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Reliance Industries Limited (RIL) along with bp (British Petroleum) announced the commencement of production from the R Cluster, an ultra-deep-water gas field in block KG D6 off the east coast of India on Friday, December 18. Reliance and bp are developing three deepwater gas projects in block KG D6, namely, R Cluster, Satellites Cluster, and MJ, which together are expected to meet almost 15 per cent of the country’s gas demand by 2023. This will commission the country’s first ultra-deepwater gas project. According to an official statement, these projects will utilise the existing hub infrastructure in the KG D6 block. Mukesh Ambani-led Reliance Industries is the operator of KG D6 with a 66.67 per cent participating interest, while bp holds a 33.33 per cent participating interest. R Cluster is the first of the three projects to come onstream. The field is located around 60 kilometers from the existing KG D6 Control and Riser Platform (CRP) off the Kakinada coast and consists of a subse

Shares of Burger King were in huge demand for third day in a row after a stellar market debut on Monday. Burger King stock price rose by its daily maximum limit of 10 per cent to hit an intraday high of ₹ 219.15 on the BSE. Burger King’s three-day share sale via Initial Public Offering (IPO), which was open between December 2 and 4, was subscribed 157 times, receiving bids exceeding 1,100 crore compared with 7.45 crore shares on offer. The portion reserved for retail investors was subscribed over 30 times, the qualified institutional buyers (QIB) segment was subscribed 24 times and non-institutional investors (NII) category received subscription of 262 times. Burger King shares have surged over three times from the issue price of ₹ 60 within three days of listing. The shares of the quick-service restaurant chain listed at ₹ 115.35 on the BSE, a 92.25 per cent premium over the issue price of ₹ 60. On the NSE, the shares debuted at ₹ 112.50, up 87.5 per cent. Among other stellar listings

Shares of quick service restaurant chain operator Burger King are in huge demand in Wednesday’s session. After a stellar market debut, the stock rose by its daily maximum limit of 20 per cent for the second consecutive session. Burger King share price has moved up to ₹ 199.25, a rise of more than three times from the initial public offering price of ₹ 60. Burger King’s market debut was the biggest since 2017, when Astron Paper & Board Mill Ltd. jumped 142 per cent. Burger King India made a strong debut on the bourses on Monday. The shares of the quick-service restaurant chain listed at ₹ 115.35 on the BSE, a 92.25 per cent premium over the issue price of ₹ 60. On the NSE, the shares debuted at ₹ 112.50, up 87.5 per cent. Among other stellar listings in the recent past, Chemcon Speciality had surged 115 per cent and Happiest Minds Technologies had rallied 111 per cent on Day 1.

Shares of Burger King were locked in a 20 per cent upper circuit at ₹ 162 a day after it made a stellar market debut on Monday. There were a total pending buy orders for 15,88,446 shares on the BSE while there were no sellers on the exchange. The shares of the quick-service restaurant chain got listed at ₹ 115.35 on the BSE, a 92.25 per cent premium over the issue price of ₹ 60. On the NSE, the shares debuted at ₹ 112.50, up 87.5 per cent. Burger King India’s initial public offer, which was open between December 2 and 4, consisted of a fresh issue of equity shares amounting to ₹ 450 crore and an offer for sale worth ₹ 360 crore by the promoter QSR Asia, in the price band of ₹ 59-60 per share.

Mumbai-based information technology company Majesco on Tuesday approved an interim dividend of ₹ 974 per equity share of face value of ₹ 5 each for the financial year 2020-21. The interim dividend approved by Majesco board is at the rate of 19,480 per cent of the face value of the company, Majesco said in a stock exchange filing. Majesco’s dividend payment translates to an amount of ₹ 2,788.4 crore on a shareholder base of 28.57 million shares, the company said in an exchange filing. The balance cash reserves estimated at ₹ 103 crore will be distributed subject to board and regulatory approvals, Majesco added. Majesco will go ex-dividend on December 23 and record date for dividend has been fixed at December 25. Earliest Dividend Payout will be done on December 30, Majesco said in an investor presentation. Majesco in July this year approved sale of its entire stake in US subsidiary to private equity firm Thoma Bravo. Majesco provides insurance software solutions. As of 1:19 pm, Majesco

