Capital market regulator Sebi on Tuesday rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments for acquisition of Religare Enterprises Ltd (REL) as it did not meet necessary regulations.
"We are ready to evaluate purchase for any additional shares including from the IndusInd Bank. But, our headroom is about four per cent. We will keep our holding below 25 per cent," Dabur India Vice Chairman Mohit Burman told PTI from Greece on Sunday.
Eveready Industries India will launch a new category in Financial Year 2024-25 (FY25) as it works to double revenue, said a senior executive of the country's largest dry cell battery maker. It could be an adjacency or a new product under the Eveready brand and a final decision is expected by the end of this financial year. "We are currently working on that exercise; it's on the drawing board," said Suvamoy Saha, managing director of Eveready.
The Burman family, which had made an open offer in September to acquire Religare Enterprises' control, in a statement said: "We are surprised and disappointed at these allegations." Burmans said it will move towards closing the transaction "expeditiously", working with all the regulators.
The development comes at a time when Eveready is on the lookout for strategic investors, including a possible stake sale in its battery business.
50 per cent of the flashlights market in the country is dominated by Chinese imports, which have been increasing.
The change in ownership is expected to give a fresh lease of life to the company that has often been dragged by financial stress in its close to three-decade journey under the Khaitans, reports Ishita Ayan Dutt.
Over the past decade, a change in consumer choice swept through the battery industry - the walkman lost its mojo, smartphones took over cameras and batteries were tucked away in remotes and wall clocks that hardly needed frequent call-ups. The result: Brand Eveready lost mind space. And the company's attempt to stick to the on-ground marketing activities didn't quite help. But Eveready, now at the cusp of change, is putting things right - a new Give Me Red television commercial has been launched after a gap of 7 years featuring an empowered bride ski-diving to her wedding venue. The creative, according to Eveready sources, is in sync with the brand doctrine.
The Supreme Court on Monday issued notices to the Union Carbide Corporation, Dow Chemicals and others on a Centre's plea seeking enhancement of compensation to the victims of 1984 Bhopal gas tragedy from Rs 750 crore to Rs 7,700 crore.
A week after unlocking Rs 124 crore (Rs 1.24 billion) from the sale of a Kilburn Engineering property, the Brij Mohan Khaitan group has announced another Rs 115 crore (Rs 1.15 billion) deal.
I don't place much emphasis on timing the market. Stocks don't move up because we buy them, says Ramesh S Damani
The superstar endorses a wide array of products but all the money it is bringing him has not blinded him to his social responsibilities.
Amitabh Bachchan has signed a deal with Eveready Industries Ltd to promote the company's batteries.
The market leader in dry cell battery, Eveready Industries India, has tied up with a Hong Kong-based company to launch the most advanced form of rechargeable battery to brace itself for growing demand in the country and to take on cheap imports from
As imports reduced, Eveready clocked significant volume growth in batteries.
Madhu Jayanti's Rs 55-crore packet tea business so far is only in Maharashtra and Karnataka. After Eveready's tea business buyout, MJIL's tea production in India will increase from 2.4 million kg to 6.2 mkg and its income from branded tea sales will rise 53 per cent to Rs 198 crore this fiscal year itself. It will also be available in 14 states.
In total, BSE would shift as many as 40 securities to the trade-for-trade category or 'T' Group while NSE would transfer 18 scrips to the segment on its platform, as per separate notices issued by both the bourses.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Promoters increasing stakes is definitely a positive signal for the market and investors.
For India Inc, latest GDP figures signal a turnaround.
TCS, Infosys and Wipro were down 0.4-2% each. Capital goods majors also ended lower with L&T and BHEL down 1.4-3.9% each.
Ricoh India, the largest gainer among these pack, has rallied 192 per cent from Rs 294 to Rs 859 on the BSE so far in the current calendar year.
To double its current turnover of Rs 13.53 billion in five years, the firm plans to generate 25 per cent of this consolidated revenue from FMCG sales.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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