IGI Logo

Key News

Hiranandani Group enters consumer tech with Rs 3,500 cr investment plan

Mumbai-based real estate major Hiranandani Group has announced its foray into technology-led consumer services with its new venture ‘Tez Platforms’, which is set to launch this year, at an initial outlay of about Rs 1,000 crore. And, over the next 2-3 years, it plans to invest about Rs 3,500 crore in the venture.

The company will focus on large opportunities in social media, entertainment, gaming and e-sports, e-commerce, personal mobility, artificial intelligence and blockchain-linked solutions.

Blackstone bets on hunger for urgent delivery in Europe in $24-bn deal

Blackstone Inc is leading a 21 billion euro ($23.81 billion) recapitalisation of Mileway, the biggest operator of urban warehouses in Europe, as the private equity giant increases its bet on demand for rapid goods delivery.

Rather than list or seek a private sale, the U.S. investor is opting to recapitalise the logistics company, Europe's largest owner of last-mile logistics, as consumers worldwide increasingly demand same-day delivery of food and other items.

Two Cipla promoters sell 20 mn shares; promoter group now holds 34.23%

Two senior members of the promoter family of homegrown pharmaceutical major Cipla Ltd on Tuesday sold over 2 crore shares representing 2.5 per cent of total issued and paid-up share capital, the company said in a regulatory filing.

Chairman Y K Hamied and Vice Chairman MK Hamied, who are nonexecutive directors and promoters, have sold 2,01,69,756 shares on Tuesday. Post this transaction, the promoter group will continue to hold 34.23 per cent in the company, Cipla Executive Vice Chairperson Samina Hamied said in a statement filed on the BSE.

Vedanta signs up with Foxconn to manufacture semiconductors in India

In a significant development for the performance-linked incentive (PLI) scheme, Anil Agarwal-led Vedanta and Hon Hai Technology Group (also known as Foxconn) have formed a joint venture (JV) to manufacture semiconductors in India. This is the first JV in the electronics manufacturing space after the PLI policy, a joint statement issued by the companies said.

In December 2021, the Centre had cleared a PLI scheme for semiconductor and display board production in the country targeting an investment of Rs 76,000 crore over the next five to six years. India Semiconductor Mission (ISM) was also announced recently with the aim to attract large investments for manufacturing facilities in the midst of a global chip crisis.

SpiceJet posts standalone net profit of Rs 23 cr in Q3, stock jumps 8%

SpiceJet on Tuesday reported a consolidated profit of Rs 42.45 crore for the three months ended December 2021 as higher passenger traffic and improved performance of the logistics segment propelled the airline into the black. The no-frills carrier, which is currently going through turbulent times, had a consolidated loss of Rs 66.78 crore in the year-ago period. Total income in the latest December quarter climbed to Rs 267.73 crore compared to Rs 187.06 crore in the same period a year ago, according to a regulatory filing.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer