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Business Standard

Govt approves sale of FSNL to Japan's Konoike Transport for Rs 320 cr

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore. Under the Steel Ministry, FSNL is a 100 per cent subsidiary of MSTC Ltd. The government had received two technically qualified financial bids for the company. The Alternative Mechanism, comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Steel Minister H. D. Kumaraswamy, have approved the highest bid amounting to Rs 320 crore of Konoike Transport Co Ltd for sale of 100 per cent equity shareholding of MSTC Ltd in FSNL along with transfer of management control, a finance ministry statement said. The 320 crore bid was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the Transaction Adviser and Asset Valuer. The strategic sale of FSNL received two technically qualified financial bids. The bid submitted by Konoike Transport Co. Ltd at Rs 320 cr

The Economic Times

Logistics cost will be in single digits in 5 years: Nitin Gadkari

Nitin Gadkari said he aimed to make the Indian automobile industry number one in the world. "Last year, India had overtaken Japan to become the third-largest automobile market in the world, only behind the US and China," he said, adding that the size of India's automobile industry has gone up to Rs 22 lakh crore in 2024 from Rs 7.5 lakh crore in 2014.

The Economic Times

Ajay Tyagi-led panel to suggest ways to split marketing and transport companies, end city gas monopoly

The Petroleum and Natural Gas Regulatory Board (PNGRB) has formed a committee to address key issues in the domestic natural gas sector. The panel, led by former Sebi chairman Ajay Tyagi, will recommend ways to separate gas transport and marketing activities and tackle monopolies in city gas distribution.

Business Standard

Macrotech Developers raises stake in 3 warehousing firms for Rs 239.56 cr

Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore. The share acquisition in the three firms would help Macrotech Developers in increasing its rental income. In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard. It has increased its stake in "Digital Infrastructure Platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 239.56 crore, the filing added. The company's interest post the above acquisition in Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd would increase to 70 per cent, 66.67 per cent and 66.67 per cent, respectively, it added. Macrotech ...

Business Standard

Govt announces steps to resolve shipping related problems of traders

The government on Thursday announced steps, including reducing certain charges at ports and purchase of five additional second-hand container vessels by SCI, to resolve shipping sector-related problems of exporters and importers. These measures were announced after a meeting of all the concerned stakeholders of the international trade segment, including senior officials of ministries like commerce and industry, shipping, ports, finance, civil aviation and railways; apex exporters body FIEO (federation of Indian export organisations), customs officials, freight forwarders, transport operators and shipping companies. Exporting community and experts have flagged shipping sector issues which are hurting the country's exports, which has contracted by 9.3 per cent in August. The issues figured in the discussions include container shortage, surge in ocean freight rate and shipping cost, shipping delays at the Indian ports, and turnaround time at the ports. Briefing media after the ...

Business Standard

Infosys to help Posti spruce up customer experience, efficiency with AI

Indian IT services company Infosys on Thursday announced it is extending strategic collaboration with Posti to enable the delivery and logistics services provider in Finland, Sweden and the Baltics to enhance customer experience and operational efficiency. Infosys will adopt an AI-driven approach powered by Topaz, its AI-first offering using generative AI technologies, to empower Posti with operational efficiencies and service quality. Infosys Cobalt will leverage its Live Enterprise Application Management Platform (LEAP), a cloud-enabled platform, to provide NextGen Application Management Services for enterprises to drive their cloud journey, and enhance business productivity. "Infosys today announced it is extending its strategic collaboration with Posti, the leading delivery and logistics services provider in Finland, Sweden and the Baltics," the release said. Over the last five years through the collaboration, Infosys has helped Posti improve the resilience of IT systems, reduc

Business Standard

Revved up! Nykaa scales its same, next-day deliveries to 110 cities

Nykaa has expanded its supply chain network to 44 warehouses across India by FY24, up from 18 in FY21

Mint

Govt okays Japan's Konoike Transport as strategic buyer of state-run Ferro Scrap

Konoike Transport Co. Ltd had bid ₹320 crore for taking over the Chhattisgarh-based mining and metals company with full management control. Ferro Scrap Nigam, a 100% subsidiary of MSTC was incorporated in 1979. It specialises in the recovery and processing of scrap from slag.

