Prices of key inputs up 44% to 74%; analysts expect earnings squeeze after a quarter or two.
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.
The free run at automated teller machines might end soon, with banks petitioning the Reserve Bank of India to put curbs on cash withdrawals at third-party ATMs. Representatives from the Indian Banks Association, who met central bank officials late last month to make a case, said RBI had accepted most of their suggestions and these are likely to come into effect soon.
Income from distribution of third-party products such as insurance policies and mutual fund schemes is already under pressure because of the unfavourable economic climate.
According to the Reserve bank of India data, year-on-year growth for credit card outstandings, or the total balance due to issuers on credit card spends by customers, has plummeted to 1.4 per cent as on May 22, 2009.
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.
Lack of moisture in fields leads to less output.
The additional step is the result of a Reserve Bank of India's guideline issued this February that mandates additional authentications/verifications based on information about the card-holder that is not contained on the card. This measure is expected to contain online card fraud.
Once bitten, twice shy, the laid-off workers, many of whom had switched to sectors like textile and agriculture, are apprehensive about returning to diamond processing. Before Diwali last year, there were about 3,000 diamond cutting and polishing units with a 600,000-strong workforce.
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.
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.
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.
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.
Investors, speculators, hedgers and consumers who sold their gold stocks to partly set off losses in the financial markets will start replenishing within six to eight months, says Ajay Mitra, managing director - Indian sub-continent, World Gold Council.
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.
According to Ketan Shroff of Pushpak Bullions Pvt Ltd, "Traders are selling at Rs 14,900 -- 14,950 per 10 gm presently, which was Rs 100-150 lower than the landed cost." He added, "The consumer price depends upon customers' needs as some in dire need of money sell at prices lesser than Rs 14,900 per 10 gm while others attract customers through price negotiations."
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.
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