Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
Two days before the end of the fourth phase of the nationwide lockdown, West Bengal Chief Minister Mamata Banerjee on Friday announced a slew of relaxations, including reopening of shrines from June 1.
It means more tickets sold and therefore more revenues and hastens the recovery of the devastated-by-the-pandemic film business.
The collapse of Silvergate Bank, Silicon Valley Bank (SVB) and Signature Bank in the US might create temporary liquidity issues but will not have any significant impact on the Indian crypto market in the long run, officials from several exchanges told Business Standard. All three banks are considered crypto-friendly. SVB offered services such as cryptocurrency custody and lending.
FMCG major HUL on Friday announced the appointment of Rohit Jawa as the managing director & chief executive officer to succeed Sanjiv Mehta who will retire from the company after leading it for a decade. Jawa, presently the Chief of Transformation for Unilever, would take over the leadership role for a term of five consecutive years with effect from June 27, 2023, the company said in a statement. "The appointment of Rohit Jawa as a whole-time director and MD & CEO will be subject to approval of Shareholders and other statutory approvals as may be applicable," it added.
A court in Mumbai on Monday granted bail to designer Anishka Jaisinghani, arrested for allegedly offering a bribe to Maharashtra Deputy Chief Minister Devendra Fadnavis's wife Amruta for intervening in a criminal case and attempting to extort Rs 10 crore from her.
At Rs 21 crore, the film recorded the lowest Eid release opening figures for the star since 2012.
Global private equity investor Advent International on Monday said it is acquiring a significant stake in Suven Pharmaceuticals from its promoters, the Jasti family. The PE major said this will be followed with an open offer to acquire 26 per cent more in the listed contract development and manufacturing organisation from public shareholders, and also merge the company with investee company Cohance Lifesciences, as per an official statement. Media reports on a Monday morning pegged the acquisition at Rs 6,300 crore, and that Advent had pipped rival Blackstone for the acquisition.
Before participating, consider company's long-term prospects, premium offered and acceptance ratio.
US media reports that Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, could be the latest technology giant to downsize its workforce have triggered trepidation among its 300-400 employees in India, according to people familiar with the matter. "We have not heard much about the impact (of downsizing) on India. "It's a wait-and-watch situation. Certainly, there is uncertainty," said a source.
For the March 2017 quarter, Wipro expects revenues from IT services business to be in the range of $1,922 million to $1,941 million.
TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter's ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, chief operating officer N Ganapathy Subramaniam told PTI. "(For) this year (FY23), probably we are there (double-digit growth).
'Winning a deal is one aspect, making sure that we are able to execute it profitably is also important' says Rajesh Nambiar.
The bank's profit is buoyed by robust growth in its commercial banking and mortgage businesses.
Kejriwal has been asked to be present at the agency headquarters at 11 am to answer queries of the investigating team.
The Congress alleged that the money-laundering law has been weaponised to target and humiliate people, and urged the Supreme Court to decide soon on the matter concerning the National Herald-Associated Journals Limited case.
At least 30 MLAs of the ruling United Progressive Alliance coalition in Jharkhand camping in a resort near the Chhattisgarh capital since August 30 flew back to Ranchi in a chartered aircraft on Sunday afternoon to attend the special session of the assembly scheduled for Monday, sources said.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Mody, the returning officer for the presidential election, said 115 nomination papers of 94 persons were received till Wednesday, of which 107 were rejected for not meeting the required criteria.
Soren also claimed that his Assam counterpart Himanta Biswa Sarma indulged in "purchase" of Jharkhand MLAs.
According to The Sunday Times, Prince Charles met with the Al Qaeda founder's half-brother Bakr in London and allegedly agreed to accept GBP 1 million.
Following an agreement with the International Cricket Council (ICC) in this regard, INOX Leisure had last week said, it will showcase all group matches to be played by Team India, followed by the semi-finals and the final match.
Bharti Airtel promoter Bharti Telecom will buy a 3.33 per cent Airtel stake from Singtel for 2.25 billion Singapore dollars or about Rs 12,895 crore in 90 days' time, the telecom operator said on Thursday. Bharti Group chairman Sunil Bharti Mittal's family and Singtel are co-investors in Bharti Telecom (BTL). Singtel in a statement said that after the transaction, Singtel Group is expected to own an effective stake of 29.7 per cent in Bharti Airtel, which is estimated to be worth SGD 22 billion (about Rs 1.26 lakh crore).
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
'Markets could face uncertainty in the short to medium term.' 'It would be prudent to invest in alternative asset classes, especially debt, for about a year.' 'Bank fixed deposits are offering rates as high as 9 per cent per annum and these can be used as a great hedging tool until equity markets stabilise.'
'Streaming will get to 100-200 million subscribers, but the journey is not as rose-tinted.'
Adani Wilmar Ltd (AWL) on Tuesday announced the acquisition of several brands, including the renowned 'Kohinoor' brand from McCormick Switzerland GMBH to strengthen its leadership in food business. The deal size was not disclosed. The acquisition would give AWL exclusive rights over the brand 'Kohinoor' basmati rice along with 'Ready to Cook', 'Ready to Eat' curries and meals portfolio under the Kohinoor brand umbrella in India, the company said in a statement.
Dangal has the potential to surpass the Rs 340 crore mark set by PK.
Consumer goods major Hindustan Unilever on Monday posted a 21.91 per cent increase in net profit to Rs 1,062.31 crore in the quarter ended December 31 on robust sales across businesses.
Tata Steel has a very British problem. The performance of Europe dragged the steel major's October-December (Q3FY23) performance with the UK business accounting for a major part of the operating loss; on the bottom line, the overhang of the British Steel Pension Scheme (BSPS) showed. And a nearly three-year discussion with the UK government on a support package for a green transition resulted in an offer that fell short of the ask.
The agency recorded his statement under criminal sections of the Prevention of Money Laundering Act (PMLA), officials said.
One reason for resistance to moonlighting is that WFH calls into question the necessity for the thick layers of middle and senior management which run most businesses, argues Devangshu Datta.
'Set aside around six months' monthly expenses for emergencies.' 'Keep this money in safe and liquid options, such as liquid funds and fixed deposits.'
A Delhi court on Friday sent former Delhi deputy chief minister Manish Sisodia, arrested in a money laundering case related to the excise policy, to the Enforcement Directorate's custody till March 17.
Shiv Sena MP Sanjay Raut routed his unaccounted money through various shell companies opened in the name of his family members and associates, his former aide and prime witness in the money laundering case linked to the redevelopment of Patra 'chawl' project told the Enforcement Directorate (ED).
A bench of Justices DY Chandrachud and Surya Kant dismissed the appeals of the accused booked under MCOCA and other provisions under IPC and the gambling and prohibition Act.
The BJP has sought the disqualification of Soren as an MLA accusing him of allocating a mining lease to himself while he held the state Mining portfolio in 2021.
AAP organisational general secretary Sandeep Pathak cited the performance of the party in recent local bodies polls in MP and said it will form the next government.
Its net profit stood at Rs 100.05 crore (Rs 1 billion) in the year-ago period.
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