wistron corp Archives

CBI registers cases filed by SBI, Canara Bank over Rs 8,000 crore fraud

The Central Bureau of Investigation (CBI) has registered two separate cases filed by Canara Bank and State Bank of India regarding fraud to the extent of Rs 7,926.01 crore and Rs 313.79 crore, respectively. The first case was registered against a Hyderabad-based private company, its Chairman & Managing Director, additional Directors, and unknown public servants, on a complaint filed by Canara Bank. It was alleged that the private firm had availed credit facilities using multiple banking arrangements.

The second case was registered against a private company in Chennai, along with its Chairman and Directors, on a complaint by the State Bank of India. It was alleged that the borrower company availed credit limits of about Rs 310 crore from SBI. The loan amounts were said to have been diverted to related parties.

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PM Modi presents ASSOCHAM Centenary Award to Ratan Tata

Prime Minister Narendra Modi presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the Tata Group. PM Modi stated that ASSOCHAM and the entire Tata group has worked very hard to strengthen India’s economy and help the common Indian. Ratan Tata has been honoured for his distinguished contributions to the country. PM Modi was delivering the keynote address at ASSOCHAM’s Foundation Week. [ASSOCHAM stands for the Associated Chamber of Commerce of Inda].

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Apple puts Wistron on probation, confirms lapses in supplier code of conduct

Apple Inc. has placed Wistron Infocomm Manufacturing Pvt Ltd on probation and has confirmed lapses in Wistron’s supplier code of conduct that led to payment delays for the employees. This comes on the back of the violence last Saturday, when thousands of employees created unrest in Wistron’s facility in Karnataka, over unpaid dues. Apple stated that Wistron will not receive any new business from the company before they complete corrective actions.

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Apollo Hospitals plans to raise Rs 1,500 crore in next two months

Apollo Hospitals Enterprises Ltd (AHEL) is planning to raise around Rs 1,500 crore in the next two months to support its inorganic growth and strengthen its balance sheet. The funds will also be utilised to improve the services of Apollo 24/7, the company’s digital health platform. AHEL also stated that it is preparing to acquire specific businesses to strengthen its presence in key markets.

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Vodafone Idea launches Rs 399 digital exclusive prepaid and postpaid plans for new users

Vodafone Idea (Vi) has launched a new Rs. 399 digital exclusive plan for customers who place an order for a new SIM via its website. The new plan is listed under both prepaid and postpaid plans. The Rs 399 plan comes with data benefits. It has a validity of 56 days and offers 100 SMS per day to the users. The plan also comes with 1.5 GB mobile data per day. Additional benefits include access to Vi Movies and TV.

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IIFL Home partners with ICICI Bank to provide affordable housing and MSME loans

IIFL Finance Ltd announced that its home loan subsidiary, IIFL Home, has partnered with ICIC Bank to provide affordable housing and MSME (Micro, Small, and Medium Enterprise) loans. IIFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection & loan servicing. ICICI Bank will provide funding to these customers

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IndiGrid buys FRV’s solar projects for Rs 660 crore

India Grid Trust (IndiGrid) has entered into an agreement to acquire 100% stakes in FRV Andhra Pradesh Solar Farm-I Pvt Ltd and FRV India Solar Park II Pvt Ltd, from FRV Solar Holdings XI B.V. The two projects comprise 50 MW of solar assets each. The enterprise value of the acquisition is Rs 660 crore. IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT) and is sponsored by KKR and SPGVL.

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Indian banks pursue UK bankruptcy order against Vijay Mallya

A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya. The banks are pursuing the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. Vijay Mallya owes more than Rs 9,000 crore to the Indian banks.

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MTAR Technologies files for Rs 650 crore IPO

MTAR Technologies Ltd has filed a draft red herring prospectus with market regulator SEBI for an initial public offering (IPO). The company is likely to raise Rs 600-650 crore through the IPO. It will consist of a fresh issue of up to 40 lakh shares and an offer for sale (OFS) of up to 82 lakh shares of the face value of Rs 10 per share.

MTAR Technologies is engaged in the manufacturing and development of mission-critical precision components for the nuclear, space, defense and clean energy sectors. The Hyderabad-based company operates 7 manufacturing facilities.

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Punjab National Bank QIP issue falls short of target by 46%

State-owned Punjab National Bank (PNB) was only able to secure 54% of its planned fundraising target through a qualified institutional placement (QIP). PNB had planned to raise Rs 7,000 crore through the QIP that had opened on December 15 (Tuesday). As the issue closed on Friday, it was reported that PNB was only able to raise Rs 3,788.04 crore.

