Companies

Real estate developer Ajmera Group to invest $10 million in start-ups

The real estate company, which was founded 50 years ago, has diversified into various other sectors over the years, including power, steel and education. Photo: Mint Bengaluru: Ajmera Group, a Mumbai-based real estate developer, is planning to invest about $10 million in start-ups as part of its expansion plan. The company has already picked up …

Real estate developer Ajmera Group to invest $10 million in start-upsRead More »

Jubilant Life Q2 profit rises 67% to ₹210 crore

Total revenue from operations stood at ₹2,269.49 crore for the reported quarter. It was ₹1,642.04 crore for the same period a year ago New Delhi: Jubilant Life Sciences on Monday reported 67.18% rise in consolidated net profit to ₹209.77 crore for the quarter ended 30 September, mainly on account of robust sales in the pharma …

Jubilant Life Q2 profit rises 67% to ₹210 croreRead More »

NCLAT adjourns hearing over JSW’s bid for Bhushan Power and Steel

Last week, more than two-thirds of the lenders to Bhushan Power and Steel voted in favour of a revised offer by JSW Steel, turning on the heat in a contest for an asset that is being pursued by Tata Steel and UK’s Liberty House. Photo: Reuters New Delhi: The National Company Law Appellate Tribunal (NCLAT) …

NCLAT adjourns hearing over JSW’s bid for Bhushan Power and SteelRead More »

Mumbai-Goa luxury cruise booking begins. Check schedule, fare

If you are going from Mumbai to Goa, the cruise will leave Mumbai at 4 pm and reach Goa the next day at 9 am. The sea journey onboard Angriya cruise takes about 14 hours. The journey from Mumbai to Goa is now more fun and luxurious with the launch of India’s first domestic luxury …

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Paytm launches PayPay in Japan, in joint venture with SoftBank, Yahoo Japan

PayPay is build around the QR (quick-response) code technology that Paytm set up in 2015 New Delhi: Paytm, run by One 97 Communications Ltd, has launched a barcode-based smartphone payment service called PayPay in Japan, in a joint venture with SoftBank Corporation and Yahoo Japan Corporation, the company said in a statement on Monday. Mint …

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Top B-schools see up to 15% rise in salaries from last year

Summer placements began on a positive note. Photo: HT Companies are offering 10-15% more salaries than the previous year as the summer placement season in business schools began on a positive note with some of the top schools completing the process in less than four days. B-schools said more companies are showing interest in campus …

Top B-schools see up to 15% rise in salaries from last yearRead More »

ArcelorMittal’s Essar Steel acquisition: Who wins, who loses

ArcelorMittal will own Essar Steel in a joint venture with Nippon Steel and Sumitomo Metal—a move that will lower its financial burden. Photo: Reuters Mumbai: The narrative around distressed steel assets has been one about incumbents consolidating their hold over the sector. That changed last week. On Friday, ArcelorMittal was declared the highest bidder for …

ArcelorMittal’s Essar Steel acquisition: Who wins, who losesRead More »

Morgan Stanley arm in talks to invest $55 million in KSH Group’s warehouse assets

KSH Group operates in domestic logistics, manufacturing, service and distribution sectors, with over 600 employees spread across eight cities. Photo: Bloomberg Mumbai: A real estate fund managed by Morgan Stanley is in advanced talks with Pune-based KSH Group to invest around ₹400 crore (approximately $55 million) in its warehousing assets, said two people aware of …

Morgan Stanley arm in talks to invest $55 million in KSH Group’s warehouse assetsRead More »

Investors sitting on $40 billion capital reserves for India

The levels of investible capital available with private investors are at a record high. Graphic: Mint Mumbai: Dry powder, or the collective pile of investible capital available with private investors, in India is at about $40 billion, according to an analysis by audit and consulting firm EY. The estimate considers capital available with India-based private …

Investors sitting on $40 billion capital reserves for IndiaRead More »

Indian companies are expanding in-house legal teams

Large Indian companies, like JSW Steel, are bolstering their in-house legal teams. Photo: Reuters Recently, when a JSW Steel Ltd-led consortium had almost clinched the deal for Monnet Ispat & Energy, another hurdle came up. The bankruptcy tribunal insisted on including small operational creditors as well, something that was not considered before. JSW Steel’s in-house …

Indian companies are expanding in-house legal teamsRead More »

Reliance to decide site to build India’s first pod taxi prototype

For the pod taxi prototype, some bits will be imported from the US, while most of it will be made in India. Photo: Bloomberg New Delhi: Reliance Industries Ltd (RIL) will finalize the site for India’s first pod taxi prototype, the next generation transportation system, according to the terms of the deal between Reliance and …

