Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
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.
The Karnataka Rakshana Vedike (Narayana Gowda faction) on Wednesday targeted business establishments in Bengaluru and damaged their signboards and name plates which did not use Kannada.
Shares of low-cost airline IndiGo hit record high on the bourses soon after reports of pilot crisis at Vistara emerged. The development also saw airfares surge by around 25 per cent on select routes. Shares of IndiGo hit a lifetime high of ~3,68.5 on April 2, 2024, and has gained 2.4 per cent on the bourses in April.
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd, Heineken NV, the world's third-largest brewery firm, on Monday agreed to permit UBL to brew and market the Heineken brand in India.
Attributing to people familiar with the development, The Wall Street Journal reported that UBS AG's brokerage unit in the US is laying off nearly 200 employees, including about 25 managing directors.
The acquisition is likely to be followed by the merger of Shaw Wallace & Company with group flagship United Spirits.
The UB group may introduce a format of lounge bars where it will sell multi-branded merchandise and invest nearly Rs 8-10 crore (Rs 80-100 million) in each of the stores.
Swiss bank UBS has been fined Pounds 8 million in the United Kingdom after four of its senior employees were found misusing funds of customers, including two companies of Indian industrialist Anil Ambani-led group.
The wide-based NSE sensitive index is currently hovering around 7,900.
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.
"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.
In all, 4.2 million shares were sold during the quarter.
Vijay Mallya-controlled UB Group's open offer for acquiring stake in liquor firm Shaw Wallace will begin on April 18, the manager to the offer said on Thursday.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
Says will allow winding-up petition of aircraft lessors in case it fails to do so.
Creditors are fighting to get back Rs 600 crore, KFA employees not paid for months.
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.
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.
The offer, which is being managed by Edelweiss Capital, was scheduled to open on Wednesday and close on August 13.
The general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
The boards of three PSU banks - Bank of Baroda, Oriental Bank of Commerce and Andhra Bank met in deference to the Finance Ministry's insistence, but quite unexpectedly they did not roll back the rate hikes announced last week.
Thongchai Jaidee of Thailand and the Indian pair of Jeev Milkha Singh and Jyoti Randhawa shared third place on 12 under par 268.
It said a meeting would be held with the airline's management soon.
UBS has already recruited 180 people in the city.
The intrigue surrounding how the Vijay Mallya-led UB Group will address the spiralling debt problem of its companies took a fresh turn on Tuesday, with one senior official saying there was a possibility of group firm United Spirits Ltd totally selling out its flagship subsidiary Whyte and Mackay (W&M), the scotch major based in Scotland.
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
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
After underperforming its peers in the consumer space in 2022-23, and experiencing a mixed bag in the 2023-24 (FY24) April-June quarter (first quarter, or Q1), brokerages are positive about the medium-term outlook for liquor stocks. Higher raw material costs, concerns regarding increased duties, regulatory changes, and competitive pressures weighed on performance returns in the past quarters. Analysts believe that the sector could experience a reversal of fortunes due to better demand and margin improvements.
This time, the global appetite for risk is in favour of India.
India's ace spinner Harbhajan Singh has served a legal notice on Vijay Mallya-owned UB Spirits over a television advertisement that shows Indian skipper Mahendra Singh Dhoni "mocking" at him.
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