Unimech Aerospace and Manufacturing Ltd, based in Bengaluru, has submitted draft papers to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) valued at ₹500 crore. The IPO will consist of a fresh equity share issue of ₹250 crore and an offer for sale (OFS) of up to ₹250 crore by the promoter and the promoter group, as outlined in the draft red herring…
MobiKwik, the digital financial services platform, has marked a significant achievement by reporting its first-ever full-year profitability for FY24 after 15 years of operating at a loss. The company announced a Profit After Tax (PAT) of ₹14.08 crore, a substantial turnaround from the ₹83.81 crore loss in FY23. This milestone has boosted MobiKwik’s confidence as it prepares for its Initial…
Wells Fargo has agreed to sell its non-agency third-party Commercial Mortgage Servicing business to Trimont, marking a significant shift in the commercial real estate landscape. This deal will elevate Trimont to become the largest servicer of commercial real estate securitized debt in the United States.
Trimont, established in 1988 and primarily serving non-bank and alternative lenders, will…
The Securities and Exchange Board of India (SEBI) has reported ₹76,293 crore in dues classified as difficult to recover (DTR) for the fiscal year 2023-24, marking a 4.1% increase from the previous year’s ₹73,287 crore. DTR dues are amounts that have remained unrecovered despite exhaustive efforts.
Under Section 28A of the SEBI Act, 1992, along with provisions from the Securities Contracts…
Real estate developer Kalpataru has announced plans to raise up to ₹1,590 crore through an initial public offering (IPO). The funds will primarily be used to repay existing loans, with the remainder allocated for general corporate purposes. This IPO will be a fresh issue of shares.
The Mumbai-based company has a robust portfolio, having completed 70 projects across major cities such as Mumbai…
Swan Energy Ltd., led by Nikhil Merchant, has announced its plan to sell its stake in a floating LNG receipt terminal to Turkey’s state-owned Botas Trading IC for $399 million. The deal involves the sale of assets from Swan’s subsidiary, Triumph Offshore Pvt Ltd (TOPL), and is expected to be finalized within six months, with the payment to be received in multiple tranches.
Triumph Offshore Pvt…
Former Google CEO Eric Schmidt Blames Remote Work for Company’s AI Setbacks
Eric Schmidt, who led Google from 2001 to 2011, has recently criticized the company’s emphasis on remote work for its current struggles in artificial intelligence (AI). During a recent talk at Stanford University, Schmidt suggested that Google’s focus on flexible work arrangements and work-life balance has allowed…
Schneider Electric, a leader in digital energy management, introduced eight new energy-efficient products at its Multi-city Innovation Day event in Mumbai. This series of showcases will continue in Delhi, Bengaluru, Ahmedabad, and Kolkata over the coming weeks, targeting over 2,000 customers, partners, and stakeholders.
Product Highlights:
MasterPacT MTZ Active Circuit Breaker: Features the…
Wally Amos, the iconic founder of Famous Amos cookies, has passed away at the age of 88 due to complications from dementia, according to a statement released by his children, Sarah, Michael, Gregory, and Shawn Amos.
Amos, renowned for his distinctive Panama hat, kazoo, and infectious optimism, opened his bakery in 1975 on Sunset Boulevard in Los Angeles, introducing bite-sized chocolate chip…
Cisco Systems (CSCO) has announced it will cut about 7% of its workforce as part of its strategic shift towards high-growth sectors such as cybersecurity and artificial intelligence (AI). This decision follows a previous reduction of 5% in February, affecting around 4,250 employees.
In its fiscal fourth-quarter report, Cisco reported revenue of $13.6 billion, marking a 10% decrease year-over-year…
