
India’s edible oil imports increased by 38 per cent in the first month of the oil year 2024-25 (November-October) due a significant rise in imports of RBD palmolein, crude sunflower oil and soyabean oil.
Read more here.
Rail Vikas Nigam Limited (RVNL) has secured a significant contract worth ₹110 crore from Southern Railway. The order pertains to the provision of MSDAC (Microprocessor-based Digital Axle Counter) with existing DCTC (Digital Track Circuit) at stations and replacement of AFTCs (Automatic Fixed Track Circuits) in specific sections of the Chennai Division.
Read more here.
Shares of GHCL Ltd. soared 5.95 per cent to ₹739.80 on the BSE today, touching a 52-week high of ₹755.95.
Read more here.
For the second consecutive week, there was nearly 100 per cent offtake recorded in the weekly e-auction under Open Market Sales Scheme (OMSS) for the 1 lakh tonne (lt) of wheat offered by the Food Corporation of India (FCI) from official reserves. A 100 per cent offtake was noticed in the first round of auction too.
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Rebel Foods, the cloud kitchen operator of Faasos, Behrouz Biryani, Oven Story and other brands, has raised $210 million in series G funding round which is a mix of primary and secondary share sales.
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Finance Ministry on Thursday sought approval of fresh cash expenditure of over ₹44000 crore mainly on farm sector. However, this is unlikely to impact the fiscal deficit target of 4.9 per cent, as prescribed in the full budget for Fiscal Year 2024-25, presented in July this year.
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Pai Machines, a subsidiary of Infra Bazaar Tech Pvt Ltd, has completed an asset purchase of L&T Construction Equipment Limited’s manufacturing facilities, marking a significant expansion in the construction equipment sector. The acquisition, finalised in December 2024, includes a plant with a production capacity of 1,800 units and a 70-member team, including a 40-person product development group.
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Praveg’s Beach Resort at Jalandhar House, Diu, commences its operations in partnership with Roots Corporation Limited (Ginger – An IHCL Brand).
Rail Vikas Nigam Limited has received Letter of Acceptance from Southern Railway for “Provision of MSDAC with existing DCTC at Stations (To serve as Dual detection) and replacing balance AFTCs in MAS- GDR & MSB-TBM automatic block signalling sections of Chennai Division in Southern Railway.
Contract worth ₹110.86 crore.
Insurtech firms IntellectAI and InsureMO have onboarded Incarnation Specialty, a marine insurance Managing General Agency (MGA), to their end-to-end underwriting ecosystem. The partnership, announced today, will leverage eMACH.ai Xponent, an AI-powered underwriting workbench, and InsureMO’s policy administration system.
Read more
Goyal Salt, a leading FMCG player which specialises in salt, will invest ₹80 crore to set up a large salt manufacturing plant in Gandhidham near the salt capital of Kutch.
Spread over 12 acres, the plant of 4.50 lakh tonne per annum is at the trial run stage and expected to be operational by January-end.
GHCL Ltd informed that the Ministry of Environment, Forest and Climate Change, Government of India, has granted Environment Clearance w.r.t. Soda Ash Greenfield Project of the Company located in Kutch, Gujarat.
Aster DM Healthcare informed that the exchanges, in respect of transaction between Affinity Holdings Private Limited and Aster GCC Holdings Limited, made an investment of $4,900,000 in Affinity.
Chief Economic Advisor Anantha Nageswaran on Thursday noted the resurgence of private sector investments, emphasising their meaningful deployment of capital into the economy. He projected that the country’s capital formation, currently at 30.8% of GDP, could rise to the mid-30s over the next five years, driven by this trend
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ITI Limited, under the Ministry of Communications, Government of India, has selected EbixCash, a subsidiary of Eraaya Lifespaces Ltd., as its Technology Partner for operaƟng and managing its MeitY-empanelled Data Centre (DC). This contract spans a period of five years and holds an order value exceeding ₹100 crore.
Artificial Intelligence (AI) and “snackable” content like reels (short videos) drive the Return on Investment (ROI) for brands through digital advertising, said Arun Srinivas, Director & Head, Ads Business (India) at Meta during an interview with businessline. Following another positive year in terms of ad-revenue, Srinivas spoke about how the technology encourages brands to reach to online platforms for advertising.
Read full interview here
Jhandewalas Foods has entered into a Franchise Development Programme and Representation & Recruitment Services Agreement with Francorp Advisors Pvt Ltd from December 15, 2024.
Tata Communications has unveiled Kaleyra AI, an artificial intelligence suite designed to revolutionise customer engagement and business analytics. The portfolio, set to enter beta testing with select customers in early 2025, offers three key generative AI-powered capabilities.
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State Bank of India (SBI) is riding a good asset quality cycle, according to Chairman Challa Sreenivasulu Setty. Further, India’s largest Bank has strengthened its underwriting processes to ensure that the asset quality remains robust.
Read full interview here
Punjab & Sind Bank plans to raise Rs 3,000 cr from maiden infrastructure bonds this month – PTI
Waaree Energies stock surged 6.22% on the BSE to trade at ₹3,371.60. Company had received Letter of Award (LoA) for the development of 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limtied (RUMSL).