The Economic Times

Govt approves sale of FSNL to Japan's Konoike Transport Co for Rs 320 cr

The government has approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese company Konoike Transport Co Ltd for Rs 320 crore. FSNL, a subsidiary of MSTC Ltd under the Steel Ministry, received two bids, with Konoike's being the highest. The sale includes 100 per cent equity shareholding and management control transfer.

CNBC TV18

Infosys extends collaboration with Posti by seven years for AI edge

The renewed partnership with Posti, which is the leading delivery and logistics provider across Finland, Sweden, and the Baltics, will focus on customer experience and operational efficiency by adopting an AI-first strategy via Infosys Topaz. Shares of Infosys Ltd ended at ₹1,894.15, up by ₹1.80, or 0.095%, on the BSE.

CNBC TV18

Japanese firm Konoike Transport wins ₹320-crore bid for MSTC arm Ferro Scrap Nigam

FSNL is a wholly-owned subsidiary of MSTC Ltd under the Ministry of Steel, while Konoike Transport is listed on the Tokyo Stock Exchange and has a longstanding presence in the steel industry. Shares of MSTC Ltd ended at ₹722.65, up by ₹10.55, or 1.48%, on the BSE.

Mint

IPO News Today Live Updates on September 19, 2024 : Excellent Wires and Packaging share price decline after listing at 5% discount

IPO News Today Live Updates on September 19, 2024: Explore the latest on initial public offerings (IPOs), featuring insights into newly public companies and market trends. Get the details on upcoming IPOs, pricing strategies, and how these new stocks perform on the exchange, providing crucial information for investors and market watchers

Mint

Excellent Wires and Packaging share price decline after listing at 5% discount

Excellent Wires and Packaging shares were listed with a discount of 5.5% at ₹85 apiece on NSE SME as against its issue price of ₹90 per share.

The Economic Times

India aims to slash logistics costs to single-digit percentage in next five years

India aims to reduce its logistics costs to a single-digit percentage within five years, according to Union Minister Nitin Gadkari. He highlighted ongoing highway and expressway construction as key initiatives. Gadkari also envisions making India's automobile industry the largest globally and emphasized increasing farmers' purchasing power to boost economic growth.

The Economic Times

HAL shares slump over 5% even amid overall bullish market sentiments

HAL Share Price: Shares of Hindustan Aeronautics Ltd fell over 5% despite strong market sentiments, following a significant Rs 26,000 crore defense deal. Analysts expect continued growth amid supply chain challenges.

The Economic Times

India ranks 3rd in global cross-border capital destinations

In the first half of 2024, India ranked third globally for cross-border capital in land and development sites. Foreign investment in India's industrial and warehousing sector surged, driven by demand from 3PL and e-commerce players. Notable deals included investments by Daibiru Corporation, ADIA, KKR, and Maple Tree.

Business Standard

Macrotech acquires additional stake in digital infrastructure platform entities for Rs 240 crore

Macrotech Developers said that it has executed securities purchase agreements with Ivanhoe Warehousing India Inc. for acquisition of their interest in the digital infrastructure platform entities in Maharashtra for Rs 239.56 crore.

