Entities belonging to the Burman family, the promoter of Dabur India, on Monday announced a Rs 2,116 crore open offer to shareholders of Religare Enterprises Ltd (REL) to acquire up to an additional 26 per cent stake in the company as part of its strategy to enter the financial services space. Post the open offer, the family's stake in the financial services firm is expected to increase to 51 per cent. The open offer is made to increase the family's stake and take control of REL and this will mark the entry of Burmans into the financial services space.
With a narrow industrial base and dysfunctional politics, and a counter-productive national security agenda, Pakistan could well remain an 'international migraine', observes T N Ninan.
Issues Rs 358 crore interim dividend, 1:10 bonus and 10:1 split
Maruti Suzuki India on Wednesday reported a 42 per cent rise in consolidated net profit to Rs 2,671 crore for the fourth quarter ended March 2023, driven by higher sales, improved realisation and favourable forex movement. The country's largest carmaker logged a net profit of Rs 1,876 crore in the January-March of 2021-22. Net sales during the fourth quarter rose to Rs 32,060 crore compared to Rs 26,749 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. The supervisory action will not impact existing customers of Mastercard, the Reserve Bank of India (RBI) said. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data".
The Indian Premier League on Thursday said the prize-money for last year's Champions League Twenty20 tournament, held in South Africa, has not been disbursed yet because of the need for regulatory approvals by the treasury department.
The IMF Board of Governors have approved a general allocation of special drawing rights equivalent to $250 billion to provide liquidity to global economic system by supplementing its member countries' foreign exchange reserves.
'But he was very quick and did a very stylish adab.' 'Of course, I didn't expect him to hug.'
South African domestic side Dolphins' request to let out-of-form England batsman Kevin Pietersen play two matches for his native club next month has been approved by the cricket board in Johannesburg.
The medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices. Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption. The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
ICC announced equal prize money for men's and women's teams at ICC events while also making changes to the over-rate sanctions in Test cricket.
'Markets are not expensive; they are fairly priced.'
The board of Kingfisher Airlines today approved converting lenders' debt of up to Rs 1,355 crore (Rs 13.55 billion) and the promoter-founders' debt of Rs 648 crore (Rs 6.48 billion) into share capital.
The entire issue of compensation, including the amount to be claimed and how, has been forwarded to the government for approval, sources said, adding that matter came up for a thorough discussion at the meeting of the Board, sources said.
The RBI on Wednesday asked banks to provide an option to jewellery exporters and domestic manufacturers of gold jewellery to repay a part of Gold (metal) Loans (GML) in physical gold. As per the extant instructions, banks authorised to import gold and designated banks participating in Gold Monetisation Scheme, 2015 (GMS) can extend GML to jewellery exporters or domestic manufacturers of gold jewellery. GML are repaid in Indian rupees, equivalent to the value of the yellow metal borrowed.
As per RBI, the CRO shall be a senior official in the hierarchy of an NBFC and shall possess adequate professional qualification/ experience in the area of risk management.
The HC sought the information from the Morbi municipality while hearing a suo motu (on its own) public interest litigation on the collapse of the bridge.
In a filing to the Bombay Stock Exchange, Maytas Infra said a meeting of the board of directors of the company will be held on Thursday to appoint Vaish and Jain as directors of the company in accordance with the order of the Company Law Board. Former ICAI president Ved Jain and noted tax lawyer O P Vaish were named as new board members of Maytas Infra following CLB directing the government to appoint four nominee directors, including a chairman, on the company's board.
There was an acceptable domestic performance in India but there continues to be concerns about the Europe business and that overshadows the local performance. The consolidated revenues for the Q2FY24 stood at Rs 55,682 crore with an operating profit of Rs 4,315 crore and an operating profit margin of 8 per cent.
'Baseball/softball, cricket (T20), flag football, lacrosse (sixes) and squash will be in the programme at LA28.'
Nirma's tryst with the pharmaceutical space started in 2006 when it acquired the ailing Core Healthcare in a deal reported to be worth Rs 300 crore. The Ahmedabad-based manufacturer of intravenous fluids was subsequently renamed Nirlife. Pharma industry insiders say Nirma, which broke open the detergent market in the 1990s with low prices and massive advertising, tried an encore of the low-price strategy in pharma, but with mixed results.
'Currently, 81 per cent of all reserved tickets are booked through e-ticketing.'
The company, however, maintained that the appointment is 'interim' and shareholders approval would be sought next year to make it a full-time engagement.
The Cabinet on Wednesday empowered boards of state-owned companies to decide on the closure and divestment of units/subsidiaries. Presently, the Board of Directors of holding or parent public sector enterprises have been delegated certain powers to make equity investments to establish financial joint ventures and wholly-owned subsidiaries and undertake mergers/acquisitions, subject to certain ceilings of net worth. However, the Boards do not have powers for disinvestment or closure of their subsidiaries or units or stake in JVs, except for some limited powers given to Maharatna PSEs for minority stake disinvestment in their subsidiaries.
'I am grateful that this film has happened, it makes me so proud of the country and of the Indian Army.' Brandy Batliwala, Field Marshal Sam Manekshaw's eldest grandchild, on the man behind the hero.
Brij Bhushan Sharan Singh and his son Karan are not part of the electoral college for the upcoming Wrestling Federation of India (WFI) elections.
In its bid to overhaul the structure of domestic cricket, the Board Of Control For Cricket In India approved the recommendations of the Special Committee on the revision of the Ranji Trophy format, under which 27 teams will be divided into three groups of nine sides each.
Under attack, Sibal claimed he did not represent the Sunni Waqf Board in the Ayodhya case in the SC.
Chairman A M Naik said H2 of 2020-21 will herald better economic and business activity in terms of tendering, good liquidity, as well as revival of labour and supply chains.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
This announcement comes a day after the DGCA asked IndiGo to take 'appropriate action' after it found alleged violation of safety and social distancing protocols by mediapersons in the airline's Chandigarh-Mumbai flight that had actor Kangana Ranaut as a passenger.
UK's Vodafone is learnt to have approached the Foreign Investment Promotion Board for approval to acquire 52 per cent stake of Hong Kong-based Hutchison Telecom in mobile firm Hutch-Essar and also for investing in telecom activities.
Anmol, who has a degree from Warwick Business School in the UK, has also been visiting branches and meeting employees across businesses in different regions to get exposure and detailed understanding of businesses at grass-root level in the past two years
Goal-line technology was approved in principle by the soccer's lawmakers on Saturday and could be used for the first time at FIFA's Club World Cup finals in Japan at the end of the year.
The film release in India and Pakistan on July 18.
Finance Minister Arun Jaitley has been appointed on the Board of Governors of Philippines-based Asian Development Bank (ADB).
After dropping a bombshell about interference in selection matters, former national selector Mohinder Amarnath today named BCCI president N Srinivasan as the person who overruled the "unanimous" decision to replace Mahendra Singh Dhoni as captain after India's eight consecutive overseas Test defeats.
The Rubber Board has presented a detailed plan to the commerce ministry in this regard. The economic and finance committee under the ministry will examine the proposal and forward it to the plan panel for approval.
The Companies Act prescribes ceilings on the remuneration of CEOs
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