The Bajaj family feud has taken another turn with Rahul Bajaj's Bajaj Auto and its associates increasing stake in Bajaj Hindusthan.
India's largest sugar company Bajaj Hindusthan Ltd on Wednesday announced its diversification into power business with plans to set up five plants having a total capacity of 400 MW at an investment of Rs 1,600 crore (Rs 16 billion).
Demand payment of sugarcane arrears, company says there are no dues.
Bajaj Auto Chairman Rahul Bajaj said on Monday there was no intention to oust Shishir Bajaj from Bajaj Hindusthan, as alleged by his nephew Kushagra Bajaj, CEO of Bajaj Hindusthan.
The Uttar Pradesh government today ordered first information reports to be lodged against all the 16 sugar mills that Bajaj Hindusthan owns in the state for allegedly failing to honour farmers' payment commitments for the crushing season 2007-08. Shishir Bajaj-controlled Bajaj Hindusthan is the country's largest sugar producer.
The decision to partially decontrol the sugar sector, the only industry left under the government control, was taken by the Cabinet Committee on Economic Affairs Thursday.
This lesser known Bajaj is quietly transforming his family business by focusing less on sugar, where he is the country's largest producer, and getting into power.
According to travel agencies, at least 15 per cent of those who booked for travel over the next few weeks have cancelled their trips to Europe. For Bangkok, the cancellation rate is as high as 30 per cent.
Stocks of sugar companies rose after the development. At the Bombay Stock Exchange, Bajaj Hindusthan, India's biggest producer, gained 4.25 per cent to close at Rs 121.35, Balrampur Chini gained three per cent and closed at Rs 88 while Renuka Sugars gained four per cent to Rs 68.
Shishir Bajaj-promoted Bajaj Hindusthan, India's largest sugar producer, is in talks with its nearest competitor Balrampur Chini Mills to acquire the 36.67 percent stake of the current promoters, the Kolkata-based Saraogis.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
As per financial service major Credit Suisse's India market strategy report, a host of companies, including Aditya Bira Nuvo, Bajaj Hindusthan, Adani Power, are planning to tap the capital markets in the coming months through various routes, including private placement and preferential allotments. The report advised investors, who are confident of the political outcome and global rally, to pick from the list of companies about to finish funding.
The Bajaj family dispute is set to end, finally. Shishir Bajaj today sold his 25 per cent holding in the primary group investment firm Bajaj Sevashram to his brother Rahul Bajaj in an off-market deal. This was after Rahul Bajaj transferred his group's entire 29.62 per cent shareholding in Bajaj Hindusthan.
The warring Bajaj brothers, Rahul and Shishir, have finally decided to terminate a family settlement agreement after prolonged peace talks for which they had also sought additional time from Company Law Board.
An interview with Bajaj Hindusthan Limited CEO Kushagra Bajaj.
Groaning under the burden of huge arrears to sugarcane farmers and rising losses, leading sugar producers of Uttar Pradesh have begun filing cases against a December 2006 directive of the state government on sugarcane prices.
Calling the bluff of the country's sugar barons, the Centre has scrapped 98 per cent of the industrial entrepreneur memorandums obtained by them for setting up new production units.
Board meetings of two holding companies stayed.
The Aditya Birla group has set aside 6.5 per cent stake in Bachhraj & Co, the company that controls 24.54 per cent of Bajaj Hindusthan, for Kushagra Bajaj's wife, Vasavadatta, sources close to the development said.
Promoters of companies who have pledged their shares to raise funds from banks will be asked to top up with more shares if the carnage in the market continues.
So far in September, the S&P BSE Small-cap index has gained nearly 3 per cent as compared to a modest 0.2 per cent dip in the S&P BSE Sensex.
'The government is of the view that distilleries around Hapur and Bijnor would pollute groundwater in the vicinity and its spill over into the sacred Ganga. Hence, we are looking to close these distilleries to prevent them from discharging water into the open area,' said a senior UP government official.
India will raise its import duty on sugar to 40 percent from 15 percent, as the government tries to revive business at mills that owe farmers around $1.84 billion, the food minister said on Monday.
India is the world's second-biggest sugar producer after Brazil and has been looking to offload a surplus in an already well-supplied world market.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
Coal India topped the losers' list in the Sensex pack on Tuesday, falling 2.36 per cent, followed by Bharti Airtel at 2.16 per cent.
The Sensex ended 229 points down at 27,602 and the Nifty ended down 63 points at 8,293.
The S&P BSE Sensex ended up 28 points at 25,844 and the Nifty50 ended flat at 7,915.
He was a plain talker and never hesitated to put forth his point of view
Five of the 12 BSE sectoral indices ended at 52-week highs; the oil and gas index zoomed by nearly 5%.
The sugar industry clamouring for control and intervention should set the alarm bells ringing in the corridors of power.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
Murkumbi will continue to retain his post till the stipulated notice period of 90 days or completion of open offer by Wilmar, whichever is later.
Roadshows will be held in Singapore, Hong Kong, London, New York and Boston, NTPC gained close to 1%.
With the state going to polls soon, Akhilesh Yadav needs to step out of his father's shadow and come into his own as the state's CM.
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