Business Line

Food delivery aggregators cost Indian households ₹9,000-11,000 cr of additional costs annually: report

Mavericks India’s report says these costs include convenience fees over direct restaurant orders and include prices for delivery, packaging and subscription fees

Business Line

Bobba Logistics earmarks ₹100 crore for phase 2 expansion of micro-fulfillment centers

Bobba Logistics plans to add a second centre in Devanahalli for Phase 2, with its completion expected in Q4 2025

CNBC TV18

IREDA, GE T&D India, Garden Reach, BL Kashyap, Apollo Micro and more: Top stocks to watch out for on September 19

stocks to watch, GE T&D India, Garden Reach Shipbuilders, BL Kashyap, Apollo Micro Systems, IREDA, Ion Exchange, Allcargo Logistics, Power Grid Corporation of India, Nazara Technologies, Aavas Financiers and more, these are the stocks to watch for today.

The Economic Times

Amazon boosts warehouse worker pay by at least $1.50 an hour

Employees will start receiving Prime, Amazon’s speedy shipping and video subscription service, as part of their compensation beginning early next year, the company said. The additional investment in pay and benefits, $2.2 billion, is the company’s largest, logistics chief Udit Madan said in the blog.

The Economic Times

Tupperware: From a US household brand to an indebted kitchenware maker

Tupperware Brands has filed for bankruptcy protection after years of declining demand and financial losses. The company, known for its iconic food storage containers, struggled with competition and rising costs. Despite a brief resurgence during the pandemic, Tupperware could not sustain profitability and now seeks to restructure under bankruptcy proceedings.

The Economic Times

IIT alumni to invest Rs 700 cr for EV buses in Goa; will revive mass transport, says CM Pramod Sawant

The Goa cabinet has approved a proposal by IIT alumni to invest Rs 700 crore in introducing electric buses for the state's public transport system. The initiative aims to roll out 500 EV buses, enhancing the fleet of Kadamba Transport Corporation Limited and reviving non-operational routes and interstate services.

The Economic Times

Food delivery via aggregators amounts to Rs 9,000-11,000 crore of additional costs annually: report

According to the report, food delivery aggregators charge an average premium of Rs 46 per dish compared to direct restaurant orders. Aggregators impose 150-200% higher delivery fees than some restaurants and charge Rs 2 more for packaging than restaurants, even though the packaging is the same.

The Economic Times

Endiya Partners leads AltiusHub’s $2.25 million fundraise

Founded in 2023, AltiusHub is a supply chain visibility software designed to help manufacturing companies safeguard their supply chains. Initially focused on the pharmaceutical industry, the platform aims to prevent counterfeit medicines from infiltrating the supply chain.

Business Line

Gautam Solar to invest ₹1,000 crore in 2 GW solar cell plant, aiming to boost domestic manufacturing

By aligning with MNRE’s guidelines and focusing on domestic content requirements, Gautam Solar seeks to enhance its competitiveness in the Indian solar cell supply chain

The Economic Times

Buy Delhivery, target price Rs 600: ICICI Securities

Delhivery Ltd., incorporated in the year 2011, is a Small Cap company (having a market cap of Rs 31410.53 Crore) operating in Logistics sector.

Business Standard

Centre's support to help attain $1 bn exports of alcoholic beverages: CIABC

Support from the Centre and state governments will help the country to achieve USD 1 billion worth of alcoholic beverages exports in the coming years, the Confederation of Indian Alcoholic Beverage Companies (CIABC) said on Wednesday. CIABC Director General Anant S Iyer also said that promoting ease of doing business for the sector is key at both the Central and state government levels. Easy and timely permissions for bottling and branding; transport permits; and promoting online paperwork are some of the areas which need special attention for the growth of the sector. "We need ease of doing business across the operations, besides easy tax structures and market-determined prices to boost the exports. At present, rules for the sector differ from state to state," Iyer said. He said the USD 1 billion target is "ambitious, but possible". In 2023-24, the exports stood at USD 389 million. He added that the industry should give a try for this target as it needs about 14-15 per cent ...

The Economic Times

India has potential to export electric two-wheelers: Nitin Gadkari

India has the potential to become a major export hub for electric two-wheelers, according to Transport & Highways Minister Nitin Gadkari. He highlighted that companies like Bajaj and TVS are already exporting nearly 50% of their production. With battery prices decreasing, electric vehicles are expected to be cost-competitive with petrol and diesel vehicles within two years, driving up demand.

