Violence had marred the acquisition yesterday following allegations of police crackdown on opponents.
The defence budget was on Thursday increased to Rs 6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.
The Tiruchi unit of Bharat Heavy Electricals Ltd (BHEL) is considering four-five companies as candidates for acquisitions, its executive director, A V Krishnan, told Business Standard.
"We are not only looking in India but scouting for acquisitions in the US, China and Europe. But, if pricing goes up, it can be affected."
Noida was conceived in the 1970s and went on to transform the Western UP's landscape for good. Akin to the New Okhla Industrial Development Authority (Noida), the Yogi Adityanath government has instituted the Bundelkhand Industrial Development Authority (BIDA) with its epicentre in Jhansi.
The Reserve Bank on Wednesday imposed business restrictions on Edelweiss Group's lending and asset reconstruction arms on concerns over evergreening of loans. The central bank has asked ECL Finance Ltd (ECL) to cease and desist from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/or closure of accounts, an official statement said.
The problem can be met, according to Shubhashis Gangopadhyay, research director of India Development Foundation, by the government tapping into its own land holdings.
The project would be carried out indigenously and the majority of the technology and equipment to be used would be made in India.
Those who have a long-range mission of true nation-building will pay close attention to World Bank's new action plan for fairness in all matters of land use, says Rajni Bakshi.
Investors shunned shares of Bajaj Finance on Friday, a day after the non-banking financial company (NBFC) reported a sharp contraction in its net interest margin (NIM) for the March quarter of the financial year 2023-24 (Q4FY24). The losses accounted for a fifth of the benchmark S&P BSE Sensex's 609-point loss. Most brokerages have tamed their earnings expectations for the next couple of quarters, after the management said it expected the pressure on NIMs to continue in the near term.
Canada-based Brookfield will acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of $2 billion, a release said on Friday. The transaction is subject to regulatory approvals and expected to close in the second half of 2024. "Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management, today announced the signing of an agreement with ATC to acquire 100 per cent of equity interests in American Tower's operations in India (ATC India), for an enterprise value of Rs 16,500 crore ($2 billion) which is subject to pre-closing terms as per the securities purchase agreement," it said.
As part of its initiative to grow inorganically, security systems provider Zicom Electronic Security Systems is planning both overseas and domestic acquisitions. Zicom is in discussions to acquire a company in Singapore.
'We have focused on it quarter after quarter and started to build the pipeline.'
The Softbank-backed company has set a price band of Rs 72 to Rs 76 per share for the maiden share sale and is expected to test the appetite for new-age loss-making companies.
Nirma has roped in BCG and KPMG to advise it on the fundraising options for the acquisition. The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition. Bankers said the company will rely on its funds and future GLS dividend to repay its debt for acquisition.
Infosys, which is sitting on a cash pile of over $3 billion, has met criticism from investors and analysts as rivals like Tata Consultancy Services and Wipro have boosted their businesses with multiple acquisitions.
Firm evaluating options, could spend over $400 million.
Infosys on Thursday said it is "seriously looking" at acquisitions as the company understands the importance of growth through buying out other companies.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
FSN E-Commerce Ventures (Nykaa) hosted its annual investor day recently. The responses were positive from analysts. Although some analysts pared FY25 and FY26 estimates, the bulk continued to issue 'buy' calls after the stock rose 2.5 per cent. The management expects the Beauty & Personal Care (BPC) business to grow at a 25 per cent compound annual growth rate (CAGR) during FY24-28.
Launched in March, it triggers re-verification of suspected fraudulent numbers. Failing re-verification, the number will be disconnected.
'There has been a huge shift. Consumer needs and requirements have changed, and differ from city to city.'
Piramal Enterprises (PEL) on Wednesday said it has completed the acquisition of Dewan Housing Finance (DHFL) by paying Rs 34,250 crore to creditors of the housing finance company. The company said the creditors of DHFL, including fixed deposit (FD) holders, would recover an aggregate amount of Rs 38,000 crore from the resolution process of DHFL. The amount comprises approximately Rs 34,250 crore to be paid by Piramal Capital and Housing Finance Ltd (PCHFL) as a combination of cash and NCDs, and an amount of approximately Rs 3,800 crore which is the entitlement of creditors as per the resolution plan from the cash balance available with DHFL, the company said.
Amidst global financial distress, State Bank of India has hinted that it is mulling overseas bank acquisition. SBI Chairman O P Bhatt today indicated that though there were no immediate plans, but the bank was definitely having a look at it.
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
The high court of Jharkhand on Friday granted bail to former chief minister Hemant Soren in a money laundering case linked to a land scam.
Reliance-Anil Dhirubhai Ambani Group is looking for acquisitions to start its cement business much before it completes its 4,000-Mw mega power project at Sasan in eastern Madhya Pradesh, which is to provide the fly ash that is used to make cement.
The changes in the ordinance have been made after taking inputs from states suggesting changes to the Act which would make it more industry-friendly
There has been speculation that Infosys is at an advanced stage of talks to buy a US firm operating in the public services and healthcare space.
Are you a first-time IPO investor? Even if IPOs appear attractive with expectations of high returns, they come with risks and complexities, cautions Sheetal Jhaveri and shares her checklist to help you navigate through the world of IPOs
"We are selectively looking at acquisitions it will be a string of smaller ones," Wipro chairman Azim Premji told reporters on the sidelines of a conference.
'When there are no good roads and no buses plying to villages, your spending on development is skewed.'
The writing has been on the wall for some time. Exodus of senior leadership and growth behind its peers are reasons that have prompted Thierry Delaporte, the chief executive officer (CEO) of Wipro to resign, analysts said. Delaporte, Wipro's seventh CEO, also resigned without completing his five-year term, like his predecessor Abidali Neemuchwala decided to end his tenure prematurely in 2020. Phil Fersht, HFS Research CEO and chief analyst believes the change in leadership was at least six months overdue.
"A rising rupee is a good time to go and acquire companies abroad," Godrej Group Chairman Adi Godrej said at the India Economic Summit in New Delhi on Monday.
AQuity Solutions is a leading tech-enabled clinical documentation, medical coding and revenue integrity solutions provider in the healthcare domain. On the other hand, IKS Health provides administrative, clinical and operational services to clinicians.
Federal Bank on Thursday said the Reserve Bank of India has accorded approval to ICICI Prudential Asset Management Company Ltd () for acquiring up to 9.95 per cent stake in the bank. RBI accorded the approval subject to conditions on Thursday, Federal Bank said in a regulatory filing.
Private sector lender Bandhan Bank on Friday said its founder, managing director and CEO Chandra Shekhar Ghosh has tendered his resignation. Ghosh would retire from the services of the bank as MD and CEO upon completion of his current tenure on July 9, 2024, the bank said in a regulatory filing. "After leading the bank for almost a decade, including three consecutive tenures as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level," Ghosh said in a letter addressed to the board.
Mahindra Holidays & Resorts plans to have close to 5,300 rooms in the next 3- 4 years from the current 3,700 rooms.
The case is understood to be related to the alleged irregularities in land allotment in 2009, sources said.
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
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