After a long hiatus, home sales are finally back on track. Sales of major real estate developers have more than trebled in the June quarter compared to the preceding three months, amid growing expectations that the good times will continue to roll.
Sterlite Industries, the flagship firm of London-listed Vedanta, may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt US copper mining firm, Asarco. Harbinger has decided to withdraw from the race, informing the bankruptcy court that its plan to restructure Asarco should not be considered.
This upturn comes soon after an earlier stalling of demand. In February, DLF, the country's largest property developer, said it had stalled construction on 16 million sq ft of commercial space (retail and office) due to lack of demand. So, too, with other developers like Unitech, Parsvnath and Raheja, who either stalled or slowed the construction of their commercial properties because of a demand-supply mismatch.
Ore and coking coal to come from Tata mines in Canada, Africa.
Property developers plan more launches in the sub-Rs 20 lakh category of homes, after Monday's Budget concession.
The company has a debt burden of Rs 14,500 crore.
Want to appoint CFO, advisory board and governance committee.
The group also has plans to spend Rs 50,000 crore (Rs 500 billion) on power generation. The London-listed giant will spend Rs 43,000 crore (Rs 430 billion) to enhance its capacity, in addition to its Rs 50,000-crore (Rs 500-billion) plan in power generation.
Third attempt to get more buyers, property market still quite depressed.
However, the company will go ahead with its plans in Jharkhand, and has secured iron ore mines and coal linkages to the project, company sources told Business Standard. An e-mail reply from the steel major said it was not expecting its projects in India to start before 2014.
Patience, however, ran out for over a dozen global brands, including GAS, Replay, Etam and Argos. All of them have ended their joint ventures or franchisee arrangements with Indian retailers in the last one year due to reasons ranging from poor sales and high rentals to mounting losses and failure to open stores on time.
The $6.3-billion Mahindra Group expects to grow revenues from its agri-business venture nearly eight-fold in the next five years by expanding among national and overseas retail chains, a top group official said.
Five Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta group's Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.
Currently, the company is in the process of demolishing the old buildings and is expected to start construction work on the mill land by the year-end, a top company official said. The company plans to build a hotel and a commercial complex for IT and ITeS (IT-enabled Services) companies on the 20-acre land.
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.
They have graduated from just home delivery to SMS marketing, bulk buying alliances and credit extensions.
Consider this: Kishore Biyani's Future Group, which owns the country's largest retailer Pantaloon, is converting the standalone stores of book and music chain Depot into shop-in-shops within Big Bazaar. While the number of Depot shop-in-shops has risen to 123, that of standalone stores has come down to nine. Same with UK-based footwear brand Lee Cooper.
Whether it would help these cash-starved firms to improve their profit margins is yet to be seen, but such a move would send a strong signal that the phase of price correction is over. "Developers want to send signals that they are good. But if they are increasing above 10-15 per cent, it would be irrational," said Sanjay Dutt, chief executive of Jones Lang LaSalle Meghraj, a property consultant.
The Anil Dhirubhai Ambani group company hasn't yet got the contract for executing the second phase of the Mumbai Metro, but Jalan's team has already started negotiating with domestic banks to tie up funds for the estimated Rs 11,000-crore (Rs 110-billion) project.
The Bombay high court, while pronouncing the verdict on the gas dispute on Monday, advised the Ambani brothers for the second time to settle their row in consultation with their mother.
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