UB Group's Four Seasons Wines announced on Friday that it would offer equity participation to its local partners and farmers for its new project at the Four Seasons Winery in Baramati
United Breweries is planning to set up three greenfield breweries in the country, including a large unit in Rajasthan, a top official of the company said on Friday.
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
This is part of a worldwide deal under which S&N's global operations will be jointly acquired by Danish beer giant Carlsberg and Heineken for $15.4 billion. Under an agreement reached by three companies involved in the deal, Heineken will take over S&N's India operations.
Sources close to the developments said the company would announce the deal any day. Morgan Stanley is advising Standard Chartered on the deal.
Shaw Wallace & Company Ltd, acquired by UB Group, would be merged operationally with the spirits business of United Spirits, chairman of the company Vijay Mallya said.
Market regulator SEBI -- the Securities and Exchange Board of India -- had also given its consent to the agreement between the parties but had put certain conditions.
For the three months ended March 31, 2009, the company has losses to the tune of two billion Swiss francs whereas in the year-ago period, the same stood at 11.62 billion Swiss francs, the entity said in a statement on Tuesday.
The company plans to invest close to Rs 50 crore (Rs 500 million) by June 2009 in its winery project and another Rs 50 crore in the next few years in building barrels, tanks and vineyards. It has set a target of producing a million bottles in 2009-10 and a million cases in three years.
The rupee appreciation will most likely lead to lower inflation and less ambiguity.
Gas production from Krishna Godavari basin block has dropped to just over 12 mmscmd and RIL is carrying out workover on main Dhirubhai-1 and 3 gas fields.
UB Group stocks, led by United Breweries Holdings Ltd, on Monday slumped by up to 5.3 per cent as trouble mounted for Vijay Mallya.
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.
The Enforcement Directorate, which is investigating possible violations of the Foreign Exchange Management Act by some former UBS employees, has written to the UK's Financial Services Authority, seeking details of the alleged misuse of accounts of Anil Dhirubhai Ambani Group-controlled Reliance Energy and Reliance Natural Resources.
With this, Heineken's stake has risen from 39% to 42.2%.
Fed is expected to deliver a more market-neutral statement
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.
Vijay Mallya-promoted UB Group, which acquired 26 per cent stake in Air Deccan for Rs 550 crore (Rs 5.5 billion) and is to buy another 20 per cent through an open offer, has completed raising funds for the purpose ahead of its payment deadline.
Liquor baron Vijay Mallya said on Wednesday that his UB Group will overtake Diageo as the world's largest spirits maker by the next fiscal. "This (fiscal) we will be selling 102 million cases of nine litres each. Next year we will be the single largest spirits company in the world," Vijay Mallya said.
'The recovery process for the Indian economy would be gradual'.
The Group has already launched 13 labels from Bauvet Ladubay, the company acquired from Saunur Loire of France, for euro15 million. United Spirits, the division that handles the wine business, has also launched seven labels of wines from New Zealand and two from Australia.
Report sees the index at 16,000 points in the worst-case scenario.
A muted revenue performance in the September quarter and weak management commentary weighed on the stock of consumer major Marico which shed 8.5 per cent to Rs 542 from its intraday highs on Tuesday. The company indicated that demand trends were similar to that of the June quarter with instances of increasing food prices and below-normal rainfall distribution in some regions impeding the anticipated recovery in rural demand.
From the customer point of view too, LFP batteries are safer and offer a longer life.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.
Vijay Mallya's United Breweries Holdings has made an open offer for an additional 20 per cent stake in Air Deccan in which it has already acquired 26 per cent for Rs 550 crore (Rs 5.5 billion).
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
Edtech major Byju's founders Byju Raveendran and Divya Gokulnath are planning to increase their stake in the company to about 40 per cent and have initiated discussion with investors, sources aware of the development said on Wednesday. The founders jointly hold around 25 per cent stake in the company at present. "There is an intention of Byju's founders to double their stake in the company.
The Competition Commission of India (CCI) on Tuesday said that the proposed additional stake buy in United Breweries (UB) by Dutch major Heineken does not raise any competition concerns, effectively clearing the deal. In its order, the CCI said, "It is submitted that the proposed transaction does not give rise to competition concerns regardless of delineation of the relevant market for the purpose of this filing." UB is the country's largest beer company, while Heineken is the world's second-largest brewer after Anheuser-Busch (AB) InBev.
A key trigger for the increased retail participation in equities has been the lockdown triggered by Covid-19 that saw investors channelising their savings to capital markets in search of better return on their investments and the need to increase their disposable income.
Citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, Swiss brokerage UBS Securities has revised upwards its growth forecast for the current fiscal to 9.5 per cent from 8.9 per cent in September. The brokerage also sees the economy clipping at 7.7 per cent in FY23 but moderating to 6 per cent in FY24, as it expects the benefit of the low-interest rate regime to end by the end of FY23, and it sees the central bank hiking policy rates by 50 bps in the second half of the next fiscal. The Reserve Bank also forecasts 9.5 per cent GDP growth this fiscal while the average projection ranges from 8.5 to 10 per cent.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
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