RPG Life Sciences said on Wednesday it will undergo a restructuring process, wherein its pharmaceutical business and investments will be transfered to two of its group companies.
Restructured debt from Indian power distributors lures investors
Due to the group's presence across multiple businesses, it is in a unique position in the aviation industry to bring the best of talents.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
CDR amount jumps six times in first half; bankers expect things to worsen.
IT services provider MindTree Consulting is restructuring salary offers to its trainees over an 18-month period by staggering payments and linking these to tenure. The plan will be applicable to 250 freshers who joined the company in March this year. Another 250 people are expected to join in October this year.
Chief Operating Officer S D Shibulal denied that the first quarter results regarding volume growth was impacted due to the ongoing reorganiastion process.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
The PSU is planning to convert Rs 3,000 crore (Rs 30-billion) loan into long term debt.
Pharmaceutical major Wockhardt Ltd announced a restructuring of its field organization to upgrade its competitiveness and productivity
Disney+ Hotstar reported its biggest decline in paid subscribers to date - a fall of 3.8 million subscribers, or 6 per cent of its total - in the October-December period. The drop in numbers came after two warnings by the company that Hotstar's paid subscriber base would shrink as it didn't have streaming rights for the Indian Premier League (IPL) for the 2023-27 media cycle. The IPL would start on April 1 this year and continue till May 28.
Microsoft has had great success with Office 365, with over 1,200 customer win-backs over the last year and a half against Google apps.
Loss-making national air carrier Air India has appointed global consultancy firm Deloitte to ratify a prospective financial restructuring plan for the company, which was prepared by SBI Caps, a source said.
'The economy is expected to bounce back and things are expected to recover faster than what we previously thought.'
"We have appointed a committee to examine the structure and functioning of four companies (MSTC, FSNL, KIOCL and HSCL) and make recommendations regarding their re-organisation, merger with other companies or other structural re-organisation as warranted," Steel Secretary P K Rastogi told PTI. The steel ministry is of the view that the proposed restructuring will enhance the efficiency and profitability of these companies, Rastogi said.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
Edtech major Byju's may lay off up to 3,500 employees during the current fiscal as it looks to consolidate teams and enhance regional focus, sources privy to the development said. According to one of the sources, Byju's had "over hired" people at the time of Covid pandemic due to sudden jump in online education, but the demand has now receded, for which the company needs to do course correction. "There has been no retrenchment as of now.
Edtech firm Think and Learn Private Ltd, owner of Byju's, on Thursday said neither the company's founder and CEO Byju Raveendran nor any other board member will attend the extraordinary general meeting called by some select investors. Shareholders at Byju's are set to vote on Friday on a resolution brought by some investors to oust founder CEO Byju Raveendran and his family members over alleged "mismanagement and failures". Byju's has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement.
The market could not make a clear assessment of Tech Mahindra with the stock swinging wildly in the last two sessions. The results on Thursday were expected to be weak but the stock dropped slightly. However, investors reviewed the three-year turnaround plan and decided the stock had been oversold and the price recovered 7.5 per cent.
Chairman of GHCL Sanjay Dalmia says that Dan River, the company they recently took over, is expected to see revenues of around $220 million in 2006.
The government is set to carry out a performance review of companies that have opted for corporate debt restructuring (CDR).
Microfinance companies have been facing a crisis after a crackdown by the Andhra Pradesh government last year in response to allegations they were charging high rates and using coercive recovery practices.
Experts said many firms had unbilled assets on their books.
Tata Consultancy Services (TCS) has to "keep evolving" and be relevant to clients as generative artificial intelligence (GenAI) technologies emerge, K Krithivasan, chief executive officer and managing director of the IT company, has said in a New Year's message to employees. "It is always heartening to see the reinforcement of how strong our relationships are with our clients and the level of trust they place with us.
It, however, is yet to decide on the annual wage rise.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
The RBI said that the impact of unseasonal rains is still unfolding.
The Naresh Chandra Committee has observed that the physical strength of the Department has not kept pace with the increased strength of companies in India
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
Managing Director Vinod Goenka says the company is not looking at restructuring.
Byju's plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday. Banking on overall "improved performance", Think and Learn, the parent of Byju's, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds. Byju's India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
Logistics and delivery firm Dunzo plans to settle dues of former employees in next three months while it is regularising salary for its current employees, sources said. The firm backed by Reliance Retail and Google said that while its co-founder Davlir Suri has decided to leave the company, another co-founder Mukund Jha will continue be part of the strategic leadership team. "In June salary of 85 per cent employees were paid.
'We are seeing signs of improvement in rural overall in terms of demand, but I would still keep my fingers crossed.'
The shareholders have approved sale of the firm's fashion division, including the entire investment in Home Solutions (Retail) India, to its wholly-owned subsidiary, Future Value Retail and sale of its retail division to subsidiary Future Speciality Retail, Pantaloon said in a filing to the Bombay Stock Exchange.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
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