reliance brands Archives

Coal India’s supplies to power sector rise 14% amid surging demand

Coal India Ltd (CIL) has increased supplies to coal-based electricity generating plants by 14.2% in the first half of April. The company’s supplies have hit 1.6 million tonnes per day (MTPA) during this period. However, soaring power demand due to hotter-than-normal summer seems to have exceeded the upsurge in supplies. CIL is coordinating with the ministries of coal, power, and railways to build up stocks at power plants.

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Amazon, Reliance, Sony competing for IPL broadcast rights: Report

Amazon.com, Inc., The Walt Disney Co., and Reliance Industries Ltd are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League (IPL). Sony Group Corp, Zee Entertainment Enterprises Ltd, and fantasy-sports platform Dream11 have also purchased bid-related documents from the Board of Control for Cricket in India (BCCI). The BCCI will be conducting the online auction from June 12 onwards.

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IndiGo, Qatar Airways reactivate codeshare partnership

Qatar Airways and IndiGo are reactivating their codeshare partnership following India’s decision to resume regular international passenger flights from March 27. In a codeshare partnership, each carrier on its distribution system can sell seats of other’s flights. As part of this expanded code-share agreement, Qatar Airways will place its marketing code on IndiGo-operated flights between Doha and Delhi, Mumbai, & Hyderabad, starting from April 25.

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L&T secures orders for its water & effluent treatment business

Larsen & Toubro Construction’s international arm has secured a contract for its water & effluent treatment business to construct and commission water supply schemes for various towns in Tanzania. The project will be funded by the EXIM Bank of India. The company has also received add-on domestic orders from the Uttar Pradesh State Water & Sanitation Mission to implement various rural water supply projects.

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Ajmera Realty targets sales value realisation of Rs 5,000 crore in the next 3-5 years

Ajmera Realty & Infra India Ltd expects to clock in sales worth Rs 5,000 crore in the next 3-5 years from its existing projects and future launches. The company also announced plans to launch six projects in the current and the next financial year with a revenue potential of Rs 4,000 crore. The funding for these new projects will be via a mix of internal accruals, bank funding, and sales advances.

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TCS expands multi-year partnership deal with IRONMAN Group Oceania

Tata Consultancy Services (TCS) has expanded its partnership with The IRONMAN Group Oceania in a multi-year deal for Sun-Herald City2Surf, the world’s largest fun run. The IT firm will continue to power the official event app, enhancing the fun run experience with live results tracking and leader board data. It will also include custom City2Surf selfie frames and a personalised race-ready checklist.

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Patel Engineering secures contract worth Rs 419 crore from MCGM

Patel Engineering has bagged a contract worth Rs 419.70 crore from the Municipal Corporation of Greater Mumbai (MCGM). The scope of the contract involves the construction of a tunnel from Powai to Ghatkopar high-level reservoir and further up to Ghatkopar low-level reservoir. The work is scheduled to be completed in 51 months as per the contract terms.

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Reliance Jio loses 36 lakh subscribers in Feb, Bharti Airtel adds 15 lakh: TRAI

Reliance Jio lost 36.6 lakh subscribers in February 2022, taking its total customer base to 40.27 crore. Bharti Airtel gained 15.91 lakh subscribers in Feb, while Vodafone Idea (Vi) lost 15.32 lakh subscribers. Airtel and Vi’s total customer count stood at 35.8 crore and 26.35 crore, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Reliance Brands to acquire 51% stake in Abu Jani Sandeep Khosla

Reliance Brands Ltd (RBL) has signed a definitive agreement to acquire a 51% majority stake in couturiers Abu Jani Sandeep Khosla (AJSK). AJSK currently has three other labels— ASAL by Abu Sandeep (a formal, occasion & wedding wear, womenswear label) GULABO, and MARD (a formal and occasion wear men’s label). RBL is a subsidiary of Reliance Retail Ventures Ltd.

