The government has decided to convert the Ordnance Factory Board (OFB) from a department, into seven fully government-owned corporate entities to improve self-reliance on the country's defence preparedness. The seven new defence companies that have been incorporated are Munitions India...

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PNB Housing Finance has terminated the Rs 4,000 crore deal with US-based Carlyle group for a preferential allotment.   "The Board's primary objective is to raise capital to support the growth of the Company, and the Board believes that the current situation is not in the best...

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After facing protests and social media storm over pay parity and working conditions, online home services provider Urban Company (formerly UrbanClap) on Thursday announced to slash the commission it charges from beauty service professionals from 30 per cent to 25 per cent.   The...

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Curtailed production due to semiconductor shortages heavily dented India's domestic passenger vehicle sales on a year-on-year (y-o-y) and sequential basis in September. Further, challenges about high operating and ownership costs due to rising fuel and commodity prices subdued buyers'...

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Invesco Developing Markets Fund (Invesco), in a statement, has revealed that it was the Reliance group that was keen on a deal with Zee Entertainment Enterprises Ltd (ZEEL) – a fact hidden by the founding group in the charges levelled on Tuesday in the ongoing war between the company and its...

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TPG Rise Climate and Abu Dhabi’s ADQ will invest Rs 7,500 crore (around US$1 billion) in Tata Motors' new subsidiary which will make electric vehicles (EV). The investment values 'TML EV Co' close to US$9.1 billion. The investment will be done through a compulsory convertible instrument to...

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“Mr JRD Tata would have been overjoyed if he was in our midst today,” Ratan Tata, chairman emeritus, Tata group was quoted in the media, announcing the Tata group’s Rs18,000 crore winning bid to regain Air India after a hiatus of 68 years.   JRD Tata would have been a ripe old soul of...

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In an open letter to all the 250,000 shareholders of Zee Entertainment Enterprises, on Monday, Invesco Developing Markets Fund, the largest shareholder of Zee, raised several questions over the company's merger proposal with Sony Pictures saying that the transaction is not in the best...

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The board of beleaguered infrastructure financier IL&FS has approved the appointment of CNK & Associates LLP as the statutory auditor in casual vacancy for FY 2020-21.   Its appointment as official auditor of the company for FY22 was confirmed by the IL&FS board post the resignation...

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More than 100 women working with Urban Company (UC) as beauticians went on strike on Friday against low wages, high commissions collected by the company and unsafe working conditions for them. There were messages and videos of the strike posted on social media. Urban Company also put out...

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Reliance Industries Ltd (RIL), through its unit Reliance New Energy Solar Ltd (RNESL), is rapidly expanding its footprints through acquisitions and stake buys. Reliance New Energy bought REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an enterprise value of...

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The Union government is selling the national carrier Air India to Tata Sons for Rs18,000 crore, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey announced this afternoon.. This puts an end to the prolonged attempts to sell and turnaround the airline by...

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The privatisation plan of public sector oil refiner Bharat Petroleum Corporation Ltd may get expensive for the investors as the new owners are unlikely to get regulatory exemption to participate in open offer of two other entities - Petronet LNG Ltd (PLL) and Indraprastha Gas Ltd...

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Piramal Enterprises Limited (PEL) has proposed to demerge its pharmaceutical business as part of simplification of the corporate structure.   The board of directors of PEL on Thursday approved a composite scheme of arrangement providing for this demerger that will create two...

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Total vehicle sales during September this year decreased 5.3% on a year-on-year (y-o-y) basis; however, when compared the monthly sales with the pre-COVID period, overall retails continue to fall by 13.50%, says Federation of Automobile Dealers Associations (FADA).   In a release,...

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The bonhomie between Reliance Industries Ltd (RIL) and Kishore Biyani-led Future group can be seen in not just the deal they had signed and their fight against Amazon, but in other ventures as well. Just when Future 7-India Convenience Ltd, a unit of Future Retail Ltd, cancelled its deal with...

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The Department of Telecom on Wednesday slashed performance and financial bank guarantee requirement of telecom operators to 20 per cent of the current amount held by the government as part of the telecom reform measures announced last month.   The cabinet last month approved a relief...

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The Supreme Court (SC) on Wednesday ordered a full-fledged probe against Tihar Jail officials in connection with allegations that they helped Unitech ex-promoters Sanjay Chandra and Ajay Chandra ran a 'secret underground office' inside and thus violated prison rules. It also ordered their...

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Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday moved the National Company Law Appellate Tribunal (NCLAT) to get a stay on the NCLT National Company Law Tribunal) order that sought a reply from the company on its decision on holding an extraordinary general meeting (EGM) on a plea moved...

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The National Company Law Tribunal (NCLT) has asked Zee Entertainment Enterprises Ltd (ZEEL) to reply by Thursday on a plea filed by the company's majority stakeholders Invesco Developing Market Funds and OFI Global China Funds. ZEEL, which had already approached the Bombay High Court in the...

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