Even a high powered performance by Rahul Bajaj at the packed press conference and analyst meet at the Oberoi Hilton in down-town Mumbai couldn't stop the stock from sliding on the bourses.
In the international market, Pfizer completed its acquisition of Wyeth in 2009.
India Inc's mergers and acquisitions saw a significant upturn in January with the total deal size touching a $2.5 billion, jumping a massive 42 per cent over the same period last year.
The Department of Telecommunications might favour the holding company structure for the merger of the two telecom PSUs, Bharat Sanchar Nigam and Mahanagar Telephone Nigam.
Finance Minister P Chidambaram on Monday favoured mergers in the banking industry so that India can have two-three global sized banks.
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
The information and technology (IT) sector, which has been going through a rough patch lately, was among the top draws for equity mutual funds (MFs) in July. MF schemes together invested a net of Rs 1,800 crores in IT stocks last month after pulling out around Rs 700 crore from the sector in June, according to a report by ICICI Securities.
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
Karunakaran has said that the NCP is an important party.
'Consolidation was part of the Indradhanush package.'
To elect, or re-elect a chief minister, the AIADMK needs to call only the MLAs for a meeting. But to elect a new general secretary, it would have to conduct direct elections with all registered cadres participating and voting. And that is just the beginning of its problems, says N Sathiya Moorthy.
Telangana Rashtriya Samithi chief K Chandrasekhar Rao meets Rahul; reportedly open for alliance in the Lok Sabha polls if he can get to be the CM of the new state, says Kavita Chowdhury
The Ministry of Corporate Affairs (MCA) is contemplating an increase to the existing strength of the National Company Law Tribunal (NCLT) benches to handle the growing case load. The ministry is currently analysing the time taken by each bench to dispose of matters and the total number of cases being handled by each bench. "We need to first determine our requirement, given that the NCLT handles both Company Act and insolvency and bankruptcy matters. "The latter constitutes the majority of the case burden.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
The Board of Directors of Reliance Industries on Monday approved a scheme of amalgamation of its subsidiary Reliance Petroleum with the parent company under the provisions of Sections 391 to 394 of the Companies Act, 1956.
The Supreme Court made it clear on Thursday it will not allow stalling of the arbitral proceedings pending before the Singapore International Arbitration Centre (SIAC) pertaining to the ongoing legal tussle between US e-commerce major Amazon and the Future Group, saying the sanctity of such proceedings needed to be maintained. "You (Future group and others) cannot keep stultifying the proceeding before the arbitral tribunal and this is just a ploy to delay the proceeding. "These are all ploys by well-heeled parties to delay the arbitration proceeding.
Five Indian-origin women executives have made it to Barron's prestigious annual '100 Most Influential Women in US Finance' list for achieving positions of prominence in the financial services industry and helping shape its future. Barron's is a sister publication of the Wall Street Journal, published by Dow Jones and Company. "The list honours established and emerging leaders in financial services, the corporate world, nonprofit organisations, and government," the magazine said in a press release.
Bharti Airtel recently acquired a 100 per cent stake in Wireless Business Services, a company founded by US chipmaker Qualcomm. Subsequent to the acquisition, the company was renamed Airtel Broadband Services.
UPL, the country's largest agrochemical company, had a weak July-September quarter (Q2), reporting a sharp fall in revenues across geographies. Overall, the revenues were down 19 per cent on the back of lower agrochemical prices and inventory destocking. While the overall volumes were down 7 per cent, prices fell by 15 per cent. Volume decline in the European market was on the back of high channel inventory and product bans while in India the fall by 27 per cent was on account of muted demand for segments such as cotton and pulses.
For effecting the amalgamation, the government would first repeal the State Bank of Saurashtra Act, 1950 and thereafter amend the SBI Subsidiary Act, 1959 to remove references to the SBS Act wherever it occurs. The new Bill, to be introduced in Parliament soon, would be called the SBI Subsidiary Bank Amendment Bill, 2008.
A meeting of the Board of Directors of Raasi Refractories Ltd will be held on January 31, 2003 to consider the proposal for merger of Raasi Enterprise Solutions Ltd with the company.
In a major relief to media major Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) on Friday stayed the insolvency proceedings initiated against it earlier this week. Admitting a petition filed by ZEEL Managing Director and chief executive Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd bank and the interim resolution professional directing them to file a reply in two weeks. NCLAT said the submissions made by both sides need a detailed hearing.
Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.
Vijaya Bank assured employees that the service conditions 'will remain unaffected and staff benefits retained'
Air India CMD Vasudevan Thulasidas said the combined entity will have a change management consultant which will enable employees to be IT-savvy.
Although the BRS is projecting supreme confidence, who will be able to tap anti-incumbency -- the BJP or Sharmila plus the Congress -- remains to be seen.
Snapdeal has a number of shareholders including Ontario Teachers' Pension Plan, PremjiInvest, Ratan Tata, Foxconn, Temasek and BlackRock, among others.
Australian Open chief Craig Tiley believes any Saudi Arabian investment in tennis would not have the same impact as in golf.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
Reacting to Musk's letter, Twitter's board chair Bret Taylor said on Saturday that they will file a lawsuit against the Tesla chief to 'force him to buy the social media company on the agreed terms'.
HDFC Bank on Friday ruled out acquisitions or mergers at present but said it hopes to grow by 25-30 per cent in the next two-three years.
The board has approved the share swap ratio of one share of Rs 10 each of HDFC Bank for every 29 shares of Re 1 each held in Centurion Bank of Punjab, HDFC Bank said in a filing to the Bombay Stock Exchange.
We must stop stigmatising business failures. Particularly when startups are mushrooming all around, the financial system, backed by the RBI and the government, can explore ways of extending support to restart the journey of a failed entrepreneur by finance as well as counselling, recommends Tamal Bandyopadhyay.
