IT Dept raids Hero MotoCorp premises

The Income Tax Department has conducted raids at multiple premises of Hero Motorcorp Ltd as part of a tax evasion investigation against the company. Offices and residential premises of the promoters (including chairman & CEO of the group Pawan Munjal) in Gurugram, Haryana, Delhi, and other locations were covered under the raid. Hero Motocorp said the visit by the IT department was part of a “routine inquiry”. The company also said it was cooperating with the tax authorities.

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Adani Power partners with IHI, Kowa to study ammonia co-firing for power generation

Adani Power Ltd (APL) has partnered with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation. APL aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction. They will evaluate the possibility and potential of ammonia as a fuel in thermal power generation. It will utilize green hydrogen-derived ammonia in APL’s thermal power plant.

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HDFC sanctions over Rs 2 lakh crore retail home loans in FY22

HDFC Ltd has approved retail home loans worth more than Rs 2 lakh crore between April 1, 2021, and March 21, 2022, the highest ever in a financial year. The thrust on digital initiatives and inherent demand for housing loans helped HDFC get back to normalcy faster than expected. HDFC has over 2.7 lakhs home loan customers who have availed benefits under the Credit Linked Subsidy Scheme (CLSS), the highest in the industry. 

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MTAR Tech secures order worth Rs 135 crore in civil nuclear power sector

MTAR Technologies Ltd was declared the lowest (L-1) bidder for tenders floated by the Nuclear Power Corporation of India Ltd (NPCIL). The order includes a fuel transfer system for GHAVP Nuclear Power Station-1 & 2 reactors. It also consists of establishing a fuel machine bridge and carriage assemblies for GHAVP-3 & 4 nuclear reactors. The total value of the order is ~Rs 135 crore.

CAMS unveils policyholder traceability solution

CAMSRep, a wholly-owned subsidiary of Computer Age Management Solutions Ltd, has unveiled a policyholder traceability solution for the insurance market. It assists insurance companies in addressing their unclaimed amounts. CAMSRep’s PolicyGenie Deep Contact Tracing is a cost-effective solution that leverages emerging digital technologies to track untraceable policyholders and update their contact information.

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Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Kotak Mahindra Bank and Axis Bank have each acquired a 7.84% stake in Open Network Digital Commerce (ONDC) for Rs 10 crore. ONDC was incorporated on December 30, 2021. It is engaged in the creation of an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

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ICICI Bank partners with Chennai Super Kings for co-branded credit card

ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). The ‘CSK ICICI Bank Credit Card’ has been designed with a range of privileges, including a joining and renewal gift of 2,000 reward points. The points can be redeemed against CSK merchandise. It also offers complimentary tickets to CSK matches during the upcoming IPL season. Credit card users will also get an opportunity to attend a practice session.

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Adani Wilmar plans acquisition of brands, processing units in mass rice segment

Adani Wilmar Ltd is scouting for the acquisition of regional rice brands and processing units in several states of India. The company will launch branded daily-use rice under the ‘Fortune’ brand beginning with West Bengal from early April. Staple accounts for 11% of Adani Wilmar’s revenues. AWL had recently allocated Rs 450-500 crore for acquisitions.

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TCS ready to roll out 5G network anyday: Report

Officials of Tata Consultancy Services (TCS) said the company is ready to put in place a 5G network for any telecom operator across the globe on any given day. The IT major is working on country-specific gear for the network in India. TCS is a system integrator, and it builds networks of telecom operators based on their requirements. The Indian government is planning to conduct 5G auctions before June so that 5G networks can be launched by August 15.

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Bajaj Electricals extends licence pact with Morphy Richards by 15 years

Bajaj Electricals Ltd (BEL) has extended its trademark agreement with UK-based Morphy Richards for using the ‘Morphy Richards’ trademark for an additional 15 years, with effect from July 1, 2022. The extension of the exclusive license will enable BEL to continue using the trademark for producing, marketing, and selling home appliances in India and neighboring nations.

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