Reliance to decide site to build India’s first pod taxi prototypeRead More »

AirAsia probe may ground Vistara international flights plan

AirAsia is being investigated by CBI for allegedly lobbying the government for international flight permits. Vistara had applied in June for rights to start international flights. Mumbai: Vistara, the joint venture airline of Tata Sons Ltd and Singapore Airlines Ltd (SIA), may face the cascading effect of an ongoing probe into AirAsia India’s operations. The …

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Bengaluru’s Puravankara re-enters Mumbai housing market

Puravankara managing director Ashish Puravankara. The real estate firm had left the Mumbai housing market for Bengaluru over three decades ago. Photo: Mint Mumbai: Bengaluru-based Puravankara Ltd has purchased a two-acre plot at Chembur in suburban Mumbai for ₹147 crore, two people familiar with the development said, marking the property developer’s return to the financial …

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ArcelorMittal entry set to heat up India’s steel industry

Lakshmi Mittal. A third steel producer in ArcelorMittal, after Tata Steel Ltd and JSW Steel Ltd, with both financial heft and expertise, is expected to be good for the domestic steel market. Photo: Bloomberg Mumbai: The entry of ArcelorMittal, the world’s largest steelmaker, into the Indian market will force existing private sector players to increase …

ArcelorMittal entry set to heat up India’s steel industryRead More »

The $41 billion wealth gap that divides the Ambani brothers

Over the past year, the fortunes of the two brothers at the helm of India’s wealthiest dynasty have grown apart—to more than $40 billion apart. Elder sibling Mukesh Ambani, 61, toppled China’s Jack Ma as Asia’s richest man, after driving a telecommunications revolution with Reliance Jio Infocomm Ltd that propelled his petrochemicals conglomerate Reliance Industries …

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RIL to replicate Reliance Jio model for Jio GigaFiber

Reliance Jio has begun onboarding Jio GigaFiber customers and is ramping up resources wherever there is demand, connecting customers in all of these areas. Photo: Mint Mumbai: Reliance Jio Infocomm Ltd, which disrupted mobile telephony in India with rock-bottom tariffs two years ago, is set to do an encore in the broadband and cable market, …

RIL to replicate Reliance Jio model for Jio GigaFiberRead More »

Audi’s electric SUV faces 4-week delay because of software bug

The e-tron delays were first reported by German newspaper Bild am Sonntag, citing sources close to the company. Photo: Bloomberg Frankfurt/Seoul: Audi’s first electric sport utility vehicle (SUV) will hit showrooms four weeks later than planned because of a software development issue, a spokesman for the German luxury car brand said on Sunday. The spokesman …

Audi’s electric SUV faces 4-week delay because of software bugRead More »

Jet Airways to make part payment of September salary to senior staffers on October 25

Jet Airways has over 16,000 employees on the payroll, and it has been delaying payment of salaries to these categories of staffers since August. Photo: Mint Mumbai: Struggling private carrier Jet Airways Friday said it will disburse 25 per cent of the September salary to its pilots and engineers along with the senior management on …

Jet Airways to make part payment of September salary to senior staffers on October 25Read More »

Q2 results: HDFC Bank net profit rises 20.6% to Rs 5006 crore

Provisions during the quarter rose 23.29% to Rs 1,819.96 crore. Photo: Hemant Mishra/Mint Mumbai: HDFC Bank on Saturday said its second-quarter net profit rose 20.59% on the back of higher net interest income and other income. The bank posted a net profit Rs 5,005.73 crore for the three months ended 30th September, compared with Rs …

Q2 results: HDFC Bank net profit rises 20.6% to Rs 5006 croreRead More »

Govt, board eye asset sales to turn IL&FS around in six months

The government earlier this month superseded the board of directors of IL&FS and said an SFIO probe was on into the management failure in the company. Photo: Aniruddha Chowdhury/Mint New Delhi: The government and the state-appointed board of directors of IL&FS have agreed to do a series of quick asset sales to turn around the …

Govt, board eye asset sales to turn IL&FS around in six monthsRead More »

Jet Airways sets jet sale, leaseback plan in motion to raise $800 mn

Jet Airways has 124 aircraft in its fleet, of which it owns 16. Photo: Abhijit Bhatlekar/Mint Mumbai: Jet Airways (India) Ltd is in talks to raise as much as $800 million from the sale and leaseback (SLB) of 16 aircraft owned by the airline, according to a person close to the development. The cash-strapped airline …

