The board of HDFC Bank has approved the appointment of Keki Mistry and Renu Karnad as the additional non-executive directors of the bank, and V Srinivasa Ranjan as its executive director. Mistry was the chief executive officer and vice chairman of HDFC, which merged with the bank today (1 July 2023). Karnad has been the managing director of HDFC since 2010. Ranjan was the executive director and chief financial officer of HDFC.
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
With the Bharatiya Janata Party falling short of a majority in the Lok Sabha and needing the National Democratic Alliance partners to form the government at the Centre, Bihar Chief Minister and Janata Dal-United head Nitish Kumar and Telugu Desam Party's N Chandrababu Naidu have emerged as potential kingmakers.
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.
The Madras high court was to hear the petition on Friday, but it had to be deferred due to the ongoing boycott of courts by lawyers, Subhiksha Trading Services Ltd said. The merger petition pertains to the purchase of 40 per cent stake in Blue Green Constructions for Rs 2 crore (Rs 20 million) by Subhiksha in 2008, followed by the retail chain's decision to merge the two entities.
With high credit growth and healthy asset quality, listed commercial banks are expected to report steady growth in earnings during the fourth quarter ended March 2024 (Q4 FY24). Profits are expected to grow at 9.6 per cent year-on-year (Y-o-Y) and net interest income (NII) by 8.7 per cent in Q4 FY24, according to Bloomberg analysts' estimates. According to Motilal Oswal Securities, while bank credit growth has been robust, deposit growth has also gathered pace.
The Planning Commission will finalise in a couple of months a draft on an integrated energy policy, which will include its views on merger of oil public sector undertakings.
'The government has put in a lot of effort to provide infrastructure for the industry.'
Noting that the talks between GM and Cerberus Capital Management, the private equity arm that owns Chrysler, began over a month ago, the New York Times said, 'negotiations are not certain to produce a deal.' Quoting two people close to the process, the newspaper said that chances of a merger were "50-50" as of Friday and "would most likely still take weeks to work out."
In its petition, the association alleged that the procedure followed by the Union Government for the merger was not proper and was illegal. A new company, National Aviation Company of India Ltd was incorporated in March this year as promoter of the new brand and the merger would take two years to become effective.
Billionaire Mukesh Ambani's Reliance Industries and Tata Group have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list.
Survey says about 60% were unhappy with the union of the two carriers.
Fresh meat and seafood delivery unicorn Licious is intensifying its talent acquisition endeavours as it pursues profitability and readies for an initial public offering (IPO) within the next 24 months. Delightful Gourmet, Licious' parent company, has named 39-year-old Karishma Gupta as its new chief financial officer (CFO). Her appointment aligns with Licious' drive for profitable growth through an omnichannel strategy.
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.
Ahead of assembly polls in Maharashtra, Nationalist Congress Party chief Sharad Pawar on Wednesday ruled out the possibility of merger with Congress, terming as "cheap publicity" statements in this regard made by that party.
HDFC Bank Q4 review: HDFC Bank's January-March quarter (Q4) results, for financial year 2022-23 (FY23), brought no cheer to investors as elevated costs, and merger-related uncertainties continue to dent the sentiment. Moreover, analysts fear that merger-related costs may put pressure on margins and cost to income ratio in the near-term, while the return on equity could moderate owing to low leverage of the parent. Analysts, therefore, opine that the stock's re-rating may be some time away. "While the risk of a de-rating on a standalone basis appears to be quite low given that the business performance is holding up well, we believe a re-rating in the stock would happen as and when more clarity emerges on the smooth transition (merger)," said a report by Sharekhan.
The government is considering allowing intra-circle merger and acquisitions in the telecom sector, subject to the presence of minimum three service operators in a particular circle.
Mergers to create at most six state banks
The Competition Commission of India and the US Federal Trade Commission are yet to give their nod to the biggest pharma merger and acquisition deal this year in the Asia-Pacific region.
Nicholas Piramal India Ltd said Bombay High Court approved its merger with Global Bulk Drugs & Fine Chemicals Pvt Ltd.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
'The government has put in a lot of effort to provide infrastructure for the industry.'
Indian telecom equipment maker GTL Ltd and the Singapore-based Redington Group said on Thursday that they would not proceed with their proposed merger.
This will be second such merger of State Bank of India's associate banks.
Ashwani Lohani said employees were wrongly blamed for woes of the organisation due to the merger that didn't happen
"Though the management has agreed to pay the pending arrears to ACEU, the other unions have not been paid yet," said a union member.
On Tuesday, BJP President Amit Shah had mocked the alliance saying 'zero plus zero remains a zero'.
After the revival of its ailing subsidiary IISCO, Steel Authority of India Ltd has sought the Centre's approval to merge it with itself.
General Motors Corp and Chrysler LLC have reopened merger talks, as Chrysler owner Cerberus Capital Management LP has signalled its willingness to give away part of its ownership in the auto maker, a media report said today, citing people familiar with the goings-on.
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.
Hyderabad-based Four Soft and Chennai-headquartered Take Solutions, providers of IT products and solutions in the supply chain management (SCM) space, today announced their intent to merge. The combination will create a global, comprehensive company offering one of the largest SCM products.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
