Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
Street gave a thumbs down to Aditya Birla Fashion and Retail (ABFRL)-TCNS Clothing deal as analysts flagged near-term profitability risks for ABFRL with its latest acquisition. At the bourses, shares of the Aditya Birla group company tumbled 6.2 per cent in the intra-day trade, before settling 3.27 per cent lower at R 207.2. Those of TCNS, meanwhile, plunged 20 per cent to end at Rs 416.64.
Market worth has risen to half that of Airtel and double that of RCom.
Aditya Birla Group company Idea Cellular today said it expects to start 3G services in the third quarter of the ongoing fiscal.
Aditya Birla group company Idea Cellular and US-based wireless operator Verizon are all set to get the Letters of Intent for long distance services following clearance of their applications by the Department of Telecom (DoT). Official sources said the applications have been put forward for the Telecom Minister's approval. Idea is awaiting LoI for International Long Distance services while Verizon's application is for both National and International Long Distance services
Idea Cellular, an Aditya Birla group company, is investing around Rs 647 crore (Rs 6.47 billion) for the rollout of operations in the Mumbai circle. The operations are expected to commence in two months time.
The companies are expected to announce the deal soon.
Idea announced the lowest tariff for mobile users in the city offering all local calls for 40 paise per minute on its network for a period of one year, and STD and SMS at 50 paise per minute, on any mobile and landline network.
UltraTech said its board will meet on Tuesday to consider a proposal from Samruddhi Cement to merge the cement business of group with itself.
Hindalco Industries, an Aditya Birla group company, is scouting for copper mines in Columbia, Peru and Argentina.
The Aditya Birla Group company has already spent over Rs 3,000 crore on projects to take its production capacity from 17 million tonnes to 21.9 mt and plans to further scale up till 23.1 mt by June-end. K C Birla, chief financial officer, said, "We will continue to maintain our market share and, if required, we will go ahead with more capacity additions to ensure we don't become a loser in the market."
This is under the accounting norms of the Securities and Exchange Commission of the United States. The company has said it would use its share premium account of Rs 8,600 crore (Rs 86 billion) for this write-off.
Not just Mumbai, the company's plans to roll out services in Bihar and Jharkhand has also been delayed due to the unavailability of spectrum.
Indian telecom companies are likely to get a windfall of Rs 100-150 crore (Rs 1 to Rs 1.5 billion) when they announce their first quarter results during this week.
Chartered accountancy firm Lodha & Co has resigned as statutory auditor for Grasim Industries Ltd, a Aditya Birla group company, and city-based G P Kapadia & Co has been appointed as sole statutory auditors for the firm.
Indian Rayon, an Aditya Birla Group company, on Friday announced its entry into the Business Process Outsourcing sector with the acquisition of TransWorks, a leading Indian ITES/BPO company, for about $13 million.
Grasim Industries Ltd has submitted an alternate proposal to Larsen & Toubro before the engineering major decides to demerge its cement business at its board meeting
After Airtel and Hutch, cellular operator Idea, an Aditya Birla Group Company, has lowered ISD rates by 80 paise per minute.
With the increased death rate in the ongoing second wave of Covid-19, domestic cement companies are in no better condition than they were in the April-June quarter of FY21 when the country faced nationwide lockdown. "This wave has had high death rate which has impacted the business. "We are in no better situation than last (year) April. "Deaths of drivers, dealers, contractors and also employees have hit the industry really very hard since April (FY22)," M Ravinder Reddy, director of Bharathi Cements said.
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
Novelis is expected to come out with its March quarter earnings on Friday and a decision on its rating will follow soon after.
UltraTech currently has 19% market share with Shree Cement commanding 22% of the market
Former PM Manmohan Singh moved the SC against a special court order summoning him as accused in coalgate case.
Five others, including one retired and another serving public servant -- K S Kropha and K C Samria -- were held guilty for various offences under the Prevention of Corruption Act and Indian Penal Code.
The group firms reported combined losses of Rs 6,134 crore in FY19 against a net profit of Rs 5,414 crore a year ago. Excluding Vodafone Idea, the group reported a net profit of Rs 8,470 crore, down from a profit of Rs 9,582 crore a year ago.
According to industry experts, companies in sectors such as consumer durables (fans, air-conditioners), power cables and the electrical industry will be hit, given that they are big users of copper.
While debt funds have emerged as the flavour of the season, not all investors understand debt funds. So the best they can do is put trust in the fund manager and the fund house.
Odisha Chief Minister Naveen Patnaik may be questioned by CBI for writing a letter of support in favour of Hindalco, an Aditya Birla group company, after its bid for coal mines was rejected by coal ministry.
The states will get over Rs l lakh crore.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
Riding on a stock market boom since 2009, India Inc's chief executives have been able to salvage a lot of lost pride in their second innings.
The Supreme Court on Wednesday stayed the summons to former Prime Minister Manmohan Singh and 5 others by a trial court over the coal scam.
.jpg)
Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said.
Sensex ended above 26,000 led by telecom shares amid TRAI's spectrum sharing norms.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances