Countering Grupo Mexico's bid to acquire US-based bankrupt miner Asarco, Vedanta Resources group firm Sterlite Industries today said it has increased the cash component of its offer by about $500 million to nearly $2.1 billion.
Announcing a fun workshop with yogacharya Shameem Akthar, who has been trained with the Sivananda Yoga Vedanta Center, on yoga games, as played in ancient India.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
To this end, the group is consolidating its global assets under GMR Infrastructure International (registered in the Isle of Man) for a public issue in London, according to an executive who did not wish to be identified, in a move that largely replicates what metals behemoth Vedanta did six years ago.
Sterlite Industries, the flagship firm of London-listed Vedanta, may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt US copper mining firm, Asarco. Harbinger has decided to withdraw from the race, informing the bankruptcy court that its plan to restructure Asarco should not be considered.
The decision was taken by an inter-ministerial Board of Approval.
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Major corporates are staring at an uncertain future after investing substantially on their projects
Asarco's unsecured creditors will support Sterlite Industries, the flagship firm of London-listed Vedanta group, in the bidding war for the bankrupt US copper mining firm.
The broader NSE Nifty, after shuttling between 10,600.25 and 10,491.45 points, ended the last session of Samvat 2074 with a rise of 6 points, or 0.06 per cent, to end at 10,530.
Five Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta group's Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.
The three-judge arbitration panel set up to resolve the controversy over the sale of the government's residual 49 per cent stake in Sterlite-controlled Bharat Aluminium Company Ltd has decided to meet in August, raising hopes of a resolution to the five-year-old dispute.
Announcing yoga dance workshop with yogacharya Shameem Akthar, who has been trained with the Sivananda Yoga Vedanta Center.
India Inc seems to have regained its appetite for mergers and acquisitions. In the second-largest acquisition in India's iron ore industry, Sesa Goa, a subsidiary of London-listed Vedanta Resources, on Thursday acquired Goa-based Dempo group's mining and maritime businesses for Rs 1,750 crore in an all-cash deal.
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
Sun Pharma was the biggest loser among Sensex components, plunging 3.94 per cent, followed by Tata Steel falling 3.12 per cent.
The takeover battle for United States copper miner Asarco continues to rage, as its estranged parent Grupo Mexico has offered $1.3 billion to counter Sterlite Industries' offer for the second time.
The Lifetime Achievement Award was presented to PRS Oberoi, chairman and chief executive of the Oberoi group. The 10th edition of the E&Y awards in India was decided by a six-member jury headed by KV Kamath, managing director and chief executive of ICICI Bank.
Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&T, rising up to 7.51 per cent.
Court says no evidence of cartel in low bids for coal blocks.
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Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
Though the NDA government had been trying to privatise 20 companies, a decision for which was taken in 2017, and included national carrier Air India, the investor community evinced little enthusiasm for any of them. Now, with an in-principle approval for privatisation of BPCL, CCI and SCI, the government has taken the plunge again.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The surge in IT, auto and FMCG stocks were led by investors seeking safety against market volatility.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
Vedanta Resources chairman Anil Agarwal on Thursday said he is ready with Rs 8,000 crore (Rs 80 billion) for buying the government's residual equity in Balco and Hindustan Zinc, for which he will meet the Finance Minister this month.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
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In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
'Use your emotion well. My own Vedanta guru would say, "Anger should be like a handkerchief. Take it out of your pocket, use it, and then return it to your pocket".'
May opt for PE funds or debt to finance capital expenditure.
NTPC was the top gainer among the Sensex stocks, rising by 3.53 per cent. Coal India, ONGC and Sun Pharma also rose up to 2.41 per cent.
The Pune-based Rahul Bajaj group, thanks to an amazing stock market ride by Bajaj Finance and Bajaj Finserv, has grabbed third spot, pushing the Aditya Birla group down to fourth position.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
In a grand ceremony with overtones of a United States presidential inauguration, heads of state and government, India Inc honchos, opposition leaders, Bharatiya Janata Party members and showbiz stars rubbed shoulders as they watched President Ram Nath Kovind administer the oath of office to India's 58 new ministers.
Sterlite Industries, the flagship firm of London-listed Vedanta Resources, may consider legal action if the bankruptcy court favours Grupo Mexico's counter-offer of $4.1 billion for Asarco, the US copper mining giant. Sterlite's takeover bid for Asarco hit a bump when a judge of a bankruptcy court in Texas signalled on Friday that he might give Grupo Mexico, Asarco's estranged corporate parent, a last chance to resume control of its US subsidiary.
The bauxite-rich Gandhamardan hill in Orissa is likely to become the centre of an environmental and cultural controversy again after two decades. In 1986, India's third-largest alumunium producer Balco had applied for a mining lease in the area when it was a government company. This year, the hill is being sought by Balco again, but this time as a private company owned by London-based commodities entrepreneur Anil Agarwal's Vedanta group.
The Sri Ramakrishna Universal Temple has relocated to the Chicago suburb of Homer Glen, honouring the memory of the historic speech made by Swami Vivekananda in the city, 115 years ago.
Corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment.
