Sources close to the developments said the company would announce the deal any day. Morgan Stanley is advising Standard Chartered on the deal.
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.
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
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.
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.
Reliance Industries' (RIL's) consumer business is expected to lead earnings growth in the Q3FY24 performance, according to analysts. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is estimated to show strong growth. The oil-to-telecom conglomerate will announce its Q3FY24 financial results on Friday.
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.
Just ahead of its mega FPO opening to public investors, Vodafone Idea (VIL) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the telco. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC). One 97 Communications and LIC had raised Rs 8,235 crore and Rs 5,627 crore in the anchor round, respectively.
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.
Ivan Toney, once Brentford's lynchpin in attack, has moved to Al-Ahli for 40 million pounds ($52.50 million).
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.
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.
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.
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 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.
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.
Fed is expected to deliver a more market-neutral statement
With this, Heineken's stake has risen from 39% to 42.2%.
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 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.
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 general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
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.
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.
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.
Report sees the index at 16,000 points in the worst-case scenario.
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.
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.
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.
