Confirmation of its plans to demerge its financial services arm and list the new entity Jio Financial Services, along with a 23.7% rise in revenue and a 27.2% increase in EBIT for ... Read more
Confirmation of its plans to demerge its financial services arm and list the new entity Jio Financial Services, along with a 23.7% rise in revenue and a 27.2% increase in EBIT for FY23 over FY22, were the highlights of Reliance Industries’ full year and Q4 results announcement. For the quarter, too consolidated net profit was up, driven by a robust upside in its oil-to-chemicals (O2C) business which posted the highest-ever operating profit despite what chairman Mukesh Ambani called “global uncertainties and disruptions in commodity trade flows. Read more
There’s gloom ahead for India’s IT services sector if you read between the lines of the commentary and the guidance emerging from the top two firms, TCS and Infosys, both of which ... Read more
There’s gloom ahead for India’s IT services sector if you read between the lines of the commentary and the guidance emerging from the top two firms, TCS and Infosys, both of which posted reasonable full-year numbers for FY23 but warned of clear demand slowdown ahead in their major markets and across segments. Tune in to know more! Read more
Bankrupt Reliance Capital’s struggles with its lenders continued despite a court nod to proceed with its second auction, while Kotak Equities cast a shadow of doubt over Vodafone I ... Read more
Bankrupt Reliance Capital’s struggles with its lenders continued despite a court nod to proceed with its second auction, while Kotak Equities cast a shadow of doubt over Vodafone Idea’s ability to survive without substantial capital infusion. Finally, a settlement with lender IndusInd Bank took Zee Entertainment a step closer to its proposed merger with Sony. Tune in to know more! Read more
Vedanta Ltd promoter Anil Agarwal may be looking to sell a stake in the company to raise cash for meeting repayments due next month. Automaker Mahindra & Mahindra is planning t ... Read more
Vedanta Ltd promoter Anil Agarwal may be looking to sell a stake in the company to raise cash for meeting repayments due next month. Automaker Mahindra & Mahindra is planning to raise over a billion dollars for its electric vehicle subsidiary while the Shapoorji Pallonji Group is considering a restructuring of its holding company which would place Shapoor and his son. And finally, the winds of change are blowing at Ceat, where Anant Goenka stepped down as CEO and will take on the role of vice chairman. Read more
The Adani group continued to dominate the headlines. However, the week brought more positive rather than negative news for the conglomerate, with asset manager GQG Partners pumping ... Read more
The Adani group continued to dominate the headlines. However, the week brought more positive rather than negative news for the conglomerate, with asset manager GQG Partners pumping $1.87 billion into four of the group's companies leading to a sharp rise in the prices of their shares. Elsewhere talks between the Tata group and Bisleri's owners over the acquisition of the bottled water brand stalled over valuation issues while the inevitable decision to kill the Vistara brand was announced by its new CEO Campbell Wilson. Read more
The Adani storm showed no signs of abating, with the latest disclosures raising more questions for the beleaguered conglomerate. Wikipedia editors said employees of the group had “ ... Read more
The Adani storm showed no signs of abating, with the latest disclosures raising more questions for the beleaguered conglomerate. Wikipedia editors said employees of the group had “almost certainly” manipulated Wikipedia entries with non-neutral PR versions. The already-beaten-down stock of its flagship Adani Enterprises tumbled 11.4% mid-week. Similar declines in the nine other group companies led to the total destruction of Rs 51,294 crore of investor wealth. Read more
There was little respite for the beleaguered Adani group even as the stocks of group companies continued to trend down. A Rs 7,017 crore deal for Adani Power to acquire the thermal ... Read more
There was little respite for the beleaguered Adani group even as the stocks of group companies continued to trend down. A Rs 7,017 crore deal for Adani Power to acquire the thermal power assets of DB Power Ltd was called off with the deadline to complete the transaction, which was announced in August, allowed to expire. Read more
Global brokerages, including Macquarie, have upgraded the rating of the Paytm stock while raising its target price after the company reported healthy Q3 numbers. In a report, Macqu ... Read more
Global brokerages, including Macquarie, have upgraded the rating of the Paytm stock while raising its target price after the company reported healthy Q3 numbers. In a report, Macquarie said it was “positively surprised by the distribution of financial services revenue by a wide margin” and the fact that the company “has also managed to control overall expenses and charges.” Read more
Adani Vs Hindenburg continued to roil the Indian markets with share prices of the conglomerate’s various companies continuing to test the daily circuits. The worst hit was its flag ... Read more
Adani Vs Hindenburg continued to roil the Indian markets with share prices of the conglomerate’s various companies continuing to test the daily circuits. The worst hit was its flagship, Adani Enterprises, which lost another 60% during the week. In the face of the massive selloff and the precipitous fall in prices, the company scrapped its record Rs 20,000 crore follow-on public offering (FPO), citing investor protection concerns. This came a day after it had announced that the issue had been fully subscribed. Concerns continued to mount through the week as Citigroup Inc.’s wealth arm stopped accepting securities of the group’s firms as collateral for margin loans, while Credit Suisse, the Swiss lender’s private banking arm, assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd. Read more
Sun Pharma is buying Massachusetts-based Concert Pharmaceuticals Inc. for $576 million, a deal that will give India’s biggest pharma company access to the US company’s experimental ... Read more
Sun Pharma is buying Massachusetts-based Concert Pharmaceuticals Inc. for $576 million, a deal that will give India’s biggest pharma company access to the US company’s experimental drugs for treating skin diseases. The acquisition, which aims to strengthen Sun’s dermatology product range in the US, was approved by the boards of both companies and is expected to be completed in the first quarter of 2023. Read more
