Targeting a combined revenue of $100 million, Applabs Technologies, eSolutions and VisualSoft Technologies on Friday announced that the three companies plan to merge together.
The name, brand and names of at least three top officials of the new airline, created by the merger of Air India and Indian, would be finalised by June this year.
US-based IT solution provider Ness Technologies on Tuesday announced a merger agreement with Pittsburgh-based software services firm Apar Infotech, which has development centres in Mumbai and Bangalore, in a stock swap valued at $78 million.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor.
State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the National Stock Exchange Nifty Bank Index. IndusInd Bank and AU Small Finance Bank could see maximum outflows. The rejig of the Nifty CPSE Index will result in inflows in Oil and Natural Gas Corporation, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
Telecom giant Bharti Airtel and South Africa's MTN on Monday said that no decision has been taken by their respective boards to acquire shares or implement the proposed merger between them as the period for exclusive talks has been extended till August 31.
One lesson the government should learn from the Air India-Indian Airlines merger fiasco is that combining two sick people ends up making them sicker.
Japan's Sony Corporation, which is merging its Indian television content company with Zee Entertainment Enterprises, is likely to seek a fresh forensic audit of the company after market regulator Sebi levelled fund diversion charges against Zee promoters, top lawyers said. The Sebi also barred Zee founder Subhash Chandra and its Chief Executive Officer (CEO) Puneet Goenka from holding any position as director. "As the Sebi has made fund diversion charges, which may change the nature of audited reports already filed, the acquirer (Sony) can seek a fresh forensic audit," said H P Ranina, a corporate lawyer.
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
NSE Indices on Wednesday changed the methodology for handling schemes of demerger involving index constituents. The index provider said a company undergoing demerger would now be retained in its indices. The move comes ahead of the proposed demerger of Reliance Industries' (RIL's) financial services arm. Under the rules prevailing thus far, RIL -- which has the highest weighting among the 50 Nifty components -- would have been required to be removed from the index, resulting in a churn by funds tracking the Nifty index.
Sony India and Zee Entertainment Enterprises (ZEEL) have agreed to sell three Hindi channels--Big Magic, Zee Action and Zee Classic--to address anti-competition concerns arising out of their proposed merger. The broadcasters submitted their proposal to the Competition Commission of India (CCI), which gave a conditional approval on October 4. On Wednesday, the CCI made public its detailed 58-page order, specifying the channels that would be dropped.
The proposed merger of Air India and Indian would be taken up on a 'fast-track' and a consultant is likely to be appointed soon to prepare a roadmap to decide on the issue, including the public issue, Civil Aviation Minister Praful Patel said.
The Indian business process outsourcing and knowledge process outsourcing industry is likely to witness as many as 100 mergers and acquisitions worth $3-5 billion from 2006 to 2010.
We have not been able to communicate in a very articulate manner and clear manner on the merger as earnings were due, says HDFC CEO.
The Belagavi administration has banned three Maharashtra ministers and an MP from entering this border district, as they are expected to participate in the "black day" event organised by Maharashtra Ekikaran Samiti (MES) on November 1, on the occasion of Karnataka formation day.
The Supreme Court has asked the Andhra Pradesh High Court to take a decision within two days on a plea challenging merger of Sun Pharmaceutical with Ranbaxy.
Sharmila said it was her father's dream to see Rahul Gandhi as prime minister and she would be happy to contribute to it.
Hind Lever Chemicals Ltd's board will meet on January 24 to consider a proposal for the merger of the company with the Tata Chemicals Ltd.
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
As the fight for deposits intensifies, the cost of money will rise and the margin will be under further pressure, points out Tamal Bandyopadhyay.
The Supreme Court on Monday ruled the former state of Jammu and Kashmir did not have any 'internal sovereignty' that was distinguishable from the powers and privileges enjoyed by other states in the country.
A meeting of the Board of Directors of RPG Cables Ltd will be held on January 30, 2003 to consider merger of a subsidiary company, Concepta Cables with the company.
The government on Wednesday said it has begun the process of scrutinising the names for appointment of advisors to synergise operations of the telecom PSUs -- BSNL and MTNL.
In signs of thaw on All India Anna Dravida Munnetra Kazhagam merger move, the factions led by Tamil Nadu Chief Minister K Palaniswami and the one by O Panneerselvam on Friday announced formation of their respective committees to hold discussions.
Despite the uncertainties created by rising bond yields and oil prices, fund managers have been proactively deploying fresh flows into the equity market. The cash available with equity fund managers, which has remained lower at around 5 per cent in the past few months, hit a 16-month low of 4.8 per cent in September, shows a Motilal Oswal Financial Services report. Cash holdings in equity schemes had topped 6 per cent in February amid subdued equity market sentiment.
Full service carrier Vistara expects to add a total of 10 planes as well as hire more than 1,000 people in the current financial year and has shelved plans to fly to the US, according to a top executive. Currently, Vistara, which is set to be merged with Air India, has a fleet of 61 aircraft and a staff strength of over 5,200. During an interaction in Istanbul this week, Vistara CEO Vinod Kannan said there has been a ready pool of talent, especially pilots and cabin crew members, with the collapse of Go First.
India's banking industry will see a lot of mergers in the near future and emerge as the best in the world in 20 years, a senior banker said on Tuesday.
Public sector lenders Dena Bank and UCO Bank on Tuesday ruled out their merger with market leader State Bank of India.Dena Bank, on the other hand, debunked the report saying these were "not correct" and it had no knowledge if SBI had any discussions with others about any merger proposal.
The much-awaited merger between Air-India and Indian is expected to be cleared by the Union Cabinet by end of February, with the committee of secretaries submitting its recommendations to the Group of Ministers.
Market concentration in the country's telecom sector continues to scale new heights despite government bailouts of public-sector Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL), and private-sector Vodafone Idea. The combined revenue (or net sales) share of the country's top two telecom operators - Bharti Airtel and Reliance Jio - in the sector's total reached an all-time high of nearly 72 per cent in FY23 from 70.4 per cent in FY22 and around 60 per cent in FY20. The net sales of Reliance Jio and Bharti Airtel India were Rs 1.67 trillion in FY23, up 18.6 per cent from the Rs 1.4 trillion a year earlier.
