Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
Shoppers Stop returns to its core business after divestments. The retailer plans growth through web and private labels.
United Spirits wants to align its resources to meet its goals of becoming a trusted and respected consumer goods company.
German chemical company BASF, which has a significant presence in India, will slash about 3,700 jobs by 2013 as part of its restructuring measures.
It reported a loss of Rs 36 crore (Rs 360 million), the first such negative result in 10 years.
The company which posted results for the latest quarter said restructuring efforts are underway that will include a workforce reduction of around 5,000 employees.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
Cash-strapped retail player Subhiksha has said that almost all its lenders and shareholders are working together to revive the company and it is on its way to completing the ongoing corporate debt restructuring (CDR) programme on schedule by the end of July.
The petition was filed in 2003 by NGO Centre for Public Interest Litigation.
It is unrealistic to expect that change will happen in one year: Birla
The initiation of IBC proceedings in respect of a debtor has certain drastic consequences on both day-to-day running of the business of a debtor and on all creditors generally.
The Reserve Bank of India (RBI) has offered some leeway to banks for early detection and resolution of bad loans. Under the new regime kicking off from April 1, lenders can finance 50 per cent of the outstanding loan value, RBI said in Framework for Revitalising Distressed Assets in the Economy, released on Thursday.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
The government on Thursday said it has extended the Emergency Credit Line Guarantee Scheme (ECLGS) to the health sector and 26 other sectors identified by the Kamath Committee. The National Credit Guarantee Trustee Company Limited (NCGTC) has issued the operational guidelines for implementation of ECLGS 2.0 scheme, the finance ministry said in a statement. The scheme was announced by the government earlier this month as part of the Rs 2.65 lakh crore Atmanirbhar Bharat 3.0 package.
The power ministry is planning to start a second version of UDAY, aimed only at reducing the losses of discoms and improving the quality of power supply.
Wipro Infotech - the Asia-Pacific and West-Asia arm of the $4 billion Wipro Limited - has restructured its operations. The company has transferred majority of its business to global IT division, Wipro Technologies. Wipro Infotech has also undergone other management changes, and re-alignment of various verticals. According to the mail, Anand Sankaran is being appointed chief executive of Wipro Infotech.
It is to be noted that the total cases referred under CDR increased to 19 in the second quarter from 16 in the first quarter of the current fiscal.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
Reducing dependence on wholesalers will give the company better control over its inventory, besides offering greater visibility to new brands, reports Avishek Rakshit.
Companies hit by the sudden appreciation of foreign currencies such as Swiss franc and yen are finding it difficult to restructure their currency options as banks have become cautious in extending fresh credit limits to them.
'While there has been an impact on economic activity, it is not as profound as the lockdown last year.'
Ferrari announced a restructuring of their Formula One technical department on Wednesday after struggling in the first three races of a season so far dominated by Mercedes. The sport's oldest, most glamorous and successful team -- last year's runners-up -- are fifth in the championship with Sebastian Vettel and Charles Leclerc pushed into more of a midfield battle.
The newly-formed entity which will list on the NYSE as Eros STX Entertainment Corp, will remain listed on the New York Stock Exchange, with headquarters in both Mumbai, India, and Burbank, California, and has also got $125 million in fresh funding. The merger will not change the structure of Eros's Indian arm which is also listed on Indian stock exchanges.
Experts said the new framework has ensured that the focus has moved to creditor protection from debtor protection.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
Canadian handset maker BlackBerry on Friday said it has narrowed its net loss for the second quarter ended August 31, 2014 to $207 million compared to the previous year helped by increased adoption of its BlackBerry Enterprises Service (BES) and handset sales.
Will MBA hybrid model be the focus for B-schools? Should B-schools focus on long distance programmes?
Financial Services Secretary Rajiv Takru said banks were trying to make a distinction between wilful defaulters and those genuinely stressed.
Mere shuffling of resources or cosmetic changes to prove a point would be counterproductive in the long run, observes Commodore Venugoptal Menon (retd).
The new jobs - created both directly and indirectly - will be across industries, including IT, skill development, content creation, retail, logistics, and manufacturing.
In a bid to enhance shareholders' value, the Kinetic group is restructuring operations to house its two-wheeler and auto-component businesses in Kinetic Motor Company and Kinetic Engineering, respectively.
The company will offer a total of up to 15,06,44,759 ordinary shares
As Covid-19 cases surge in India, companies have realised it's a tightrope walk between maintaining production and ensuring employee safety.
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
Three months after the Foreign Investment Promotion Board put its entry into India on hold, US coffee retail giant Starbucks has sent a revised application to operate single-brand retail stores under a restructured entity.
World's largest cell phone maker Nokia on Wednesday said up to 300 jobs would be cut in India by end of 2012, as the company embarks on restructuring that would affect 7,000 employees worldwide.
It may hit Kingfisher, Paramount restructuring.
Sunil Mittal will become executive chairman.
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