Bharti Airtel on Tuesday inked a definitive agreement with Kuwait's telecom firm, Zain, to acquire its African assets at an enterprise value of $10.7 billion
Reliance Entertainment, controlled by the Anil Dhirubhai Ambani Group, is divesting a 5 per cent equity stake at an enterprise value of $1.5 billion (about Rs 6,000 crore).
Vodafone offers to buy out Hutchison Telecom's stake in India's Hutch-Essar at an enterprise value of $17 to 18 billion reports British daily Financial Times.
Billionaire Gautam Adani has said the decision to withdraw a fully subscribed share sale of the flagship firm of his group was primarily because of volatility in the market. Adani Group company stocks have lost over $90 billion in value since a US short seller made damning allegations. Adani Enterprises Ltd's Rs 20,000 crore follow-on public offer managed to get investors on the last day of the share close on Tuesday.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
Shares of eight of the ten listed firms of the Adani Group ended with gains on Tuesday after taking a beating in recent sessions. Adani Enterprises stock jumped 14.22 per cent to settle at Rs 1,364.05 on the BSE. During the day, it rallied 19 per cent to Rs 1,421.95.
Global investment management firm Bernstein has pegged the enterprise valuation of Reliance Industries (RIL)'s 85 per cent stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company's 66.5 per cent stake in telecom and digital platform arm Reliance Jio at $88 billion. Reliance Industries had earlier planned to list both its subsidiaries to unlock value for its shareholders but hadn't fixed any timeline. The report said that Reliance Retail had raised $6 billion by diluting a 10.1 per cent stake, while Jio Platforms raised $20 billion from investors by selling 33 per cent in 2020.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
The US-based Palm, which is present in India, put itself up for sale, mainly on account of lukewarm response for its new offerings.
IT services firm Wipro has launched an artificial intelligence (AI)-first ecosystem that will put the technology in every platform, tool, and solution it uses and offers to clients. Along with the launch of Wipro ai360, the company committed to invest $1 billion to advance AI capabilities in the next three years. Wipro ai360, fuelled by this new investment, will help in a new era of value, productivity, and commercial opportunities through the application of AI and generative AI, said the company.
Tata Steel, India's largest steelmaker, has consolidated all its overseas assets including Corus under a new holding company, Tata Steel Global, to raise funds for its overseas expansion including future acquisitions.
Automobile major Mahindra & Mahindra will acquire a 67.9 per cent stake in Jeco Holding AG, one of the top five forgings companies in Germany.
The restructuring of UTI, which started seven years ago when the country's oldest mutual fund failed to meet redemption obligations, is nearly complete.
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
Nine of the 10 most valued firms together added over Rs 2.12 lakh crore in their market valuation last week, with HDFC Bank and TCS emerging as the lead gainers. Last week, the 30-share BSE benchmark jumped 844.68 points or 1.38 per cent. The stock markets were closed on Tuesday for Guru Nanak Jayanti.
The rumour verification process would now be triggered by changes in price or 'material price movements', as the paper defines it. What this means is that companies would need to verify rumours only if the share price moves significantly.
Two full-fledged semiconductor fabrication plants are going to come up in India very soon entailing multi-billion dollar investment besides several chip assembly and packaging units, Minister of Electronics and IT Rajeev Chandrasekhar said. In an interview with PTI, the minister confirmed that the two projects include a $8 billion proposal submitted by Israel-based Tower Semiconductors and the other from Tata Group. "I am happy to share this with you and you are probably the first one I'm sharing this with.
During the last six months, since the cement market witnessed an unexpected surge in demand which later was followed by incessant rise in cement prices, the valuations have jumped by 48 per cent. The replacement cost is the amount of capital needed to replace an old cement plant.
With competitive pressures increasing at home, Bharti is making a third attempt to gain a foothold in the African market.
Electrical equipment maker Crompton Greaves today said it will acquire Ireland-based Microsol Holdings Ltd for an enterprise value of around euro10.50 million (over Rs 57 crore).
The world's largest steel manufacturer, Arcelor Mittal, has received approval from the US and Mexican competition authorities to acquire Sicartsa from Grupo Villacero for an enterprise value of $1.43 billion (about Rs 6,006 crore).
Domestic deals were the flavour of the month as there were 20 such transactions worth $2.77 billion in June 2015.
Infosys said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of $200 million
Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20 Trade and Investment Minister's meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. "Digitising processes and use of e-commerce have the potential to enhance market access. "I am glad that your group is working on the 'High Level Principles for the Digitalization of Trade Documents'. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.
India's top technology companies will witness a tepid revenue expansion in the third quarter (October - December) of the current financial year (Q3FY24) - along expected lines - on the back of furloughs and no blockbuster deals, even as the momentum gained from Generative AI (GenAI) is likely to take centre stage. IT services and consulting firm Accenture's first quarter numbers in FY24 showed a significant pick up in GenAI spending. It signed new bookings to the tune of $450 million in this space, a surge from the $300 million signed in the whole of FY23.
The size of the deal was not mentioned in the note. However, the enterprise value (inclusive of debt ) of the deal is reported to be about Rs 800 crore (Rs 8 billion).
Global business management and software solutions company Sage Group has acquired London-based software services company Snowdrop systems for an enterprise value of 17 million pounds (about Rs 138.55 crore).
The government on Friday cleared British telecom firm Vodafone's application for buying a majority stake in India's fourth-largest mobile operator Hutch-Essar Ltd.
When a strong executive decides it wants something, even something that is dangerous and unconstitutional, there is little resistance from within to stop it, notes Aakar Patel.
A lot depends upon the crucial decision-making skills of the management. If you have any doubts about the management then you always have the choice of selling your shares or not buying stocks of those companies at all.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
The July-September quarter results of software companies in the engineering research and development (ER&D) segment were broadly in line with expectations, though there have been cuts in revenue growth guidance. While results were a mixed bag, and there are cautionary views on the near-term outlook, brokerages and global consulting firms highlight the strong growth trajectory for the sector. They expect this segment of the software sector to grow by 8-12 per cent going forward.
'We are called artists, just like the film people and dancers and actors. But there's a very little value to what we do as artists.'
Six months after acquiring Anglo-Dutch steel giant Corus, Tata Steel has put the foreign company's aluminium business on the block.
The government is not in a "crazy rush" to sell everything and it will continue to have a presence in four strategic sectors, including telecom, Finance Minister Nirmala Sitharaman said on Saturday. In strategic sectors, a bare minimum presence of the existing public sector commercial enterprises at the holding company level will be retained under government control. The remaining enterprises in a strategic sector will be considered for privatisation or merger with another PSE or for closure.
The former PM said key national institutions vital for good governance are experiencing unprecedented new strains, India's neighbourhood is far less secured than it was in 2014 and its ties with neighbours deteriorated in the last four years.
Novelis world leader in flat rolled aluminium products, customers include Coke, GM.
Vodafone, which is yet to announce the acquisition, has offered to partner Essar, on which the Indian conglomerate said, "We are at the moment evaluating all our options in the best interest of the Group."
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
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