US auto major Ford Motor Co on Friday said it and India's Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 'longstop' or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
The business will also see a change of guard. Shailesh Chandra, president of EV and corporate strategy, will replace Mayank Pareek as president of PV business, including EV, with effect from April 1. Pareek will be superannuating from the company after a six-year stint at the end of February 2021. Chandra and Pareek will work on transition over the next few weeks.
Experts believe MNCs, which look for a strong foothold in the Indian kitchen appliances space, target the leading organised players in the industry.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
Since the Centre tightened the Press Note 3 norms in April last, as many as 150 private equity/venture capital investment applications from China and Hong Kong are pending with the government, starving the country's start-up ecosystem of funds, says a report. The Press Note 3 (PN3) changes were effected in April, restricting foreign direct investment from countries that share land borders with India. Analysts are of the view that the move was primarily aimed at China as lot of private funds were investing billions into domestic companies.
Wipro, Steel Authority of India, HDFC Bank, Mahanagar Telephone Nigam, Bharat Heavy Electricals and Reliance Commnications among companies reporting a decline in headcount in FY17.
The Directorate General of Hydrocarbons last month recommended to the Oil Ministry that $792 million of the cost RIL has incurred in KG-D6 fields be disallowed for producing only an average of 26.07 million cubic meters per day of gas as against the target of 86.73 mmcmd in 2012-13.
Mumbai Monorail was to be built in two phases - Phase I of 8.93 km and Phase II of 11.20 km. The first phase ran operations for around three years before services were abruptly halted, owing to a fire incident last year. The second phase now stands completed, but is lying closed.
Everyday consumerables, such as grocery and order-in food items are the key buyout sector, analysts say, and a major reason for kirana stores' digitisation push.
Much of this has been made possible by the owners's insistence on building a team, rather than banking on a collection of talented individuals not necessarily suited to play alongside one another.
The Congress has launched an offensive against the Bharatiya Janata Party government over the Rafale deal, alleging corruption and violation of rules by Prime Minister Narendra Modi and demanded answers from him.
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
Experts argue that the top two players in each category will receive funding sooner or later, but for laggards, the market is still challenging
'Rahul is only making a pathetic public spectacle of his lack of judgment and good sense by hallucinating that somehow, the Congress, or whatever political combine is cobbled together, will displace the BJP at the coming Lok Sabha election by constantly harping on the Rafale deal,' argues retired civil servant B S Raghavan.
Lenders say settlements will cross over 100 accounts in the March quarter.
Defence minister claims MoD 'alive and kicking' after 'getting the weeds out'.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
Though the government says public and private shipyards compete on equal terms, public shipyards feast at the high table with the defence ministry, with only scraps being tossed to private shipbuilders.
Future's home retailing interests, including furniture and furnishings, are housed under Praxis Home Retail, which was created in FY18 when the group demerged the business from Future Retail.
India's shift towards US companies for technology investments and partnerships fits well with the present government's 'Atmanirbhar Bharat' and 'Make in India' initiatives, say experts.
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
All major sectors -- real estate, e-commerce, IT, retail and consumer products, healthcare -- saw new all-time highs in value invested.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
E-commerce firms like Amazon, Flipkart, Myntra and others witnessed successful festive season sales this year, Experts say e-commerce adoption in the country is accelerating by multiple years or what it would have looked like in 2025.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Ballooning debt forces more and more Indian promoters to sell out to global majors and PE players.
Clamping down on the delays in repatriating foreign exchange earnings, the Reserve Bank of India (RBI) has tightened norms for special economic zones (SEZs), asking them to realise and bring back full value of goods and services to India within a year from the date of export.
Alibaba's pervasive economic and social influence in China is seen as a threat to the authority of the Chinese Communist party, notes Shyam Saran.
A slew of Indian firms, including Flipkart, Byju's and Zomato, is building a path to profitability and diversifying into newer business segments ahead of mega-IPO plans.
With a new higher tax regime coming into effect from the new financial year, top corporates and wealthy investors are in a rush to restructure their shareholding.
A new board has been constituted for the merged entity 'Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement. The combination will have an all-India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
Muzammil Patel and Rahul Murthi will answer all your start-up queries.
Infra experts say govt will first need to figure out how to exploit real estate along the proposed routes.
Participants will watch out for the Brexit poll outcome in the late morning trades tomorrow.
YCook can add a year of shelf life to food without the side effects of chemical preservatives.
Market regulator also announces measures for mutual funds sector.
RIL estimates output from KG-D6 could reach up to 60 mscmd in the next five years, when all satellite fields are brought into production.
