Vedanta on Thursday said ICRA has assigned A1+ rating to the company’s Rs 2,500-crore commercial paper, citing multiple positives. ICRA highlighted Vedanta’s diversified product portfolio and a healthy market share while assigning the rating, the company said. A1+ is the highest rating in a scale of ratings provided by the credit rating agency for such instruments.
Jio Financial Services has introduced a new super-app for digital banking and payment services that will take on competitors including Google and Amazon. The company announced the test version of its platform, named JioFinance, for UPI transactions, bill settlements as well as insurance related services. The financial arm of the oil-to-telecom conglomerate plans to expand into mutual fund loans and mortgage lending, it said in a statement Thursday.
Orient Electric, a CK Birla Group firm, has appointed RS Negi as Managing Director and CEO. Its vice-chairman and Managing Director Desh Deepak Khetrapal has resigned, according to a regulatory filing by the company. Negi’s appointment would be effective from May 31, 2024. He also joins the Orient Electric Board as a full-time director and will be based in New Delhi.
Sun Pharma and Dr Reddy’s Laboratories are recalling products in the American market due to manufacturing issues, the US Food and Drug Administration (USFDA) has said. In its latest Enforcement Report, the US health regulator stated that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high pressure inside the eye due to glaucoma or other eye diseases. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the affected lot of Xelpros (latanoprost ophthalmic emulsion) due to “out of specification for particulate matter test”.
Krishna Institute of Medical Sciences (KIMS) said its subsidiary KIMS Hospital Bengaluru has entered into a lease agreement to establish a 350-bed superspecialty hospital at the Peoples Education Society (PES) campus in Electronic City, Bengaluru. The 25-year lease agreement allows KIMS Hospital Bengaluru to lease the land and hospital building from PES.
Tl Clean Mobility, subsidiary of Tube Investments of India, has acquired 5,024 equity shares (equivalent to 23.69 per cent of share capital) of IPLTech Electric from the founders for ₹185 crore. Consequently, Tl Clean Mobility’s shareholding in IPLTech has increased from 65.77 per cent to 89.46 per cent.
ICICI Prudential Life Insurance Company said that the Insurance Regulatory and Development Authority of India has approved the appointment of Sandeep Batra as Chairman of the board of directors. The said appointment will be effective June 30, 2024.
Aarti Industries has appointed Suyog Kotecha as Chief Executive Officer (CEO) and Executive Director with effect from June 17. He will replace Rajendra V Gogri, who will relinquish his role as CEO of the company effective June 17.However, he will continue to be the Chairman and Managing Director of the company, the company said in a notice to the exchanges.
The board of Hilton Metal Forging has approved for sub-division of 1 equity share of the company (face value of Rs 10 each) into 10 equity shares (face value of Re 1 each)