Fund managers queued up to grab a pie of the new pension scheme that opens for subscription on May 1. But even before the scheme is launched, they are complaining of it being a loss-making business with the investment management fee fixed at 0.009 per cent.
Ripples of Indias largest corporate scam along with poor quarterly performance have made more than half of the actively traded companies on the Bombay Stock Exchange (BSE) opt not to disclose their fourth quarter un-audited results this month. Instead, they would announce only their annual audited results, before the end of June.
In an interview with Business Standard's Shyamal Majumdar and Sidhartha, Kochhar says she is going to focus on the immediate challenge of correcting the cost structure of the country's second largest bank.
Former Axis Bank chairman and CEO PJ Nayak said managements should look at appointing outsiders only when the organisation is weak.
The Anil Dhirubhai Ambani Group-promoted Sasan Power was Rs 2,500 crore short of the roughly Rs 15,000 crore it needed to borrow for the project. Now, India Infrastructure Finance Company Ltd has agreed to lend around Rs 2,500 crore. A consortium of 12 domestic banks have already committed around Rs 12,500 crore, with State Bank of India and Power Finance Corporation leading the pack, with Rs 3,500 crore and Rs 1,800 crore respectively.
The National Aluminium Company (Nalco), India's second largest producer of the base metal, avoided a production cut by offering discounts to its key clients that helped it boost sales and trim rising inventory.
Tech Mahindra, the highest bidder for Satyam Computer Services, has tied up Rs 875 crore funding from mutual funds and insurance companies and is in talks with banks to mobilise Rs 1,000 crore bridge loans.
The development has elicited huge response from the country's top information technology companies. At least seven players, including Infosys, HCL, Tata Consultancy Services and its subsidiary CMC, are in the fray to develop a biometric card and the infrastructure that can handle 12 million new users annually.
Months before Satyam Computer Services founder B Ramalinga Raju made disclosures about committing fraud, authorities in the US had initiated an investigation into the company's dealings with Syria, Sudan, Cuba and Iran, identified by the US government as state sponsors of terrorism, and subject to US economic sanctions and export controls.
Tata Motors, India's largest commercial vehicle maker, has postponed plans for an overseas equity issue and sale of investments to repay the $3 billion bridge loan it took in June last year to acquire the Jaguar and Land Rover brands from Ford.
Loans at a discount to the benchmark prime lending rates of banks are back with a majority of the fresh loans being disbursed at sub-PLR rates.
Firms denied peer review certificate may be barred from auditing
The government is also approaching the other two major rating agencies - Moody's and Fitch - to explain its fiscal strategy, the economic situation and the outlook.
The first to pass on the baton will be Tata Motors managing director Ravi Kant. He retires in June, according to the group's policy that all executive directors must retire at the age of 65 years. The other two are the MD of Tata Steel, B Muthuraman, and his long-time counterpart at TCS, S Ramadorai. They retire in September and October, respectively.
The company had reported less than 1 per cent of the revenue of Rs 781 crore (Rs 7.81 billion) in 2007-08 from the dredging business. For the nine months ending December 31, 2008, it reported revenue of Rs 853 crore (Rs 8.53 billion), a 61.1 per cent growth over the corresponding period of the previous year as it largely deployed its ships on long-term contracts.
Currently, the public sector major has an inventory of 20,000 tonnes as against the usual level of 5,000 tonnes. Analysts expect the inventory to reach 25,000 tonnes by March-end. "We expect aluminium prices to remain below the cost of production for the next six to nine months," said Vipul Shah, an analyst with Mumbai-based brokerage K R Choksey Shares. "The outlook for aluminium is grim," he said.
To discuss ways of increasing lending to optimise stimulus package impact.
The general elections could take a toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
India's largest refiner, Reliance Industries Ltd, is in talks with public sector oil marketer Hindustan Petroleum Corporation for a tie-up to run the former's fuel retail outlets, closed a year earlier.HPCL has issued a limited tender to five merchant bankers to advise it on the deal.Last year, RIL closed 1,400 petrol pumps -- 900 owned by the company and the rest managed by dealers.
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