A meeting of the board of Jindal Strips Ltd will be held on January 29 to consider and take on record the unaudited financial results for the quarter ended December 31, 2002 and a scheme of restructuring of the company.
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.
Edtech firm Think and Learn, which owns Byju's brand, has closed 30 out of its 292 tuition centres, according to an official statement. Byju's has shut down the centres as part of cost optimisation measures and aims to turn most of the centres profitable in the third year of their operations, the edtech firm said. "Byju's is immensely proud of the dedication of its teachers and the performance of its students.
Restructured debt from Indian power distributors lures investors
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.
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
Chief Operating Officer S D Shibulal denied that the first quarter results regarding volume growth was impacted due to the ongoing reorganiastion process.
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
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.
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.
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.
Global coworking player WeWork has filed for bankruptcy in the US and has also started a comprehensive reorganisation and restructuring process to cut debt and strengthen its balance sheet. NYSE-listed WeWork Inc said that its centres located outside the US and Canada will not be part of this proceedings. Softbank-backed WeWork Inc, which was once valued at $47 billion, had reported a net loss of $696 million in the first half of this year.
"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.
Social media unicorn ShareChat has laid off 200 employees, around 15 per cent of its workforce, in another round of layoffs this year to reduce costs and achieve profitability within the next six quarters. In January, Mohalla Tech Pvt Ltd, the parent company of platforms ShareChat and Moj, fired 500 employees, 20 per cent of its workforce. The same month, company co-founders Bhanu Pratap Singh and Farid Ahsan also stepped down from executive roles.
Fair trade regulator CCI on Tuesday said it has approved the demerger of the hotel business of diversified entity ITC Ltd into a separate entity. After the completion of the demerger, shares of ITC Hotels Ltd, a new entity, will be listed on the stock exchanges. The proposed combination relates to the demerger of the demerged undertaking to ITC's wholly-owned newly incorporated subsidiary, ITC Hotels.
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.
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 economy is expected to bounce back and things are expected to recover faster than what we previously thought.'
The government is set to carry out a performance review of companies that have opted for corporate debt restructuring (CDR).
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
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.
'It has changed the political character of India by ejecting socialism as an ideology from the Constitution of India.'
Experts said many firms had unbilled assets on their books.
'If creative jobs can get disrupted, then left brain jobs like coding are easily disrupted. We are going through the journey of huge disruption.'
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.
It, however, is yet to decide on the annual wage rise.
Arjun Mohan, CEO of India operations of Think and Learn, which owns Byju's brand, has resigned from the beleaguered firm, which on Monday also announced a business rejig consolidating its operations into three verticals. Mohan had joined Byju's in July last year as the CEO for international business after quitting rival UpGrad in February as CEO. Later, he was given charge of India operations in September after Byju's then CEO Mrinal Mohit resigned. After taking over the charge, Mohan undertook restructuring of the organisation which led to layoffs of around 4,000 employees at Byju's.
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.
Edtech major Byju's top official on Wednesday said the company's $200 million rights issue has been fully subscribed and asked all shareholders to participate in the "renewed mission". Think and Learn Private Limited, which operates under Byju's brand name, has floated $200 million rights issue at less than 99 per cent enterprise valuation compared to its peak valuation of $22 billion. "Our rights issue is fully subscribed and my gratitude to my shareholders remains strong.
'Corporations that were recruiting 15 or 20 [students] have reduced the number to two or three.'
'He was a practical person who ensured that he thought about the common man, animals, the fact that they have a life and they have to be respected.'
The RBI said that the impact of unseasonal rains is still unfolding.
L&T surprised on the upside of consensus due to stronger-than-expected growth overseas. The Q1FY25 results were ahead of estimates on both revenue and net profit fronts. The company reported a 15 per cent year-on-year (Y-o-Y) growth in revenues along with 15 per cent Y-o-Y growth in operating profit and 12 per cent Y-o-Y growth in net profit on consolidated basis.
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
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
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