Foreign currency loans raised by Indian companies nosedived to $210 million in the September quarter (Q2), 93.3 per cent less than the year-ago period when five firms raised $3.1 billion. The Q2 amount is the lowest since December 2003 quarter when India Inc raised $191 million. Companies cited volatility in the currency markets, sharp rise in interest rates in the United States, and fund availability in India as the main reasons behind the sharp fall.
The chairman of the JSW Group of companies, Sajjan Jindal, whose stake in the group is valued at $14.5 billion (Rs 1.1 trillion), is betting $4.5 billion of his personal fortune in the firm's bid for Ambuja Cements. According to bankers, Jindal's contribution will be a combination of share sale and debts raised by pledging the stake of the target entities with private equities. The JSW Group chairman has offered $7 billion for Ambuja Cements, including $2.5 billion of investments from private equities, the Financial Times reported on Tuesday.
Reliance Industries, the Tata group, Bharti Airtel and Aditya Birla are among Indian conglomerates that have hedged their revenue and costs linked to the US dollar, giving them financial cover as the rupee fell past 80 against the greenback on Tuesday.
The Bollywood star shared the front row at Prabal Gurung's New York Fashion Week show with Huma Abedin.
The reality star and model stuck to the theme and looked impressive on the red carpet.
Designer Prabal Gurung celebrated the feminist movement on the ramp.
She opted for lovely ethnic separates by Indian designer Payal Khandwala.
As the Indian currency hovers around its lowest versus the US greenback, several smaller and mid-sized companies are expected to face rough weather as almost 44 per cent of the foreign loans taken by Indian companies remained unhedged. According to the data sourced from the Reserve Bank of India, Indian companies raised around $38.2 billion in the financial year ended in March. Of this, only 56 per cent of the loans are hedged while the rest of the foreign loans remain unhedged, thus risking the companies to forex volatility.
Models, actors and fashionistas gave a pompous welcome to the A-list designer.
A body of advocates in Prayagaraj have e-mailed a petition to the Chief Justice of Allahabad high court against the demolition of a house of the alleged mastermind of the June 10 violence in the city by the Prayagraj Development Authority.
The navy said the missile hit the target at maximum range with precise accuracy.
Bollywood producers and other star celebs turned out in full force for Producer Jayantilal Gada's son Aksshay's wedding reception.
The actress-singer turns 34 today!
Don't miss these hot looks from the celebrity circuit.
The missile was fired by frontline corvette INS Prabal as part of a mega naval drill involving aircraft carrier INS Vikramaditya and a number of warships, attack helicopters, aircraft and other assets of the navy.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
A senior police official said it was a lethal blow to the outfit when Prabal Neog, the most- wanted commander of the outfit's highly active 28th battalion was apprehended
Bollywood girls seem to love the latest fashion trend -- sheer gowns!
Snapshots from New York Fashion Week
The spotlight was on Indian models and fashion designers who did not disappoint.
June saw them walking the red carpet, attending movie screenings and going about their work. And, of course, they made sure to look glamorous while at it.
Freida Pinto in Elie Saab couture is a vision in white!
Besides the pandemic that resulted in higher interest rates, the default by Future Retail has dealt a blow to investor sentiment.
Here's looking at the red carpet arrivals of the Filmfare awards.
These trends are clearly not for the faint hearted.
Bollywood puts on different shades of red!
Here's what your favouite celebrities are tweeting.
Earlier this month, Sobha Kapoor and Ekta Kapoor, part of the promoter group of Balaji Telefilms, faced shareholder ire when they failed to obtain the requisite votes on resolutions proposing pay increases for them. In recent months, several promoter-directors, including Siddharth Lal of Eicher Motors and Pawan Munjal of Hero MotoCorp, have faced similar situations. Clearly, large institutional shareholders - and public shareholders - are not taking kindly to promoter-directors upping their remuneration takeaways at a time when the prospects of business recovery are clouded by the anticipated third wave of the Covid-19 pandemic.
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
A roundup of the best and worst styles your favourite stars endorsed this week.
The ULFA leader, arrested on September 17 in Tezpur, also claimed that 'internal differences' among the outfit's leaders were plaguing it.
A security source said that the ULFA commander might have chosen to walk into the trap laid by the police either because of his failing health or due to growing differences with the outfit's top brass.
India Outdoors, an adventure travel company, offers monsoon treks from Mumbai.
India Outdoors, an adventure travel company, offers monsoon treks from Mumbai.
Snapshots from this year's CFDA/Vogue Fashion Fund dinner
How the xXx: The Return of the Xander Cage actress served up pure glamour during the movie promotions.
Mahindra and Mahindra Ltd will reduce its debt below the Rs 600 crore (Rs 6 billion) level in the next financial year and is planning to ramp up production of the sports utility vehicle Scorpio to over 2,500 units per month shortly.
BPCL and ONGC raised $4.9 billion in 2016-17 against $1.65 billion raised by Reliance
We round off the week with some good, bad and ugly looks.
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