As on March 31, 2019, while the promoter group's stake, including individual promoter shareholders as well as group investment firms, stood at 42.71 per cent, it fell to 38.39 per cent on Tuesday.
While Mcleod Russel, ADF Foods, Indiabulls Real Estate, DCM Shriram and BSE have announced buyback through open market route, the remaining 23 companies plan to buy back their shares via tender offers
The Supreme Court on Monday issued notices to the Union Carbide Corporation, Dow Chemicals and others on a Centre's plea seeking enhancement of compensation to the victims of 1984 Bhopal gas tragedy from Rs 750 crore to Rs 7,700 crore.
As the economic crisis in Sri Lanka - the world's largest exporter of orthodox tea - continues to rage across the island nation, tea producers in India look to cash in on the opportunity to seize the market. The country's largest tea growing company, McLeod Russel India, expects orders to come in from July. "A huge opportunity is coming up for everyone in India. "McLeod Russel is well placed because we have the capacity for orthodox tea," said Azam Monem, director, McLeod Russel. About 10 per cent of McLeod's production is orthodox tea.
Over the past year, McLeod sold 21 gardens in India, reducing almost 32 million kg in production.
Production cost in Africa varies between $1 and $2 a kg while in Assam it is $1.9 and in West Bengal over $2
The development comes at a time when Eveready is on the lookout for strategic investors, including a possible stake sale in its battery business.
Institutional investors led by foreign portfolio investors have bought these shares.
The root of the problem, according to industry officials, is the sudden stoppage of lines of credit to tea plantation companies.
Bank of Baroda ended flat after sharp gains in the previous session.
It's a busy season for Indian producers of orthodox tea. As Sri Lanka, the world's largest supplier of orthodox tea, struggles with its worst economic crisis, a window of opportunity has opened up in neighbouring India. Calls to Indian planters and exporters from foreign buyers of Sri Lankan orthodox tea are pouring in and the buoyant sentiment is reflecting in prices at auction centres. Orthodox tea refers to loose-leaf tea which is produced using traditional or orthodox methods such as plucking, withering, rolling, oxidation and drying.
The change in ownership is expected to give a fresh lease of life to the company that has often been dragged by financial stress in its close to three-decade journey under the Khaitans, reports Ishita Ayan Dutt.
Last year, major tea companies performed well on the back of higher prices. However, a drop in prices over the past month and a half, is threatening to put a spanner in a repeat performance. Tea prices started on a strong note this year with prices ruling higher than last year on the back of crop loss due to adverse weather conditions. After mid-June, however, prices started dropping, though they are still higher than 2019-levels for north Indian teas (which account for more than 80 per cent of total production).
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Indices reversed all its losses during late trades.
Of the 854 stocks that quoted less than Rs 20 on March 23, 2020 - when the Sensex hit more than a three-year low - 482 have doubled.
Sensex ended strong, Tata Steel, HUL climb higher.
Russia is among the top buyers of Indian tea, accounting for about 18 per cent of the industry's total exports.
But experts say downside limited, pockets of opportunities for investors
Madhu Jayanti's Rs 55-crore packet tea business so far is only in Maharashtra and Karnataka. After Eveready's tea business buyout, MJIL's tea production in India will increase from 2.4 million kg to 6.2 mkg and its income from branded tea sales will rise 53 per cent to Rs 198 crore this fiscal year itself. It will also be available in 14 states.
The quality of Indian tea had lately come under scrutiny in major export markets, due to the presence of pesticides and chemicals beyond permissible limits.
Ruing that golf is still beyond the the common man's reach, five-time Asian Tour winner Gaganjeet Bhullar said it's high time that government support the sport with 2016 Olympics in mind.
India's rising golf star Shubhankar Sharma is excited at the prospect of playing with his 'idol' Tiger Woods at the next year's Open Championship.
Iran is India's largest importer of tea in value terms while in terms of volume, it is the second largest after Russia
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Rediff.com gives you a throwback to an eventful 2017, in pictures.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Being a victim of recurring political unrest over three decades, low productivity and escalating production cost, the Darjeeling tea industry has not been in good financial health over a long time.
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
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