New Delhi: After the Production Linked Incentive (PLI) scheme helped India become the world’s second-largest smartphone exporter, the government is now hoping for a similar success with the Design Linked Incentive (DLI) scheme. On August 23, the government said it had sanctioned 23 chip design projects under the scheme. One of these is Vervesemi Microelectronics, a semiconductor designing and testing firm that outsources manufacturing of these chips. The company aims to use the funds to develop a portfolio of integrated circuits (ICs) for use in electronics, small motors, EVs, drones, industrial automation and avionics. The other companies approved for the…
Author: Abizar Attari
Abizar Attari
I’ve always had a fascination with storytelling. Analyzing diverse perspectives and helping people understanding them simply is my life’s motto. I live to create stories that you’d love to read. When I’m not writing, you'll find me having a leisurely stroll on the beach or in the park.
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Mumbai: R Systems International, an IT-enabled services (ITeS) and digital engineering company, has announced its intention to acquire Mangaluru-based Novigo Solutions in a deal worth Rs.400 crore. Novigo Solutions offers low-code/no-code (LCNC) development and automation services for clients across BFSI, manufacturing and high-tech sectors. Through this acquisition, R Systems can potentially tap the growing demand for autonomous, compliant AI workflows- integrating its OptimaAI Suite with Novigo’s flagship UiPath Diamond-tier automation practice to offer an industry-beating solution in designing and operating intelligent enterprises. “This is a pivotal moment for R Systems, our clients, and our investors,” Nitesh Bansal, CEO of R…
Mumbai: Titagarh Rail System’s shipbuilding arm has secured its largest order to date from Garden Reach Shipbuilders and Engineers (GRSE) to build 2 research vessels for the Geological Survey of India. The order, worth Rs.467.25 crore, includes construction, trials and delivery of two Coastal Research Vessels (CRVs). “We are honoured to partner with GRSE in delivering these highly specialized Coastal Research Vessels for the Geological Survey of India. This order stands as a testimony to the trust placed in our shipbuilding and maritime systems capabilities, reaffirming our commitment to delivering world-class vessels that advance India’s strategic priorities in maritime research…
Bengaluru: India’s fourth-largest IT firm Wipro has announced its intention to acquire the Digital Transformation Solutions (DTS) business unit of HARMAN, a Samsung subsidiary, for $375 million. This acquisition is aimed at enhancing the company’s Engineering Research and Development (ER&D) services, where HARMAN’s expertise in Embedded software and digital engineering will help Wipro enhance its offerings and expand its presence to newer geographies, especially South Korea and Japan. HARMAN already has R&D centres in India through Harman Connected Services, and this deal with Wipro will allow HARMAN to focus on the core automobile and audio electronics. Headquartered in Connecticut, USA,…
Bitcoin exchange-traded funds (ETFs) have seen almost $645 million in redemptions in just two days as investors have started to worry about US Federal Reserve Chair Jerome Powell’s Jackson Hole speech. Outgoing Fed Chair Powell is expected to address pressing concerns during the annual economic forum, including addressing the worrying rise in inflation, jobless growth and most importantly, a timeline for revising interest rates by the Federal Open Market Committee. In the past two days, Fidelity’s FBTC saw $246.9 million worth of redemptions, while Grayscale’s GBTC saw $115.5 million and Bitwise’s BITB lost $86.8 million. Despite this, Bitcoin’s market value…
Mumbai: Godrej Properties, the flagship real estate brand of the Mumbai-based Godrej Group, has won the bid to acquire a 7.8 acre land parcel in Kukatpally, Hyderabad close to the HITEC city, Hyderabad’s premier commercial area. Godrej paid a Rs.30 crore premium above the Rs.40 crore base price, valuing the transaction at Rs.547 crore, according to reports. The company pipped other contenders for the land, including Prestige Estates, Aurobindo Realty and Ashoka Builders. The e-auction was conducted by the Telengana Housing Board for the land parcel in Kukatpally Housing Board Colony. Godrej Properties has already leapfrogged DLF to become India’s…
New Delhi: In a statement to the bourses, India’s largest cement manufacturer UltraTech is all set to offload about 6.5% of its stake in India Cements, a company it acquired last year. Currently, UltraTech owns 81.5% of the South India-focused cement company, once owned by beleaguered former BCCI chief N. Srinivasan. SEBI has mandated all listed companies to cap their promoter holdings to 75%, as per their Minimum Public Shareholding (MPS) rules. Since this rule was implemented in 2019, companies like AstraZeneca Pharma, Adani Enterprises, Novartis India, to name a few, have done so, giving the markets another opportunity to…
Johannesburg: India’s most profitable carmaker Tata Motors has re-entered the South African passenger vehicle market after six years, launching its flagship SUVs Harrier, Curvv, Punch and its flagship hatchback Tiago at a launch event in Johannesburg, South Africa. Partnering with Motus Holdings, the carmaker will eventually expand its base there to 60 outlets and after-sales service centres by 2026. The company will be competing in the affordable PV segment against Chinese carmakers Chery Group, Beijing Automakers and GWM. The company still maintains a presence in the commercial vehicle segment there, with this launch aimed at boosting Tata Motors’ presence in…
Washington, DC: A month after the much hyped GENIUS Act was passed, along with two others as part of the so-called ‘crypto week’ bills, experts are now worried about the implications of the move. Many finance and banking industry insiders say these bills have now opened the door for a whole new set of opportunities to launder wealth. Endorsed by President Trump, these bills pave the way to boost cryptocurrency use, even for his own family’s promoted World Liberty Financial crypto business. Though cryptocurrency enthusiasts have cheered the move- it ends years of regulatory uncertainty from a fringe to a…
Mumbai: Electrical transformer component manufacturer Mangal Electrical Industries’ Rs.400 crore IPO opens today, even as analysts have pitched this as a favourable buy on the back of a strong demand and a consistent growth in revenues. According to its website, the Jaipur-based company manufactures various types of CGRO coils and assemblies for transformers, besides taking up Engineering, Procurement and Construction (EPC) transformer substation projects. Prior to the IPO, the company had already raised Rs.120 crore from an institutional funding round where Finavenue Capital Trust, Sundaram Alternative Investment Trust, Societe Generale, and Swyom India Alpha Fund invested in the company, according…