Reliance Power shares gained 4.50% on the NSE to trade at ₹46.02. Company’s subsidiary, Reliance NU Suntech Private Limited (Reliance NU Suntech), won a landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI)
The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25. Between April 1 and November 27 this year, refunds amounting to ₹3.08 lakh crore were issued, marking a 46.31 per cent increase compared to the same period in 2023.
Read more
The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25.
Between April 1 and November 27 this year, refunds amounting to ₹3.08 lakh crore were issued, marking a 46.31 per cent increase compared to the same period in 2023.
Larsen & Toubro’s data centre subsidiary L&T-Cloudfiniti has landed its first significant customer, securing a 10-year contract with a leading cloud service provider at its Sriperumbudur facility near Chennai.
Read more
Concord biotech Limited has made investment of $1,000,000 in Compulsorily convertible Notes of Palvella Therapeutics, Inc.
Cummins India unveils next-generation power solutions at BAUMA CONEXPO India 2024.
Adani Green Energy Twenty Five Limited, a step-down subsidiary of Adani Green Energy Limited (“AGEL”) has commissioned a 250 MW solar power project at Badi Sid, District: Jodhpur, Rajasthan. With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 11,434 MW.
The government is likely to scale down the percentage of ethanol to be blended with petrol to 18 per cent, against the projected 20 per cent, in the ethanol supply year 2024-25 (November-October) as the vast majority of petrol-fired vehicles, barring Bharat Stage-VI, are not compatible with running on E20 fuel.
Read full story here
Sula Vineyards informed that Assistant Commissioner of State Tax, Mumbai has initiated a search/inspection on 11th December 2024 at the Registered office of the Company in Mumbai and at Principal place of Business at Nasik.
The markets opened with a marginal positive bias on Thursday, with the Sensex opening slightly lower at 81,476.76 from its previous close of 81,526.14 but has gained momentum, trading at 81,665.14 as of 9.40 AM, up by 139 points or 0.17 per cent. Similarly, the Nifty opened at 24,604.45 compared to its previous close of 24,641.80 and is now at 24,661.80, rising by 20.00 points or 0.08 per cent.
Read full report here
Shakti Pumps stock locked in upper circuit at ₹856.55, higher by 5% on the NSE, after securing Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited for 25000 Stand-alone Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Maharashtra under Magel Tyala Saur Krushi Pump Scheme
Tata Communications readies Kaleyra AI: The Game Changing, AI-Powered Future of Customer Interactions
Read more here
NLC India Limited (NLCIL) announced the commencement of commercial operations of the first unit of its 3 x 660 MW Ghatampur Thermal Power Plant (GTPP) in Uttar Pradesh, developed through Neyveli Uttar Pradesh .Power Limited (NUPPL), a joint venture with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL).
Marico Limited, a leading Indian FMCG company, announced significant progress in its sustainability efforts on National Energy Conservation Day. The company revealed that 67.4 per cent of its operational energy requirements are now sourced from renewable energy, with a breakthrough in thermal energy sourcing.
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L&T-Cloudfiniti, the Data Centre business initiative of Larsen & Toubro, has onboarded its first major customer at the state-of-the-art hyperscale data centre located in Sriperumbudur near Chennai.
Siemens announced certain changes in the Senior Management of the Company:
Harish Shekar is appointed as the Chief Financial Officer of the Company’s Energy Business with effect from 1 st January, 2025.
Vineet Rastogi is appointed as the Head of Accounting and Controlling of the Company with effect from 1st January, 2025.
Kairav Modi will cease to be the Chief Financial Officer of the Company’s Digital Industries business with effect from 1 st February 2025 as he would be taking up a new role within Siemens overseas.
Sapna Rawat is appointed as the Chief Financial Officer of the Company’s Digital Industries business with effect from 1 st February, 2025.
M B Patil, Minister for Large and Medium Industries, signed a Memorandum of Understanding (MoU) with Germany-based Krones to set up a manufacturing facility at the Vemagal Industrial Park Phase 2, in Kolar.
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Reliance Power said on Wednesday that its subsidiary, Reliance NU Suntech, has secured a 930 megawatt (MW) solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction.
Read more
Chennai-based Veranda Learning Solutions, an end-to-end solutions provider in the education space, will raise ₹250 crore through a preferential issue. The funds raised will be directed toward acquisitions, deferred consideration payouts, and growing its existing business. This preferential raise is part of the broader fundraising plan to be completed this financial year.
Read more
Finance Minister Nirmala Sitharaman has said that loans up to ₹10 lakh and up to ₹50 lakhs have increased three times and four times respectively during last ten years. She also said that public sector banks have meagre vacancy and even those are expected to be filled up soon.
Read more
SolarSquare, a rooftop solar start-up, has raised $40 million in its Series B funding round, led by Lightspeed with participation from Lightrock. Existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also invested in the round.
Read more
Productivity tool Google Workspace intends to have Gemini and Generative AI (GenAI) as part of all its offerings, said, Sumedha Chakraborty, Country Head, Google Workspace, India & South Asia. Alongside, India has surpassed the US to become the biggest Gmail user base with the most monthly active users, she also said.
“We will continue embedding GenAI in all the current applications and enhance them. Google Workspace has three core pillars — creation, collaboration and control. Multiple applications in each pillar make it a single suite of products. We are also continuously enhancing our security offerings with GenAI,” she said.
