Prime Minister Narendra Modi Thursday made a strong push for reforming multilateral institutions, including the United Nations, and spoke glowingly of India's ties with the United States, saying the two countries stand at a new dawn in their relationship that will not only shape their destiny but also that of the world.
Reliance Industries Ltd will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments," said a joint statement. Through this acquisition, Reliance Retail will get access to a network of Metro India stores located in prime locations across key cities, along with a large base of registered kiranas and other institutional customers, and a strong supplier network.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
That such a deal can be greeted with celebration in the camps of both buyer and seller speaks volumes about the airline and its recent history, explains T N Ninan.
A joint venture of Reliance Industries Ltd and BP of the UK on Wednesday said it has signed an agreement with the Mahindra Group to explore EV and low-carbon solutions, including battery swapping technology options, for electric 3-wheelers. Besides exploring creation of EV products and services, the non-binding MoU signed by Reliance BP Mobility Limited (RBML) and Mahindra Group would look for identifying synergies in low-carbon and conventional fuels, the company said in a statement. "The MoU also covers evaluating charging solutions by Jio-bp for Mahindra vehicles including electric 3 and 4 wheelers, quadricycles and e-SCV (Small Commercial Vehicles - sub 4 ton)," it said.
KKR had bought Shreyas Iyer for Rs 15.25 crore
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With better utilisation of slots, foreign flying rights, and greater international connections, the operator of India's largest airport feels a privatised Air India will bring commercial benefit to Delhi airport and help it revive quicker from the pandemic shock. Delhi is the largest hub for Air India, with most of its long-haul flights to the US and Europe being operated from here. The airport plans to give its most modern terminal 3 (T3) exclusively to the Tata Group.
It will provide Jet Airways and the Arab airline members of AACO, with opportunities to create synergies.
It offers a real opportunity for the flag carrier to compete on the world stage, backed by a leading conglomerate with deep pockets like the Tatas, observes Indrajit Gupta.
Kuttey's muddled momentum cannot cover up the trail of loopholes it leaves behind, observes Sukanya Verma.
The DGP said all the suspicious elements should be kept under check to foil their attempts.
State Bank of India (SBI) on Tuesday announced the launch of its first "state-of-the-art" dedicated branch for start-ups in the country here, to facilitate and support them. The branch launched by SBI chairman Dinesh Khara is located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar are the biggest start-up hubs in the city. "...overall we are in a position to provide end-to-end services to start-ups, with that in mind this particular start-up branch is the first start-up branch we are starting, from the capital city of start-ups- Bengaluru.
An opportunity to enter a burgeoning sector at a low valuation and favourable policies are propelling some of India's largest corporate groups to scoop up drone start-ups. "Indian corporations lost the race in aerospace and space tech. "No one wants to miss the bus this time. "These are seasoned businessmen and they realise that the market cap of tech companies with problem-solving capabilities will exponentially rise in future," says Vipul Singh, CEO of Aarav Unmanned Systems (AUS).
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
The Defence Ministry said his tenure will be remembered for the 'resolute reply' to the Northern adversary in Eastern Ladakh and for a determined push towards self-reliance in defence besides embracing niche and disruptive technologies to fight future wars.
The acquisition will give the Tatas a firm footing on international routes and generate economies of scale.
National Security Advisor Ajit Doval on Thursday called for seamless coordination among various agencies involved in protecting India's maritime interests in the face of emerging security challenges and increasing rivalries and competitions in the Indian Ocean.
Kurt Campbell, the White House Asia Coordinator, said that in his view India is the most important bilateral relationship for the United States in the 21st century.
Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies' linear networks, digital assets, production operations and programme libraries.
The Indian troops guarding the nearly 3,500-km Line of Actual Control (LAC) maintained an assertive approach in sync with the broader national security doctrine and procured a variety of military platforms and weapons to enhance their combat capabilities.
Troops of India and China were locked in a standoff in Doklam from June 16, 2017 after the Indian side stopped the building of a road in the disputed area by the Chinese Army.
The US has deployed its naval carrier strike group, led by the nuclear-powered aircraft carrier USS Ronald Reagan, as well as a fleet of F-18 fighter jets and E-2C Hawkeye all-weather aircraft for the exercise, officials said. The Indian assets at the exercise included Jaguar and Sukhoi-30MKI fighter jets, IL-78 air-to-air refuelling tanker aircraft, Airborne Warning and Control System aircraft and warships Kochi and Teg. The Indian Navy has also deployed a fleet of P8I maritime surveillance aircraft and MiG 29K jets, apart from other platforms.
The country's largest housing finance company HDFC Ltd will merge with the country's largest private sector lender HDFC Bank, according to a regulatory filing. The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), HDFC Bank said in the filing on Monday.
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
Ebix said the acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India's largest and most profitable travel services firm.
The IAC would serve to bolster India's position in the Indian Ocean Region (IOR) and its quest for a blue water Navy
The Tata Group has close to 110 companies and Chandrasekaran plans to bring this number down to around five or six.
The ministry's year-end review is silent on the continued occupation by Chinese troops of territory that India has always claimed and patrolled.
Natures Basket's acquisition will make Spencer's Retail a national player, giving it access to the western parts of India through its 36 stores in prime locations in Mumbai, Pune and Bangalore.
The 2016 SAARC Summit was originally planned to be held in Islamabad on November 15-19, 2016. But after a terror attack on an Indian Army camp in Uri in Jammu and Kashmir on September 18 that year, India expressed its inability to participate in the summit due to "prevailing circumstances". The summit was called off after Bangladesh, Bhutan and Afghanistan also declined to participate in the Islamabad meet.
Adani Airports is planning to centre its airport business around Mumbai and Ahmedabad by developing them as gateway airports, feeding them with traffic from other airports in the company's portfolio. The Ahmedabad-based conglomerate - with investments in logistics, transportation, utilities and energy - intends to spend Rs 35,000 crore in the airport business in the next five years. This forms the bulk of the conglomerate's total capex of Rs 50,000 crore. According to a presentation given by the company in an investor call with Bank of America, gateway airports of Mumbai and Ahmedabad will be connected with the feeder airports of Lucknow, Guwahati, Trivandrum, Jaipur and Mangalore.
One of the implications of the new strategic objectives for 2020, is that, like the leadership team, OYO will reorganise more teams across businesses and functions.
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
This deal will make Music Broadcast, which currently operates 39 channels, the largest private FM Channel operator.
"Numerous rounds of talks have taken place with the Chinese counterparts to deescalate the situation without compromising on India's stand of 'complete disengagement and immediate restoration of status quo ante'," the defence ministry said.
In his remarks, Admiral Singh complimented his force for continuously maintaining 'peak combat-readiness' and 'high tempo' of operations over the past few months, they said.
Chief of Defence Staff Gen Bipin Rawat, his wife Madhulika Rawat and 11 others were killed when an Indian Air Force helicopter carrying them crashed on Wednesday near Coonoor in Tamil Nadu in apparently foggy conditions, killing 13 people on board, the IAF and other officials said.
Although the Malabar is a routine exercise which has been carried out for several years now, security experts attach a lot of traction to it in view of China's assertive behaviour in the South China Sea, observes Rup Narayan Das.
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