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Bharat Dynamics Ltd signs Rs 499-crore deal with IAF for Akash missiles

Bharat Dynamics Limited (BDL) on Thursday signed a contract worth about Rs 499 crore with the Ministry of Defence for the manufacture and supply of Akash missiles to the Indian Air Force (IAF). According to a press release, the contract was signed by Air Commodore Ajay Singhal, Air Commodore, Guided Weapons Maintenance on behalf of Indian Air Force and Commodore T N Kaul (Retd), Executive Director (Marketing) on behalf of BDL in the presence of Radhakrishna, Director (Production), BDL at New Delhi.

Anil Ambani's studio eyes cinema earnings, lines up big movie releases

One of India’s largest film studios is holding back the release of its big, long-delayed Bollywood features, betting that movie halls will reopen by year-end and help resuscitate the hard-hit industry after months of closures due to Covid-19. Reliance Big Entertainment Pvt., which has collaborated with Steven Spielberg and is owned by embattled tycoon Anil Ambani, is hoping to release two Hindi-language films in theaters in the next three months, Chief Executive Officer Shibasish Sarkar said in an interview. Theatrical debuts of “83” -- charting the journey of India’s cricket world cup victory in the title year -- and the action flick “Sooryavanshi” have been pushed back multiple times since 2020.

Future deal: SC to hear on July 20 Amazon plea against HC verdict

The Supreme Court on Thursday said it would hear on July 20 the Amazon plea against the Delhi High Court verdict that stayed the directive by its single-judge and paved the way for the multi-billion dollar deal to amalgamate Future Retail (FRL) with Reliance Retail. A Bench of Justices R F Nariman, K M Joseph and B R Gavai was informed by senior advocate Harish Salve, appearing for the Future group, that a Singapore tribunal will commence hearing on the issue from July 12 and requested that the proceedings on the appeals be adjourned for a week.

TCS Q1 PAT up 28.5% YoY; India business down 14.1% due to second wave

Tata Consultancy Services (TCS) missed the Street expectation as its India business pulled down revenue growth during the first quarter of FY22. India business for the country’s largest IT services player was down 14 per cent as the second wave of Covid19 impacted business sentiments. For the first quarter, net profit of the company at Rs 9,008 crore grew by 28.5 per cent year-on-year basis, but was down 2.5 per cent sequentially. Revenue for the quarter grew 18.5 per cent year-on-year at Rs 45,411 crore, and was up 3.9 per cent sequentially. According to Bloomberg poll, analysts were estimating revenue of Rs 45,767.5 crore and net profit of Rs 9,391.9 crore for the quarter gone by.

Union Bank of India to raise up to Rs 1,150 cr by issuing bonds

Union Bank of India on Thursday said it has accepted bids to raise up to Rs 1,150 crore by issuing Basel III-compliant bonds. The bank is issuing Basel III-compliant debt instruments in the nature of debentures eligible for inclusion in tier 2 capital of Rs 500 crore with green shoe option of up to Rs 650 crore on private placement basis, Union Bank of India said in a regulatory filing. It will allot the bonds on July 9, 2021. The bonds with tenor of 15 years carry coupon rate of 7.25 per cent per annum, it said. The redemption date is set as July 9, 2036. To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

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