Business

RBI imposes Rs 25 lakh penalty on Axis Bank
Business

RBI imposes Rs 25 lakh penalty on Axis Bank

Mumbai (Maharashtra) [India], September 2 (ANI): The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on private sector lender Axis Bank for non-compliance with certain provisions of Know Your Customer (KYC) norms.A scrutiny was carried out by RBI in February and March 2020 in a customer account. It was observed that the bank had failed to carry out on-going due diligence that the transactions were consistent with its knowledge about the customer, customer's business and risk profile. A notice was issued to the bank advising it to show cause why penalty should not be imposed on it for contravention of the directions. After considering the bank's reply and oral submissions, the RBI came to the conclusion that the charge of contravention of/non-compliance with its dir...
Bajaj Group appoints Neeraj Jha as Group President and Chief Communications Officer
Business

Bajaj Group appoints Neeraj Jha as Group President and Chief Communications Officer

Mumbai (Maharashtra) [India], September 2 (ANI/NewsVoir): Bajaj Group has appointed Neeraj Jha as Group President & Chief Communications Officer with effect from September 1, 2021. He will report to Kushagra Bajaj, Chairman, Bajaj Group and will be based at the Group's Head Quarters at Bajaj Bhawan, Mumbai.In his new role, Neeraj will be responsible chiefly for the following: Group's Brand Reputation and Image, matters pertaining to them Advising Chairman and Senior Leadership of the Group (SLG) on all matters pertaining to Reputation, Media and Communication Providing communications support to Group Companies and advising their Senior Leadership Team (SLT) on all matters pertaining to Reputation, Media, and Communication "I have long believed communication can play a crucial role in b...
Bharti’s equity issuance to support deleveraging, fund 5G capex: Fitch
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Bharti’s equity issuance to support deleveraging, fund 5G capex: Fitch

Singapore, September 1 (ANI): Bharti Airtel Ltd's planned USD2.8 billion equity issuance will improve its funds from operations (FFO) net leverage to around 2x and provide funds to strengthen its market position, according to Fitch Ratings.Bharti will raise equity in three tranches, a quarter of the proceeds to be received upfront and the balance in two installments within three years. Fitch said the company's management remains committed to an investment-grade rating. The company raised about USD9 billion in financial year ended March 2020 (FY20) and FY21 via equity issuance, selling a stake in subsidiary Airtel Africa Plc and the sale-and-leaseback of towers in Africa. The management aspires to achieve a debt/EBITDA ratio of around 2x in the long term. Fitch forecast Bharti's capex to in...
Social worker Niket Patel gets Rajiv Gandhi Global Excellence Award
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Social worker Niket Patel gets Rajiv Gandhi Global Excellence Award

New Delhi [India], August 31 (ANI/PNN): Rajiv Gandhi Global Foundation has honoured Congress leader, All India Congress Committee member and social activist Niket Sunilbhai Patel with the "Rajiv Gandhi Global Excellence" award for his social service.A grand awards and conclave show was held by the esteemed Foundation at The Park Hotel in New Delhi on August 20. The show recognised the extraordinary achievements of many people in their respective fields. The event witnessed the presence of many politicians, celebrities, journalists and many other renowned personalities. The award was given by popular TV actors Karanveer Bahora and Aman Verma. A total of 20 people from all over India like actor Naseer Abdullah, runner Budhiya Singh, Sandeep Marwah, cricketer Atul Vasan, Krishna Guru Maa and ...
IDF’ India Diversity Job Fair 2021 provides a significant boost to Corporate India’s Diversity Hiring
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IDF’ India Diversity Job Fair 2021 provides a significant boost to Corporate India’s Diversity Hiring

New Delhi [India], August 31 (ANI/SRV Media): India, 31st August 2021: Zee Entertainment Enterprises Ltd. presents India Diversity Job Fair 2021 (IDJF2021), a mega diversity job fair aimed at boosting corporate India's diversity hiring successfully concluded on the 28th of August.IDJF 2021 with 30 Diversity Hiring Partners and with more than 350 vacancies listed received more than 5000 registrations. With the theme Equal Opportunity For All this virtual job fair witnessed more than 2500 candidates participate over the course of two days. IDJF2021 also had more than 15 renowned business and HR leaders deliberate on the various aspects of diversity hiring in the IDJF Summit that ran concurrently on the first day of the job fair. Priyaranjan Jha, Managing Director, PepsiCo Hyderabad delivered...
Arvind Fashions stock up 8 pc after raising Rs 439 crore from marquee investors
Business

