Wipro's Rs 9,500 crore buyback offer to open on Dec 29, 2020
Tue, Dec 22, 2020 9:31 PM

Wipro's Rs 9,500 crore buyback offer to open on Dec 29, 2020

Wipro on Tuesday said that Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021. Last month, shareholders had approved Wipro's buyback plan for the purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500cr. The filing said the buyback will open on December 29, 2020 and close on January 11, 2021.

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Bajaj Auto to invest Rs 650 crore to set up new plant in Maharashtra
Tue, Dec 22, 2020 9:25 PM

Bajaj Auto to invest Rs 650 crore to set up new plant in Maharashtra

Bajaj Auto, the country’s third-largest two-wheeler manufacturer, announced the signing of a memorandum of understanding with the Maharashtra government for setting up a factory that will make the Chetak and KTM, Husqvarna and Triumph motorcycles. The proposed investment for this new facility, which will come up next to Bajaj’s existing facility at Chakan near Pune, will be Rs 650 crore.

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Ruchi Soya approve appointment of Baba Ramdev & Acharya Balkrishna
Tue, Dec 22, 2020 9:19 PM

Ruchi Soya approve appointment of Baba Ramdev & Acharya Balkrishna

Patanjali Ayurved group firm Ruchi Soya Industries Ltd's shareholders approved the appointment of Yoga guru Swami Ram Dev, his younger brother Ram Bharat and close aide Acharya Balkrishna on the company's board. In a regulatory filing, Ruchi Soya, which sells soya products under Nutrela brand, said the shareholders approved all resolutions at the annual general meeting with requisite majority.

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Crypto exchange CoinDCX raises Rs 100Cr in Series B round funding
Tue, Dec 22, 2020 7:25 PM

Crypto exchange CoinDCX raises Rs 100Cr in Series B round funding

Cryptocurrency exchange CoinDCX has raised Rs 100 crore ($13.9 million) in a Series B funding round. This is the third round of funding for CoinDCX in 2020. The company plans to utilise the new funds to drive crypto adoption in India with innovative products and retain and attract new talent. The investors returning to this round are Polychain and Coinbase.

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2021 to ring in spectrum auctions, potential tariff hikes in telecom sector
Tue, Dec 22, 2020 6:43 PM

2021 to ring in spectrum auctions, potential tariff hikes in telecom sector

Having narrowly escaped a financial collapse, the telecom sector is now headed for an auction of airwaves in the next quarter, which combined with telcos’ network investment compulsions and AGR liabilities could hasten tariff hikes in 2021. The Indian telecom market, which once had nearly a dozen operators, has in recent years seen the exit of some prominent names due to cut-throat competition.

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Sanjay Mandavia's Flybig is set to take off this month
Tue, Dec 22, 2020 6:38 PM

Sanjay Mandavia's Flybig is set to take off this month

Sanjay Mandavia, who was in the race to acquire Jet Airways, may not have realised one part of his aviation dream. However, the second part is set to take off. His Flybig plans to start operations before the end of the year. The airline is the second after AirTaxi, which plans to start operation in 2020 itself after receiving the DGCA Certificate.

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Croma plans to add 100 stores by end of next financial year
Tue, Dec 22, 2020 6:30 PM

Croma plans to add 100 stores by end of next financial year

Electronics retailer Croma is set to add 100 stores by the end of the next financial year, its highest-ever yearly store addition. The move comes at a time when sales of home appliances, laptops and other electronics remained strong as the pandemic drove demand for washing machines and large-screen TVs. Croma is operated by Infiniti Retail Ltd—a wholly-owned subsidiary of Tata Sons Pvt. Ltd.

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Gammon India re-appoints Ajit Balubhai Desai as CEO for a 1-year term
Tue, Dec 22, 2020 6:20 PM

Gammon India re-appoints Ajit Balubhai Desai as CEO for a 1-year term

Gammon India on Tuesday said that the board of directors of the company passed the resolution of re-appointing Ajit Balubhai Desi as the CEO for 1 year with effect from December 17, 2020. Desai's term as CEO expired on December 16, 2020. He joined Gammon India in 1979 and since then has handled several major projects. He has over 41 years of experience in the construction industry.

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Crisil completes merger of two US-based arms
Tue, Dec 22, 2020 6:01 PM

Crisil completes merger of two US-based arms

Crisil on Tuesday informed that the merger of two US-based wholly-owned subsidiaries, Greenwich Associates International LLC with Greenwich Associates LLC is complete after the approval of the competent authorities. Greenwich Associates LLC is a leading provider of proprietary benchmarking data and analytics is a wholly-owned subsidiary of CRISIL and parent entity of CRISIL’s Greenwich business.

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Infosys announces strategic partnership with Daimler to drive innovation
Tue, Dec 22, 2020 5:57 PM

Infosys announces strategic partnership with Daimler to drive innovation

Daimler AG and Infosys, today announced a long-term strategic partnership for a technology-driven IT infrastructure transformation. After the receipt of all regulatory approvals, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, service desk, data center, networks and SAP Basis together with Infosys.

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Contract workers of listed companies may become eligible for stock benefits
Tue, Dec 22, 2020 4:52 PM

Contract workers of listed companies may become eligible for stock benefits

Workers hired on a contract-basis at listed companies might become eligible for employee stock options (ESOPs) and other benefits. The SEBI might remove the word 'permanent' from the definition of 'employee' under norms on stock-related employee benefits. According to the existing regulation, only permanent employees (including executives) and directors are eligible for ESOPs.

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Samsung TV Plus ‘100% free’ OTT streaming service coming to India in 2021
Tue, Dec 22, 2020 4:49 PM

Samsung TV Plus ‘100% free’ OTT streaming service coming to India in 2021

Samsung TV Plus, Samsung's free over-the-top video streaming service for its smart TVs and Galaxy phones, is coming to India in 2021. The product is currently available in 12 countries including the US, Canada, UK, Germany, and France among others bringing live and on-demand TV from around 300 broadcast networks, content platforms and digital creators to over 60 million Samsung Smart TVs.

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Digital insurance platform RenewBuy in talks to raise Rs 200 crore
Tue, Dec 22, 2020 4:41 PM

Digital insurance platform RenewBuy in talks to raise Rs 200 crore

Digital insurance platform RenewBuy is talking to investors to raise Rs 200 crore of equity as it prepares to consolidate its presence in tier 2 and tier 3 cities. The brokerage firm is negotiating with both existing and new investors. “The process has just commenced. Our existing investors are participating along with new investors,” RenewBuy chief executive officer Balachander Sekhar said.

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BioNTech says can make mutation-beating coronavirus vaccine in six weeks
Tue, Dec 22, 2020 4:00 PM

BioNTech says can make mutation-beating coronavirus vaccine in six weeks

The co-founder of BioNTech said Tuesday it was "highly likely" that its vaccine against the coronavirus works against the mutated strain detected in Britain, but it could also adapt the vaccine if necessary in six weeks. "Scientifically, it is highly likely that the immune response by this vaccine also can deal with the new virus variant," said Ugur Sahin.

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Hindustan Foods announces capex worth Rs125cr in North India
Tue, Dec 22, 2020 3:43 PM

Hindustan Foods announces capex worth Rs125cr in North India

Hindustan  Foods  Limited  (HFL) announced that the Company will be undertaking a capital expenditure of Rs125cr in Northern India, via its Wholly Owned Subsidiary (‘WOS’), HFL Consumer Products Private Limited.  In August 2020, the Board of Directors of HFL approved an investment of up to Rs100cr in HFL Consumer Products Private Ltd, for incurring capital expenditure to commence their business.

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