Japan's Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday. The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
After clocking losses for seven straight quarters, Tata Motors on Wednesday posted a consolidated net profit of Rs 3,043 crore in the third quarter (Q3) of 2022-23. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix. "We remain cautiously optimistic about the demand situation, notwithstanding the global uncertainty.
Those who cannot bear significant downturns (as much as 40 per cent) or have a short horizon should exit entirely.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
At the end of 2018-19, the Tata group had a consolidated debt of Rs 2.77 trillion. Tatas not only plan to avoid big-ticket acquisitions for now, the group's main focus will be on improving key metrics and reduce debt, say Shally Seth Mohile & Dev Chatterjee.
"Lady candidates need not apply." So read the postscript in a job notice from Telco (now Tata Motors) on a notice board in the corridors of the Indian Institute of Science, Bangalore (now Bengaluru), in 1974. Irked, Sudha Murty, who was then pursuing her masters in computer science at the institute, wrote a postcard to JRD Tata, expressing her surprise at this gender discrimination, especially since the Tata Group were pioneers on many fronts. Shortly, Murty became the first woman on the firm's shop floor.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
Byju Raveendran, founder of educational technology (edtech) firm Byju's, has injected around Rs 4,000 crore of personal capital into the company in recent months. This move comes as the company grapples with challenges, including securing fresh capital, delays in financial reporting, and legal disputes with lenders. "Raveendran has pledged personal property to assist the company in dealing with the crisis. "He conveyed to employees that despite perceptions of being a billionaire, he has reinvested a major portion of his wealth back into the company," said a person familiar with the matter.
Based on Statista data for 2019, Vodafone has 17.2 million subscribers in the UK, 29.5 million in Germany, and over 13.7 million in Spain. Without Voda Idea, the Group will become smaller than Airtel and Jio.
'Pandemic has triggered interest and awareness among the people about the need for healthcare.'
Software major Tata Consultancy Services on Wednesday reported a 14.8 per cent rise in net income to Rs 11,392 crore for the fourth quarter of last fiscal against Rs 9,959 crore in the year-ago period. The country's largest technology services company by market value said its revenue rose 16.9 per cent to Rs 59,162 crore during the reporting season from Rs 50,591 crore a year ago.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Notwithstanding concerns about lofty valuations, smallcaps recorded their most significant monthly gain in nearly three years in November. The National Stock Exchange Nifty Smallcap 100 finished the month with a 12 per cent gain, the most since February 2021 when it rose by 12.2 per cent. After declining by 4.1 per cent in the preceding month, the Nifty Midcap 100 rose by 10.4 per cent, the most since July 2022.
'Now that we are a pure-play India business, many investors are open to investing.'
Leaders of several opposition parties on Thursday hailed the Supreme Court verdict striking down the electoral bonds scheme and termed it an important step in ensuring transparency in electoral funding.
Global private equity (PE) firms are successfully offloading large equity stakes in domestic companies in the open market, taking advantage of buoyant conditions. Strong domestic liquidity support and an upward trending market have underpinned over a dozen PE exits worth $2.5 billion, data compiled by Business Standard shows. The figures exclude PE exits during maiden share sales and shares sold by strategic investors, such as SoftBank and Ant Group in new-age companies.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Mining magnate Anil Agarwal has said Gujarat was picked over Maharashtra for the Vedanta-Foxconn's Rs 1.52 lakh crore semiconductor project based on 'professional and independent' advice, as the political row in Maharashtra over the facility escalated on Thursday.
Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.
Srei Infra Finance group chief financial officer Sanjeev K Sancheti described the asset as a good buy as it is a fully secured debt.
'Investors should focus on largecap funds, flexicap funds, business cycle funds, or hybrid-category funds.'
The first Cabinet meeting was held immediately after Siddaramaiah was sworn in as Chief Minister, and D K Shivakumar as Deputy Chief Minister along with eight MLAs as Ministers.
Neither the BJP, nor the Congress before it, made any manifesto commitments on defence spending, even though allocations have plummeted from 4 per cent of gross domestic product (GDP) in the late 1980s to less than 2 per cent today, points out Ajai Shukla.
Manipur Chief Minister N Biren Singh on Tuesday said his government will provide a one-time assistance of Rs 1000 to those living in relief camps because of ethnic rioting in the state.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
Shares of real estate firms have been outperforming over the past year. The rally, analysts say, may hit roadblocks in the near term amid stretched valuations, even as the long-term prospects for the sector remain ebullient. "Most of the positive news flow is already in the price. Hence, investors sitting on hefty profits may partially cash out at current levels," suggests V K Vijayakumar, chief investment strategist at Geojit Financial Services.
'It is not his doing, but Rahul Gandhi is forced by circumstances.' 'In taking political decisions, everything has to get his clearance.'
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The discussion will be about setting up various coordination committees, he said.
'...which is possible through flexicap and multicap funds.' 'The latter has a better balance between large, mid and smallcap stocks.'
Scale and frugal costing help the giant.
'Auto, pharma, and industrials have delivered well in the recent quarter, while businesses like quick-service restaurants, consumer staples, and durables have underperformed in volume growth.'
Policy owners need to avoid errors on their part to prevent claims from being denied.
The manner in which a large proportion of common people have mortgaged their rationality and questioning spirit to let hatred, prejudice, and bigotry take over their minds is a cause of worry, observes Mohammad Sajjad.
Adani Total Gas Ltd, the joint venture of billionaire Gautam Adani's group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said. The company retails CNG to automobiles and pipes gas to household kitchens for cooking purposes in 52 licences that cover 124 districts of the country. It has 460 CNG stations in the country and about 7 lakh consumers of its piped cooking gas.
Byju's is set to go the way of Housing.com and Zilingo. It is only a matter of time. Indeed, the coup attempted by investors will ensure that, says Debashis Basu.
In August, the Reserve Bank of India Governor Shaktikanta Das held a meeting with chief executive officers/ managing directors (CEOs/ MDs) of large non-banking financial corporations (NBFCs). The discussions included diversifying borrowing sources for NBFCs and housing finance companies (HFCs) to contain increasing reliance on bank borrowing, risks associated with high credit growth in retail segment in unsecured loans, prioritising IT upgrades and cyber-security, improving provisioning, monitoring of stressed exposures and slippages, ensuring robust liquidity and asset-liability management, ensuring transparency in pricing, creating robust grievance redress mechanisms.
Noted banker Uday Kotak said the country's financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. Kotak also said that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.
'Investors with higher risk appetite and longer horizon (more than one year) can invest in longer-duration funds like corporate bond funds, long-duration funds and gilt funds for maximum gain.'
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