Read full report here
Higher base effect, RBI measures such as higher risk weights, the proposed liquidity coverage ratio (LCR) norms, and a focus on managing the Credit-Deposit (CD) ratio moderated the banking system’s non-food credit offtake in October 2024, according to CARE Ratings.
The non-food credit offtake in October 2024 slowed to 11.5 per cent year-on-year (y-o-y), down from 20 per cent including the effect of merger of HDFC with HDFC Bank and 15.4 per cent excluding merger in October 2023.
Read full report here
In 2025, the Bring your Own AI (BYOAI) trend among employees will become bigger, forecasts Deel, a global payroll and compliance platform. But this could lead to friction at work. Already IT companies are waking up to the risks of employees using free and paid versions of large language models (LLMs) such as ChatGPT to develop code.
Though it reduces drudgery for employees and improves productivity, the surge in employee-driven adoption of AI tools presents challenges for organisations, warns Jaspreet Bindra, Co-founder, AI & Beyond and Author Tech Whisperer. “Companies like Samsung have taken precautionary measures, barring the use of generative AI on the shop floor to mitigate data privacy and security risks,” he points.
Read full report here
Drugmaker Cipla has got regulatory approval to market Afrezza, a rapid acting insulin delivered through an inhaler, as compared to other insulins given through injections.
The Central Drugs Standard Control Organisation (CDSCO) has given Cipla the approval to exclusively distribute and market Afrezza (human insulin) inhalation powder, in India, the company said.
Read more here.
The US U.S. Trade Representative’s Office will announce a doubling to 50 per cent% of the tariff on Chinese solar wafers and polysilicon on Wednesday, and hit tungsten products with a 25 per cent% levy, the Financial Times reported, citing people familiar with the matter.
Read more here.
The Lok Sabha on Wednesday passed a bill to amend Railway laws with the government insisting that it will not lead to the national carrier’s privatisation.
Responding to a debate on the Railway Amendment bill, Railway Minister Ashiwni Vaishnaw said in the Lower House that a fake narrative was set afloat that the amendment would privatise railways.
Read more here.
Defence PSU BEML Limited has secured ₹136-crore contract to supply indigenously designed High Mobility Vehicles (HMVs) 8×8.
According to the company, these vehicles will be deployed for the Battlefield Surveillance System (BFSS) project.
Read more here.
India is under pressure from influential members like the US, the EU, Australia and Brazil, to agree to an integrated agenda for agriculture reform negotiations at the WTO, but prioritising the long-promised permanent solution for its public stock holding programme is ‘inviolable’ for the country, officials said.
Read more here.
Beverage major the Coca-Cola Company on Wednesday said that it has entered into a strategic agreement with Jubilant Bhartia Group to divest a 40 per cent stake in Hindustan Coca-Cola Holdings Pvt. Ltd., the parent company of the largest Coca-Cola bottler in India, Hindustan Coca-Cola Beverages Pvt. Ltd. The two companies did not disclose commercial details
This is in line with the beverage major’s global asset-light strategy. Earlier the company had divested HCCB’s operations in Northern and Eastern region to other independent bottlers.
Read full report here
Financial services player Groww has maintained its lead over competitors, as the dominant player in the stockbroking space with 12.88 million active clients in November 2024.
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The subsidiaries are being amalgamated as part of ongoing simplification of the group structure in India, a person familiar with the development told businessline.
Read full report here
Maruti Suzuki India (MSIL) on Wednesday said that it will expand its network of Arena and Nexa to 8,000 by 2030-31 from 5,240 touchpoint currently, so that its customers have the assurance of finding a Maruti Suzuki service touchpoint nearby.
Read more
Swiggy shares declined 3.95% on the NSE, trading at ₹522.25.
Total mcap stood at ₹1,16,914.10 crore.
Board of The of New India Assurance Co Ltd has approved investment of Rs.5 crore being Company’s contribution as non-life Insurer in the equity share capital of Bima Sugam India Federation. Board has also approved an aggregate investment (including the above) not exceeding 10% of the paid up equity share capital of Bima Sugam India Federation.
ICICI Bank has signed a Memorandum of Understanding (MoU) with Commonwealth Bank of Australia (CBA) to support customers across the Australia-India corridor.
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Avanti Finance has secured $14.2 million (₹120 crore) in equity funding from Dia Vikas Capital. The company stated that this funding would be used to expand its loan book.
The funding also saw participation from existing investors such as the IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships, and select HNIs.
Read more
Scania India, in collaboration with its dealer PPS Motors, has inaugurated an advanced Training Centre in Chandrapur. This significant development reflects Scania’s steadfast commitment to fostering technical expertise and enhancing operational efficiency in India through strategic investments in skill development. The centre features state-of-the-art simulated and hands-on training modules.
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Cyient announced the launch of its new office in Sydney, Australia, located in Parramatta, New South Wales.
Cyient stock trades flat on the NSE at ₹2,082.45
Equirus Wealth, one of the leading wealth management firms in India is pleased to announce that it has crossed ₹10,000 crore in Assets Under Management (AUM). This significant achievement reflects the firm’s strong growth trajectory, with AUM doubling in just 18 months, and highlights its ability to provide innovative investment solutions that cater to the diverse needs of High-Net-Worth Individuals (HNIs) and Ultra HNIs.