The Economic Times

We will not spare you: Nitin Gadkari fumes at poor upkeep of EPE, warns operators

Union Road Transport and Highways Minister Nitin Gadkari criticized agencies and contractors for poorly maintained roads, particularly the Eastern Peripheral Expressway. He warned that bad operators would face blacklisting and forfeiture of bank guarantees, while good performers would be rewarded. The minister emphasised the need for well-maintained roads and highlighted ongoing environmental initiatives.

The Economic Times

India has potential to produce lithium-ion batteries, Kashmir has 6% of global lithium stock: Nitin Gadkari

Union Road Transport and Highways Minister Nitin Gadkari announced that Jammu and Kashmir holds 6% of the world's lithium stock, highlighting India's potential to produce lithium-ion batteries. He emphasised the future of electric vehicles and the need for alternate fuels like ethanol and hydrogen. Gadkari also discussed India's growing automobile industry and its significant export contributions.

Mint

Electric bus maker JBM Auto secures $100 million from ADB, AIIB

JBM ECOLIFE Mobility, a JBM Auto subsidiary, plans to use the funds to bring in 650 more electric buses across multiple states in a phased manner.

Business Standard

JBM secures $100 million funding from ADB, AIIB to expand e-bus operations

JBM currently operates over 1,500 electric buses across 10 states and more than 15 major airports in India

The Economic Times

Indian companies need to fret over the price chart at ports

Freight rates at Indian ports have surged nearly 70% year-on-year in August, driven by global shipping disruptions and sustained demand. This increase, after a two-year gap, is likely to impact the cost burden of Indian companies with international exposure. Rates have fluctuated since 2020 due to various geopolitical issues and supply chain disruptions.

The Economic Times

India, US for giving push to sustainable aviation fuel, hydrogen in buses

India and the US have agreed to boost sustainable aviation fuel, promote electrification of medium and heavy-duty vehicles, and use hydrogen in buses and tractors. The agreement was made during the Strategic Clean Energy Partnership dialogue, highlighting investments in clean energy markets and modernising power distribution for reliable energy access.

The Economic Times

JBM Ecolife Mobility secures USD 100 mn funding from ADB, AIIB for electric bus expansion

JBM Ecolife Mobility has secured USD 100 million in funding from the Asian Development Bank and the Asian Infrastructure Investment Bank. The funds will be used to supply and operate electric buses across multiple Indian states under the Gross Cost Contract model, supporting India's Net Zero 2070 target.

Business Line

JBM ECOLIFE bags $100 million to make more electric buses

Asian Development Bank, Asian Infrastructure Investment Bank invest in JBM Auto subsidiary

The Economic Times

Tuticorin Intl container terminal dedicated to nation; to reduce logistics costs, save forex

The Tuticorin International Container Terminal was inaugurated by Union Minister Sarbananda Sonowal, enhancing VOC Port's capacity. Prime Minister Modi highlighted its deep draft and significant berth length. The terminal aims to reduce logistics costs, save foreign exchange, and promote gender diversity with 40% female employees. Multiple development projects were also launched.

The Economic Times

Bhuj-Ahmedabad Namo Bharat Rapid Rail cheaper than intercity buses: Railways

Prime Minister Narendra Modi inaugurated the Namo Bharat Rapid Rail, offering a faster and cheaper alternative to buses between Bhuj and Ahmedabad. The train covers 11 stations in 5.45 hours, featuring advanced safety systems and inclusive designs. It aims to connect cities within a 150 km radius efficiently.

Hindustan Times

rich Kazakhstan seeks niche in battery supply chain

KAZAKHSTAN-METALS/BATTERIES (CORRECTED, PIX):CORRECTED-Metals-rich Kazakhstan seeks niche in battery supply chain