It will also close 30 unviable stores. The company's move comes after its net loss widened to Rs 141.2 crore in the March-ended quarter, owing to mounting losses in apparels. The loss was Rs 82.2 crore in the apparel business, against a loss of Rs 4.44 crore in the corresponding quarter of the previous financial year.
While the Tatas are looking for PE deals of about $50 million or less, the A V Birla Group is eyeing deals worth not more than $25 million. Tata Capital is banking on its ability to source deals by exploiting the existing Tata ecosystem of suppliers and customers. The Birla group, which has committed 40 per cent of the $250-million corpus it planned to raise for its PE fund, is looking to leverage its strength to source and evaluate deals.
Rajendra S Lodha, the chartered accountant who has staked claim on the Rs 5000 crore (Rs 50 billion) assets of the M P Birla group
Former Prime Minister Manmohan Singh, Birla and former Coal Secretary P C Parakh were summoned.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
Brand name of the proposed bank has to be sent to RBI by July 1.
Hitesh Harisinghani/Rediff.com captures some beautiful moments from the many events of 2023, when the stars weren't looking.
Larger hospitals are not worried about a spike in cases, as they are now accustomed to converting ICUs and general wards into negative pressure zones or isolation rooms. For smaller hospitals, the task is tedious.
rediffGURU Ulhas Joshi answers your mutual fund queries.
Dressed in colourful attire, members of the Lok Sabha and the Rajya Sabha on Tuesday got their group photograph clicked in the old Parliament building, hours before legislative proceedings shift to the new Parliament House.
The case relating to the disputed will of Priyamvada Birla was on Tuesday assigned to the court of Justice Kalyanjyoti Sengupta and its date of hearing would be announced soon.
With a 35 per cent compound annual growth rate, the market for these brands is expected to reach $10 billion by 2027-28 (FY28), up from $2.4 billion now.
The Aditya Birla group is close to buying the Reddy family's 66.32 per cent stake in Apollo Sindhoori Capital Investments (ASCIL), marking a re-entry of the group into the broking business.
Business India has selected Aditya Birla Group chairman Kumar Mangalam Birla as the 'Businessman of the Year'
Most market analysts are expecting the momentum to shift towards 'quality' and 'growth' stocks in 2024 after the outperformance of 'value' stocks over the past three years. 'Value' stocks are generally well-established companies with steady profits that are trading at a discount to what they are intrinsically worth. Companies in sectors such as commodities, industrials, commercial vehicles and public sector units (PSUs) fall in this bracket.
In a blistering attack against the BJP over the violence in Manipur, Congress leader Rahul Gandhi on Wednesday alleged that its politics had "murdered Bharat Mata" in the northeastern state and termed members of the ruling party "traitors".
Tata Group remained India's largest business conglomerate in market capitalisation in calendar year 2023 while the Mukesh Ambani camp raced ahead of the Adani businesses to become the second-largest. The Tata companies ended 2023 with a combined group market capitalisation of Rs 28.68 trillion, up 35 per cent from the Rs 21.2 trillion at the end of December 2022. Ambani's group mcap is Rs 19.42 trillion at the end of CY23, up 10.7 per cent from the Rs 17.6 trillion a year ago.
Sacked Rajasthan minister Rajendra Gudha had claimed that the red diary which he had secured from the residence of Congress leader Dharmendra Rathore during an income tax raid in July 2020 on the directions of the chief minister had details of Gehlot's financial transactions.
Tata Birla is an ordinary fare. Ravichandran and Jaggesh combo fails to enliven the magic of earlier films. Director Magadi's weak script and Guru Kiran's ordinary music are the weak links. The glamour girls do not contribute anything to lift the film.
The controversy over a Trinamool Congress member of Parliament mimicking Vice President Jagdeep Dhankhar took political centrestage on Wednesday with the issue playing out both inside and outside Parliament and President Droupadi Murmu joining Prime Minister Narendra Modi in expressing dismay.
Grasim Industries has announced a rights issue of around Rs 4,000 crore with the promoters committed to fully subscribing to their entitlements and to covering any unsubscribed portion. This is to part-fund capital expenditure (capex) of Rs 10,000 crore in a new foray into the paints business. The company has already invested Rs 3,640 crore in the paints business (by Q1FY24). The management has outlined a capex of Rs 5,700 crore for FY24, which includes Rs 4,280 crore allocated for the paints business, of which Rs 1,050 crore has already been spent in Q1FY24.
The fierce litigious fight for little-known Birla Corporation marked the first major controversy for this storied and reserved business family.
Corporate Affairs Minister Sachin Pilot intoned, "Recent incidents will certainly dampen business confidence and investment sentiment, both domestic and foreign; and perhaps also negatively affect decision making by bureaucrats and policy makers."
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.
The winter session began on December 7 and was originally scheduled to end on December 29.
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