Highlighting the growing challenge of inter-generational debt, Finance and Corporate Affairs Minister Nirmala Sitharaman on Wednesday underscored the need for economies to prioritise “debt management and financial security” in the coming decade. She cautioned against placing an excessive financial burden on future generations, calling for sustainable fiscal policies to address the issue.
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Paisalo Digital board has approved the following:
Issuance of Commercial Papers (CPs) aggregating upto ₹90 Crore on a Private Placement basis.
Approved the allotment of 600 Listed Commercial Papers (CPs) aggregating of ₹30 Crore through Private Placement basis.
Paisalo Digital stock trades flat on the NSE as at ₹61.05
Greaves Retail, a division of Greaves Cotton Limited, announced the launch of its new range of high-performance electrified light construction equipment at bauma CONEXPO India 2024
Trial has not begun in about 28 per cent of Enforcement Directorate’s (ED’s) money laundering cases where chargesheets have been filed before the designated court across the country in last six years, government has informed Parliament.
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As the holiday shopping season kicks off around the world, Meta (Facebook) has launched a global anti-scam awareness campaign to help people stay safe online and on its apps.
The latest anti-scam tools will be available in all its platforms including WhatsApp, Instagram and Marketplace, the company said.
Read more
Alembic Pharmaceuticals has passed ANVISA (Brazil) GMP audit for its API-II Facility at Panelav for its 8 APIs
INOXGFL Group announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters.
Inox Green Energy Services stock trades flat at ₹174.50 on the BSE.
NTPC Green Energy’s subsidiary NTPC Renewable Energy has bagged a 500 MW solar project from Solar Energy Corporation Of India (SECI).
Bank of Baroda has kept the Marginal Cost of Funds Based Lending Rate (MCLR) unchanged across tenors.
Elon Musk’s Tesla has resumed its search for showroom space in New Delhi, two sources told Reuters, in the first sign it is rethinking entering the Indian market after putting its investment plans on hold earlier this year.
Musk said in April he would meet Indian Prime Minister Narendra Modi during a trip where he was to potentially announce an investment of $2-3 billion in India. However, he called off his visit at the last moment after Tesla decided to sack 10 per cent of its staff amid falling sales.
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The Indian stock markets continue to be in a consolidation phase as both indices opened flat on Wednesday.
The Nifty 50 index opened at 24,620.50 points with a surge of 10.45 points or 0.04 per cent, while the BSESensex opened at 81,568.39 with a gain of 58.34 points or 0.07 per cent.
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Tech Mahindra informed that the board has approved merger of Eventus Solutions Group, LLC, wholly-owned step-down subsidiary of the Company with its parent company viz. Tech Mahindra (Americas) Inc., wholly-owned material subsidiary of the Company.
Aurionpro Solutions Limited announced an order win with one of the largest banks in the Kingdom of Saudi Arabia (KSA) to modernise their corporate banking technology using Aurionpro’s global transaction banking platform “iCashpro+”.
Stock surged 5.84% on the NSE to trade at ₹1,807.55
Glance, a leading consumer technology company, has unveiled Glance TV, a pioneering feature that transforms idle, ambient TV screens into dynamic, AI-powered smart surfaces, setting a new benchmark in the connected TV (CTV) industry. The platform launches in India with Airtel as its first partner, allowing customers to experience Glance TV through Airtel Xstream devices powered by Android TV OS.
Reliance Industries informed that NCLT Mumbai bench approved the resolution plan submitted by Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly owned subsidiary of the Company, for the resolution of Karkinos Healthcare Private Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.
Shubham Housing Development Finance Company Limited has announced an investment of ₹1000 crore+ led by Multiples Private Equity with participation from existing investors, Asian Development Bank (ADB) and British International Investment (BII). The deal comprises of a primary issuance of ₹400 crore along with a secondary purchase from early investors. Multiples will hold a significant minority stake in the Company post the transaction.
Gautam Adani pulled out of a loan deal with an American agency to fund a port terminal in Sri Lanka’s capital, ending an agreement hailed a year ago as an effort by India and the US to counter China’s growing influence in the region.
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Private equity major TPG Capital-backed Sai Life Sciences’ initial public offering opens today to public at a price band of ₹522-549. The ₹3,043-crore IPO, that consists of fresh issue (₹950 crore) and offer-for-sale of 3.81 crore shares valued ₹2,092 crore, will close on Friday. The market lot is 27 shares.
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Vishal Mega Mart is all set to launch its ₹8,000 crore IPO today for public at a price band of ₹74-78. The IPO will close on December 13 and the market lot is 190 shares.
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Microsoft Corporation India’s total income jumped 18 per cent to ₹22,892 crore in FY24, although the company’s sales from products dropped by 14 per cent, as per company’s regulatory filings accessed via Tofler.
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Amazon India is set to foray in the quick commerce segment. The e-commerce major said it will launch a pilot likely in Bengaluru this month to offer consumers everyday essentials in 15 minutes.
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Mahindra University (MU) has signed an agreement with Virginia Tech and Virginia Tech India to establish the Interdisciplinary Institute for Transformative Technologies (I2T2).
