Three years after exiting the power business, the Rs 1.4-lakh crore Aditya Birla Group is planning a powerful comeback into the sector and is eyeing a major acquisition in Tamil Nadu, two people with direct knowledge of the deal told Business Standard.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
April-June 2023 (Q1FY24) was a mixed quarter for India's top family-owned business groups. Three of the big five in terms of revenue reported a year-on-year (Y-o-Y) decline in combined net sales and two saw a Y-o-Y fall in net profits. Combined net sales of all listed companies in the five groups were up just 2.2 per cent Y-o-Y at Rs 6.6 trillion in the quarter, down sharply from the 10.3 per cent in the March 2023 quarter (Q4FY23) and 42.8 per cent in Q1FY23.
A V Metals -- the A V Birla group's Canada-based special purpose vehicle -- will infuse $3.5 billion to finance Hindalco Industries' proposed acquisition of the Atlanta-based aluminium downstream major Novelis Inc.
A media suggested the Parliament staff will have a new dress code with the Lotus printed on it.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
As general elections draw closer, at least five large corporate houses including those of Ambanis, Mittals and Birlas, have set up 'Electoral Trusts' for providing funds to political parties.
Rajya Sabha members Mausam Noor and Priyanka Chaturvedi have written to Chairman Jagdeep Dhankhar, complaining about 'sloganeering' from the visitors' gallery of the House on September 21 and requesting him to take action in the matter.
Shree Cement may join race; units in 3 more African countries may be sold.
After a 10-month probe, the Central Bureau of Investigation has decided to file a closure report in the coal block allocation case involving industrialist Kumar Mangalam Birla and former Coal Secretary P C Parakh as the agency could not find any evidence in this matter.
The nearly month-long monsoon session is likely to have 20 sittings and would conclude before Independence Day.
'Whoever is questioning the government on the Adani issue is being harassed'
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
Dravida Munnetra Kazhagam MP D N V Senthil Kumar on Wednesday apologised in the Lok Sabha for his controversial 'north-south divide' remark which had sparked a backlash.
Opposition leaders have slammed the Bharatiya Janata Party over its Lok Sabha member Ramesh Bidhuri, who is in the eye of a storm for his derogatory comments against Bahujan Samaj Party MP Danish Ali, being given poll responsibility by the party in Rajasthan's Tonk district.
The Central Bureau of Investigation on Tuesday registered a fresh case against Kumar Mangalam Birla in coal allocation scam.
Aditya Birla Retail Limited (ABRL), the retail arm of the Aditya Birla Group, would be investing Rs 8,000 to Rs 10,000 crore (Rs 80-100 billion) in expanding its operations across the country over a period of five years.
Chartered accountancy firm Lodha & Co has resigned as a statutory auditor for Birla Global Finance.
The Aditya Birla group has agreed to sell two unlisted downstream palm oil companies in Malaysia for Rs 540 crore
Agencies had earlier prepared a list of about 37 industrialists, whom they considered vulnerable, but later pruned it to 25 and submitted it to the home ministry last week.
Both houses of Parliament were adjourned for the day on Friday after an uproar over the violence in Manipur.
After Bandhan MF's US Treasury Bond 0-1 year Fund of Fund (FoF), Aditya Birla Sun Life (ABSL) MF has come out with US Treasury 1-3 Year Bond ETFs FoF and 3-10 Year Bond ETFs FoF. US bonds, which generally offer low yields, have turned attractive post the 525-basis point hike in US interest rates. According to Bloomberg data, the 1-year and 2-year US treasury yields now stand at 5.4 per cent and 5.1 per cent, respectively. Although the yields remain lower than what Indian government bonds offer, the differential has come down steeply.
The UP government said Yogi returned with investment proposals worth over Rs 5 lakh crore from Mumbai.
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
The Supreme Court on Wednesday sought a reply from the Lok Sabha secretary general on Trinamool Congress leader Mahua Moitra's plea challenging her expulsion from the Lower House.
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