Amazon, Apple, Facebook and Alphabet unit Google may have to alter their business practices in Europe or face stiff fines between 6-10% under new draft European Union (EU) rules to be announced on Tuesday. The rules are the most stringent attempt by the 27-country bloc to rein in the US tech giants’ power that control troves of data and online platforms on which thousands of companies and millions of Europeans rely on. They also mark the European Commission’s frustration with its antitrust cases against the tech giants, notably Google, which critics say did not address the problem. Regulatory scrutiny has been growing worldwide of tech giants and their power. European Competition Commissioner Margrethe Vestager and EU Internal Market Commissioner Thierry Breton will present the rules, a bid not just to rein in tech giants but also to prevent the emergence of anti-competitive dominant companies.

Burger King India made a strong debut on the bourses on Monday, December 14.  The shares of the quick-service restaurant chain listed at ₹ 115.35 on the BSE, a 92.25 per cent premium over the issue price of ₹ 60. On the NSE, the shares debuted at ₹ 112.50, up 87.5 per cent. At 10:23 am, the shares of Burger King India were trading at ₹ 115.85, higher by 93 per cent on the BSE and ₹ 116.55, up 94 per cent on the NSE. Among other stellar listings in the recent past, Chemcon Speciality had surged 115 per cent and Happiest Minds Technologies had rallied 111 per cent on Day 1. Burger King India’s initial public offer, which was open between December 2 and 4, consisted of a fresh issue of equity shares amounting to ₹ 450 crore and an offer for sale worth ₹ 360 crore by the promoter QSR Asia, in the price band of ₹ 59-60 per share. The primary market offering was subscribed by a whopping 156.65 times, receiving bids exceeding 1,100 crore compared with 7.45 crore shares on offer. The portion r

Burger King India’s ₹ 810 crore initial public offering (IPO) will debut on the bourses tomorrow, i.e. December 14. The quick-service restaurant chain’s IPO had received an overwhelming response from the investor community. The public offer was subscribed 156.65 times, receiving over 1,100 crore bids compared with 7.45 crore shares on offer. The portion reserved for retail investors was subscribed more than 30 times, the qualified institutional buyers (QIB) segment was subscribed 24 times and the non-institutional investors (NII) category received 262 times subscription. Burger King India’s initial public offer was open between December 2 and 4. The primary market offering consisted of a fresh issue of equity shares amounting to ₹ 450 crore and an offer for sale worth ₹ 360 crore by the promoter QSR Asia. The shares were offered in the price band of ₹ 59-60 per share. Burger King India will use proceeds from the equity sale to open company-owned restaurants and for general corporate pu

New products boast superior technology, ultra high air delivery, and modern designs New Delhi: India’s leading consumer durables brand, Usha International, has widened its fans portfolio with the launch of new pedestal, wall, and exhaust fans. The newly launched products include Pentacool wall and pedestal fans, Colossus wall and pedestal fans, and Striker high speed exhaust fan. Pentacool 5-blade wall and pedestal fans Pentacool fans offer smooth and silent performance. The 5-blade fans come with translucent ABS blades, elevating the style quotient of any room they are placed in. It promises high air delivery of 85 cubic meter per minute, resulting in great performance and efficiency, vis-à-vis traditional 3-blade pedestal and wall fans. It has a speed of 1350 rpm, and its 100% copper motor and ABS blades ensure longer life and smooth air flow. Pentacool is available in two color variants – white body with blue blades, and black body with black blades. Colossus wall and pedestal fa

Apple Inc. Chief Executive Officer Tim Cook shared new details on the company’s plan to return to the office during a virtual town hall meeting with employees on Thursday. Cook said it “seems likely” that the majority of teams won’t be back before June 2021. The Cupertino, California-based technology giant has historically had an office-centric culture, but the CEO implied that the company’s success this year during the pandemic lockdown could enable more flexibility to work remotely in the future. Still, Cook has been adamant publicly about his desire for staff to ultimately return to the office. “There’s no replacement for face-to-face collaboration, but we have also learned a great deal about how we can get our work done outside of the office without sacrificing productivity or results,” he told staff, according to people familiar with the comments. “All of these learnings are important. When we’re on the other side of this pandemic, we will preserve everything that is great about A

