Business

New Delhi, March 23 Sai Parenteral's Ltd, a diversified pharmaceutical formulation company, raised over Rs 122 crore from anchor investors on Monday, a day before its initial public offering (IPO) opens for subscription.Morgan Stanley Asia (Singapore) Pte Ltd, Kotak Lifesciences Fund, Quant Mutual Fund, Kotak Mahindra Life Insurance Company, and India Emerging Giants Funds Ltd are the anchor investors, according to a circular uploaded on the BSE website.The Hyderabad-based company has allotted 31,28,485 equity shares to these funds at Rs 392 apiece, which is also the upper price band for the IPO. This brings the total transaction size to Rs 122.63 crore.The company's maiden public offering will open for subscription on March 24...

New Delhi, March 23 Basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd raised Rs 60 crore from anchor investors ahead of its initial public offering (IPO).Rajasthan Global Securities, Lords Multigrowth Fund, and Chanakya Opportunities Fund I are the anchor investors, according to a circular uploaded on the BSE website.The company allotted 28,30,380 equity shares to these funds at Rs 212 each, which is also the upper price band for the IPO. This totals the transaction to Rs 60 crore.The company's maiden public offering (IPO), worth Rs 440 crore, will open for subscription on March 24 and conclude on March 27. The price band has been set at Rs 201-212 per share, valuing the company at Rs 2,200 crore.The Haryana-based...

New Delhi, March 23 DBS Bank India announced the launch of its direct tax payment facility on Monday, following authorization from the Central Board of Direct Taxes (CBDT).The bank will now be able to collect direct tax payments on the TIN 2.0 platform, in addition to its existing capability to collect Goods and Services Tax (GST) payments, the bank said in a statement.Customers can conveniently make payments for income tax, advance tax, self-assessment tax, capital gains tax, and Tax Deducted at Source (TDS) directly from their bank accounts, it said.With the wider adoption of digital infrastructure such as the TIN 2.0 portal, the environment for tax compliance has become more enabling by improving the ease of making payments and...

New Delhi, March 23 IndiGo, the country's largest airline, announced on Monday the appointment of former Air India Express Managing Director Aloke Singh as its Chief Strategy Officer.The appointment comes two weeks after the sudden resignation of IndiGo's CEO, Pieter Elbers.Singh, a veteran of the aviation industry who led Air India Express for over five years, will now report to IndiGo's Managing Director, Rahul Bhatia. Once the new CEO takes over, Singh will start reporting to that person.The board of InterGlobe Aviation, which operates the airline under the name IndiGo, approved Singh's appointment on Monday.On March 2, Singh told the Air India Express staff that he was departing the airline after his tenure ends on March 19...

New Delhi, March 23 – To promote ease of doing business and reduce compliance burden, the government on Monday proposed a series of amendments to the Companies and LLP laws, including changes in CSR norms, decriminalisation of procedural defaults, flexibility in share buybacks, and relaxations for small firms.Simplifying M&A procedures, allowing companies to hold AGMs in hybrid mode, enabling the constitution of multi-disciplinary partnership firms, giving more powers to regional directors, and enabling the setting up of special NCLT benches to hear specific matters under the Companies Act and the Insolvency and Bankruptcy Code (IBC) are among the other proposals.Finance and Corporate Affairs Minister Nirmala Sitharaman introduced...

Bhopal, March 23 Senior Bharatiya Janata Party leader and former MP, Jaibhan Singh Pawaiya, assumed the role of Chairman of the Madhya Pradesh State Finance Commission on Monday.Pawaiya told reporters that he planned to conduct field visits after understanding the Commission's working methods and objectives."A report will be prepared after studying the financial development of urban and panchayat bodies. Special attention will be paid to how the state's taxes should be distributed among urban and panchayat bodies, so that equitable and balanced development can be ensured in every region," he said.He took over after performing rituals and offering prayers at Vallabh Bhawan, the state secretariat, in the presence of Deputy Chief...

