After two years of a record low interest-rate regime, Indian corporate houses are experiencing a sharp and abrupt increase in funding costs. With the Reserve Bank of India last month making an unequivocal turn towards policy tightening amid high inflation, firms looking to tap the capital markets for funds are ending up shelling out more. The yield on the benchmark triple-A-rated corporate bonds maturing in three years has climbed 98 basis points (bps) since the policy rate hike in May. It was last at 7.47 per cent, Bloomberg data showed.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
Just a few weeks ago, Communications Minister Ashwini Vaishnaw did some tough talking with the senior managers of Bharat Sanchar Nigam Ltd, the ailing state-owned telecom service provider. The message was clear: They had to perform, quit by taking the voluntary retirement package or be compulsorily retired from service. The terse message from an otherwise polite and soft-spoken minister came just days after he announced a second and bigger package of Rs 1.64 trillion as part of a four-year turnaround plan for BSNL.
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
Reliance Industries, headed by India's richest man Mukesh Ambani, has bought an ultra-luxury Rolls Royce hatchback costing Rs 13.14 crore.
'If a stranger refuses to pet my Russian dog, what treatment can I expect for myself?'
Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
The Chinese admitted that they had suffered the maximum casualties fighting in the first battle on October 20, 1962, and these casualties had been inflicted mostly by 2 Rajput. Claude Arpi salutes Major B K Pant and his fighting force of 112 men, 82 of whom lost their lives in the Battle of Namkha Chu, and whose courage must never ever be forgotten by a grateful country for who they laid down their lives.
'People will say a lot of things -- ignore the noise.'
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions.
The government is also planning to replace the current ageing Air India One or Boeing 747 with Boeing 777s. Arup Roychoudhury and Archis Mohan report.
Once a stock market darling, the jewellery chain heads for liquidation.
The BCCI will be expecting the two new IPL franchises to go for Rs 7000 crore to Rs 10,000 crore each at the bidding process which begins in Dubai on Monday.
The Gupta family has relocated to Dubai amid corruption charges against them in South Africa.
Sebi found a typical pattern in trading of shares of these companies.
Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
RIL and Shell ceased production from the fields in 2016, and ONGC has already been using Tapti infrastructure for its other fields for better optimisation.
Barcelona forward Lionel Messi and his father Jorge have paid five million euros (4.2 million pounds) to the Spanish authorities after they were accused in June of filing false tax returns, a court statement said on Wednesday.
After an apparent truce between AAP and the BJP following the Delhi polls, sparks are flying once again. Radhika Ramaseshan reports.
The death toll in Palestine due to Israeli airstrikes has reached 188 as the conflict entered its seventh day on Sunday.
For Mahindra & Mahindra (M&M), which has just started executing a comeback strategy for wresting back ground it lost to rivals, this could not have come at a worse time. The maker of the Bolero Neo and the Thar models on Thursday said it would have to halt production at its automotive plant for a week due to the worsening supply situation of semiconductors.
The ED opposed the bail plea of the accused, saying they indulged in a "very serious" economic offence.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
Together with the firm's partly-paid shares that were issued in the recent rights issue and are traded separately, the company had a combined m-cap of Rs 13.5 lakh crore or over $181 billion.
Billionaire industrialist Mukesh Ambani has turned a venture capitalist and is backing a new television channel Epic TV due to go on air next month.
December 2022 could be the last Christmas for Santha Bakery, a business drawing its lineage from the first Christmas cake baked in Kerala.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
Airbus' $99 million payout puts a new light on Eurofighter's 'unsolicited bid' to the Modi government, reducing the cost of the Typhoon fighter by 20 per cent, making it in retrospect significantly cheaper than the Rafale.
Indian Railway Catering and Tourism Corporation (IRCTC), the Indian Railways' wholly-owned listed subsidiary, is eyeing partnerships to offset recurring costs incurred in train operations, which is part of its two-year-old diversification from core catering and ticketing businesses. To this end, it is courting public sector undertakings such as Bharat Heavy Electricals (BHEL) and others to create a special purpose vehicle for the routes for which IRCTC has bid. The Railway ministry opened bids for public private partnerships in passenger train operations in July 2021 and received bids to operate 29 pairs of trains with around 40 modern rakes that would entail an investment of Rs 7,200 crore.
An AK-47 rifle wielding man allegedly tried to abduct Aurobindo Pharma's Director K Nityananda Reddy from his car near a park and opened fire when Reddy and his brother resisted in the posh Banjara Hills on Wednesday morning.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
On February 19, India's largest private low-fare airline IndiGo announced the resignation of one of the two founders, Rakesh Gangwal, from the airline's board and his intentions of offloading his stake in the airline over the next five years. The announcement came on a Friday, giving the stock markets the weekend to absorb the news but the markets registered a tepid response on Monday's opening. In contrast, in July 2019, when the fight between the two founders and erstwhile friends first became public, the markets reacted savagely. The IndiGo scrip at the time fell 19 per cent, wiping out millions of rupees of shareholder wealth before bouncing back. For readers who may be hazy on the details of the dispute, here is the context.
Besides higher tax outgo, P-note issuers are worried about operational difficulties
'I have been managing people since I was very young. I really enjoy it.' 'For me, age is only a proxy for experience.'
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