December , 2020:   IndianOil and LanzaTech (USA) jointly hosted a virtual global media meet on the theme “ Circular Economy Vision – CO2 Valorization” to share details about the collaboration of two companies for a CO2 project and related vision of the future, where carbon turns from liability to a sustainable opportunity for all.   Mr Tarun Kapoor, Secretary, Ministry of Petroleum & Natural Gas; Dr Renu Swarup, Secretary, Department of Bio-Technology (DBT); Mr S M Vaidya, Chairman, IndianOil, Dr Jennifer Holmgren, CEO, LanzaTech and Dr S S V Ramakumar, Director (R&D), IndianOil, attended this event. While elaborating on the novel technology, Mr S M Vaidya, Chairman, IndianOil said “The technology of converting CO2 to lipids, developed in collaboration with LanzaTech, promises to be pathbreaking for sustainable production of biodiesel & high-value Omega-3 fatty acids, through carbon recycling. This novel technology will bring in the dual benefits of increased access to gree

Amazon.com Inc is considering a nearly $100 million investment in pharmacy chain Apollo Pharmacy, facing up to Reliance Industries and Tata Group in the country’s fast-growing drug market, the Economic Times reported on Wednesday, citing two people aware of the plans.  Amazon already delivers medicines in India and the potential investment would come amid rising competition from billionaire Mukesh Ambani’s Reliance Industries, which bought a majority stake in online pharmacy Netmeds. Tata Group, meanwhile, was reportedly in talks to pick up a majority stake in e-pharmacy firm 1mg. Both Amazon and Apollo Hospitals, which owns Apollo Pharmacy, declined to comment.

Domestic stock markets are likely to start Wednesday’s session on a positive note, continuing a rally amid optimism on a fast recovery from the coronavirus pandemic-caused slowdown. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange’s Nifty 50 benchmark index – rose 48.4 points, or 0.36 per cent, to touch 13,467.20 at the strongest level recorded ahead of the opening of Indian markets. At 8:16 am, the SGX Nifty futures were up 44.00 points – or 0.33 per cent – at 13,462.80. Record highs in global markets also supported investor sentiment. Equities in Asia rose to a record high and US stock futures gained on Wednesday as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen trading 0.51 per cent higher. MSCI’s gauge of stocks across the globe also hit a record high.

Tata Power has received the Letter of Intent (LOI) for supplying electricity to the consumers of two electricity distribution companies (discoms) in Odisha i.e. the Western Electricity Supply Company of Odisha (WESCO) and the Southern Electricity Supply Utility of Odisha (SOUTCO). WESCO supplies electricity to consumers in the distribution circles of Rourkela, Burla, Balgarh, Bolangir and Bhawanipatna, while SOUTCO serves Behrampur, Aska, Bhanjanagar, Jeypore and Rayagada. The proposed sale of WESCO Utility and SOUTHCO Utility to Tata Power will be through the formation of a Special Purpose Vehicle (SPV) entity in which the Government of Odisha will own 49 per cent and Tata Power will hold the remaining 51 per cent stake, with management control, Tata Power said in a regulatory filing. The expected annual revenue of the SPV created for WESCO will be in excess of ₹ 3,300 crore and SPV created for SOUTHCO will be more than ₹ 1,200 crore, Tata Power added.

Bengaluru based location intelligence platform GeoIQ, that provides India’s most comprehensive and granular location data stack, has raised Rs 2.5 crore. The funding was backed by Ecosystem Ventures which invests in disruptive startups and helps them scale. 9Unicorns, Inflection Point (IP) Ventures and Kayenne Ventures also invested in this round. Founded in 2018 by Devashish Fuloria (CEO), Tusheet Shrivastava (CTO) and Ankita Thakur (Chief Data Scientist), the startup has developed detailed location-based data-sets that are 400x more granular than a pin code. Combine that with their 100% coverage of India, businesses are now able to access information about the next billion users at an unprecedented scale. AI/ML models built on top of such data have multiple use-cases across fintech, FMCG, retail, insurance, etc. The company achieved cash-breakeven in September, much ahead of their initial plans due to strong client adoption. Fintech companies are able to take better credit decisions

