Whistleblower accuses UPL promoters of financial fraud

According to a report by ET Prime, a whistleblower has alleged that UPL’s promoters have siphoned off money. The whistleblower stated that UPL entered into rent deals with a shell company, which was owned by its employees. The report also states that the company paid crores in rent for properties owned by the shell company. The whistleblower was reported to be a board member of the listed agrochemical company.

UPL has denied claims made in the report and has stated that the whistleblower is not a member of the board. The company said that none of the entities mentioned in the article were wholly or partially owned by promoters or employees.

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Snowman Logistics, SpiceJet sign MoU for vaccine distribution

Snowman Logistics has signed a Memorandum of Understanding (MoU) with SpiceJet Ltd for jointly distributing Covid-19 vaccines across India. The cold chain logistics firm will handle ground services such as transportation to/from manufacturers, packing, and storage. SpiceJet will provide air connectivity for temperature-controlled distribution of the Covid-19 vaccine across India, as well as internationally.

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CCI initiates probe into cartelisation of cement companies

The Competition Commission of India (CCI) has initiated an investigation against cement companies regarding alleged anti-competitive behaviour. The CCI also conducted raids at the offices of ACC, Ambuja Cements, and UltraTech Cement. The investigation comes after Roads and Highways Minister Nitin Gadkari hinted at possible cartelisation and “black marketing technique” in the cement industry in September.

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Mrs. Bectors Food IPO to open on December 15

Mrs. Bectors Food Specialities is all set to open its Rs 541 crore initial public offering (IPO) on December 15. The price band for the IPO has been set at Rs 286-288 per share. The company plans to use the proceeds from the IPO for financing its Rajpura expansion project. Mrs. Bectors Food manufactures a range of products such as biscuits, bread, and buns. It is the exclusive supplier of buns for Burger King India.

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L&T Technology Services wins $100 million project from global oil & gas major

L&T Technology Services (LTTS) said that it has been selected as a primary engineering partner by a global oil & gas major.  The company will help to support two integrated refining and chemical manufacturing facilities in the United States. LTTS stated that the five-year engagement has a potential value of more than $100 million (~Rs 737 crore). Under the contract, LTTS will provide multi-discipline plant engineering activities for both facilities of the O&G major.

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NSE to launch derivatives on Nifty Financial Services Index from Jan 11

The National Stock Exchange (NSE) will launch derivatives on the Nifty Financial Services Index from January 11, 2021. Currently, the NSE offers index derivatives on only two equity indices- Nifty 50 Index and Nifty Bank Index. The Nifty Financial Services Index consists of 20 stocks and is designed to reflect the behavior of banks, financial institutions, housing finance, and insurance companies.

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Nokia ties up with Vodafone Idea to offer tech solutions for enterprises

Nokia has partnered with Vodafone Idea Ltd (VIL) to offer technology solutions for VIL’s enterprise division customers. Under this collaboration, Nokia will provide fixed wireless and private wireless technology solutions to VIL’s customers. The partnership will help enterprises to use technologies to increase operational efficiency and improve the security of their infrastructure.

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Equitas Small Finance Bank launches 3-in-1 account

Equitas Small Finance Bank has launched a 3-in-1 account which allows its customers to invest in a wide variety of financial products. The lender stated that a 3-in-1 account (savings+trading+demat) can help customers to keep all their banking and financial investments under one umbrella entity. The bank provides stock broking and demat services through a referral arrangement with brokerage firms for trading and depository services.

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Wipro Infrastructure to acquire industrial automation firm PARI

Wipro Infrastructure Engineering has signed a definitive agreement to acquire Precision Automation and Robotics India (PARI). PARI is a prominent player in industrial automation in India and has a significant overseas presence. The combined capabilities of both companies would help strengthen its ability to forge deeper customer relationships in India and overseas.

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Ircon International secures NHAI road project in Haryana

Ircon International Ltd has received an order from the National Highways Authority of India (NHAI) to upgrade a section of the NH-352W in Haryana. The value of the order has been estimated at Rs 900 crore. Ircon International is an engineering and construction firm established by the Government of India.

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