Bank of America has been hit by a whistleblower complaint that its officials in Asia had shared "non-public information" with investors "before the bank sold hundreds of millions of dollars of stock", reports the Wall Street Journal.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
UltraTech Cement Ltd on Monday reported a 35.24 per cent increase in consolidated net profit at Rs 2,258.58 crore for the fourth quarter ended March 31, 2024. The leading cement maker had posted a consolidated net profit of Rs 1,670.10 crore in the January-March quarter of the last fiscal, according to a regulatory filing from UltraTech. Its revenue from operations rose 9.41 per cent to Rs 20,418.94 crore during the period under review.
Telecom operator Idea Cellular said it is on track with its plans to raise Rs 2,500 crore (Rs 25 billion) through its initial public issue and plans to clear all formalities by the month-end.
Both the promoter groups - Vodafone and Aditya Birla - have confirmed their participation of up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, in the issue.
While about 8,000 people are in the long list of invitees, the select list features just a few hundred people, including prominent politicians, leading industrialists, top film stars, sportspersons, bureaucrats and diplomats.
'There'll be extended periods where things aren't working in your favour. But if you believe in the cause profoundly, then you simply persevere.'
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's wireless telephony firm Idea Cellular has agreed to buy Spice Communications in a three-stage deal in which minority shareholders of Spice would be given an option either to swap their shares for the Birla group firm or sell them in an open offer.
The US-India Business Council (USIBC) in coordination with the Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (Ficci) is preparing a list of invitees for the business summit to be addressed by visiting US President Barack Obama.
'We have great demographics, and are the fastest growing large economy. And we save.' 'All of which is great for financial services,' Aditya Birla Capital CEO Ajay Srinivasan tells Niraj Bhatt.
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.
The average premium at $390 Main Japanese Port (MJP) was almost 47 per cent higher than 2013-14.
The Central Bureau of Investigation (CBI) has started scrutinising the file received from the Prime Minister's Office on coal block allocation to Hindalco to understand the circumstances on the basis of which the earlier decision to reject the company's application for the same was reversed.
Bandhan Financial Services, the first microfinance institution in the country to win a bank licence, is also one of the youngest entities to be allowed to enter the banking space.
Ending days of suspense, the Reserve Bank on Wednesday granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan from among 25 applicants that included corporate heavyweights ADAG Group, Aditya Birla Group and Bajaj Group.
It is not clear whether the drop in offers is a fallout of demonetisation.
Reliance Industries chairman Mukesh Ambani and his wife Nita Ambani topped a list of power couples dominated by celebrity pairs from Bollywood, according to the annual survey results released by the Indian Institute of Human Brands (IIHB) in Mumbai on Wednesday. Ranveer Singh and Deepika Padukone followed the Ambanis at No 2, and Virat Kohli and Anushka Sharma occupied the third position. Five other couples from the corporate world made it to the list - Infosys founder Narayana Murthy and Sudha Murty at 10th, Adar and Natasha Poonawala (Serum Institute) at 11th, Azim and Yasmeen Premji (Wipro) at 16th, Anand and Anuradha Mahindra (Mahindra Group) at 19th, and Kumar Mangalam and Neerja Birla (Aditya Birla Group) at 20th position.
While Airtel may be pushed to to No 3, Jio will find it mighty difficult to beat the new entity.
The latest trigger has been Future group's buyout talk with the retail unit of Andhra Pradesh Chief Minister Chandrababu Naidu's family-owned Heritage Foods
Overseas operations already account for nearly 30 per cent of the group's revenue now and the Novelis acquisition would go a long way in fulfilling group chairman Kumar Mangalam Birla's ambition
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
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.
The average age of the people has come down. Finally, we have gone in for inorganic growth rather than organic in recent years.
Commerce and Industry Minister Anand Sharma on Wednesday appeared to share industry's concerns over naming Kumar Mangalam Birla in an FIR in coal scam case saying it was unfortunate and could raise questions over investor confidence in the country.
Hindalco Industries, the metals flagship of the Aditya Birla Group, on Friday said it has finalised arrangement for acquiring alumina refinery and bauxite mines in Brazil from its wholly-owned subsidiary Novelis as part of corporate reorganisation plan.
While Vodafone will hold 45.1% of the shares in the new entity, to be renamed at a later stage, Kumar Mangalam Birla and other promoters of Idea group will hold 26%. Vodafone India will also transfer 4.9% of its shareholding to Idea's promoters for a cash consideration of Rs 38.74 lakh crores.
India Inc believes that given the current economic slowdown, it could not have been any better
Though Google's investment is minuscule and will not move the needle, it will attract other investors to the company and be a morale booster. Pursuing Vodafone Idea would potentially pit Google against Facebook and an increasingly dominant Jio.
"India and Indonesia can do much more in the changing world," Sharma said at a reception hosted by the India-Indonesian Chamber of Commerce last night.
Aditya Birla group's Idea Cellular has signed a deal to acquire 40.8 per cent stake in Spice Communications for Rs 2,716 crore (Rs 27.16 billion).
The notification allows farmers to directly sell fresh produce to consumers, rather than through agriculture produce marketing committees.
The company is also looking at recruiting employees from outside India, especially for services and expertise that people in India lack.
