Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
'But can it afford to present a scenario within the existing legal framework of fiscal consolidation?', asks A K Bhattacharya.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
'It will be best for investors to have a systematic investment plan in mid-cap and small-cap funds with a three-/five-year horizon.'
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
Jaitley promised higher investment in roads and railways.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
'Businessmen like Rajiv render public service when they speak truth to power,' observes Virendra Kapoor.
Outflows are likely to continue, experts say, till such time as the markets see a significant correction.
Stocks offering attractive dividends contain downside better when the markets correct, advises Sarbajeet K Sen.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
Financial planners advise against putting capital to work by anticipating what might go up or down.
The buzz in the IPO market continues with four companies launching their initial share sales this week to raise over Rs 14,628 crore collectively. This comes after four companies -- Devyani International, Krsnaa Diagnostics, Windlas Biotech and Exxaro Tiles-- launched their initial share-sales last week to mobilise Rs 3,614 crore. So far in the current fiscal, 16 companies have raised Rs 30,666 crore through IPOs against Rs 31,277 crore by 30 firms in the entire 2020-21. Going forward, market analysts expect the IPO environment to remain buzzing during the entire 2021-22.
With over Rs 55,000 crore debt, Air India management has been trying to pare burden by monetising non-core real estate properties.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
The regulator is more carefully scrutinising applications by infrastructure investment vehicles that have a limited number of investors. They have been asked to broaden their investor base before application approval, according to two people familiar with the matter. The Securities and Exchange Board of India is concerned about the structure being used for getting around tax requirements, according to one of the sources.
'Largely, new demat accounts are now being opened by the younger crowd, particularly GenZ.' 'This is great news since younger investors start their journey with very little capital, so they are risking less.'
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
Mark Mobius doesn't see any crisis brewing in emerging markets.
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
'If the Union Budget can provide incentives for animal spirits to come as well as induce demand stimulus and consumption, the Budget would have done a wonderful job.'
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
The Budget decides to take the lead in revving up infrastructure.
India's macroeconomic situation is certainly better than what it was a year ago, eminent economist Pinaki Chakraborty said on Monday, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the COVID-19 pandemic. In an interview with PTI, Chakraborty, who is the director of the National Institute of Public Finance and Policy (NIPFP), said that inflation may remain at an elevated level as there was a significant fiscal and monetary expansion in the last 18 months. "The current macroeconomic situation is certainly much better than what it was one year back. We are seeing recovery in most sectors," he said. Chakraborty noted that COVID-19 vaccination has been going on at a very fast rate in India.
New Delhi was reluctant to spook investors by clipping the bank's wings
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
Urjit Patel panel wanted all members to be appointed by RBI
The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.
Monetising real estate assets is part of the overall relief package that would be used to retire debts, upgrade networks, and offer VRS aimed at reducing the telcos' employee strength by half.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
Heading G20 will give India a foreign affairs year like it has never had in history. You can trust Narendra Modi to exploit this to India's benefit. And, of course, to his own in his election year, explains Shekhar Gupta.
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
Those just starting their careers should avoid adding to their liabilities, especially if they already have an education loan. They should think hard before taking a car or home loan.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