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State-run Indraprastha Gas (IGL) said, on Tuesday, that its Board of Directors approved the issuance of bonus shares in the ratio of 1:1.
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Nolte India, the Indian arm of the German modular kitchen player Nolte Küchen, is set to expand its footprint across India.
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Despite cyclical pressures, the US continues to be the top destination for Indian students who want to pursue higher education and find a job there.
However, students and parents are worried over the reports of the slump in the US job market.
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Paramount Communications shares surged 9 per cent to close at ₹82.70 on the BSE on Tuesday.
The rally came after the company announced it had received a letter of intent from MP Industrial Development Corporation Ltd. to lease 30 acres of land in Narmadapuram, Madhya Pradesh, for a manufacturing zone focused on power and renewable energy equipment.
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Some oceanic indices besides cloud and wind patterns in the Pacific Ocean have, at times, shown weak La Nina characteristics in recent months, Australia’s Bureau of Meteorology (BoM) has said.
However, it said the negative Indian Ocean Dipole (IOD), which emerged in mid-October, has turned neutral in December.
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Revenue Secretary Sanjay Malhotra on Tuesday said he will work to understand all perspectives and do what is best for the economy after he takes charge as the RBI Governor on December 11.
Responding to reporters’ queries outside the finance ministry, Malhotra said, “One has to understand the turf, all perspectives and do what’s best for the economy.” Malhotra, 56, who is currently the Revenue Secretary in the Ministry of Finance, was on Monday evening named by the government to succeed Shaktikanta Das as the governor of the central bank.
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Ship movements to and from Cochin Port are likely to be affected in the coming days following the “work to rule” approach resorted to by marine pilots beginning Tuesday.
There are reports that berthing of few ships got delayed on Tuesday morning and one vessel could not sail from the port on time.
Sources in the Master Mariners Association in Cochin Port told businessline that they have been compelled to go for such an agitational mode due to long-standing issues that remain unresolved despite repeated representations to the authorities.
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Amazon India on Tuesday said that they are increasing its exports commitment four-fold and plans to enable over $80 billion in cumulative exports from India by 2030. This marks an ambitious scale up from earlier commitment of enabling exports worth $20 billion by 2025.
The e-commerce major also said that it has earmarked $120 million from its Smbhav Venture Fund to invest in start-ups that digitise consumer goods manufacturing in India and cater to domestic and global demand.
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Zydus Wellness has partnered with Bollywood actor Malaika Arora to promote its stevia-based Sugar Free Green sweetener, the company announced today. The collaboration aims to leverage Arora’s fitness-focused image to highlight the brand’s natural, calorie-free alternative to sugar.
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Honasa Consumer Ltd has appointed Meetu Mulchandani as Vice President & Head of Brand Factory, the company announced today. The move underscores the strategic importance of the division responsible for launching and nurturing emerging brands within Honasa’s portfolio.
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Cineline India board approved sale of the Hotel – Hyatt Centric, Goa, owned by R&H Spaces Private Limited, wholly owned subsidiary of the Company by way of sale of building being Hotel-Hyatt Centric, Goa ,and the land appurtenant thereto along with all related assets by R&H Spaces Private Limited with an option, as previously approved, to sell the Investments in 100% equity shares of R&H Spaces Private Limited for an aggregate consideration of not less than ₹270 crore.
The World Bank has approved a $200 million project to help Kerala farmers to adapt to climate change and boost agri-entrepreneurship.
The Kerala Climate Resilient AgriValue Chain Modernization (KERA) Project is expected to benefit around 400,000 farmers by promoting climate-smart practices. This includes replanting climate-resilient varieties of coffee, cardamom, and rubber, and expanding “food parks” in rural areas, the World Bank in its annual report 2024 said.
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Adani Power Ltd is seeking fresh concessions from New Delhi for its $2 billion coal-fired plant in eastern India, which is currently struggling with a payments backlog from Bangladesh, the only buyer of its electricity.
In August, the Power Ministry allowed Adani to sell electricity from the plant into India, but its location in a designated special economic zone, or SEZ, is hampering those domestic sales, people familiar with the matter said. Unless the Trade Ministry grants an exemption, they said, the power produced would be considered imported — and subject to a tax.
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Shriram Finance’s equity shareholding in Shriram Housing Finance Limited (SHFL) has increased from 27,65,51,112 equity shares (83.76%) to 30,81,11,112 equity shares (84.44%).
Mahindra & Mahindra’s Mahindra Susten Private Limited (MSPL), a subsidiary of Mahindra Holdings Limited, has incorporated a subsidiary Velos Hybren Private Limited.
M&M shares trade at ₹3,028.20, down 0.76% on the NSE.
Canara Bank has hiked the Marginal Cost of Funds Based Lending Rate (MCLR) of the bank – with effect from 12.12.2024 – by 0.05% or 5bps.
Shares trade flat on the NSE at ₹109.19
Kranti Industries has received clearance from one of its customers, Carraro India Limited, to commence series production for the parts developed for the CL2 & CL3 Projects.
The panel, led by Bhartruhari Mahtab, acknowledged NCLT’s role in corporate dispute resolution but flagged issues like staffing shortages, delays, and infrastructure gaps, recommending swift recruitment, procedural updates, tech upgrades, and budget utilisation.
