Lenders have postponed the second auction to sell bankrupt Reliance Capital's assets by a week to April 11, even as the Torrent group, the highest bidder in the first round, pursues litigation in the Supreme Court. Lenders are expecting the Hinduja group and Torrent to participate in the second auction and maximise the value of the assets. American financial services major, Oakteee may also join the race, said a source.
'In FY23, PV sales are expected to end the year at a record 3.8 million units, up 26 per cent. In FY24, however, the industry is expecting 5-7 per cent volume growth'
Allowing 12-hour shifts for all and night-time work for women was meant to benefit software firms, but is said to have clinched Foxconn's Rs 80 billion investment.
According to Rajeev Jayadevan, co-chairman, national Indian Medical Association Covid Task Force, the current scenario qualifies as a wave.
South Indian Bank is likely to name a new managing director (MD) and chief executive officer (CEO) by May end, said the Thrissur-based lender on Wednesday. The bank's shares dipped some 14 per cent at one point after MD and CEO Murali Ramakrishnan said he will not apply for an extension when his tenure ends on September 30, citing personal reasons. The bank's board on Tuesday considered Ramakrishnan's request for not intending to continue on his post and appointed a search committee for his replacement.
The billionaire Mistry family's estate is likely to soon change hands. The assets in the name of Cyrus Mistry, who died in September last year, may soon be divided equally among his wife Rohiqa and sons Firoz and Zahan, according to sources. The reorganisation will also include the 9.2 per cent stake in Tata Sons, which is currently in Cyrus Mistry's name and held through his investment company Cyrus Investments.
Many of these companies have a waiting period from 6-18 months now, indicating a rise in demand.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Sridhar Vembu, Zoho Corp's chief executive officer (CEO), said on Tuesday a report that he financially abandoned his wife and son is "complete fiction". An article in Forbes magazine alleged Vembu, founder of the Indian SaaS company, had abandoned his wife Pramila Srinivasan and their special needs son in the US in 2020. Srinivasan and Vembu are fighting a divorce case in California.
'We would like to develop Andhra Pradesh into a logistics hub not only for India, but also for South Asia.'
Open order books in February breach 700,000; wait period for some models exceed a year.
'It is Dhoni, Fleming and the support staff who decide on cricket.' 'The fans expect CSK to do well, and with Dhoni at the helm, CSK is capable of it.'
Mergers and acquisitions (M&As) by Indian companies have declined sharply by 80 per cent so far this year, in contrast with the same period last year, as bankers predict lower deal volumes due to falling profit margins of Indian companies and feeble stock markets. The decline in Adani Group shares has also hit buyer sentiment. According to data from Refinitiv, M&As in India stood at $3.3 billion from 253 deals, year-to-date (YTD) - a fall of 80 per cent year-on-year (YoY). Cross-border deals by Indian companies were also down 84 per cent to just $1.5 billion.
'Domestic will remain very much the core of what IndiGo is.' 'But the emphasis in our next growth phase is going to be on the international side.'
India is now much ahead of other large railway networks in the world in terms of electrification -- with the US at just 1 per cent, China at 72 per cent and Europe at 60 per cent.
Vedanta investors were jittery on Tuesday as its share price fell and bond yields of its parent firm rose following concerns raised by a rating agency on its capability to repay debt maturing later this year. Shares of the mining and metals major were down by 7 per cent on Tuesday to Rs 268 a piece on the BSE. The company has lost market valuation of 30 per cent in the last one year and 13 per cent since January 1 this year. Yields on the bonds of Vedanta Resources, the parent firm of the BSE-listed Vedanta, shot up to 39.8 per cent - showing investors' rising concern over the group's debt situation
With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country in FY23 until February 21. Though the industry may miss the 1-million target, sales in FY23 are already up 146 per cent from 249,621 units sold in FY22.
Following a gap of several months, global brands like Walmart have started lifting orders from Tiruppur's garment makers, leading to growth in knitwear exports in January after five months. Knitwear exports from Tiruppur increased 1.5 per cent in dollar terms and 11.6 per cent in rupee terms in January. According to the Tiruppur Exporters' Association (TEA), global majors have started placing more orders from the region.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
The Tata group-owned Air India will induct over 90 aircraft in two years as it looks to widen its footprint and grab a larger market share. The plan includes 56 planes from the mega aircraft order that the airline has now finalised with Airbus and Boeing. These will be in addition to previously announced leases of 36 planes that include Airbus A320Neo, A321Neo, and Boeing 777 aircraft.
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