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.
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.
For many years now, the Congress and its allies have not had any noteworthy representation from the area. The loan-waiver package may not improve things in the next general elections in 2009, Business Standard found out in an extensive tour of the area. Most farmers said they did not find it worthwhile to go to a bank for loan because the process was too cumbersome.
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.
Demand payment of sugarcane arrears, company says there are no dues.
"No airline is making money in India because they are selling below cost. The country is seeing a 25 per cent annual growth rate in air passenger traffic, but some slowdown is also expected. These are some of the pains when markets open up," said John Leahy, chief operating officer (customers), Airbus. Leahy, however, declined to offer details.
The crude oil rally will impact prices of aviation turbine fuel, which forms 30 per cent of the operating cost for an airline. The company incurred a loss of $23.1 million during the October-December quarter of FY08. This was against a net profit of $9 million during the corresponding quarter of 2006-07.
The sharp depreciation of the rupee against the US dollar over the last four weeks has neutralised the impact of recent import duty cuts aimed at lowering prices of commodities like edible oil, metallurgical coke and newsprint.
The procurement has already touched 19.8 million tonnes and government agencies continue to procure 200,000-250,000 tonnes daily.
Cement companies' latest quarterly performance shows that they have begun to feel the pinch of the government's anti-inflationary measures. The latest price cut of 1.5 to 3 per cent at the government's persuasion and a decision to hold prices for the next three months could impact earnings even more.
Liquor companies are set to raise prices, thanks to the hike in the cost of molasses, a by-product of sugar used to make potable alcohol. "Alcohol prices may rise as much as 20 per cent due to lower molasses production," said Abhishek Khaitan, managing director, Radico Khaitan, the country's second largest liquor producer.
Stockbroker Harish Bhasin has got Rs 22 crore stuck in the bid to take over DCM Shriram Industries, the Delhi-based sugar company. He invested the money to raise his stake in DSIL from 12.87 per cent to 25.05 per cent over the last five-and-a-half months. He bought DSIL shares from the open market. However, his open offer to buy 22.88 per cent stake has not taken off, pending an approval from the Securities and Exchange Board of India.
US President George W Bush and his Secretary of State Condoleezza Rice may have their numbers wrong when they accuse China and India of contributing to the global food crisis as a result of growing prosperity-led consumption.
The UK's Marks & Spencer (M&S) has plans to position itself as a mid-market mass retailer in India and is eyeing a chunk of its revenues from India in the next few years. M&S has severed its partnership with Planet Retail and has entered into a deal with Reliance Retail. Its existing stores will be absorbed in the current partnership eventually. M&S will be positioned as a mid-market retailer in India. It chose Reliance as it moves quickly in its line of businesses.
Gagan Banga talks about how one of India's largest NBFCs still retains the financial discipline of a start-up.
Interestingly, it is the long products that have witnessed the steepest price increase (between 50 per cent and 62 per cent), clearly reflecting the booming demand from construction activities. However, the flat products, by comparison, have seen a price increase of 17-24 per cent, almost half compared with the long products. Driven by demand, the share of the long products in the total steel production has been steadily increasing.
Numbers collated by the Business Standard Research Bureau show that in the last three years, leading cement manufacturers have multiplied their nine-month profits manifold and mining and paper companies have more than doubled it.
Goodies and early bird discounts are not a new feature of India's real estate story, but the timing is significant. Real estate prices have climbed off their historic highs in the last six months on account of tighter liquidity and an overall decline in sentiment.
The real estate industry is witnessing a slowdown. In anticipation of rates to fall, consumers are postponing their purchase plans. Developers, for their part, are finding it difficult to access cheap credit with banks reluctant to lend to them. Both residential and retail demand has moderated though the demand for office space remains strong. Inspite of this, most property cos are expected to post reasonably good Q4 results. Builders are banking on mid-income projects.
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