Author: Abizar Attari
News Editor

Mumbai: In its latest divestment move, the government is in the last stage of choosing the appropriate bidder for IDBI Bank. Currently, the Central Government and the LIC hold more than 90% of the PSU, and aim to sell 60.72% of their stake, with LIC offloading 30.24% and the Government selling 30.48% in the bank. Canada-based Fairfax Financial Holdings and Dubai-based Emirates NBD remain the bidders for the divestment, with reports suggesting Fairfax has a lead. The government had earlier rejected both the bids as they did not meet the minimum threshold expected. Both suitors then submitted higher bids, and…

Bengaluru: OneSource Specialty Pharma Limited,  a leading specialty pharma Contract Development and Manufacturing Organization (CDMO), has signed a manufacturing alliance with German-based Formycon AG to produce its biosimilars. According to the agreement, OneSource will manufacture biosimilars for Formycon’s Drug Substance (DS) and Drug Product(DP) at its state-of-the-art manufacturing facilities in Bangalore. This partnership will support Formycon’s manufacturing of biosimilars for the global markets. The partnership aims to advance global access to biosimilars through reliable, high-quality, and scalable manufacturing. OneSource offers end-to-end biologics manufacturing expertise that complements Formycon’s biosimilar requirements for the global markets. Its integrated biologics platform offers cell line…

The FIFA World Cup will be ending soon. Many leading teams have exited, while the remaining are looking to get to the finals. For football fans, the World Cup remains the pinnacle of national glory, showcasing the hard work, talent, dedication and the desire to make it against all odds. Though India has never qualified for the Football World Cup, we have had our moments of glory, where the performance of the Indian teams has been celebrated in every drawing room, hostel, and office across the country.  Since 2010, there have been moments when the entire country has tuned in…

Mumbai: L&T’s IT arm LTM has officially announced a partnership with AI research company Anthropic, behind Claude, as it looks to accelerate AI-led enterprise automation. The company has embedded Claude and Claude Cowork into its LTM BlueVerse AI implementation ecosystem to help its clients move from pilot implementation to market-leading productivity through automated enterprise software development through Claude. LTM aims to specifically bring this expertise and capability to the Hi-Tech, Consumer, Production Industry and the BFSI domains.  Besides BlueVerse, LTM is looking to integrate Claude and Claude Code also into its LTM AI1000 talent enablement program, where it aims to…

Mumbai: The Tata Group’s Non-Banking Financial Company (NBFC) arm, Tata Capital, has announced the acquisition of South India-focused gold loans NBFC Yogloans as it looks to tap into the highly lucrative gold loan market. The company will be acquiring an 88.6% majority stake in the company, officially known as Yogakshemam Loans Limited, through a mix of capital infusion and share purchase. The company will invest about Rs.93 crore to support the company’s growth, with the transaction valuing the company at about Rs.318 crore.  Yogloans currently has a network of 162 branches across Karnataka, Kerala, Tamil Nadu and Andhra Pradesh, with a…

New Delhi: In a major setback to Swiggy Instamart, the  Food Safety and Standards Authority of India (FSSAI) has officially issued nine notices to the quick commerce platform after an influx of severe consumer grievances were not adequately addressed.  The complaints allege that the platforms dark stores dispatched expired, rotten and foul smelling food items directly to household doorsteps, breaching compliance rules set under the Food Safety and Standards Act, 2006. FSSAI has issued 9 notices to Swiggy Instamart following multiple consumer complaints alleging violations under the FSS Act 2006. The FBO has been directed to submit a detailed explanation…

Mumbai: Leading discount supermarket chain DMart has seen its Profit After Tax (PAT) rise 12.8% to ₹936 crore for Q1 FY27 from ₹830 crore reported for the same time last year. The company’s revenues grew 15.1% year on year (YoY) to ₹ 18,343 crore, with the EBITDA margin improving to 8.3% for the quarter. The Brick-and-Mortar retailer has maintained a measured expansion pace, adding just 3 new stores during the quarter, bringing its total to 503 locations nationwide.  “Our revenue in Q1 FY27 grew by 15.1% over the previous year. Profit after tax (PAT) grew by 12.8% over the previous…

Mumbai: Digital Classifieds company Just Dial has reported a 4.1% rise in net profit to ₹166.2 crore for the quarter ended June 30, 2026 even as the company moves on with its next phase of growth. The company’s co-founder, MD and CEO VSS Mani is officially stepping down from his position on July 31 with former Flipkart executive Dinkar Ayilavarapu replacing him as CEO.  The Reliance Retail-backed classifieds major has seen its total active listings grow to 5.61 crore, increasing 13% YoY, with its active paid campaigns growing to 3.5% YoY to 6.39 lakh. Justdial has seen its total traffic…

New Delhi: Public sector lender Indian Bank has reported a stellar set of financial results for the quarter ended June 30, 2026, triggering immediate market optimism. The Chennai-headquartered bank reported a 10.09% rise in profits to ₹3,273 crore as the bank worked to improve its asset quality.  Along with that, it reported a total income of ₹20,724 crore during the quarter, from ₹18,721 crore during the same quarter last year. Its Net Interest Income (NII) also increased to 16.9% YoY to ₹7,435 crore with the domestic NIM improving to 3.41% in June 2026 from 3.35% in June 2025. The Bank…

New Delhi: After ICICI Prudential Mutual Fund, HDFC Asset Management and Aditya Birla Sun Life, now SBI’s Mutual Fund arm SBI Funds Management (SBI MF) is looking to offload about 11% of its stake along with its Joint Venture partner, Europe-based Amundi.  Before the company raises money through its IPO on July 14, it is looking to sell 1.42%(28.8 million shares) of its shares to leading investors, including 360 ONE Funds, Go Digit General Insurance, Tata AIG General Insurance and several family offices and alternative investment funds. Following the pre-IPO placement, the asset management company is looking to sell 203.7…