Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
In a blistering attack against the BJP over the violence in Manipur, Congress leader Rahul Gandhi on Wednesday alleged that its politics had "murdered Bharat Mata" in the northeastern state and termed members of the ruling party "traitors".
Mitra was the editor of The Pioneer newspaper and was considered a respected voice on a variety of issues, ranging from politics to popular music, before poor health kept him out of the public eye for some time.
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.
The transmogrification of Prime Minister Modi to Saint Modi began with the ground-breaking ceremony of the Ram temple in Ayodhya. By identifying himself with Lord Ram, Modi raised himself in popular imagination to a saintly person.
External Affairs Minister S Jaishankar on Thursday asserted that India's relationship with China cannot be normal unless there is peace in the border areas and there is no ambiguity in New Delhi's signalling to that country.
Regional and local fast-moving consumer goods (FMCG) brands are gaining momentum at the cost of national brands for the second quarter in a row. Consumer brands are now losing out on share, especially at the mass end of the market. Local brands have been able to capture market share as prices of raw materials are lower.
He was administered the oath of office by Governor Rajendra Arlekar at the Raj Bhavan in Patna.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Power Grid, HCL Technologies, Asian Paints, Hindustan Unilever, Maruti and Nestle were among the laggards. Shares of HCL Technologies were trading over 1 per cent lower even after the company reported a 7.6 per cent year-on-year rise in June quarter net profit on the back of new order wins.
Hindustan Times is offloading 20 per cent of its equity to Henderson Global Investors, an Australian private equity fund, in the first formal proposal for foreign direct investment in the print media in the news and current affairs sector.
Officials hint the visit could finally see a formal defence industrial road map being adopted by both nations.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Taking a dig at ruling the BJP over its stand on the Jawaharlal Nehru University row, Congress leader Shashi Tharoor on Sunday said that nationalism is now decided by whether one can say 'Bharat Mata Ki Jai' or not.
An increased brand fee paid by India-listed Vedanta, apart from record dividend, has helped Vedanta Resources (VRL) - the London-based holding company of Vedanta Group - to repay part of its debt. Vedanta paid a brand fee of Rs 2,632 crore ($325 million) for 2022-23 (FY23), according to Nomura report. This was after the Anil Agarwal-owned holding company raised the brand fee to 2 per cent of the turnover for its Indian businesses in 2021.
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively. The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai.
'When a common man's house is on fire, he is infused with extraordinary strength.' 'He will go to any length to save his home and family even if he is not as big and strong as Sunnyji.'
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
A prominent Hindu temple in Brisbane was attacked by Khalistan supporters on Saturday, in the latest incident of vandalism against Hindu temples in Australia.
China on Monday said cooperation between countries should not undermine regional peace and stability and target any third party, as it reacted to a host of defence and commercial pacts recently signed between India and the US including joint production of jet engines in India to power military aircraft and a deal on armed drones.
Airfares in the country are set to rise, with IndiGo on Thursday introducing a fuel charge of up to Rs 1,000 based on a flight's distance, in response to the significant rise in aviation turbine fuel (ATF) prices in the last three months. The Indian aviation sector experiences its peak travel season between October and December. The inclusion of a fuel charge component in airfares is anticipated to have a sizable impact on IndiGo's passengers, according to experts.
"The experience was incredibly enriching, significantly bolstering my confidence in our country's indigenous capabilities, and leaving me with a renewed sense of pride and optimism about our national potential," he said.
Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.
The Harvard alum has known the Yale alum for ages, but hit it off recently.
'The government has been anti our civilisational values.' 'My fear would be that they erode that some more to have their way and to consolidate their power.'
The negotiations on cost and techno-commercial details relating to India's proposed procurement of 26 Rafale-M fighter jets and three Scorpene submarines from France are not yet concluded, sources said on Tuesday.
Analysts assert that Vedanta Group's plan to demerge India-listed Vedanta Limited into six listed entities will not resolve the debt problem of its promoter entity, Vedanta Resources (VRL). They suggest that additional asset sales or stake sales by promoters will be necessary to repay the debt. Vedanta is already considering the divestment of its iron-steel division and its copper plant.
With variants cropping up at regular intervals, Jha acknowledged that they are a concern as a very rapid evolution of this virus is being seen over the time.
Here's what your favourite celebrities have been up to.
The memorial will come up at the Remount and Veterinary Corps Centre and College in Meerut where the army breeds, rears, and trains dogs, mules and horses.
Right now there are five Hindus occupying the top job in the world. Rishi Sunak will be the sixth.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
Union Minister Smriti Irani on Wednesday came down heavily on Congress leader Rahul Gandhi for his 'murder of India in Manipur' remark in Lok Sabha, saying this is for the first time in parliamentary democracy that someone has made such a statement.
The Chief of Air Staff, addressing a press conference ahead of the Air Force Day on October 8, asserted that the IAF will continue to remain deployed along the frontier in the region till complete disengagement takes place in the remaining contested areas.
During these seven decades, the IAF has lost 2,374 aircraft to crashes. They include 1,126 fighters and 1,248 non-combat aircraft. In addition, 229 trainers and 196 helicopters have crashed. These crashes have resulted in the deaths of 1,305 skilled pilots, note Ajai Shukla and Devesh Kapur.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
At present, the IAF has three MiG-21 squadrons with a total of around 50 aircraft, according to officials.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances