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Allahabad Bank on Thursday announced that the Centre is infusing Rs 3,054 crore into it as an investment during the current fiscal. “In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the bank has received a communication from the Government of India, Ministry of Finance, Department of…
Bombardier Inc., the multinational aerospace and transportation company based in Canada on Thursday announced its plans to cut 5,000 jobs as part of an effort to streamline operations and reduce costs. The Canadian plane and train maker has production and engineering sites in 28 countries and nearly 70,000 employees worldwide. Bombardier is currently in the middle…
Fortis Healthcare Ltd on Thursday said Bhavdeep Singh, the Chief Executive Officer (CEO) of the company has resigned from his position citing personal and professional reasons. “At the request of the Board, Mr. Singh has agreed to continue in his current capacity till such time his succession planning is crystallised,” Fortis said in a BSE…
Tesla Inc. has named Robyn Denholm as chair of its board, replacing its founder Elon Musk, who agreed to step down from the post as part of a settlement with U.S. Securities and Exchange Commission. Earlier, The Securities and Exchange Commission (SEC) filed a suit in New York accusing Musk of fraud, alleging his fake tweets about the electric…
Meesho, an Indian-origin social commerce platform on Tuesday announced that the company had raised $50 million in Series C funding from new investors including Shunwei Capital, DST Partners, and RPS Ventures. Existing investors Sequoia India, SAIF Partners, Venture Highway, and Y Combinator also participated in the round. Total funds raised by Meesho in three funding rounds…
Infosys on Monday announced that its global internship program, InStep, has been ranked number 1 in the best overall internship category by Vault.com’s latest survey on Top Internships for 2019. InStep, also earned the first position in the best consulting internship category, the second position in the compensation and benefits category, seventh position in the quality…
The US-based investment firm Tiger Global Management has advanced talks to invest $5-6 million each in two early-stage software companies Fyle and Facilio. “The New York-based investment firm has issued term-sheets to the two software companies, according to three people aware of the development,” ET reported. For the past three years, the firm stayed low by focusing…
Larsen & Toubro (L&T) on Friday announced that its construction arm, L&T Construction has won orders worth Rs 1,329 crore across business segments. Water & effluent treatment business won an order worth Rs 710 crore. Transportation infrastructure business won an order worth Rs 481 crore. Smart world communication business has secured an order worth Rs 138…
Jason Kothari, president of the e-commerce company Infibeam Avenues, has quit the company, in less than five months due to personal reasons. “We wish to inform you that Mr. Jason Kothari who is serving the Company as a President has informed the Company that he is required to spend more time abroad due to personal reasons.…
Tata Consultancy Services, a leading global IT services, consulting and business solutions organization, today announced its acquisition of W12 Studios, an award-winning digital design studio based in London. This the first acquisition of India’s largest IT services company in about four years. The company, however, did not disclose the financial details of the deal. This…
Bajaj Electricals Ltd, a part of the Rs 380 billion Bajaj Group, on Thursday announced the appointment of Anuj Poddar as the Executive Director of the organization for a term of 5 years, effective immediately. Bajaj Electricals Ltd is an Indian consumer electrical equipment manufacturing company based in Mumbai, Maharashtra. As a part of his…
Nira, Bangalore based fintech startup that provides small value credit to consumers with limited access to traditional modes of finance, has raised $1 million in seed funding from angel investors based in India and the United Kingdom. The firm will use the fundings to accelerate building out the core team and technology to drive the…
Schaeffler Group, the German-based manufacturer of rolling element bearings for automotive, aerospace and industrial uses, has planned to invest an additional Rs 1,000 crore in its Indian operations over the next three years. Recently, the firm completed its merger with Ina Bearings India and LuK India, which was announced back in August 2017. The firm is…
Wishup, a Virtual assistant startup is planning to hire 400 people on board in next twelve to sixteen months. The global strength of the company will be around 500 after this hiring. The startup was founded by Neelesh Rangwani and Vivek Gupta, it provides small businesses remotely based trained people who do tasks like sales, digital marketing,…
National Investment and Infrastructure Fund (NIIF), India’s first sovereign wealth fund announced that it has acquired IDFC Infrastructure Finance (IDFC-IFL), an infrastructure debt fund. This acquisition is the first investment from NIIF’s strategic fund. The acquisition is subject to approval from RBI and customary closing conditions. The company has a loan book of more than Rs…