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Alkem Laboratories board has approved the transfer of the trade generics business of Company as a going concern, on a slump sale basis, to Alkem Wellness Limited, a wholly owned subsidiary of the Company, incorporated in India.
The transaction is proposed to be effected through a business transfer agreement and will be effective on or before April 1, 2025 or such other date as may be mutually agreed between the parties.
SKM Egg Products Export (India) has been chosen as the L2 tenderer for Region-4 for the supply of eggs for a period of one year from the date of execution of agreement to beneficiaries under PTMGR Nutritious Meal Programme and Integrated Child Development Services.
External Affairs Minister S Jaishankar met the top leadership of Qatar and Bahrain and discussed ways to strengthen bilateral relations, focussing on areas such as trade and investment, during his visit to the countries from December 6-9, per an official statement.
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Trishakti Industries Limited has secured a contract from Jindal Ferrous Limited. Under this contract, Trishakti Industries Limited will deploy machines worth ₹2.7 crore to support Jindal Ferrous’s ongoing Blast Furnace Erection Commissioning project.
The National Electricity Plan (Volume II) is likely to be credit positive for engineering, procurement and construction (EPC) companies in the transmission & distribution (T&D) segment, on account of the large capex to be incurred during FY25-FY32, expects India Ratings and Research (Ind-Ra)
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Saboo Sodium Chloro Ltd (SSCL) has signed multiple Memorandums of Understanding (MoUs) with the Rajasthan government to develop hospitality projects, marking a significant diversification for the salt manufacturer.
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Coforge Ltd announced a strategic partnership with ACORD Solutions Group today, positioning itself to enhance digital modernisation in the global insurance industry. The collaboration marks Coforge’s entry into ACORD’s Licensed Integrator Partner (LIP) program, focusing on advanced technological solutions for insurance data exchange.
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Navratna defence PSU Bharat Electronics Limited (BEL) has bagged additional orders worth ₹634 core, over and above it got to the tune of ₹500 crore two days ago, for maintenance of indigenously developed Akash missile system, communication equipment, telescope sights for guns, jammers and spare parts.
The defence PSU said on Monday that it has secured additional orders worth ₹634 crore, taking the order book position, as per its exchange filling, to over ₹8,000 crore this financial year.
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Bajaj Finance board has allotted NCDs aggregating to ₹ 1,000 crore on private placement basis
Omnicom Group Inc. has agreed to buy Interpublic Group in a deal that will create the world’s largest advertising company.
Under the terms of the deal announced Monday, Interpublic shareholders will receive 0.344 Omnicom shares for each share of Interpublic common stock they own. Based on Omnicom’s closing share price Friday of $103.42, that values the deal at $35.58 a share, or $13.3 billion excluding debt, according to Bloomberg calculations. The final price will be based on Omnicom’s share price at the time of the deal’s closing, which the companies expect to occur in the second half of 2025.
Shripal Shah, MD & CEO, Kotak Securities, said, “India maintains its position as one of the world’s fastestgrowing major economies, making it a compelling investment destination for global investors. While we remain confident in India’s long-term growth potential, we advise investors to approach the market with a degree of cautious optimism. We foresee the equity market to gain more momentum and commodities crossing its historic best in 2025. Alongside, an increase among young investors entering the stock market to build wealth early on, will also add to the overall market growth.
STL Digital Limited, an IT Services and Consulting Company [a wholly-owned subsidiary of Sterlite Technologies)], announces the successful deployment of RISE with SAP S/4HANA Cloud for eight Vedanta companies (Hindustan Zinc Ltd., Sterlite Copper, Cairn Oil & Gas, Sesa Goa Iron Ore, Vedanta Aluminium, Vedanta Zinc International, ESL Steel Ltd, Vedanta Corporate), globally.
Kotak commodities outlook: Gold and silver will retain their strength in 2025 bolstered by safe haven demand and industrial needs
Saboo Sodium Chloro Limited has signed two landmark Memorandums of Understanding (MoUs) with the Government of Rajasthan at ‘Rising Rajasthan 2024’ for the development of greenfield resorts under the banner of Samskara Resorts.
Tejas Networks has secured a three-year contract with Vodafone Idea Limited (VIL) to supply critical network infrastructure products for the telecom operator’s 4G and 5G rollout strategies, the company announced today.
The shares of Tejas Networks Limited were trading at ₹1,331.95 down by ₹5.20 or 0.39 per cent on the NSE today at 10.25 am whereas shares of Vodafone Idea Limited were trading flat at ₹8.09.
Pune-based Bharat Forge Limited completed a Qualified Institutional Placement (QIP) on December 9, 2024, raising ₹1,650 crore. The issue attracted significant investor interest, with demand exceeding 10 times the issue size.
The shares of Bharat Forge Limited were trading at ₹1,365.80, up by ₹2.35 or 0.17 per cent on the NSE today at 10.17 am.
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Dezerv, a tech-led wealth management firm, has announced that its total Assets Under Management (AUM) have crossed ₹10,000 crore comprising AIF, PMS and distribution assets.
The firm now aims to achieve ₹25,000 crore in AUM by the end of 2025, reinforcing its position as one of the fastest growing and most trusted investment platforms in the country. Dezerv has grown over 7x in a span of just two years.