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USA, Mexico authorizes emergency use of Pfizer vaccine

The US Food and Drug Administration (USFDA) and Mexico’s drug regulator- Cofepris have authorized the Covid-19 vaccine developed by Pfizer-BioNTech for emergency use in their respective countries. So far, the Pfizer-BioNTech vaccine has been approved for emergency use in a total of five countries- the United Kingdom, Bahrain, Canada, the United States, and Mexico.

India’s economic recovery faster than expected: PM Modi

Prime Minister Narendra Modi, on Saturday, stated that economic indicators have shown encouraging signs of recovery of the Indian economy. He stated that India has seen record Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) inflows during the pandemic. PM Modi was addressing FICCI’s 93rd Annual General Meeting and Annual Convention via video conferencing. On farm laws, PM Modi said that that the new reforms will give farmers new markets and access to technology. He further stated that the farm reforms will help bring investments in agriculture that will benefit farmers.

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Yes Bank sells 2.56% stake in Coffee Day group-owned Sical Logistics

Yes Bank has sold 15 lakh shares, which is equivalent to a 2.56% stake, in Sical Logistics. The nominal value of each share was Rs 10. Sical was acquired by Coffee Day group in 2011. It is engaged in customs handling, trucking & steamer agency businesses, mining, port logistics, road & rail transport, etc.

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Finance Ministry approves Rs 9,879 crore capital expenditure proposal of 27 states

The Finance Ministry has approved Rs 9,979.61 crore worth of capital expenditure proposals of 27 states. Out of the total amount, Rs 4,939.81 crore has been released as the first installment. This is part of the newly announced government scheme for ‘Special Assitance to States for Capital Expenditure’, under the Atmanirbhar Bharat package.

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L&T to win orders worth Rs 5,500 crore, including NPCIL and Chennai Metro Rail jobs: Report

According to a report from ET Prime, Larsen & Toubro (L&T) has emerged as the lowest bidder for three orders worth around Rs 5,500 crore. This includes a contract from the Nuclear Power Corporation of India (NPCIL) for its Kudankulam project. The two other orders are from Chennai Metro Rail and energy major Oil & Natural Gas Corporation (ONGC). The report states that L&T is likely to officially receive the orders from these clients in the last quarter of 2020-21.

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Tata Motors offers VRS scheme to control costs

Tata Motors Ltd has offered a voluntary retirement scheme (VRS) to its employees, in an effort to control costs and efficiently implement its turnaround plans. The VRS scheme is open till January 9, 2021, and will cover nearly half of Tata Motors’ 42,957 employees. This is the third time in four years that Tata Motors is floating a VRS.

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Banks select Vedanta’s offer of Rs 5,000- Rs 6,000 crore for Videocon: Report

According to a report from ET Prime, banks have selected Vedanta group’s Rs 5,000- Rs 6,000 crore offer for the debt-ridden Videocon Industries. The Vedanta group was engaged in negotiations with a group of lenders, led by State Bank of India, after submitting its first offer. The final offer by Vedanta would imply the recovery of 16-20% of the total dues of Videocon to its lenders. Videocon Industries owes banks Rs 30,000 crore, including interest accumulated over the years.

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Violence brakes out at Wistron Corp’s iPhone manufacturing plant near Bengaluru

Workers at Wistron Corporation’s factory in Narasapura (near Bengaluru) went on a rampage on Saturday morning over the non-payment of wages and extended working hours. The protesters raised slogans against the management, pelted stones at the office, and set fire to a company name board. According to reports, 80 employees of Wistron have been arrested so far. Taiwan-based Wistron Corp is a contract manufacturer for Apple iPhones.

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ICICI Prudential’s assets under management cross Rs 2 lakh crore

ICICI Prudential Life Insurance Company’s assets under management (AUM) have crossed Rs 2 lakh crore, as it entered its 20th year of operations. AUM is the total market value of the investments that an entity manages on behalf of clients. The company stated that this milestone demonstrates its steadfast focus on customer-centricity and the commitment of its employees and other stakeholders.

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Board of Zensar Tech approves change in MD and CEO

The Board of Zensar Technologies Ltd announced that Ajay Bhutoria will be succeeding Sandeep Kishore as Chief Executive Officer and Managing Director. Prior to this, Ajay Bhutoria was chief executive of L&T-NxT, before which he was country head of Cognizant Switzerland. Sandeep Kishore, who had been appointed for five years, shall leave on January 11, 2021 (after his term ends).

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