Jet Airways sets jet sale, leaseback plan in motion to raise $800 mnRead More »

Lenders accept ArcelorMittal resolution plan for Essar Steel

The creditors’ decision came after they heard the resolution plans by Vedanta and ArcelorMittal on Friday. Photo: Bloomberg Mumbai: Essar Steel Ltd lenders on Friday accepted the resolution plan presented by ArcelorMittal, the highest bidder for the debt-laden steelmaker with an offer of ₹42,000 crore. The recommendation of Essar Steel’s committee of creditors (CoC) will …

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#MeToo: Publicis India sacks executive creative director Ishrath Nawaz

The #MeToo wave hit the advertising industry in India about a week ago with many women calling out top executives, as well as other employees, of multiple agencies, including Dentsu Aegis Network, Publicis India, DDB Mudra and Creativeland Asia. Photo: Bloomberg New Delhi: Publicis India has sacked executive creative director Ishrath Nawaz, who has been …

#MeToo: Publicis India sacks executive creative director Ishrath NawazRead More »

IFC launches $1 billion masala bond programme to aid India investments

IFC uses masala bonds to raise rupee funds overseas, and brings the proceeds to India for investments. Photo: Bloomberg Mumbai: IFC, a member of the World Bank Group, on Friday said that it has launched a $1 billion masala bond programme to fund its investment activities in India. The first tranche of $100 million under …

IFC launches $1 billion masala bond programme to aid India investmentsRead More »

ICICI Securities reports 3.22% rise in Q2 profit at ₹134.22 crore

For the half year period ended September 30, ICICI Securities posted a 8% increase in its PAT to ₹268 crore, against ₹248 crore registered in April-September 2017-18. New Delhi: Leading investment services firm ICICI Securities Friday reported a 3.22% growth in its net consolidated profit after tax (PAT) to ₹134.22 crore for the three months …

ICICI Securities reports 3.22% rise in Q2 profit at ₹134.22 croreRead More »

Tesla starts taking orders for shorter-range $45,000 Model 3

The release of a lower-priced Model 3 was a “logical next step,” according to Evercore ISI analyst Arndt Ellinghorst. Photo: Reuters Tesla Inc.’s long-promised $35,000 version of the Model 3 sedan is still nowhere to be found, but it’s inching closer to that price point. The electric-car maker has started taking orders for a mid-range …

Tesla starts taking orders for shorter-range $45,000 Model 3Read More »

Facebook hires Nick Clegg as head of global affairs

Clegg was the leader of Britain’s Liberal Democrats, the minority partner in the Conservative-led coalition that ruled Britain between 2010 and 2015. Photo: Reuters Facebook Inc has hired former UK Deputy Prime Minister Nick Clegg to lead its global affairs and communications team, making him the most senior European politician ever in a leadership role …

Facebook hires Nick Clegg as head of global affairsRead More »

The $41 billion wealth gap that divides Ambani brothers

Over the past year, the fortunes of the two brothers at the helm of India’s wealthiest dynasty have grown apart—to more than $40 billion apart. Elder sibling Mukesh Ambani, 61, toppled China’s Jack Ma as Asia’s richest man, after driving a telecommunications revolution with Reliance Jio Infocomm Ltd that propelled his petrochemicals conglomerate Reliance Industries …

The $41 billion wealth gap that divides Ambani brothersRead More »

Jiggy George: Licence to dream

Jiggy George. Illustration: Jayachandran/Mint Jiggy George, founder of Dream Theatre, India’s first independent licensing representation agency, has worn a lot of different hats over the years. He’s been a fashion designer, music critic, advertising salesman and marketer before making the move into entrepreneurship. But it turns out the first job he ever wanted to do …

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Inside the mind of Karan Johar, the businessman

Karan Johar, owner of Dharma Productions. Yogen Shah/HT Mumbai: It’s lunch time at Dharma Productions. A swarm of youngsters is discussing where to order in from as it pours outside in Mumbai’s Andheri area. Ishaan Khatter, the lead in the company’s latest hit Dhadak, lounges about in a yellow sweatshirt while 2 States (and the …

Inside the mind of Karan Johar, the businessmanRead More »

Amazon disputes data that Flipkart is ahead in festive sales

Amazon runs neck-and-neck with Flipkart, as far as sale on a standalone basis are concerned, but the latter traditionally scores during its Big Billion Days. Bengaluru: Amazon India has disputed a market research report that claimed its arch rival and Walmart-controlled Flipkart received majority of orders during last week’s festive season sales that was fiercely-contested …

