Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
Decks have been cleared for Oil and Natural Gas Corporation to take over the Mangalore Refinery and Petrochemical Ltd with Public Investment Board on Wednesday giving consent to the Rs 659.4 crore (Rs 6.59 billion) proposal.
Troubled Vodafone Idea Ltd (VIL) has filed a review petition in the Supreme Court after the apex court recently dismissed its plea for rectification of the alleged errors in the calculation of adjusted gross revenues-related dues. In the petition, filed earlier this week, VIL has said it is "a travesty of justice" that the company is restrained from questioning the arithmetical errors/ omission which are going to cost it about Rs 25,000 crore (Rs 5,932 crore of principal plus interest, penalty and interest on penalty). VIL has said its contentions have been rejected by the order under review and added that this denial could result in the company going under and its about 27.3 crore subscribers being left "high and dry".
Grasim Industries Ltd, an Aditya Birla group flagship company, has posted a 68 per cent rise in its net profit at Rs 219.2 crore for the first quarter ended June 30, 2004 as against Rs 130.5 crore in the corresponding quarter last fiscal.
India's richest businessman, Mukesh Ambani is ranked at 33 with a salary of Rs 15 crore (Rs 150 million) annually.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
US President Donald Trump on Tuesday wooed Indian industry leaders to invest more in America, promising to reduce more regulations in his country as he looked for overseas investment to boost the economy there. Speaking at a high-profile CEO round-table which included captains of the Indian industry such as Reliance Industries chairman Mukesh Ambani, Mahindra group chairman Anand Mahindra, Tata Sons chairman N Chandrasekaran and Aditya Birla group chairman Kumar Mangalam Birla, Trump reassured that regulations "will only get better" for investment in the US.
India produced 179 more super-rich people this year led by Adani Group's Gautam Adani who amassed a whopping wealth of Rs 365,700 crore or more than Rs 1,000 crore daily, and the number of such individuals has crossed the 1,000-mark. Geographically, five more cities are home to super-rich taking the total number of super-rich cities to 119 and these 1,007 individuals cumulatively added 51 per cent more wealth in 2021. The average wealth increased by 25 per cent this year that also saw the livelihoods of thousands of people being hit by the coronavirus pandemic.
Both Grasim and L&T were boosted in early trades on Monday after Sebi cleared Grasim of charges of violating the Takeover Code while acquiring L&T.
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Senior company officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
With the dizzying rise in the number of Covid-19 cases in the country, India Inc has transitioned from a wait-and-watch policy to full-on emergency mode, bringing back remote and flexi work, stringent safety protocols, and allowing only essential travel. Companies - especially in metros like Delhi, Mumbai and Kolkata - that had adopted a hybrid work model during the last few months when the caseload remained low, are either switching back entirely to work-from-home (WFH), or calling skeletal staff to office on select days. Take the case of cigarettes-to-hotels major, ITC, which had been on a hybrid work model over the last few months.
India Inc pledges $75 bn on Digital India launch
NBFCs with a proven track record, supported by the brand values of reputed corporate, can play a key role in bringing the benefits of banking and economy to the underserved and newer segments of India.
For the past few years, Avigo has been in talks with many strategic players, including private equity investors, to sell its stake in Spykar.
Hindalco is currently one of the frontrunners in the coal auction
Hindalco has already bagged 4 mines in Jharkhand and Chhattisgarh
Mukesh Ambani continues to remain the richest man in India.
The states will get over Rs l lakh crore.
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Reliance, Birla Group, Airtel eye small finance banks.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
From 5G to Tesla to Covid vaccine, 10 things will shape India's future.
Another important early decision of Birla was to get into the wireless telephony business in association with AT&T and another revered Indian business house, the Tatas.
The Central Bureau of Investigation could question Odisha Chief Minister Naveen Patnaik in connection with alleged irregularities in allocation of coal block to Hindalco as he had written a letter to the Coal Ministry after application of the Aditya Birla company was rejected in 2005.
Prime Minister Narendra Modi on Thursday launched the ambitious 'Make in India' campaign to make India a global manufacturing hub, create jobs and boost economic growth.
The Aditya Birla group's decision to merge two companies, each with an existing clutch of diverse businesses, flies in the face of the accumulated wisdom regarding conglomerates, says T N Ninan.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake. The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons. The valuation of Rs 4,400 crore for a 72.56 per cent stake is is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said in a statement on Sunday.
The first spending item on the chopping block is capital expenditure, followed by operating costs and overheads, including sales and marketing expenses.
The Association for Democratic Reforms has stated in its report that 87 percent of the contributions or donations made to political parties in the past eight years were from business houses. The corporate houses contributed Rs 378.89 crore, constituting 87 per cent of the total contribution from known sources of political parties.
It may be the season for corporate matchmaking but India Inc's record of managing partnerships is far from impressive, says Shailesh Dobhal.
Define your North Star. Experiment in your 20s be adventurous and experiment and use these experiences to build your flywheel and compliment your IQ with EQ.
A dip in 'dream job' applications could also mean that students are bagging their desired offers in the first go itself.
The equity infusion will happen at Rs 505 a unit, which is a premium of nearly 14 per cent over February 4's close of Rs 444.60.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
Experts say the focus is on preserving liquidity as there is uncertainty over the duration and impact of the 21-day nationwide lockdown imposed to check the spread of COVID-19.
Bankers say it's a question of survival for debt-heavy companies.
Ace tennis player Sania Mirza said India still needs to do a lot more to bring women at par with men in sports, though the country has come a long way in this aspect.
In the wake of the 2G acquittals, here are a few high-profile cases in which question marks were raised by various courts over the CBI's probe.
As A M Naik stepped down as L&T CEO, there are some things he still needs to take care of. And given his love for his company that's not the last we are going to hear of him yet.
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