ETAM, the French lingerie brand that has a joint venture with Kishore Biyani's Future Group, recently pulled out of Palm Beach Galleria mall in Navi Mumbai, together with six other retailers such as grocery chain Foodland Fresh and Manoranjan sarees.
Unitech, the country's second largest property developer, has raised $300 million (nearly Rs 1,290 crore) from international investors for its $600 million global property fund.
Money is the new God and spending it is the closest that one gets to nirvana. These five malls together accommodate close to 1,800 showrooms and smaller kiosks that sell almost everything a consumer could want. The number of visitors at Select City Walk averages around 2,000 on weekdays, going up to 6,000 on weekends.
Although a merger with low-cost carrier SpiceJet would have made the Kingfisher-Deccan combine the largest carrier in Indian skies, it would have put a huge burden on the Vijay Mallya-controlled carrier's financials, feel experts. SpiceJet's losses have almost doubled to Rs 133 crore (Rs 1.33 billion) this year -- of which Rs 123 crore (Rs 1.23 billion) were incurred in the March quarter -- as compared with last year.
Housing Development and Infrastructure, country's third largest listed realty developer, has forayed into entertainment, power, oil & gas and broadcasting, among others, either directly or by acquiring stake. The company recently acquired a 51 per cent stake in Broadcast Initiatives, promoted by Sri Adhikari Brothers. Sarang Wadhawan talks about his company's plans and projects in an interview with Business Standard.
In a yet another bailout that will go down well with the political class, the government has proposed one-time assistance to state government and private universities and colleges that do not get any financial assistance from the University Grants Commission, the country's higher education standards regulator, which also funds institutions.
Low-cost carriers SpiceJet and IndiGo were two of the main traders of aviation turbine fuel (ATF) at the Multi Commodity Exchange of India (MCX), which started trading of ATF futures on Monday, market sources said. Around Rs 34.8 crore worth of ATF was traded till five on Monday evening.
Food and grocery retailer Subhiksha has taken the acquisition route to list its shares on the stock exchanges. The company wants to avoid an initial public offer in view of the turbulence in the capital market.
A day after the Reserve Bank of India (RBI) raised the benchmark repo rate and cash reserve ratio (CRR), leading property developers said they are mulling hiking prices of apartments and focusing on the affordable housing segment to counter the impact of a high interest rate regime.
Affordable housing, the most neglected segment of the real estate sector, is now attracting large-scale investments from developers as well as private equity funds.
A high-profile team from MTN is also expected to meet Reliance Industries Ltd next week to take stock of the situation. RCom had informed the bourses on May 26 that it has entered into exclusive negotiations with MTN for 45 days soon after the South African giant aborted its talks with the Sunil Mittal-controlled Bharti group. The deadline will end on July 8.
Welspun USA's e-commerce plans comes at a time when only 3-5 per cent of home textile sales in the US is ordered over the Internet. The New York-based company is targeting the mid to upper end of the American home textile market, pegged around $15-17 billion. A couple of established retailers such as JC Penny have built the online retail model over the last decade.
Chief Executive S Ramadorai said, "We have hedged for about $1.5 billion. I believe one has to run the business on fundamentals and not on currency fluctuations." He also said it was very difficult to predict the rupee movement as in the last one-and-a-half months, the currency has begun to depreciate against the dollar.
South African major to make open offer to RCom shareholders. The deal would create a telecom colossus with 115 million subscribers in 25 countries.
After Singapore, Indian property developers such as Indiabulls Real Estate and Phoenix Mills among others are looking at London, German and Australian stock exchanges to list their property trusts there.
Electronics, IT goods makers HCL Infosystems, HP, LG Electronics and Zenith are raising prices of personal computers (laptops and desktops), LCDs and plasma TVs, and IT peripherals for the first time this year by as much as 13 per cent to offset higher cost of inputs triggered by a falling rupee. The move may nudge inflation further crimping consumer spending.
The race for South African telecom major MTN Group is hotting up with the possibility of two other players evaluating a bid or a strategic relationship with the company. Banking sources say European telecom major Deutsche Telekom and Russian telco Vimpel Communications are also studying the possibility of talking to the MTN Group.
The auto sector is doing well in India, despite stock market meltdown, emerging signals of industrial slowdown and rising costs.
Banking sources said with the MTN shareholders asking for a higher price than what Bharti had initially offered, the Indian telecom company might now pay 50 per cent of the money in cash and the rest through shares in Bharti Airtel. The sources added that MTN is also believed not to favour signing an 'exclusivity' contract with Bharti Airtel under which it would be bound not to talk to any other competing bidder till the negotiations with them have been concluded.
This is as definitive as it can get. Dutch global beer major Heineken is understood to have outlined its intent to Vijay Mallya's United Breweries that it does not want to have any conflicting presence in India.
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