The country's largest insurer had been keen to run a bank for a long time to manage the large premium collection and claim settlement work.
Cross-border deals are back after a brief lull in 2009. And, investment bankers say 2010 is going to be the year of outbound deals.
A study of 435 companies listed on the Bombay Stock Exchange, which provide their capital-employed data on a quarterly basis, shows capex grew by a meagre 3.4 per cent in the nine months ending December 2009, compared to the level in March 2009.
Tata Steel plans to expand capacity to 10 million tonnes at Jamshedpur by August 2011 from 6.8 million tonnes.
The process has been suspended for the time being as Agriculture, Food & Consumer Affairs Minister Sharad Pawar, a political heavyweight, is opposed to any intrusion into his turf.
The high level coordination committee on financial markets, which consists of financial sector regulators, is likely to opt for a phased reduction in the commission paid to insurance agents.
With the Reserve Bank of India allowing retired teachers, kirana shop owners and public call office (PCO) operators to be hired as business correspondents, banks are set to hire over 200,000 people over the next few years to push financial inclusion initiatives.
Vedika Bhandarkar, managing director & head of investment banking, recounts how even in a supposedly bad year, the bank raised about Rs 1,00,000 crore (Rs 1,000 billion).
The annual report also mentions Tata Sons is obligated to buy the stake at the higher end of fair value or 50 per cent of the subscription purchase price.
M&M is preparing a plan for carbon 'footprinting' of all group companies. That includes carbon emissions made even during air travel by employees.
Aluminium producers are pleasantly surprised, as the price of the base metal reached a 14-month high of $2,188 per tonne this week despite the absence of any surge in consumption.
India saw one of the worst terrorist attacks in November last year, when Mumbai was under siege for four days. Little under a year later, Indians perceive rising food prices as a bigger threat than terrorism.
RBI Governor D Subbarao explains the rationale for the moves announced in the second quarter review of the monetary policy in an interview with Sidhartha. Excerpts:
According to sources close to the development, finance secretary Ashok Chawla, who is driving the process, is working on a concept note to provide the framework for consolidation.
Till a few months ago, hiring was a strict no-no for investment banks. On the contrary, they were scaling back staffing plans in India given the dearth of merger and acquisition activity and stagnant capital markets.That is changing rapidly with a rising number of deals fuelled by strong growth in the markets and an improving economic environment.
Last month saw 30 companies filing their draft red herring prospectuses with the market regulator for initial public offers , a sharp increase from six in August and three in July this year. The Securities and Exchange Board of India received eight filings in September last year, the month the Lehman Brothers meltdown brought the world economy to its knees.
The Securities and Exchange Board of India is now planning to enable investors to buy and sell mutual fund units through stock exchanges. Fund houses will also be allowed to sell new fund offers (NFOs) through exchanges, helping them to save on distribution costs.
M&As are back on the radar for Indian companies, but with two vital changes. First, the average size of the deals are much smaller compared to the earlier years; and second, overseas acquisitions have taken a backseat.
Promoters Narendra Patni and his younger brothers Gajendra and Ashok hold equal stakes totalling 48.3 per cent in India's sixth largest software exporter.
This is in addition to the $3 billion (around Rs 15,000 crore) infrastructure fund being set up in association with the Macquarie group and International Finance Corporation. Though SBI would be a late entrant to the private equity space, Bhatt was confident that it would not be a deterrent.
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