New Delhi, March 23 The capital markets regulator, Sebi, on Monday eased certain reporting requirements by removing the mandatory reporting of demat accounts and relaxing norms for bank account disclosures.The changes are aimed at enhancing regulatory efficiency, as well as to promote ease of doing business for brokers, by harmonizing and relaxing reporting obligations.Under the revised framework, stock brokers who are also banks or primary dealers will be required to report only those bank accounts to the stock exchanges that are used for their stock broking activities.Furthermore, demat accounts maintained by stock brokers will continue to be appropriately tagged, but the requirement will not apply to those used exclusively for...

Mumbai, March 23 The Securities and Exchange Board of India (Sebi) board on Monday approved a proposal for a comprehensive overhaul of the "fit and proper person" framework for market intermediaries to bring greater procedural clarity and fairness to the regulatory process.The proposal includes removing the automatic disqualification triggered by the filing of First Information Reports (FIRs), complaints, or charge sheets in economic offence cases."The rule-based criteria of pendency of a criminal complaint / FIR filed by Sebi or a charge sheet concerning economic offences shall, by itself, not be a ground for automatic disqualification. However, the existing principle-based criteria shall apply on a case-by-case basis," the...

On March 23 in Rajayyapeta (Andhra Pradesh), Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation for the Rs 1.36 trillion ArcelorMittal Nippon Steel India steel plant here in Nakkapalli mandal of Anakapalli district.With a capacity of 17.8 million tonnes per year, the plant will be built in two phases across 5,465 acres and is expected to create 100,000 direct and indirect jobs, according to the government."We have not just laid the foundation for a steel plant, but for a steel city," Naidu said, adding that the largest steel plant in India is coming to the southern state.Observing that the foundation laid today will gain momentum from March 24, the CM assured that cold rolled steel production will begin by...

New Delhi, March 23 TMC MP Saket Gokhale said on Monday that the NDA government has revised its own 2025-26 Budget Estimate by nearly Rs 10 lakh crore."Rs 10 lakh crore is the difference between what they present in the budget versus what is in the revised estimates," Gokhale said, taking a dig at the Finance Minister by calling her "the world's most gifted writer in fiction"."If you look at the budget and if you look at the Appropriation Bill that is being presented, it is very clear that the budget that is presented to Parliament every year is a work of fiction," he said in the Rajya Sabha.While presenting the ministry-wise details, he said that in the revised estimate, the budget for drinking water and sanitation has been...

New Delhi, March 23 – According to the 2025-26 economic survey report presented to the Delhi assembly by Chief Minister Rekha Gupta on Monday, Delhi's per capita income at current prices is likely to reach Rs 5,31,610, registering a growth of 7.92 per cent over 2024-25.The Chief Minister asserted that the survey report was "clear evidence" of Delhi's "rapidly growing" economy, "robust" infrastructure, and pro-people welfare policies.The Delhi Government's objective is to transform the capital into a world-class, inclusive, equitable, and livable city, so that the aspirations of every citizen may be fulfilled, she added.The report further stated that Delhi's per capita income is estimated to be about 2.5 times higher than the...

New Delhi, March 23 – Prime Minister Narendra Modi stated on Monday that India has transformed every sector and is now moving forward at a rapid pace of development, with visible results replacing the slow progress of the past.Addressing an event here, the Prime Minister said that India today has more than 160 airports, reflecting the rapid expansion of infrastructure across the country.He noted that while plans were made earlier as well, the key difference now is that outcomes are clearly visible on the ground."The pace of development has significantly increased, and the country has moved from slow execution to fast-track growth," PM Modi stated."The government’s resolutions are now turning into achievements, sending a strong...

New Delhi, March 23 South Indian Bank, a private sector lender, announced on Monday that it has appointed former RBI Executive Director Jose Joseph Kattoor as its non-executive, part-time chairman.The appointment is effective from March 23, 2026, for a term of three years.The appointment follows the approval granted by the Reserve Bank of India on February 3, 2026, South Indian Bank said in a statement.Kattoor brings over three decades of distinguished experience with the Reserve Bank of India, where he served from 1991 to 2023, it added.During his tenure as Executive Director, he led key departments, including enforcement, corporate strategy, currency, and human resources, the statement said.He has been serving as an...

