Tag: Companies

OYO, a hospitality tech platform, has recorded strong growth in the business travel segment in the first seven months of 2023. The company has added nearly 2,800 corporate clients and its revenue from business travel has grown by 20%. The growth is being driven by strong demand from startups, film production houses, travel management companies, small and medium scale enterprises, and traditional business houses & conglomerates. OYO's commitment to providing affordable and reliable accommodation options to businesses of all sizes has made it a preferred choice for businesses across India.

Liberty General Insurance, a leading general insurance company in India, has announced the appointment of Parag Ved as its new Chief Executive Officer (CEO). Ved has over two decades of experience in the insurance industry, having held senior leadership roles at prestigious organizations such as ICICI Lombard General Insurance and Tata AIG General Insurance. He takes on the role following the retirement of Roopam Asthana.

Schneider Electric India plans to invest Rs 3,200 crore by 2026 to expand its industrial footprint in the country and focus on sustainable solutions. The company aims to be net-zero in its operations by 2030, carbon neutral by 2040, and net-zero CO2 emissions across its entire value chain by 2050.

Tata Power Renewable Energy (TPREL) has partnered with Dugar Power, a subsidiary of Dugar Group, to accelerate Nepal's renewable energy initiatives. The partnership will enable TPREL to enter Nepal's rapidly evolving renewable energy sector and deploy transformative solar technologies to produce a range of energy solutions. The agreement is designed to cater to Nepal's diverse energy requirements, offering scalable solutions from 1 kilowatt (kW) to megawatt (MW) levels.

Kia India will increase the prices of its Seltos and Carens models by up to 2% from October 1, 2023. This is the second price increase for these models this year. The company says that the price increase is necessary due to rising raw material prices and the investment that has gone into the new Seltos model. The price increase will apply to all variants of the Seltos and Carens models.

MG Motor India is exploring the possibility of setting up a second plant in the country to meet growing demand. The company plans to invest further in India and expand its product portfolio.

Nvidia CEO Jensen Huang is betting on India's AI future. He recently visited India for five days and met with tech executives, researchers, and Prime Minister Narendra Modi. Huang is interested in India's potential to become a source of AI talent and a market for Nvidia's products. He is investing in training Indian students and researchers in AI and is working with Indian companies to build AI cloud infrastructure.

Salasar Techno Engineering Ltd (STEL), an Indian engineering and procurement company, has won an electricity transmission order worth around Rs 75.23 crore in Africa. The contract is for the Rwanda Transmission System Reinforcement and Last Mile Connectivity project, and will involve the design, supply, and installation of 110kV transmission lines connecting three African regions. The EPC order is expected to be completed within 18 months.

JPMorgan Chase & Co. expects India to raise at least $30 billion annually through primary and secondary share sales in 2024 and beyond, driven by strong corporate earnings, robust economic growth, and demand from local and foreign investors. In contrast, India’s IPO activity has slowed down this year, but a couple of $1 billion-plus IPOs could return after the country’s federal elections next year. Overall, the outlook for India’s equity markets is positive, as the country benefits from investors fleeing other Asian emerging markets such as China.

Summary: A US-Indian joint venture has set up a new oil and gas equipment manufacturing plant in India. The plant will produce pipes and tubes with premium connections for the OCTG market. It is expected to reduce India's reliance on imports and provide domestically manufactured products at a competitive price.