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Ichnos Glenmark Innovation (IGI), the alliance between Glenmark Pharmaceuticals Limited and its wholly owned subsidiary Ichnos Sciences Inc., presented first-time clinical data from the early dose-escalation portion of its Phase 1 study of ISB 2001 for the treatment of relapsed or refractory multiple myeloma (RRMM). ISB 2001 is an investigational trispecific TREAT antibody for the treatment of RRMM that targets BCMA and CD38 on myeloma cells and CD3 on T cells.
Billionaire Mukesh Ambani-owned Reliance Industries is in talks with banks for a borrowing of as much as $3 billion, in what could potentially be the largest offshore loan from India in over a year.
About half a dozen banks are in discussions with the conglomerate for the loan, which would be syndicated to wider market in the first quarter of 2025, the people said, who asked not to be named as discussions are private. Terms for the facility, which will refinance debt due next year, have not been finalised yet and could be subject to changes, the people added.
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India’s copper demand increased by 13 per cent year-on-year in the 2023-2024 fiscal, touching 1.7 million tonnes (mt), says a study on annual copper demand undertaken by the International Copper Association India (ICAI). The growth has been attributed to overall economic expansion.
According to the study, a notable feature of the growth in demand for copper is that post-pandemic the average annual copper demand increased by 21 per cent between 2020-2021 and 2023-2024.
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Dubai is positioning itself as a hub for Indian startups and entrepreneurs, offering a blend of business-friendly regulations, global market access, and an ecosystem ripe for innovation. This was the focus of the UAE-India Founders’ Retreat, organized last week by the UAE Embassy in India, UAE-India CEPA Council, and Offline, which brought together 65 distinguished entrepreneurs and business leaders from India to explore collaborative opportunities in the UAE.
Dr. Abdulnasser Alshaali, UAE Ambassador to India, gave an inaugural address, emphasizing the UAE’s commitment to fostering bilateral investment ties with India. He highlighted the shared vision of strengthening economic collaborations and expanding investment engagement across sectors like technology, logistics, and financial services.
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With automobile original equipment manufacturers (OEMs) set to increase vehicle prices starting in January, dealers are anticipating a reduction in passenger vehicle inventory levels in December.
Dealers have stated that they have started receiving enquiries and booking confirmations from consumers for December.
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Syngene International : Biocon to sell 80 lakh shares – 2% of equity via block deal at ₹825 per share (Total Offer Size Rs 660 Crore)
Tejas Networks has entered into a three – year contract with Vodafone Idea Limited to supply its TJ1400 and TJ1600 packet and optical transmission products to augment the latter’s backhaul capacity and boost network performance across multiple telecom circles in the country.
Sanjay Malhotra will replace Shaktikanta Das as the Governor of Reserve Bank of India, according to a notification from the government’s Cabinet Appointments Committee on Monday. His appointment, for three years, will take effect on December 11.
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Datamatics Global Services Limited announced on December 9 that its subsidiary Lumina Datamatics will acquire 100 per cent of TNQ Tech Private Limited, a Chennai-based digital publishing technology company.
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Kernex Microsystems (India) Limited has secured a major contract worth ₹2,041.04 crores from Chittaranjan Locomotive Works, a division of the Ministry of Railways, the company announced today.
The shares of Kernex Microsystems (India) Limited were trading at ₹1,194.75 up by ₹56.85 or 5 per cent on the NSE today at 2.44 pm.
The contract involves supplying, installing, testing, and commissioning 2,500 sets of On-board KAVACH equipment, meeting RDSO Specification No. RDSO/SPN/196/2020, Version 4.0. The project is scheduled for completion within 12 months.
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The Competition Commission of India has asked the Supreme Court to hear legal challenges to an investigation of Amazon and Walmart’s Flipkart e-commerce platforms, saying those challenges, filed by Samsung, Vivo and others at Indian high courts, were aiming to scuttle the probe.
In a filing on Dec. 3, reviewed by Reuters and not released publicly, the Competition Commission of India asked the court to hear 23 challenges, filed by Samsung, Vivo, and several vendors on the Amazon and Flipkart platforms, to enable the case to be decided quickly. – Reuters
Hyundai Motor India Ltd (HMIL) announced plans to install nearly 600 public electric vehicle (EV) fast charging stations nationwide over the next seven years. By the end of 2024, the company will have 50 fast charging stations operational, targeting key highways and major cities.
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Trident Group announced plans to invest ₹3,000 crore in Madhya Pradesh’s textile sector, expanding its current workforce from 12,000 to over 15,000 employees. Chairman Rajinder Gupta made the announcement at the “Invest Madhya Pradesh” Regional Industry Conclave in Narmadapuram on December 9, 2024.
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LG Electronics India has plans to set up a new plant in Andhra Pradesh to boost its manufacturing capacity in the country, though it also fears competition from its South Korean parent entity.
Besides, it is increasing the sourcing of raw materials from the local market, which is helping it meet consumer demands and lower its inventory and related costs, allowing the company to competitively price the products, said LG in its DRHP filed with markets regulator SEBI.