Amazon disputes data that Flipkart is ahead in festive salesRead More »

RIL to replicate Reliance Jio model for Jio broadband

Reliance Jio has begun onboarding Jio GigaFiber customers and is ramping up resources wherever there is demand, connecting customers in all of these areas. Photo: Mint Mumbai: Reliance Jio Infocomm Ltd, which disrupted mobile telephony in India with rock-bottom tariffs two years ago, is set to do an encore in the broadband and cable market, …

RIL to replicate Reliance Jio model for Jio broadbandRead More »

What Hathway and Den deals mean for Reliance Jio

Deals with Hathway and Den will help Reliance Jio GigaFiber achieve last-mile connectivity. Photo: Ramesh Pathania/Mint Reliance Industries Ltd (RIL) has made two strategic investments in Den Networks Ltd and Hathway Cable and Datacom Ltd. RIL made an investment of ₹2,290 crore for 66% stake in Den and ₹2,940 crore for 51.3% stake in Hathway. …

What Hathway and Den deals mean for Reliance JioRead More »

The $41 billion wealth gap that divides India’s richest brothers

Over the past year, the fortunes of the two brothers at the helm of India’s wealthiest dynasty have grown apart—to more than $40 billion apart. Elder sibling Mukesh Ambani, 61, toppled China’s Jack Ma as Asia’s richest man, after driving a telecommunications revolution with Reliance Jio Infocomm Ltd that propelled his petrochemicals conglomerate Reliance Industries …

The $41 billion wealth gap that divides India’s richest brothersRead More »

Yes Bank CEO Rana Kapoor meets rival promoter Madhu Kapur, seeks a united front

If Madhu Kapur agrees to join her stake with Rana Kapoor’s, that will allow the CEO to nominate himself or one of his affiliates on the Yes Bank board even after his exit. Photo: Bloomberg Mumbai: Yes Bank Ltd’s co-promoter, managing director and CEO Rana Kapoor has approached rival promoter Madhu Kapur with a proposal …

Yes Bank CEO Rana Kapoor meets rival promoter Madhu Kapur, seeks a united frontRead More »

Medical registry to help avoid repeat of J&J case

4,700 patients in India had got J&J hip implants from 2004-2010. Photo: Bloomberg New Delhi: An independent registry is in the offing to track implantable medical devices that could pose a risk to patients. India’s highest drug advisory board will take up a proposal for setting up a national registry for all implantable high-risk devices …

Medical registry to help avoid repeat of J&J caseRead More »

Universal Sportsbiz raises $13.5 million from Accel, others

Universal Sportsbiz founder Anjana Reddy. The latest round of funding will take the company’s valuation to $160 million from $100 million last year. Photo: Aniruddha Chowdhury/Mint New Delhi: Bengaluru-based fashion startup Universal Sportsbiz Pvt. Ltd has raised $13.5 million (₹100 crore) in a Series E funding round led by existing investor Accel Partners. Alteria Capital, …

Universal Sportsbiz raises $13.5 million from Accel, othersRead More »

Leap Green appoints Barclays to help raise $300-400 million

Leap Green Energy founder and MD Rajeev Karthikeyan. Founded in 2006, Leap Green is promoted by former Formula 1 driver Narain Karthikeyan’s family. Mumbai: Tamil Nadu-based renewable energy company Leap Green Energy Pvt. Ltd has appointed investment bank Barclays Plc to help in raising $300-400 million as it seeks to grow its portfolio, said two …

Leap Green appoints Barclays to help raise $300-400 millionRead More »

India set to step up efforts to recover tax dues from Cairn

The original Cairn India tax demand was for ₹10,200 crore, plus interest and penalty of equal measure. Cairn has challenged the move before an arbitration panel. Photo: Bloomberg New Delhi: India is planning to seek the British government’s assistance under a bilateral tax treaty to recover disputed tax dues from energy firm Cairn Energy Plc, …

India set to step up efforts to recover tax dues from CairnRead More »

Taapsee Pannu, a crucial link to Indian youth for brands

Taapsee Pannu has a clean image with no controversies, making her appealing to a wider fan base. Photo: HT Taapsee Pannu, a multilingual actor best known for content-driven Hindi movies such as Pink (review), Mulk (review) and Soorma (review), is becoming a hot favourite among brands wanting to connect with young aspiring Indians. The model-turned-actor, …

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Advantage ArcelorMittal as Numetal Mauritius may not bid for Essar Steel

