UTI plans to augment Rs 1,000-cr from Private Debt Fund

UTI Asset Management Company (UTI AMC) is looking at mopping up Rs 1,000 crore from the just launched Private Debt Fund within the first year itself, reported PTI. The fund house is looking at financing corporates who need short term capital, with the newly floated fund.

"We are looking at mopping up around Rs 1,000 crore within the first year of Private Debt Fund," UTI AMC

AirAsia India plans to begin international operations from next year

Budget passenger carrier AirAsia India on Thursday said that it plans to operate international flights from next year.

According to the airline's Chief Executive Officer Amar Abrol, the company has constituted a special project team which has been mandated to get its operations ready for international flights either from summer 2018 or autumn next year.

Besides, the budg

Airtel rated as India's 'Fastest Mobile Network for 2016'

Indias largest telecommunications services provider Bharti Airtel has been rated the 'Fastest Mobile Network for 2016', leading broadband testing and network diagnostic application Ookla said on Thursday.

The findings were based on analysis of millions of internet speed tests logged on ‘modern devices' by mobile customers across the country using Ookla's popular

NDMC to auction Taj Mansingh, cancels Le Meridien Hotel licence

The New Delhi Municipal Council (NDMC) on Thursday announced that it will hold an auction of Tata group-owned Taj Mansingh Hotel here and that it has cancelled the licence of Le Meridien Hotel due to non-payment of fees.

"Important decisions in today's NDMC meeting -- Open auction of Taj Mansingh, cancel Le Meridian Hotel license.." Delhi Chief Minister Arvind Kejriwal t

TCS to support skill development in ICT sector

Tata Consultancy Services (TCS) will help ICT Academy develop skills in the information and communications technologies (ICT) sector, the software major said on Thursday.

"The academy will use our iON digital hub platform to make its skill, vocational and competency-oriented courses made available to students and teachers across its institutes," said TCS in a statement here.

Lupin unveils generic anti-depressant drug in US

Drug major Lupin has launched generic version of Wyeth's Pristiq tablets, an anti-depressant drug, in the American market. Lupin's Desvenlafaxine Succinate extended-release tablets are generic version of Wyeth Pharmaceuticals' Pristiq tablets used in the treatment of major depressive disorder (MDD).

According to IMS MAT December 2016 data, Pristiq tablets had annual US sal

Cadila gets 3 observations from USFDA for Baddi plant

Cadila Healthcare said that it has got three observations from USFDA under form 483 for its formulation manufacturing facility at Baddi, Himachal Pradesh. The USFDA inspected the plant from February 20 to March 1st, 2017, the company said in a filing.

"All these three observations are related to pre-approval inspection (PAI) for a specific product filed," the company said. &

Bajaj Auto's sales inch up in February

 Two- and three-wheeler major Bajaj Auto on Thursday reported a marginal increase in its total sales, including exports, for February this year.

According to the company, its total sales during the month under review rose to 273,513 units from 272,719 units during the corresponding month of 2016.

However, the two- and three-wheeler major's total domestic sales in Fe

Heavy selling pressure subdues equity indices

Indian equities markets were subdued on Thursday as heavy selling pressure was witnessed in banking, healthcare and oil and gas stocks.

The key indices provisionally closed with losses of around half a per cent each.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 46.05 points or 0.51 per cent to 8,899.75 points.

The barometer 30-scrip sens

Suryoday Small Finance Bank raises Rs 158 cr

Suryoday Small Finance Bank today said it has raised Rs 158 crore, taking its net-worth to Rs 512 crore. The bank completed Rs 100 crore of rights issuance and subsequently raised Rs 58 crore through private placement last month, it said in a statement.

"The capital raised would be used to make investments in technology and expand the distribution network having commenced operati

Snapdeal joins Truecaller to enhance customer experience

Online marketplace Snapdeal on Thursday announced its partnership with leading communication app Truecaller to enhance user experience by integrating 'Truecaller Priority' in the company's Interactive Voice Response (IVR) and order confirmation numbers.

Customers with Truecaller app installed on their mobiles will be able to easily identify and filter IVR or delivery verif

Coal India achieves 96% production target in Feb

State-owned Coal India Ltd (CIL) has achieved 96 per cent of its production target by producing 54.3 million tonnes (MT) of coal in February month of the current fiscal as compared to a target of 56.81 MT. The maharatna company also achieved 94 per cent of its sales target by selling 47.73 million tonne of coal in February this year, against a target of 50.61 MT, the company said in a filing to

Moody's assigns B1 rating to SBI’s $10 bn MTN programme

Moody's Investors Service, a global rating agency, on Wednesday said that on September 6, 2016, it assigned a (P)B1 rating to the perpetual capital securities component of the existing USD10 billion Medium Term Note (MTN) program of State Bank of India.

