'The increasing mix of fixed price contracts is helping us improve productivity by bringing in more automation.'
IT giant TCS is believed to be undertaking a significant performance-related restructuring of its workforce, which may also lead to some employees being asked to leave the company.
The bank got the share in lieu of repayment of loan.
The layoffs will mainly be in the company's product and engineering functions.
The reduction in value of Chandra's assets comes close on the heels of the group's debt burgeoning to over Rs 12,000 crore, much of which he had raised by pledging his shares to banks and mutual funds in his flagship company ZEEL after many of the groups infrastructure bets did not take off.
Rs 50,000-cr loans for 15,000-Mw projects could be heading for restructuring.
In a letter to all employees on April 1, a day after the company announced corporate debt restructuring to manage over Rs 3,400 crore of debts and his stepping down as chairman, Habil Khorakiwala indicated Wockhardt wasn't looking to sell its core businesses but would divest some non-core businesses. He said the mounting debts were due to losses from mark-to-market forex issues, liquidity issues, banks tightening lending norms and the global recession.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
As the Centre pushes reforms in the power sector, especially for the beleaguered electricity distribution segment, several states, especially those ruled by Opposition parties, are clamouring against it. Maharashtra, West Bengal, Tamil Nadu, and Kerela have voiced their reservations against the proposed amendments to the Electricity Act, 2003. The irony is the states opposing the amendments on the ground of threat of privatisation already have private partnerships in power supply. The proposed Bill was slated to be placed on the floor of Parliament in the Monsoon session. But it still awaits Cabinet approval amid several states complaining that they have been not consulted on the issue.
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
Williams Grand Prix Holdings (WGPH) published results for 2019 showing Formula One revenue slid to 95.4 million pounds ($117.6 million) in 2019, down from 130.7 million pounds the previous year.
Shares of Tata Consultancy Services (TCS) fell by 4 per cent on worries that growth may be muted.
Dy Governor notes it's an era of job changes for better.
Under the CDR package, the company has sought a debt-restructuring of Rs 2,800 crore, including Rs 1,800 crore for Maytas Infra and another Rs 1,000 crore for various special-purpose vehicles. Sources say the investment companies may have diverted the Rs 400 crore to Satyam Computers. "As per the account trail, this loan of Rs 400 crore was finally given to Satyam Computer, routing through these investment arms," sources close to the CDR package said.
The Air India board is likely to give its approval to the appointment of global consultancy firm, Booz Allen and Company, for its cost restructuring plan.
'It won't help being complacent about the momentum and valuations of equities that currently exist.'
Banks need assistance to complete projects that they have taken over
Banks have been patient and flexible in rescheduling loans.
Foreign lenders to Wockhardt have succeeded in stalling the debt-ridden pharmaceutical company's attempts to sell its nutrition business to Abbott Laboratories.
The move comes ahead of the tighter provisioning norms kicking in from next April
Two aborted missions, three different ministers, multiple rule changes and two decades later, Indian taxpayers will no longer have to pay Rs 20 crore per day to keep the loss-making Air India flying. While opposition Congress expectedly attacked the decision as selling the family silver, DIPAM secretary Tuhin Kanta Pandey said what Tata is getting is not a cash cow but an airline which is bleeding where money needs to be pumped in to refurbish obsolete aircraft and dust up strangled ones while being unable to touch any employee for one year and only be able to resize staff after paying a VRS. "It won't be a very easy task there. Only advantage is they (new Air India owner) are paying the price which they think they can manage. "They are not taking the excessive debt accumulated to fund years of losses. We are continuing it as an ongoing concern.... This process has also saved huge amount of taxpayers money going forward," Pandey told PTI.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
In what can be termed as the biggest write-off by an Indian firm, CDMA service provider Tata Teleservices is planning to restructure the company to offset losses of around Rs 5,141 crore (Rs 51.41 billion) by way of capital revamp.
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
The new circular provides for a framework for early recognition, reporting and time-bound resolution of bad loans.
Networking solutions giant Cisco will lay off up to 6,000 employees globally, including India, after it reported a marginal decline in profits and revenues for the fourth quarter.
Wockhardt Chairman Habil Khorakiwala can breathe easy, as bankers have approved the debt restructuring package he had sought three months ago.
IIM-Ahmedabad has written to Flipkart co-founder Binny Bansal on the issue, saying the students felt cheated for no fault of theirs for choosing the company over other brands and will suffer as they have to re-pay their education loans.
Restructuring is expected to cost the company $247 million in the fourth quarter of fiscal 2009 ending August 31. Of the costs, about $119 million would be related to reduction of excess office space globally and the remaining for severance and related costs of workforce reduction.
SC expressed surprise that no steps were taken for recovery.
'It really doesn't matter that investors getting allotments sell their IPO stock holdings on listing day because a new set of investors are entering.' 'This explains the continued rise in stock prices even after the first day of listing.'
From the stock perspective, though, even as all the 10 analysts polled by Bloomberg have a 'buy' recommendation on FRL, their target price of Rs 535 suggest most of the positives are already priced in.
One of the implications of the new strategic objectives for 2020, is that, like the leadership team, OYO will reorganise more teams across businesses and functions.
Under the resolution plan, the lenders would end up having a sizable portion of shares in the airline, if their boards of directors agree to convert part of their debt into equity.
Bad debt rules are steps in right direction.
Vodafone Idea, which reported a loss of Rs 6,439 crore in the December quarter, said it had received letters from the department of telecommunications (DoT) directing immediate payment of dues amounting to Rs 54,000 crores after the SC judgment. "The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by the Supreme Court in its order dated October 24, 2019. The company proposes to pay the amount so assessed in the next few days," it stated.