The central government has allowed the Adani Group-owned port at Krishnapatnam in Andhra Pradesh to import petroleum into India by sea in the public interest. Considering the public interest in importing petroleum, the central government extended the notification for Krishnapatnam Port in Andhra Pradesh (M/S Adani Krishnapatnam Port Limited) to import petroleum into India by sea.
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As the world’s fastest-growing emerging economy aims to transform into a manufacturing behemoth while adopting clean energy sources, natural gas plays a critical role as the best transition fuel, asserts the Petroleum and Natural Gas Regulatory Board (PNGRB).
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Lloyds Metals: Co to enter into new line of business being mines development and operations
The Standing Committee on Finance, headed by BJP lawmaker Bhartruhari Mahtab, has recommended that fast-track Tribunals with strict timelines be set up for high-priority cases in the Insolvency and Bankruptcy Code (IBC).
Corporate Affairs Ministry (MCA) should also consider adopting an urgent list system for insolvency cases, similar to the UK, to prioritise time-sensitive matters, the Parliamentary Panel suggested in a report tabled in Lok Sabha last week.
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Deutsche Bank AG, India, on Monday said it has provided a €91 million (about ₹814 crore) sustainability-linked-loan to SMFG India Credit (SMICC). The loan was facilitated via the Bank’s Gift City Branch.
SMICC is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). It has over 1,000 branches and had Assets Under Management (AUM) of ₹49,800 crore as on September-end 2024.
The senior secured loan, which carries a tenor of three years, is compliant with Deutsche Bank’s Sustainable Finance framework criteria.
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Blackstone-backed diamond grading firm International Gemmological Institute (India) Ltd on Monday fixed a price band of ₹397-417 per share for its ₹4,225-crore Initial Public Offering (IPO), which will open for subscription on December 13.
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The Adani Group is planning to invest ₹7.5 lakh crore across sectors in Rajasthan, a senior company official said on Monday. While speaking at the Rising Rajasthan Summit, Adani Ports and SEZ, Managing Director Karan Adani said 50 per cent of the total investment will be made within the next five years.
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Kore.ai, which provides advanced AI Agent platform and solutions, has launched ‘AI for Work’, an AI platform designed to break information silos, streamline business workflows, and improve employee experience.
“It transforms how enterprises harness AI to make work more efficient, intelligent, and valuable across all levels of the organisation,” a company statement said here on Monday.
AI for Work provides a secure enterprise search that delivers context-aware answers across authorised documents and applications.
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Agri value chain financier, Samunnati has issued its first ever ₹50 crore Green Bond, a landmark achievement for climate financing in the Indian agriculture sector. Northern Arc Capital, a leading digital lending platform, has been the primary subscriber for this issuance.
The proceeds from this Green Bond will be used for financing climate smart agriculture solutions across different agriculture value chains in the country, Samunnati said in a statement.
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Tamil Nadu Legislative Assembly on Monday moves a resolution urging the Center to immediately cancel the tungsten mining rights granted to Hindustan Zinc Ltd in Nayakkarpatti Village, Melur Taluk, Madurai District. The resolution also urged the Centre not to grant any mining license without the permission of the State Governments.
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Servotech Power Systems Ltd has secured a strategic partnership with LESSzwei GmbH to develop 100 per cent solar-powered electric vehicle charging infrastructure for micromobility in Germany. The project, named “EnerMAAS,” has received grant financing from the Federal Ministry for Economic Affairs and Climate Action (BMWK) for a 2.7-year duration.
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Dabur management: Sales note – expecting mid to high single-digit sales growth with 20%+ EBITDA margin in H2 FY25, supported by mid to high single-digit volume growth
Bharat Agri Fert says upon completion of the expansion, its project is expected to achieve annual revenues of ₹111 crore by FY 2026-27. The company anticipates a capex of ₹85 crore, which is supportive for the stock price.
Bharti Airtel has revealed significant insights into spam communication patterns after launching its advanced AI-powered spam-fighting solution, the company disclosed in a press release on Monday.
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The Reserve Bank of India is falling behind the curve, with growth sacrifices continuing to rise, according to Nomura.
Disagreeing with the RBI’s stance on growth, Nomura noted that while early data for October suggested a sequential rebound in activity due to festival demand, November data appeared tepid. October fiscal numbers indicated a continued contraction in public capex and slower growth in direct tax revenues, while nominal GST collections moderated to 8.5 per cent y-o-y in November.Read more
Heavy discounting and improved product availability are expected to help offset weak consumer sentiment and a general year-end lull for the passenger vehicle (PV) segment, while some customers are deferring purchases for new-year models, Federation of Automobile Dealers Associations (FADA), said on Monday.
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India’s industrial production likely improved in October 2024, driven by festival demand, according to a report by Union Bank of India.
The report highlighted that the Index of Industrial Production (IIP) surged by 3.7 per cent year-on-year, up from 3.1 per cent in September. However, this is significantly lower than the 11.9 per cent growth recorded in October 2023, which was driven by a low base effect.
MIC Electronics Limited (MICEL), a provider of LED lighting and electronic display systems, has launched its Emergency Light Unit (ELU) to address safety challenges in railways during power outages and emergencies. The product will be piloted on Vande Bharat trains and coaches.
The company expects final approvals for the pilots in the next few weeks. Following the pilot phase, MICEL plans a phased rollout based on performance assessments and feedback from railway authorities.
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