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.
Brand name of the proposed bank has to be sent to RBI by July 1.
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
The paint sector is seeing heightened competition with the entry of deep-pocketed groups like Aditya Birla and JSW. However, some brokerages see an opportunity in select stocks.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
There remains a debate on who said this: "When the facts change, I change my mind. What do you do, Sir?" Was it the British economist John Maynard Keynes or the American economist Paul Samuelson. Irrespective of who said it, this sentiment appears to have found resonance in ITC's boardroom in recent years.
Kumar Mangalam Birla-led Aditya Birla Group plans to invest over Rs 4,000 crore in future technologies by setting up a Knowledge Park and a branch of the Birla Institute of Technology and Sciences (BITS) at Kozhikode in Kerala.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries:
After 15 months of negotiations, the Aditya Birla Group has finally agreed to buy out the US firm Columbian Chemicals Company (CCC) for $875 million from One Equity Partners, the merchant banking arm of JPMorgan Chase. This has catapulted the group to become the world leader in carbon black with a combined two million tonne annual production.
Shree Cement may join race; units in 3 more African countries may be sold.
Launching a counter offensive in the ongoing controversy over stake holding in Idea Cellular, Tatas on Tuesday dubbed the position of joint venture partner AV Birla Group as "misleading" and asserted that they were under no legal obligation to exit f
The government on Friday said it was examining the issue of shareholding in Idea Cellular raised by Aditya Birla Group and a rejoinder submitted by Tatas.
The mining major is selling the company to reduce its debt.
SBI Mutual Fund recently launched the SBI Quant Fund. Its new fund offer (NFO) opened on December 4, 2024, and will close on December 18, 2024. Currently, 11 fund houses manage quant funds with assets worth Rs 9,013.6 crore.
Social media platform Meta has appointed Vikas Purohit as Director of Global Business Group in India to lead the strategy and delivery of the charter that is focused on the country's leading advertisers and agency partners, the company said on Monday. Purohit will report to Arun Srinivas, director and head of ads business for Meta in India, it said in a statement. "I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country," Srinivas said.
Brokerages have lowered the price targets of asset management companies (AMCs) since they failed to beat revenue growth expectations in the January-March quarter (fourth quarter, or Q4) of 2022-23 (FY23). The regulator's plans to lower the fee charged by AMCs also added to concerns. While HDFC AMC and Nippon Life India AMC reported modest growth in revenue from operations in Q4FY23, UTI AMC and Aditya Birla Sun Life AMC delivered yet another weak quarter.
Aditya Birla Group and Holcim are rapidly increasing capacity in a bid to become the largest player in India's cement industry.
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.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
State-owned Life Insurance Corporation (LIC) is not keen on a composite license but it is looking to buy less than 50 per cent stake in a standalone health insurance company to enter the health insurance segment such that they have a say in the management of the company, without having to run the company, sources in the know said. "LIC doesn't need a composite licence. "Even if it is introduced, they will not opt for it.
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.
'Which is growing fast and where we are very strongly positioned.'
The Ruias of Essar have rejected an offer by the Aditya Birla group's Idea Cellular to acquire BPL Mobile's Mumbai circle, which lost heavily on its valuations due to the corporate battle between its shareholders.
The company is also looking at recruiting employees from outside India, especially for services and expertise that people in India lack.
The chairman of the diversified Aditya Birla group, Kumar Mangalam Birla, has bought a 25 per cent stake in Rupert Murdoch's News Corp-owned Indian news channel, Star India said.
It took the Aditya Birla group four years to make up its mind on entering the the burgeoning e-commerce market in the country.
The Aditya Birla Group has received in-principle approval from the Kerala government to set up a Rs 4,000-crore (Rs 40 billion) IT and Biotech Knowledge Park and a branch of Birla Institute of Technology and Sciences (BITS) at Kozhikode.
Hyundai Motor India (HMIL) raised Rs 8,315 crore from anchor investors on Monday, setting the stage for the country's biggest-ever maiden share sale. The Indian arm of the South Korean carmaker Hyundai Motor Company (HMC) allotted 42.4 million shares to 225 funds at Rs 1,960 apiece, the higher end of its price band. Among the investors receiving allotments were the Singapore government's sovereign wealth fund (GIC), New World Fund, and Fidelity.
While asking firms not to worry about sharp volatility in prices, Birla said companies must make sure they do not get caught in 'comorbidities'.
Sources said the company would rope in private equity players in the next round of financing within a year. After reaching a particular scale, the company would also come out with an initial public offer, they added.
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