In a chat with Shivani Shinde, Cognizant vice-chairman Lakshmi Narayanan explained the rationale behind the current acquisition and the way ahead.
India's biggest airline IndiGo is set to file the prospectus next week for a domestic stock market listing.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Infrastructure Development Finance Company has bagged Standard Chartered's asset management business in India for a total consideration of $205 million (around Rs 820 crore) in an all-cash deal. This deal, like the ill-fated UBS' bid last year, however, does not include StanChart's mutual fund distribution business, which the London-based bank will continue to pursue in India.
State owned banks SBI and PNB were the top Nifty gainers along with ICICI Bank and auto shares.
Heineken could call a shareholder meeting to vote on his ouster from a company his father built into a family empire
Search is on for reliable indicators of underlying activity.
UBS Investment Research in its latest report estimated that ONGC and GSPC may get at least $5.5 per million British thermal unit for natural gas they will pump out from their respective Krishna-Godavari basin blocks. RIL is to get a fixed price of $4.2 per mmBtu for gas it would produce from Dhirubhai-1 and 3 fields in KG-D6 block from December-January, for the next five years.
India may not charge import duty on personal artefacts of Mahatma Gandhi, which were bought by liquor baron Vijay Mallya in an auction at New York. Moreover, the country is also going to relax import restriction on all items of historical significance of Indian origin.A pair of steel-rimmed spectacles and sandals, a Zenith pocket watch, an eating bowl and a plate went under the hammer in New York and the UB Group chairman successfully bid for them for $1.8 million.
The Deccan brand, once synonymous with lost cost flying in India, will cease to exist after its merger with the Vijay Mallya promoted Kingfisher Airlines, which will takeoff for international destinations by August. "Deccan will cease to exist because after the merger there will be only one company and that will be Kingfisher Airlines," UB Group chief and Kingfisher Airlines Chairman Vijay Mallya told reporters in Baramati.
It was a case of 'buy on hopes and sell on news' as the Indian market posted only modest gains despite a landslide victory to Narendra Modi-led Bharatiya Janata Party (BJP).
The agency did not seek a reappointment in FY12.
US-based Apollo Global has picked up stake in Indian firms which are not doing that well financially.
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
2006-07 saw mixed returns for mutual funds. Compared with the previous financial year, the returns have declined, mainly due to a fall in the stock prices. The net asset value of most equity funds fell nearly 10 per cent since January 2007.
United Spirits had a tough time in recent past due to management related issues. Going ahead, corporate governance is a big challenge, say experts.
Retail is big in India today. Liberalisation of economy in the 90s and the entry of large players has brought the retail industry into spotlight. Big players and national retail chains are changing the rules of the game today and organised retail, though still in an embryonic stage, has huge potential.
Liquor companies are set to raise prices, thanks to the hike in the cost of molasses, a by-product of sugar used to make potable alcohol. "Alcohol prices may rise as much as 20 per cent due to lower molasses production," said Abhishek Khaitan, managing director, Radico Khaitan, the country's second largest liquor producer.
IT, e-commerce firms to raise the bar in recruitment, packages.
Air Deccan, which was forced to sell 26 per cent to Kingfisher Airlines chairman Vijay Mallya's UB Holdings to keep its head above water a few months ago, is likely to break even before Kingfisher.
'Wine bars there are, in plenty, in Karnataka,' notes Alok Chandra.
California-based Mendocino Brewing Company, which sells a number of beer brands including Kingfisher in the US, has got Mallya as its chairman and is owned by UB Group through a complex shareholding structure
Smaller enterprises who are already fighting a losing battle on various fronts will see credit tightening.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
Vijay Mallya's United Breweries has held a vice-like grip over the Indian beer market with the Kingfisher, Kalyani and Sandpiper brands. With 137 million cases (12 bottles each), it has a 45 per cent market share. But now multinationals are closing in on UB.
Even if you assume a higher return fare of Rs 40,000, the yield will still be lower than the costs.
CEOs expect populist measures in the Budget, to help the poor and marginalised, who make up for the largest section of voters.
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
Standard Chartered Bank is expected to seal the deal of its Mutual Fund business in the near future.
Although markets such as Mumbai and some places in the national capital region have continued to see a slowdown in the property markets over the last three years, developers were pinning their hope on the festive season.
Wednesday's acquisition of Whyte & Mackay for $1.18 billion puts Mallya in the hallowed bracket.
If the rupee falls further, it would negatively impact the dollar-based returns of foreign investors, and could influence foreign flows into India.
Sources close to the development told PTI that the open offer was expected to be announced next week. The share price for the open offer would be Rs 155 per share, the amount UB Holdings paid for picking up the 26 per cent stake.
Capt Gopinath, in a deperate bid to fend off a possible auction of his prime residential property in Bangalore by State Bank of India, which had earlier issued notices to sell his pledged properties to recover as much as Rs 259 crore (Rs 2.59 billion), has struck a deal with Sobha Developers to raise funds.
In a relief to Sahara, a US court has rejected a plea seeking to attach the Indian group's prized Plaza and Dream Downtown hotels.
He's also enjoying a new level of corporate respect.
