Mahindra Logistics: Mahindra Logistics, a third-party logistics (3PL) solution provider, and cash-strapped logistics unicorn Rivigo on Monday announced that they have reached an agreement for the purchase of RSPL’s B2B express business by MLL. Under the terms of the agreement, Mahindra will acquire the express business through a Business Transfer Agreement (BTA), including the customers, team and assets of RPSL’s B2B express business, RSPL’s technology platform and the Rivigo brand.
BPCL: State-owned Bharat Petroleum Corporation Ltd (BPCL) is likely to incur gross marketing losses in the current fiscal as it is unable to pass costs to consumers, Fitch Ratings said Monday. The rating agency affirmed 'BBB-' rating on BPCL with a stable outlook. "Fitch expects BPCL to generate gross marketing losses in FY23, as the Indian oil marketing companies (OMCs) bear the largest burden of surging crude oil prices, with only limited increases being passed on to consumers despite cuts in taxes on retail sales.
Multi Commodity Exchange of India: 63moons technologies (formerly Financial Technologies) on Monday said it will not provide technology support to Multi Commodity Exchange (MCX) after September 30. In a regulatory filing to the BSE, 63 moons said that the term of the Software Support and Maintenance Agreement between 63 moons and MCX will end on September 30. "Consequently, MCX would cease to be a client of the 63 moons for exchange Technology Maintenance Agreement," 63moons said.
Forbes & Company: Forbes and Company, the listed arm of Shapoorji Pallonji Group, on Monday announced the demerger of its precision tools and machine parts business. The new entity will be called the Forbes Precision Tools and Machine Parts Limited, according to the regulatory filings
HCL Technologies: HCL Technologies (HCLTech) on Monday launched its new brand identity and logo, which seeks to embrace a distinct global brand identity while retaining connectivity with HCL Group. The company's new 'HCLTech' brand and logo will be at the heart of its go-to-market strategy and represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale, HCL Technologies said in a statement.
Servotech Power Systems: Clean energy solutions provider Servotech Power Systems said it has bagged a 1.8 MW off-grid solar project worth ₹30 crore from the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). The project will see Servotech perform key responsibilities such as undertaking empanelling and rate contracts for designing, manufacturing, supply, erection, testing and commissioning of off-grid solar plants throughout Uttar Pradesh.
Amara Raja Batteries: Amara Raja Batteries on Monday said it has proposed a transaction to integrate the battery plastic component business of Mangal Industries into its fold through a scheme of arrangement. The process involves the demerger of Mangal Industries' plastics component battery business with the company, Amara Raja Batteries said in a statement. Mangal Industries caters exclusively to Amara Raja, providing it with plastic containers, covers, small parts, handles and jars that are used in batteries, it added.
Axis Bank: The rise in income in semi-urban and rural markets provides a great opportunity to the banking industry, and Axis Bank is aiming to capture a greater share in the country's credit card market, a top company official said on Monday. India is witnessing rapid growth in consumer spending and by 2026, it is expected that two out of every three transactions will be via digital modes of payments, Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said here.
Bharti Airtel: Bharti Airtel has entered the home surveillance business with the launch of service in 40 cities, including Mumbai, Delhi-NCR, Bengaluru, Chennai and Kolkata, the company said on Monday. The company will charge ₹999 per year for the first camera and ₹699 per year for the add-on camera, besides one-time product and installation costs.
Paytm: The Enforcement Directorate has carried out search operations against Chinese-controlled loan apps. During the course of interactions, the federal agency has also frozen funds worth ₹46.67 crore kept in payment gateways including Paytm. These funds have been frozen under the anti-money laundering law, according to the news agency PTI.
