Prices of key inputs up 44% to 74%; analysts expect earnings squeeze after a quarter or two.
One indication of this was the fact that many large bond buyers stayed away from the Rs 12,000 crore auction conducted on August 7.
Aditya Birla Nuvo is in talks with global private equity players Blackstone, Carlyle and KKR to sell shareholding in its proposed holding firm for its financial services business. The financial services holding company will house its asset management, insurance, stock broking, wealth management and private equity businesses.
V N Khare and S P Bharucha, both once Chief Justices of India, have been appointed to the arbitration panel to resolve the issue of sale of the government's residual 49 per cent stake in Bharat Aluminium Company to Sterlite Industries.
The three-judge arbitration panel set up to resolve the controversy over the sale of the government's residual 49 per cent stake in Sterlite-controlled Bharat Aluminium Company Ltd has decided to meet in August, raising hopes of a resolution to the five-year-old dispute.
Grasim Industries, the leading cement maker of the A V Birla group, is not enthusiastic at a proposal to merge with its subsidiary, UltraTech, as it does not see value in the process at this stage.
Aditya Birla group flagship firm Hindalco Industries has decided to trim its overseas operations and is restructuring its capital expenditure in India in an effort to stabilise operations. As part of this overall plan, Novelis, which Hindalco acquired for $6 billion in 2007, is closing its sheet mill at Rogerstone in the UK, involving 440 job losses.
The Mahindra Holidays initial public offer --the third public float in the current year and the single largest issue over the last 12 months--was subscribed 11 times and four companies raised an estimated Rs 4,000 crore yesterday through QIPs. This came after realtor Unitech's announcement on Friday that it has raised over Rs 2,700 crore via a QIP at Rs 81 a share.
Sameer Nath, head of mergers and acquisitions for Citi Group Global Markets India, has been busy working on domestic restructuring and consolidation deals over the past six to nine months.
CitiFinancial, Citibank India's non-banking finance arm, has reduced its asset book by one-third and its branch network by a quarter of the year-ago level as part of a restructuring exercise, Citi CEO for South Asia Mark T Robinson told Business Standard.
Sources close to the development said the finance ministry was yet to receive a formal proposal to this effect from the bank, though SBI chairman OP Bhatt had recently said the lender had sought government permission to raise Rs 20,000 crore (Rs 200 bn).
India's second-largest private ship builder, Bharati Shipyard, which already holds 14.9 per cent stake Great Offshore, has said it will make an open offer to buy an additional 20 per cent. While P C Kapoor, MD, Bharati Shipyard, ruled out any possibility of a hostile takeover bid for Great Offshore, he had earlier said competitors such as Punj Lloyd and ABG Shipyard had shown an interest in buying Great Offshore shares from the open market.
OECD has identified at least four tax jurisdictions -- Jamaica, Qatar, Botswana and Ghana - whose tax information system would be studied to find out if they are emerging as the new tax havens following the crackdown on the existing ones. A unique tax identification number would be akin to a global permanent account number for Indian taxpayers which could remain the same across jurisdictions.
Bharti Telecom, the unlisted holding company of Bharti Airtel, may issue fresh equity to the MTN group to give it the 25 per cent economic interest in India's largest mobile service provider.
Oil and Natural Gas Corporation, the company that cancelled a five-year contract of rig supply with Great Offshore on Thursday, is planning to issue a new tender. India's largest oil producer cancelled the contract as Mumbai-based Great Offshore could not supply the rig in time.
As part of wage settlement, new recruits will be asked to shift to the New Pension Scheme.
Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Business Standard that the company is opting to be cautious.
Tata Motors, India's largest commercial vehicle maker, is in the process of raising Rs 5,000 crore through a bond issue to refinance the remaining $ 2 billion (Rs 10,000 crore) bridge loan it took to acquire Jaguar and Land Rover.
The government has reopened the case for convergence between the capital market and commodity futures regulator, a move that has attracted opposition from the Forward Markets Commission, which regulates the commodities futures business.
"That plant has a high cost of production and it is not feasible to operate it when aluminium prices have dropped significantly," said a company executive. It has started reducing output and full closure is expected soon. Aluminium prices fell to $1,251 a tonne on the London Metal Exchange from last July's all-time high of $3,271, as the global credit crunch and economic slowdown curbed demand for the base metal. On Wednesday, the metal's LME price was $1,421 a tonne.
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