In the last few years, zero per cent financing has become quite attractive as consumers aspire to buy the latest products, especially in categories such as mobile phones and television sets.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
A battle between incumbent GSM and CDMA operators has broken out, with Marten Pieters, the managing director of Vodafone Essar, the country's second-largest telecom operator, lashing out at comments made by a competing operator, saying it was ridiculous to imply that incumbent GSM players like them were hoarding scarce spectrum.
Tight liquidity will hit over-leveraged and cash-hungry companies, spare conservative ones
Vodafone appointed to its board on Thursday a former group managing director at HTIL's parent company Hutchison Whampoa.
Markets recovered in late trades, amid firm European cues, led by rebound in financials and gains in IT shares.
How many 22 year olds gets the ears and eyes of Yogi Deveshwar, Kumarmangalam Birla, Shashi Ruia, T V Narendran and Naveen Patnaik?
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
Telecom major Bharti Group Chairman and Managing Director Sunil Bharti Mittal denied any attempt on forming a cartel with other telecom players to distort competition. Bharti Airtel had received a 'notice of enquiry' by anti- monopoly watchdog MRTPC. Vodafone Essar and Idea Cellular too had received such notices. It was alleged that 3 GSM operators, by colluding, have simultaneously increased the price. Mittal said that MVNOs will not work in India due to existing tariffs.
India's biggest firm, Reliance Industries, has decided to cut salaries by 10 per cent in its oil and refining divisions. Several smaller companies like Kajaria Ceramics have followed suit with cuts as high as 40 per cent for those earning more than Rs 50 lakh.
"There are eight companies (who have put in expression of interest)... RNRL is one of them," said A K Ahuja, managing director, Ratnagiri Gas and Power Pvt Ltd, the company that operates the nation's biggest gas-fired power plant and the adjacent LNG import facility. Others in the fray include state power utility NTPC and GMR. Ahuja said RGPPL will frame the bidding criteria and call for financial bids by next month.
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Standard Chartered has appointed Zarin Daruwala of ICICI Bank as its new Chief Executive.
Noted banker Uday Kotak said the country's financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. Kotak also said that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.
India Inc expects the RBI to cut interest rates by early next year.
"Online portals are also bleeding heavily and have huge accumulated losses. There is pressure from investors to cut down on discounting."
Days before US President Barack Obama's high-powered visit here, the US-India CEO Forum has been reconstituted with Cyrus Mistry replacing Ratan Tata as its co-chairman
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
'She was either overconfident that nothing will happen to her or she underestimated the gravity of the allegations.'
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
The Central Bureau of Investigation on Monday filed its first charge-sheet in a Delhi court in the coal blocks allocation case against Navabharat Power Pvt Ltd for allegedly misrepresenting facts and making "fraudulent" claims to "embellish" its applications to get allotments between 2006 and 2009.
Indian companies have made acquisitions of $1 billion so far in January
In a grand ceremony with overtones of a United States presidential inauguration, heads of state and government, India Inc honchos, opposition leaders, Bharatiya Janata Party members and showbiz stars rubbed shoulders as they watched President Ram Nath Kovind administer the oath of office to India's 58 new ministers.
Vishal Kampani said one of the important lessons he learnt from his father was to be humble.
Sebi also ordered freezing the voting rights and corporate benefits of promoters of these companies.
Executives would analyse information and pass it to seniors.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
Bankers say it's a question of survival for debt-heavy companies.
The financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
BPCL's impending privatisation and RIL's stake sale to Saudi Aramco raise questions about the future of the West Coast Refinery, once touted as the world's largest.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
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Q1 results indicate more pain ahead, as slowdown has spread to more sectors, pricing power has come down and rising interest cost is eating into profits.
A group of young guns led by Abhijit Jejurikar showed the world what they are capable of.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
Execs of RIL, Essar, Cairn India, Jubilant Energy, ADAG detained.
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