Arvind Fashions stock up 8 pc after raising Rs 439 crore from marquee investors

Bengaluru (Karnataka) [India], Aug 23 (ANI): The board of directors at Arvind Fashions Ltd has approved preferential allotment of equity shares aggregating to Rs 439 crore to various marquee investors including promoters at a price of Rs 218.50.The marquee investors who participated in the fund raise are Akash Bhanshali, existing shareholders including ICICI Prudential Mutual Fund, various foreign institutional investors (including University of Notre Dame Du Lac, GP Emerging Markets Strategies LP, The Ram Fund LP, Ashish Dhawan and other investors. Aura Merchandise Pvt Ltd, a promoter entity, also participated in the preferential issue for an amount of Rs 40 crore. With this fund raise, the company completes capital requirement needed for growth and navigating any uncertainties. With focu...
Rajasthan CM inaugurates trial run at Ambuja’s Marwar cement plant in Nagaur
Business

Rajasthan CM inaugurates trial run at Ambuja’s Marwar cement plant in Nagaur

Mumbai (Maharashtra) [India], Aug 21 (ANI): Ambuja Cements Ltd on Saturday started trial run at a greenfield integrated plant in Nagaur district of Rajasthan.Chief Minister of Rajasthan Ashok Gehlot virtually inaugurated the trial runs at Marwar Cement Works. Built over an investment of Rs 2,350 crore, the greenfield integrated plant enhances Ambuja's clinker capacity by three million tonnes per annum and helps in improving cement sales by three million tonnes per annum. The plant has a waste heat recovery system that converts waste heat derived during the production process into energy. Gehlot said cement is one of the most important materials for infrastructure and nation's growth. "The state is ready to provide all assistance necessary for the progress of the industry. It will be our co...
Bollywood Actress Gauahar Khan launches ‘Queens lift’, a premium skincare product by Dr. Umaira
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Bollywood Actress Gauahar Khan launches ‘Queens lift’, a premium skincare product by Dr. Umaira

Mumbai (Maharashtra) [India], August 19 (ANI/PNN): Queens Lift, the country's first premium skincare product, is proud to introduce Actress Gauahar Khan as its brand ambassador.Known for her real, natural, and authentic approach to beauty, Gauahar exemplifies Queens Lift's philosophy of empowering, inspiring, and delivering happiness to women by celebrating natural beauty through great skin. Gauahar Khan Shared, "Firstly, I have to congratulate Dr. Umaira for her clinic and her new product launch. I have been one of the few lucky ones who has used her product, and believe me; it's a miracle in a bottle. It has helped give me this natural look that makes my skin so fresh and dewy. The effect it had on me had my mother also try it. It's so cute to see her apply it while her favourite serials...
Equity markets shut on account of Muharram
Business

Equity markets shut on account of Muharram

Mumbai (Maharashtra) [India], August 19 (ANI): National Stock Exchange (NSE) of India and BSE Ltd (earlier known as Bombay Stock Exchange) remained closed on Thursday on account of Muharram.Wholesale commodity markets including metal and bullion were also shut. There was no trading activity in foreign exchange and commodity futures markets either. A day earlier, the BSE S&P Sensex closed 163 points or 0.29 per cent lower at 55,629 while the Nifty 50 was down by 46 points or 0.28 per cent to 16,569. Meanwhile, Asian shares fell after minutes from the US central bank's last meeting showed the increasing prospect of reduced monetary stimulus this year. MSCI's broadest index of Asia Pacific shares outside Japan dropped 0.63 per cent. Hong Kong was off 0.45 per cent while Japan's Nikkei dro...
Azaad – India’s first Rural Entertainment Channel announces Exclusive Digital UnionShip with MX Player
Business

Azaad – India’s first Rural Entertainment Channel announces Exclusive Digital UnionShip with MX Player

Mumbai (Maharashtra) [India], August 19 (ANI/BusinessWire India): Amidst an explosion of incredible content and an ever-expanding, large, and diverse Indian Consumer base India's First Premium Rural Entertainment Channel, Azaad and India's leading entertainment super app MX player announce a strategic partnership to enable exponential growth and bring together the linear, rural, and digital worlds together.With the strong belief in the 'power of engaged connections' and the aspiration to meet its viewers at their doorstep, Azaad and MX Player are all set to reach out to the Indian diaspora with new stories embedded in the rural fabric and culture. Beginnen Media recently launched Azaad with its premise being 'People First. Rural First'. MX Player, with its large and diverse audience of ove...