The Union Cabinet on Wednesday approved a host of amendments to the National Policy on Biofuels, 2018 and advanced the target of blending 20% ethanol-blended petrol by five years, from 2030 to 2025-26. It also allowed more feedstocks for the production of biofuels, which when mixed with auto fuels, can help the country cut dependency […]
Chennai-based Indian Overseas Bank (IOB) reported a 58% jump in profit after tax (PAT) to Rs 552 crore in the quarter ended March 2022. The operating profit stood at Rs 1,614 crore in Q4FY22 against Rs 1,724 crore in the year-ago period. The net interest margin for Q4FY22 was 2.41% compared with 2.39% in the […]
Yoga guru and businessman Baba Ramdev-helmed Patanjali Ayurved has signed an agreement to sell its food retail business to Ruchi Soya Industries, a firm it acquired through an insolvency process, for Rs 690 crore. The deal – comprising 21 major products such as ghee, honey, spices, juices and atta – is to accelerate Ruchi Soya’s […]
The government on Wednesday asserted that the new CERT-In directives have to be followed by everybody, be it virtual private network (VPN) service providers, cloud service providers or others, and in case anyone does not want to abide by the rules, they are free to pull out from the country. The stern warning from the […]
A consortium led by Multiples Private Equity has invested Rs 685 crore in Mumbai-based drugmaker BDR Pharmaceuticals International in lieu of a 9.3% stake. Institutional investors such as the investment arm of Times Group, QRG Invest (Havells Family Office), and high net worth individuals Nishant Agarwal of Avighna Group and Mallika Srinivasan of TAFE were […]
Telecom operators will get spectrum for 20 years in the upcoming 5G auction as the Digital Communications Commission (DCC) on Tuesday approved this option on the suggestion by an internal committee appointed by it. The development assumes significance as the government had, in September last year, announced that henceforth spectrum after auctions would be given […]
Bharti Airtel has appointed former Cabinet secretary PK Sinha as an independent director on its board. Sinha served as Cabinet secretary for more than four years and later moved to the Prime Minister’s Office as adviser. He resigned from that position in March 2021. Bharti Airtel said Sinha has been a government nominee director in […]
Navi Technologies, which owns and operates Chaitanya India Fin Credit, said on Tuesday that it would engage with the RBI to understand the reasons behind the rejection of its application for an on-tap universal banking licence. The management of the fintech will also consider if an appeal route needs to be pursued, Sachin Bansal, promoter […]
Siemens India has appointed Sindhu Gangadharan, senior vice-president and MD, SAP Labs India, and head, SAP User Enablement, to its board of directors as an independent director. Gangadharan also serves on the board of organisations like US-based Qualtrics, Titan Company and EverLoop by SAP. In 2021, she was also re-elected to the NASSCOM executive council […]
While net profits for lenders may have seen a big jump in FY22, the growth in operating profits or pre-provisioning profits (PPP) was modest. The bottom line was driven up by a big drop in provisions, data collated from Capitaline show. Total advances went up smartly over the previous year – the increase was 16.7% […]