Business Briefs

Ola Electric to cut around 1,000 jobs to reduce losses

New Delhi: Ola Electric Mobility is cutting around 1,000 jobs across different functions as part of a restructuring exercise to reduce losses, according to people aware of the development. When contacted, the company hinted that these were a result of restructuring and automation of front-end operations. “We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity,” a spokesperson said.

Coffee Day stock up 20% after NCLAT sets aside insolvency proceedings

New Delhi: Shares of Coffee Day Enterprises Ltd (CDEL) on Monday jumped 20 per cent to hit its upper circuit limit after the National Company Law Appellate Tribunal (NCLAT) set aside the insolvency proceedings against the company. The stock of CDEL zoomed 19.97 per cent each to Rs 25.65 and Rs 25.53 apiece — also its 52-week high — on the BSE and National Stock Exchange (NSE), respectively. In the past four consecutive sessions, the stock has been locked at five per cent lower circuit.

Adani Green refinances maiden construction facility with $1.06 bn loan

New Delhi: Adani Green Energy Ltd (AGEL) on Monday announced it has refinanced its maiden construction facility, having outstanding debt of $1.06 billion with long-term financing. The long-term financing raised to refinance its construction facility has door-to-door tenor of 19 years with a fully amortized debt structure emulating the underlying asset life, a company statement said. AGEL has successfully refinanced its maiden construction facility with an outstanding of $1.06 billion taken in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan, according to the statement.