The economy faces more downside risks now as economic disruptions arising from the second wave are likely to stabilise only from July, warned the Swiss brokerage USB Securities. Last month, the brokerage had cut its GDP forecast by 150 bps to 10 per cent for FY22, which though is much higher than the consensus projections by others with some pegging it at as low as 8 per cent. Though adverse impacts on sequential growth is less severe than in the June 2020 quarter when it plunged by 23.9 per cent, as lockdowns are more targeted and localised and households and businesses have adjusted to the new normal now, still, it is increasingly possible that normalcy returns only by July as against our baseline assumption of June.
Heineken, among the world's top brewing firms, had been in protracted negotiations with UB, India's largest brewing firm and owned by billionaire Vijay Mallya. However, according to UB sources, Heineken is understood to have now agreed to bring Asia Pacific Breweries' India operations into the UB fold, thus ending the year-long impasse.
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.
A 31-year-old staffer was arrested in the early hours of Thursday for causing a $2-billion loss to Swiss investment banking giant UBS on account of unauthorised trading at the bank's London office.
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.
Auditors and promoter entities linked to the UB Group have come under scanner of multiple regulatory agencies for alleged irregularities.
ICICI Bank share price hits record high, ICICI Bank m-cap tops $100 billion: Shares of ICICI Bank have been on a steady uptrend, rising 30 per cent over the past one year; not far behind Axis Bank stock that surged over 34 per cent during the period. The BSE Sensex, meanwhile, is up 25 per cent, and the BSE BANKEX 22 per cent in the last one year, ACE Equity data shows. On Wednesday, June 26, ICICI Bank shares hit a fresh record high for the third consecutive day, rising 2 per cent on the BSE in the intraday trade.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
UB City is the biggest commercial property in Bengaluru.
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
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.
The company hiked its loan limit to the debt stricken carrier to Rs 750 cr from Rs 300 cr.
Brokerage firm says recovery under Narayana Murthy to take longer than expected; stock dips 3%.
Customer deferrals, ramp-downs in a few large projects, delays in large deal closures due to Hurricane Sandy may cause threat to outlook.
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.
Ivan Toney, once Brentford's lynchpin in attack, has moved to Al-Ahli for 40 million pounds ($52.50 million).
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
UB will dilute a strategic stake of the merged entity; SWC board will be restructured.
While announcing its results on Wednesday for the quarter ended June, UB Holdings said about a tenth of the corporate guarantees for Kingfisher Airlines were being invoked.
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The move draws a line under the Swiss government's rescue of UBS nearly five years after the bank threatened to collapse under the weight of more than $50 billion in losses on mortgage securities.
UB group's McDowell & Company has acquired up to 54.54 per cent stake in Shaw Wallace and Company from Chhabria's Jumbo World Holdings for over Rs 1,300 crore ($300 million).
UB Group chief Vijay Mallya on Thursday confirmed that the group's bid for Shaw Wallace had turned out to be the highest of the three received and added that the ball was now in the sellers' court.
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.
The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.
Swiss banking major UBS on Monday said it would adopt a new compensation model for the board of directors for next year and its top executives would not receive any bonus for 2008.
Swiss banking major UBS on Wednesday said it will slash its headcount by 8,700 employees globally and expects losses to the tune of two billion Swiss francs (about $1.75 billion) in the first quarter this year.
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.
Vijay Mallya-promoted UB Group on Tuesday said it has received shareholders' approval for the deal and has put in place an escrow mechanism to complete the transaction.
The Vijay Mallya-promoted UB group has started examining the books of the Scotland-based Whyte & Mackay as a precursor to acquiring the foreign company for the reported pound 550 million
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.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
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UBS added that its strategists are positively surprised by the scope and tone of the Plenum document.
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.
The latest turn to the case comes just days after Switzerland made it clear that its law does not allow UBS to disclose client information. The US government had filed a suit against UBS demanding the banking major part with details of about 52,000 American clients, as it felt the Swiss bank was helping American citizens in tax evasion.
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