Railways to have functional autonomy, bear salary burden
Even as the unity moves between the two AIADMK factions seem to be going nowhere, former chief minister O Panneerselvam is working on a grand alliance of other Opposition parties, reports R Rajagopalan.
Zero-debt Cairn India has $2.85 billion cash reserve.
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
OPS said he was being "forced" to come up with such an announcement.
Indian Aluminium Company Ltd vice-chairman A K Agarwal on Wednesday ruled out the merger of the company with its parent Hindalco Industries Ltd.
In a big setback to Aditya Birla Group firm Idea Cellular, the Delhi High Court said the six licences of Spice Communications would not be transferred to Idea, since the company did not comply with the licence and merger guidelines. The court also slapped a fine of Rs 1 crore for hiding information.
Private equity (PE) investments in India have fallen to a 6-year low at $24.2 billion in the financial year ending March 2024. Investments via PE deals are down 47 per cent compared to FY23, when private equity deals worth $45.8 billion were signed. According to data sourced from Bloomberg, PE firms had signed record deals worth $80 billion in the financial year ending March 2022.
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
The proposal gains significance because the merger plan was given a quiet burial under former telecom minister A Raja.
After strong statements to the contrary, UB Group chairman Vijay Mallya on Tuesday said that he was considering the merger of Kingfisher Airlines with budget carrier Simplifly Deccan (earlier Air Deccan), in which the former bought a 26 per cent stake in June. Mallya said Kingfisher had asked consulting firm Accenture to study the integration of the two airlines, including the possibility of a merger.
Praja Rajyam Party chief and film star Chiranjeevi is to meet Congress chief Sonia Gandhi on Monday afternoon to discuss the merger arrangements between the two parties.
According to a source SoftBank is in favour of Ola acquiring the Indian unit of Uber, but the finer details of the deal are being discussed
The CBI today registered three FIRs and a preliminary enquiry to probe alleged irregularities in Indian Airlines-Air India merger and purchase of 111 aircraft, leasing of planes and giving up of profit-making routes by Air India, causing a loss of thousands of crore of rupees.
IT services major LTIMindtree reported a net profit of Rs 1,100 crore for the fourth quarter of financial year 2023-24 (FY24), down 1.2 per cent year-on-year (Y-o-Y) from Rs 1,141 crore in the same quarter last financial year. Revenue grew 2.3 per cent Y-o-Y for the fourth quarter to Rs 8,892.9 crore. Sequentially, revenue was down 1.4 per cent.
Anup Sheth and two others had filed applications, objecting to the merger scheme in the present form. The objectors had demanded that high court should order inquiry by Securities and Exchange Board of India, Reserve Bank of India and other financial governing bodies before sanctioning the merger.
Federal Bank Ltd on Monday said it has decided to call off its proposed merger with Lord Krishna Bank Ltd.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Telangana Rashtra Samiti President K Chandrasekhar Rao has ruled out the possibility of his party merging with the Congress on Monday. After the merger of Telgu superstar Chiranjeevi's Praja Rajyam Party with the Congress on Sunday, rumours were abuzz that TRS will do the same.
A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank (LVB) with subsidiary of Singapore-based DBS, public sector banks' officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to be a ploy to provide entry of foreign banks into the country in a big way, All India Bank Officers' Confederation (AIBOC) president Sunil Kumar said. The Indian banking sector provides huge opportunity for growth, so the foreign banks have been looking at inorganic route to expand their presence for long, he said.
Sharmila, the sister of Andhra Pradesh chief minister YS Jagan Mohan Reddy, had joined the Congress on January 4 in Delhi in the presence of Congress chief Mallikarjun Kharge and Rahul Gandhi.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
Bihar CM Nitish Kumar said the decision of the merger has already been taken and there was no question of going back on it.
State Bank of India on Tuesday ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
BJP MLA Madan Dilawar and BSP national secretary Satish Mishra had approached the division bench on Tuesday appealing against the single-judge bench order.
Typically, CCI takes decisions related to M&As within 30 days, though it can do so within 210 days of the filing of application.
Several of the mutual fund schemes have plans like dividend, growth and bonus.
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
To ensure faster recovery of dues for entities hit by the Rs 5,600-crore (Rs 56-billion) fraud at NSEL, the government last month ordered the merger of the bourse with its parent firm Financial Technologies (India) Ltd.
Paving the way for a merger between Arcelor and Mittal Steel, an overwhelming majority of shareholders of the Luxembourg-based firm on Friday voted down a merger proposal from Russia's Severstal.
However, the national party count has gone down to six from 14 in over seven decades.
HDFC Asset Management Company (HDFC AMC) reported a healthy profit after tax (PAT) of Rs 430 crore for the July-September quarter (Q2) of financial year 2023-24 (FY24). It rose 20.2 per cent year-on-year (Y-o-Y) and decreased 8.4 per cent quarter-on-quarter (Q-o-Q). This was driven by good equity returns, leading to a sequential improvement in revenue yields.
With Housing Development Finance Corporation's (HDFC's) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country's most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13. At present, RIL has a weighting of close to 12 per cent in the Sensex and 10.3 per cent in the broad-based Nifty. Meanwhile, HDFC Bank and HDFC have weights of 9.9 per cent and 6.8 per cent in the Sensex and 8.8 per cent and 6 per cent in the Nifty, respectively.
Merger of state-run banks should be done with a view to bring in good synergies, on mutual interests of the concerned entities and government will not compel the consolidation process on individual banks, Financial Services Secretary, R Gopalan said at Bancon conference in Mumbai.
Supreme Industries Ltd plans a merger of Siltap Chemicals Ltd with the company.
The government on Thursday approved the merger of Indian Oil Blending Limited with the Indian Oil Corporation saying the merged entity is likely to achieve higher long-term financial returns than could be achieved by the companies individually.\n\n
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