Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
Banks tighten hold on Mallya for defaults on KFA loans
He was also the chief financial officer of Kingfisher Airlines.
StanChart's India MF business sell out to UBS has been called off.
The approval given to UBS earlier was kept on hold till it completed certain transactions. Now that the bank has completed them, it can start a branch, RBI deputy governor Leeladhar told reporters on the sidelines of a function organised by the Union Bank of India.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
The Vijay Mallya-owned UB Group on Friday withdrew the controversial advertisement showing India skipper Mahendra Singh Dhoni "mocking" at Harbhajan Singh's look-alike, which had prompted the spinner to slap a legal notice against the group.
Brokerage firm says recovery under Narayana Murthy to take longer than expected; stock dips 3%.
The world's largest spirits company Diageo is upping its play in India, even as the home-grown UB Group sets out to conquer mature global markets.
Indian entrepreneurs who made global acquisitions are bullish since they've achieved margin expansions which were even higher than what they'd originally anticipated, and global managements have accepted Indian shareholders very well.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
Analysts remain selective on cement stocks amid the likely government's capex push ahead of the scheduled general elections in May 2024. While UBS has initiated coverage on the Indian cement sector with an anti-consensus negative view and suggests investors sell select cement stocks on a rally, those at Nomura remain selectively bullish on the sector and prefer companies with large brownfield optionality and multi-region presence. In the near-term, UBS expects strong earnings of cement companies in the next two quarters to be driven by robust demand and margin tailwinds, but suggests any sharp uptick in stock prices could offer a good opportunity for booking profits in the related counters.
Bharti Airtel and Vodafone Idea will roll out revised mobile service tariffs increasing rates in the range of 10-24 per cent from the first week of July. Bharti Airtel announced a 10-21 per cent hike in prepaid and postpaid mobile tariffs from July 3, a day after larger rival Reliance Jio announced an increase in rates. Later in the day, loss-making telecom operator Vodafone Idea (Vi) also announced its plan to raise mobile tariffs by 11-24 per cent from July 4.
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
This is the third instance when outsourcing of key oversight jobs by global banks to India has come under the regulatory scanner abroad for ineffective controls against suspicious financial transactions.
The Reserve Bank of India has put on hold its permission to the Switzerland-based UBS Bank to open a branch in India as the Enforcement Directorate is probing alleged transfer of funds between Pune-based stud farm owner Hasan Ali and a Saudi Arabian arms dealer through the bank.
Mallya left the country on March 2 and has had his passport revoked.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
Vodafone Idea's (Vi's) subscriber loss reduced to a seven-month low in March, and alongside the company added 1.1 million broadband users after two months of net loss -- two things analysts have noted as key trends that need to be monitored. While Vi has been losing customers for more than two and a half years now, the churn reduced to below a million after five straight months in March, the Telecom Regulatory Authority of India (Trai) data has shown. "Jio's softer than usual subscriber growth in March, and VIL's slowing subscriber market share loss are key trends to keep an eye on going forward," global investment banking and financial services major UBS said in an analyst note.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
The university will house a fully equipped pilot training centre.
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UBS said it remained bullish on India and it may be early to book profits.
Listing three such 'unknown knowns', UBS said that these initiatives -- Aadhaar unique identity programme, GST tax reforms and a Dedicated Freight Corridor rail infrastructure project -- are real and their effects will be felt in the foreseeable future irrespective of which political party is in power after the elections.
Analysts have given a thumbs up to the Reliance Industries (RIL) and Walt Disney Co. (Disney) proposed a joint venture (JV). The stock of the Mukesh Ambani-controlled company gained nearly 1.5 per cent on Thursday to Rs 2,952 levels as compared to the S&P BSE Sensex that traded marginally weak, down 0.2 per cent to 72,172 levels in intra-day trades.
In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
"They have beer business in India, which has a conflict of interest as Kingfisher is the largest beer brand in the country. I am ready to buy back," Mallya said in Baramati while opening United Spirits' Baramati Four Seasons winery. Earlier in January, a consortium of Carlsberg and Heineken had acquired S&N for 7.5 billion pounds. S&N had 37.5 per cent stake in the UB Group. As per the takeover agreement, Heineken was supposed to continue to hold S&N's business in the UK.
Day 1 of the ICC World Test Championship final witnessed cricket luminaries Kapil Dev, Shikhar Dhawan, Chris Gayle and Ross Taylor adding grandeur to the event.
The general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
Foreign brokerage UBS has raised its end-2008 target for the Sensex from 19,000 to 22,600, saying that domestic economic growth, which is insulated from the global economic slowdown, will help companies to report a strong performance.
In a move that could change the sweepstakes in the Indian beer market, brewing giant SABMiller plans to acquire rival Scottish & Newcastle in a $12.8 billion deal, the Sunday Express said on Sunday.
The offer, which is being managed by Edelweiss Capital, was scheduled to open on Wednesday and close on August 13.
It said a meeting would be held with the airline's management soon.
UB's spirits division which group's McDowell and Co Ltd and privately-held Herbertsons Ltd, with sales of 26 million cases in the year to March 2002, had 4.3 per cent of the world market.\n\n
This time, the global appetite for risk is in favour of India.
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