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PVR Cinemas to live screen ICC Men’s T20 World Cup 2021

PVR Cinemas has signed a deal with the International Cricket Council (ICC) to screen live matches of the ICC Men’s T20 World Cup 2021 across the country. The matches will be screened across more than 75 cinemas in 35+ cities. The seventh edition of the T20 World Cup tournament, jointly held in UAE and Oman, will begin on Sunday (Sept 17).

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L&T makes entry into online earning space with L&T EduTech

Larsen & Toubro (L&T) has announced the launch of L&T EduTech, a new application-based learning platform to help create industry-ready talent. The platform aims to future-proof L&T’s businesses and bridge the gap that exists between the competence of young engineers and industry expectations. L&T EduTech will channelise L&T’s storehouse of knowledge to empower both students and professionals with real-world professional skilling to enhance their employability.

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Reliance Brands to acquire 40% stake in Manish Malhotra’s designer label

Reliance Brands Limited (RBL) has signed definitive agreements to acquire a 40% stake in MM Styles Private Limited, owned by homegrown designer Manish Malhotra. RBL’s investment intends to drive growth for the 16-year-old couture label both in India and overseas and establish the ‘Manish Malhotra’ brand as a global couture powerhouse. The brand will continue to be led by Malhotra as the managing and creative director.

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M M Forgings acquires Cafoma Autoparts for Rs 33 crore

M M Forgings Ltd has fully acquired Cafoma Autoparts Pvt. Ltd. for Rs 33 crore, including subordinated debt of Rs 5 crore. The company is engaged in machining, manufacturing, buying, selling, and distribution of all types of auto parts and engine parts. The investment would result in business synergy and enhance the current business operation of M M Forgings and its potential expansion.

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Metropolis Healthcare’s board clears acquisition of Hitech Diagnostic for Rs 636 crore

The Board of Directors of Metropolis Healthcare has approved the acquisition of Hitech Diagnostic Centre and its subsidiary Centralab Healthcare Services for Rs 636 crore. The indicative period for completion of the acquisition is six months. Mumbai-based Metropolis Healthcare is India’s largest chain of diagnostic centres and pathology labs.

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Rain Industries’ arm completes upgradation project of cement plant

Rain Cements Limited, a wholly-owned subsidiary of Rain Industries, has completed the upgradation of its Cement Mill at Unit-II, Boincheruvupalli village in Andhra Pradesh. The company’s cement grinding capacity has increased from 2.033 million tonnes (MT) to 2.795 MT per annum. Rain Industries is one of the world’s leading producers of calcined petroleum coke, coal tar pitch, and other high-quality specialty chemicals.

CIL to refrain from conducting e-auction till situation stabilises

Amid the low stock position at the electricity generating plants, state-owned Coal India Ltd (CIL) has asked its subsidiaries to refrain from conducting any further e-auction of coal (except special forward e-auction for the power sector) till the situation stabilises. The development assumes significance as the supply of coal is being prioritised to the power sector to replenish the decreasing stock in the wake of reports of an electricity crisis looming large. Owing to skyrocketing coal prices in international markets, all consumers have been competing for domestic coal, hiking up the demand.

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Dr. Reddy’s Labs launches Carmustine for Injection in the US market

Dr. Reddy’s Laboratories announced the launch of Carmustine for Injection, USP, in the US market. The drug is a lyophilized powder available as a package that includes a single-dose vial containing 100 mg Carmustine USP and a vial containing 3 mL sterile diluent. According to IQVIA data, the generic version of the drug had US sales of ~$19.4 million (~Rs 145.56 crore) for the twelve months ended August 2021.

India’s forex reserves rise by $2.04 billion to $639.51 billion

India’s foreign exchange (forex) reserves rose by $2.039 billion to $639.516 billion in the week ended October 8, according to RBI data. During the reporting week ended October 8, the rise in forex reserves was on account of an increase in Foreign Currency Assets (FCAs). Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the forex reserves.

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