Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
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.
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.
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.
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.
Sources close to the developments said the company would announce the deal any day. Morgan Stanley is advising Standard Chartered on the deal.
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
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.
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.
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.
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.
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.
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.
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.
From the customer point of view too, LFP batteries are safer and offer a longer life.
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.
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