Gurugram, March 23 Bharat Petroleum Corporation Limited (BPCL) has launched the country's first 'LPG ATM' (gas vending machine) in Gurugram, which will be open 24 hours a day and provide a cylinder within 2 to 3 minutes, an official said on Monday.This 'LPG ATM' has been launched at the Central Park Flower Valley society in Sector 33 of Gurugram's Sohna area. A notable feature of the ATM is its use of 'composite cylinders' instead of traditional heavy iron cylinders.These cylinders are made of fibre and weigh approximately half (around 15 kg) compared to iron cylinders.Currently, this service is available to customers in Gurugram who are connected to Bharat Gas (BPCL). The company has launched this as a pilot project. Currently...

New Delhi, March 23 Air India's Boeing 787-8 aircraft, flying from Bengaluru to London Heathrow, was diverted to Jeddah on Monday due to a technical issue after being airborne for over six hours.In a statement, a spokesperson for the airline said that the aircraft made a precautionary diversion and is currently undergoing comprehensive technical inspections in accordance with established safety protocols."Air India Flight AI133, operating from Bengaluru (BLR) to London Heathrow (LHR) on March 23, made a precautionary diversion to Jeddah following a suspected technical issue. The aircraft landed safely at Jeddah Airport at 19:58 IST, and all passengers and crew are confirmed safe," the spokesperson said.Details about the number of...

Mumbai, March 24 Japanese tyre maker Bridgestone is looking to sustain its strong growth momentum in India and expects a compounded annual growth rate (CAGR) of around 67 per cent in gross sales over the next five years, its managing director Rajarshi Moitra has said.He also said that the domestic aftermarket, especially the passenger car segment, is set for strong, robust growth and Bridgestone India remains bullish about this particular segment."Bridgestone India has been identified as amongst the top five growth markets of the Bridgestone Group. And in India, we are looking at continuing a strong growth momentum. Also, there is a lot of investment that the group is making. We are looking at continuing a strong growth momentum,"...

Thane, March 23 Thane Municipal Commissioner Saurabh Rao presented a budget of ₹6,221.12 crore for the 2026-27 fiscal, focusing on infrastructure, health, and education, without proposing any increase in municipal taxes.The budget was presented in the general body meeting held under Mayor Sharmila Pimpolkar.Presenting the financial statement, Rao emphasized maintaining financial discipline while enhancing the standard of living for citizens through sustainable "Green Thane" solutions and improved administrative transparency.Leader of the House, Hanumant Jagdale, moved a resolution praising Rao's work as an administrator over the past two years, which was seconded by Leader of Opposition Ashraf Shanu Pathan.Interacting with the...

Bhopal, March 23 The Madhya Pradesh cabinet on Monday approved a 3 per cent increase in Dearness Allowance (DA) for government employees and pensioners, and also cleared development and construction projects worth Rs 6,940 crore, officials said.The DA increase will benefit approximately 10 lakh people, including nearly three lakh pensioners, and will cost the state exchequer Rs 2,450 crore annually, they added."These decisions were taken at a cabinet meeting chaired by Chief Minister Mohan Yadav at the Mantralaya. The cabinet also approved several welfare proposals, including a micro irrigation project in the Rewa district and a training scheme for youth from the Other Backward Category," an official said."The 3 per cent increase...

Mumbai, March 23 The Securities and Exchange Board of India (SEBI) board on Monday decided to allow foreign portfolio investors (FPIs) to net funds for same-day cash market trades, instead of settling each trade individually, a move aimed at enhancing operational efficiency and reducing their funding costs, especially on index rebalancing days.The proposal will be implemented by December 31, 2026, the regulator said in a statement after the conclusion of its board meeting.Additionally, the board approved amendments to the regulations governing Alternative Investment Funds (AIFs), reducing the minimum investment value by individual investors in the Social Impact Fund of the AIF from the existing Rs 2 lakh to Rs 1,000 to boost retail...

Mumbai, March 23 In the wake of the HDFC Bank crisis triggered by chairman Atanu Chakraborty's sudden resignation, Sebi chairman Tuhin Kanta Pandey said on Monday that independent directors need to act responsibly and back up any accusations with evidence.In comments that came days after problems at the largest private-sector lender, Pandey said that independent directors like Chakraborty play a very important role in protecting the interests of minority shareholders on the board and outlined the process for voicing concerns as per the regulations.Chakraborty resigned, citing concerns about values and ethics, which led to widespread worries about governance at the systemically important bank and a sharp correction in its stock...