“Prior to September 2016, Moody's had assigned a (P)Baa3 rating to the senior unsecured component, a (P)Ba1 rating to t

Moody's assigns Baa3 rating to ICICI Bank's US Dollar note drawdown

Moody's Investors Service, a global rating agency, has assigned a Baa3 rating to ICICI Bank, Dubai Branch's proposed RegS USD denominated senior unsecured notes, issued under its USD 7.5 billion Global Medium-Term Note (GMTN) program. The outlook on the ratings is positive, said Moody's.

The bonds will have a maturity of 5.5 years and will be listed on the Singapore Stock

Apollo Group official resigns

Amid the present glare on private hospitals for alleged medical negligence and inflated bills, Apollo Hospitals on Thursday announced that the group's president of eastern region Rupali Basu has resigned.

The Chennai-based hospital management said in an internal communication that there would be a new leadership with Rana Dasgupta taking over as Chief Executive Officer of the Apol

Hero MotoCorp sales dip 4.8% in February

Country's largest two-wheeler maker Hero MotoCorp Ltd has reported a fall of 4.8 per cent in its sales at 5,24,766 units in February this year. It has sold 5,50,992 units in the same month last year, the company said in a filing to the Bombay Stock Exchange.

The company further said that, majority of Hero two-wheelers had already been made BS IV compliant quite sometime back and t

Westbridge sells 1.56% stake in Dr Lal PathLabs for Rs 123cr

Westbridge Crossover has sold 1.56 per cent stake in diagnostic chain Dr Lal PathLabs for nearly 123 crore through an open market transaction. According to bulk deal data available with BSE, Westbridge Crossover Fund LLC offloaded a total of 12,91,920 shares, amounting to 1.56 per cent stake of Dr Lal PathLabs. The scrips were sold at an average price of Rs 950.27 apiece, valuing the transactio

M&M eyes 50% revenue from abroad by Fy19

As part of its strategy to net 50 per cent of automotive revenues from overseas by fiscal 2019, homegrown auto player Mahindra & Mahindra (M&M) is planning to set up a second base for itself outside the country, reported PTI.

The focus on setting up a base on a foreign shore emanates from the fact that M&M is aspiring to be a global player backed by Rs 4,200-crore investme

RBI allows 100% FII investment in Sita Shree Food Products

Foreign investors can raise up to 100 per cent stake in Indore-based Sita Shree Food Products, the Reserve Bank said. Foreign institutional investors/ foreign portfolio investors were allowed to buy up to 24 per cent in the company.

Sita Shree Food Products has passed resolutions at board level and a special resolution to enhance the limit from 24 per cent to 100 per cent of the paid

Tata Steel launches 2 apps

Private steel major Tata Steel said that it has launched 2 Apps in connection with Founder's Day Celebrations to be held on March 3. The apps, available in Android and Apple versions, were launched by Sunil Bhaskaran, Vice President Corporate Services, Tata Steel, a company release said. The first app concerns TSL Events and the second App is ActionBound for treasure hunt.

Tata St

JSW Steel makes offer to buy controlling stake in Monnet Ispat

Sajjan Jindal-led JSW Steel has made an offer to buy the controlling stake in Monnet Ispat & Energy through the strategic debt restructuring (SDR) route, said the media report. The company is undergoing strategic debt restructuring (SDR) and lenders, who own 51 per cent stake, are exploring the option of handing over its control and management to outside investors.

According to th

TVS sales decline by 3.6% in February

TVS Motor Company has posted a decline of 3.6 per cent in sales at 211,470 units in the month of February 2017 as against 219,467 units in the same month last year. The company has transitioned completely to the production of BS-IV vehicles, as part of its plans to gear up for the BS-IV norms. Two-wheeler sales were down 2.3 per cent to 206,247 units in February this year as against 211,148 uni

Nissan Motor`s domestic sales rise 24.9% in February

Nissan Motor India has reported 24.86 per cent increase in domestic sales in February at 4,807 units compared to 3,850 units sold in the same month last year. "The strong sales performance in February is attributable to the ongoing increase in sales of Nissan and Datsun brand vehicles in India, such as Nissan Micra and Datsun redi-GO," the company said in a statement. "Our growth

Glenmark Pharma’s arm to partner Evestra for Generic NuvaRing

Glenmark Pharmaceuticals has said that its US arm and Evestra, Inc. have completed a strategic development, license and commercialization agreement to develop and market a generic version of Merck’s & Co.’s NuvaRing® product – etonogestrel/ethinyl estradiol vaginal ring – designed to allow women access to a more affordable birth control option. Development on the

Trigyn Technologies arm bags IT contract from Maryland

Trigyn Technologies Limited has said that its wholly-owned subsidiary Trigyn Technologies, Inc. has been awarded a twelve year Indefinite Quantity Fixed Price & Time & Materials, Consulting & Technical Services IT Contract by the State of Maryland’s Department of Information Technology.

The contract award covers Functional Areas, which include, Enterprise Service Pro