If Numetal Mauritius bows out, only ArcelorMittal and Vedanta will remain in the race to buy Essar Steel, having offered ₹42,000 crore and ₹34,000 crore, respectively, for the bankrupt steelmaker. Photo: AP Mumbai: Numetal Mauritius will not be able to settle outstanding dues of associated companies even as ArcelorMittal paid ₹7,469 crore on Wednesday to …

Advantage ArcelorMittal as Numetal Mauritius may not bid for Essar SteelRead More »

Advertising’s #MeToo moment: 4 top bosses of Dentsu Aegis resign

Former CEO of Happy Creative Services Kartik Iyer (left) and former managing director Praveen Das. New Delhi: Dentsu Aegis Network, one of the biggest advertising agencies, on Thursday said that its creative marketing agency Happy Creative Services’ chief executive Kartik Iyer and managing director Praveen Das have stepped down from their respective positions after they …

Advertising’s #MeToo moment: 4 top bosses of Dentsu Aegis resignRead More »

Amazon disputes data showing Flipkart ahead in festive sales

Amazon runs neck-and-neck with Flipkart, as far as sale on a standalone basis are concerned, but the latter traditionally scores during its Big Billion Days. Bengaluru: Amazon India has disputed a market research report that claimed its arch rival and Walmart-controlled Flipkart received majority of orders during last week’s festive season sales that was fiercely-contested …

Amazon disputes data showing Flipkart ahead in festive salesRead More »

Air India gets ₹1,000 crore from National Small Savings Fund

Air India expects to mop up ₹500 crore through short-term borrowings next week. Photo: Abhijit Bhatlekar/Mint Mumbai: Cash-strapped Air India Ltd has raised ₹1,000 crore from the National Small Savings Fund and expects to mop up ₹500 crore through short-term borrowings next week, an official at the airline said, on condition of anonymity. Air India …

Air India gets ₹1,000 crore from National Small Savings FundRead More »

Universal Sportsbiz raises $13.5 million from Accel Partners, others

Universal Sportsbiz plans to utilise the funds to grow its offline retail network across key markets. Photo: iStock New Delhi: Bengaluru-based fashion startup Universal Sportsbiz Pvt. Ltd. (USPL) has raised $13.5 million (Rs 100 crore) in Series E funding round led by existing investor Accel Partners, the company said in a statement on Thursday. Previously, …

Universal Sportsbiz raises $13.5 million from Accel Partners, othersRead More »

Novartis targets prostate cancer with $2.1 billion Endocyte deal

Endocyte makes radioactive drugs coupled with targeting molecules to deliver treatments to tumors. Photo: Pradeep Gaur/Mint London: Novartis AG agreed to buy US drugmaker Endocyte Inc. for $2.1 billion, snapping up a potential blockbuster therapy for prostate cancer and helping to fill out a treatment area targeted by the Swiss pharmaceutical giant. Novartis will pay …

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Reliance Jio launches new plan, full cashback on recharges

The new Rs 1,699 plan gives you complimentary membership to a host of Jio Premium apps comprising JioTV JioCinema, JioMusic, JioMags, etc. Photo: Aniruddha Chowdhury/Mint Ahead of Diwali festival, Reliance Jio today launched two new offers for its mobile users — an all unlimited annual plan of Rs 1,699 and 100% cashback on mobile phone …

Reliance Jio launches new plan, full cashback on rechargesRead More »

Petrol, diesel price cut for first time after 13 days

Petrol and diesel prices in India are a reflection of global crude oil prices, 80% of which is imported by India. Photo: Bloomberg Ever since the central government decreased the price of petrol and diesel by Rs 2.5 on October 5, it was for the first time today after a gap of 13 days that …

Petrol, diesel price cut for first time after 13 daysRead More »

What RBI norms on PPIs mean for e-wallets, users

Once interoperability is rolled out completely, e-wallets will almost be on a par with payment banks. With the Reserve Bank of India (RBI) releasing operational guidelines on interoperability of prepaid payment instruments (PPIs) on Tuesday, mobile wallet users will soon be able to transfer funds from one wallet to another. Mint analyses how the rules …

What RBI norms on PPIs mean for e-wallets, usersRead More »

TCS displaces Accenture as largest IT firm servicing banks

TCS’s BFSI vertical, if carved out as an independent unit, will be larger than India’s third largest IT services firm, HCL Technologies Ltd. Graphic: Mint New Delhi: Tata Consultancy Services (TCS) Ltd’s quarterly earnings from the financial sector have edged past that of Accenture Plc, which is nearly double its size, making the Mumbai-based company …

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