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RBI punished Paytm Payments Bank for data leaks to Chinese firms: Report

Paytm Payments Bank, which processes transactions for India’s digital payments giant Paytm, was barred from taking on new customers because it violated rules by allowing data to flow to servers abroad and didn’t properly verify its customers, according to a person familiar with the matter.

Annual inspections by the Reserve Bank of India found that the company’s servers were sharing information with China-based entities that indirectly own a stake in Paytm Payments Bank, the person said, asking not to be identified as the details are private. Paytm Payments Bank is a joint venture between Paytm and its founder Vijay Shekhar Sharma. China’s Alibaba Group Holding Ltd. and its affiliate, Jack Ma’s Ant Group Co., own shares of Paytm, according to exchange filings.

HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Limited (HAL) has signed an MoU with Bengalurubased company SASMOS to work together on advanced electronics, electrical and fibre optic interconnections in the aerospace domain. The a memorandum of understanding was signed between the two companies on March 11. HAL's subsidiary Naini Aerospace Limited (NAeL) was also a signatory to the MoU, SASMOS' statement noted.

Ruchi Soya spurts 20%, hits upper limit on Rs 4,300 crore FPO announcement

Shares of Ruchi Soya Industries hit the 20 per cent upper trading limit on Monday after the company announced plans to launch a Rs 4,300-crore follow-on public offering (FPO) next week. The stock traded at Rs 964, valuing the PatanjaliAyurveda-led firm at Rs 28,530 crore

In an announcement to the stock exchange, Ruchi Soya has said its FPO will remain open between March 24 and March 28. The FPO is being launched to comply with the 25 per cent minimum public shareholding (MPS) requirement. The promoter shareholding of Ruchi Soya is currently 98.9 per cent.

BHEL dispatches nuclear steam generator to NPCIL for Rajasthan project

State-owned BHEL has dispatched its 42nd nuclear steam generator to NPCIL for installation at a 700 MWe unit in Rajasthan Atomic Power Project. The steam generator was flagged off from BHEL's Trichy plant in the presence of senior officials of BHEL and NPCIL.

Mahanadi Coalfields Limited becomes largest coal producing company in India

The Mahanadi Coalfields Limited (MCL), a unit of the CIL, has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country, a release said. On March 12, 2022, the company produced 7.62 lakh tonne of dry fuel which is the highest in a day during the current financial year reaching 157.7 MT with a growth of around 16 per cent over the last financial year, the company release said.

Govt planning mega LIC IPO by mid-May after markets calm down: Report

India is looking at a mid-May timeline for launching the mega initial public offering of its largest insurer with hopes that the market volatility triggered by Russia’s invasion of Ukraine will subside, according to people familiar with the matter.

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