Burger King India’s ₹ 810 crore initial public offering (IPO) will open for bidding on December 2. The much-awaited IPO will remain open for subscription until December 4. The quick-service restaurant chain has fixed the issue price at ₹ 59-60 per share. The shares will be listed on the BSE Sensex and NSE Nifty indices on December 14. Burger King India’s public offering includes fresh issue of equity shares amounting to ₹ 450 crore and an offer for sale of ₹ 360 crore by the promoter QSR Asia. The restaurant chain has already raised ₹ 91.92 crore from Amansa Investments in a pre-IPO placement, at a price of ₹ 58.50 per share. Investors can bid for a minimum one lot of 250 equity shares and in multiples thereof, extending up to 13 lots. Burger King India will use proceeds from the primary market offering to open company-owned restaurants and for general corporate purposes. It already has 261 restaurants across 57 cities, including Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru,

Burger King India’s ₹ 810 crore initial public offering (IPO) will open for subscription on December 2. The IPO of the quick service restaurant chain will be open for three days, from December 2 to 4. The shares will be listed on the BSE Sensex and NSE Nifty on December 14. Burger King’s initial public offer (IPO) will consist of fresh issue of equity shares amounting to ₹ 450 crore and an offer for sale worth ₹ 360 crore by the promoter QSR Asia. In a pre-IPO placement, the company has already raised ₹ 91.92 crore from Amansa Investments at a price of ₹ 58.50 per share. Investors can bid for a minimum one lot of 250 equity shares and in multiples of thereafter, upto 13 lots. Retail investors can thus apply for maximum 3,250 equity shares at higher end of the price band. Burger King India will use proceeds from the public offer to open company-owned restaurants and for general corporate purposes. It plans to establish around 700 restaurants, including sub-franchised outlets, by Decembe

Burger King India’s ₹ 810 crore initial public offering (IPO) will open for subscription on December 2. The IPO of the quick service restaurant chain will be open for three days, from December 2 to 4. The shares will be listed on the BSE Sensex and NSE Nifty on December 14. Burger King’s initial public offer (IPO) will consist of fresh issue of equity shares amounting to ₹ 450 crore and an offer for sale worth ₹ 360 crore by the promoter QSR Asia. In a pre-IPO placement, the company has already raised ₹ 91.92 crore from Amansa Investments at a price of ₹ 58.50 per share. Investors can bid for a minimum one lot of 250 equity shares and in multiples of thereafter, upto 13 lots. Retail investors can thus apply for maximum 3,250 equity shares at higher end of the price band. Burger King India will use proceeds from the public offer to open company-owned restaurants and for general corporate purposes. It plans to establish around 700 restaurants, including sub-franchised outlets, by Decembe

Infrastructure major Larsen and Toubro (L&T) has won the contract to build the country’s longest river bridge. The road bridge will be 19-km long, to be built along the NH 127-B across the Brahmaputra river. It will connect Dhubri in Assam to Phulbari in Meghalaya. L&T Construction, the construction arm of the conglomerate, has secured the contract and will execute the project. The bridge holds strategic relevance as it will improve the connectivity of the northeastern states with the rest of the country, once completely implemented. It will also establish a vital link between the states of Assam and Meghalaya by reducing the distance by 250 km. Presently, the travel time between Dhubri and Phulbari by ferry is around two-and-a-half hours.

Equity benchmarks Sensex and Nifty rallied to fresh lifetime highs on Tuesday following broad-based buying interest amid persistent foreign capital inflows. Progress on a COVID-19 vaccine also spurred hopes for a faster economic recovery, leading to positive sentiment for equities. The Sensex rose as much as 495 points to an all-time high of 44,571.96 and Nifty 50 index surged to record high of 13,079. Banking shares led the rally in Tuesday’s session as the index of banking shares on the National Stock Exchange – Nifty Bank index -rose over 600 points. On the vaccine front, AstraZeneca’s encouraging interim results for its COVID-19 shot were followed on Monday by manufacturer Serum Institute’s announcement that it would focus first on supplies to India, raising hopes that the vaccine could become available quickly in the world’s second worst-hit country. Meanwhile, Hemang Jani, head – equity strategy, broking & distribution at Motilal Oswal Financial Services advised investors to