Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Flipkart, the e-commerce company owned by Walmart, is intensifying its efforts to achieve profitability as it is eyeing a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned in 2025-2026, instead of this year, according to people familiar with the matter. The firm might consider listing in the US or any other geography, including India. The company, which counts the likes of Amazon and Reliance's JioMart among its competitors in India's burgeoning e-commerce market, had also contemplated launching an IPO in 2022-2023.
India also went on an overdrive in expanding its military engagement with like-minded countries in its neighbourhood and beyond in the face of China's relentless attempts to become a regional hegemon and establish its primacy in South Asia.
The mesmerizing march included elite marching contingents, missiles, warplanes, surveillance gadgets and lethal weapon systems, with French President Emmanuel Macron gracing the occasion as the chief guest.
New Zealand's campaign has hit a disheartening flatline after their early domination and the Kiwis will have to rediscover their bowling mojo for a World Cup reboot when they face knocked-out Sri Lanka in Bengaluru on Thursday.
During a review, the EC found that the performance of some officers was "unsatisfactory" and they were found "complacent, if not complicit" in various matters, including the illegal supply of liquor as a possible poll inducement, sources said.
Displaying 'ARMY' on private transport is an attempt to milk the respect and reverence that the common citizen has for a person in the armed forces, observes Colonel K Thammayya Udupa (retd). By writing 'ARMY' and displaying regimental insignias, we expect a few misdemeanours to be overlooked.
At her daily news conference on Wednesday, White House Press Secretary Jen Psaki was asked how the world's largest and oldest democracies are working together to bring peace in the region amidst the war in Ukraine.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
The K-shaped economic recovery in India from the pandemic slowdown shows in corporate results as well. The automobile sector, which represents big-ticket consumption, continues to do well and has increased its share in corporate revenues and profits while fast-moving consumer goods (FMCG) companies that sell low-ticket consumer goods are struggling with poor sales and earnings growth. The share of the automobile sector, including makers of auto ancillaries, in corporate net sales rose to a 10-quarter high of 10.05 per cent during July-September 2023 (Q2FY24) from 8.94 per cent a year earlier and 9.75 per cent in Q1FY24.
Special Protection Group (SPG) director Arun Kumar Sinha died in a Gurugram hospital on Wednesday. He was 61.
The United States will continue to support India with equipment and other things it needs along the Line of Actual Control (LAC) with China, a top American admiral has told lawmakers, asserting that Washington and New Delhi share a 'tremendous partnership'.
The 30-year-old De Kock, who has already retired from Test cricket, confirmed he will not play One-Day Internationals beyond the World Cup.
During the interview which will be aired on Sunday, Verma was asked why India was not cooperating with Canada in the investigation. To this, he said, '...even without an investigation being concluded, India was convicted'. "Is that the rule of law?" Verma asked.
A round-up of the Ranji Trophy matches played on Monday.
The Supreme Court on Tuesday ruled that armed forces can take action against their officers for adulterous acts, as it clarified the landmark 2018 judgment that decriminalised adultery.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
In response to a question about whether US citizens should be concerned about a nuclear war breaking out, Biden said "no."
The agency has also summoned Rajasthan Chief Minister Ashok Gehlot's son Vaibhav Gehlot for questioning in a case related to alleged contravention of the foreign exchange law, official sources said on Thursday.
The executive order also provides authority to impose sanctions on any person determined to operate in those areas of Ukraine.
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.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
A young couple sharing a laugh - in the living room over a Polish joke book, on the beach, in the rain - with the tagline, "Made for each other", hung from billboards at prominent street corners from the 1960s to the 1990s. It was a campaign for one of the largest selling cigarette brands in India, Wills (Navy Cut) from the ITC stable, that resonated with a generation of smokers and non-smokers alike till the curtains came down on tobacco advertising in 2004. As we prepare to welcome 2024, ITC has metamorphosed from a tobacco giant into a conglomerate straddling multiple large-sized businesses. In the mind space of Gen Z or millennials, the company represents a gamut of branded products - from frozen food (ITC Master Chef), noodles (YiPPee!), and cookies (Sunfeast) to snacks (Bingo!) and notebooks (Classmate), and so on and so forth.
China has spent half a century plotting to defeat America and in some respects, the Chinese military is already at par with the US armed forces, Haley said in a major policy speech on the economy in the key early primary State of New Hampshire on Friday.
Roundup of Ranji Trophy matched played on Sunday
Saurashtra's middle-order batter Sheldon Jackson followed in senior teammate Cheteshwar Pujara's footsteps, completing his century on day two of their Ranji Trophy Group A tie against Rajasthan to guide the defending champions to a 300-plus total in Jaipur on Saturday.
Veteran batter Cheteshwar Pujara slammed his second hundred of the ongoing Ranji Trophy season, guiding Saurashtra to a comfortable 242 for four against Rajasthan on the opening day of their Group A match, in Jaipur on Friday.
The Army has cancelled an examination for pan-India recruitment of general duty personnel after paper was found to have been leaked, officials said on Sunday.
New Zealand will firmly bank on their potent batting line-up to ward off Bangladesh's capable spin attack on a slow Chepauk pitch on Friday.
A UK court on Monday ruled that Sanjay Bhandari, an accused middleman and consultant in arms deals, can be extradited to India to face charges of tax evasion and money laundering.
Naseem Shah has been ruled out for the remainder of the Asia Cup due to a shoulder injury.
Poor earnings show in the September quarter (Q2FY24), with hints of likely weakness in asset quality going ahead, forced analysts to cut earnings estimates of SBI Cards and Payment Services (SBI Card). On the bourses, shares of the State bank of India arm tumbled 7.4 per cent to Rs 732 apiece on the BSE in the intraday trade as investors factord in near-term concerns. Analysts at Motilal Oswal Financial Services, for instance, slashed SBI Card earnings by 8 per cent and 10 per cent for FY24 and FY25, respectively, as they expect the company to face pesistent magin pressure.
The percentage of women in the Army and the Indian Air Force is 0.56 and 1.08 respectively.
With more than a 100 runs still to get, it would be an uphill task for Maharashtra to turn the match around on Day 3.
US technology company NVIDIA and billionaire Mukesh Ambani's Reliance Industries on Friday announced a partnership to build AI supercomputers in India. "The companies will work together to build AI infrastructure that is over an order of magnitude more powerful than the fastest supercomputer in India today," the firms said in a statement. Days before the announcement, NVIDIA founder and CEO Jensen Huang met Prime Minister Narendra Modi on Monday.
Shivam Dube continued his recent streak of form with a counter-attacking fifty that proved to be the cornerstone of Mumbai's excellent 330 for six against Bengal
Throughout 2022, China turned to the PLA as an increasingly capable instrument of Statecraft, strengthening its ability to 'fight and win wars' against a 'strong enemy', points out Ajai Shukla.
With seven million new subscribers, India accounted for the highest net addition of mobile subscriptions globally in the second quarter of 2023, according to the August edition of Ericsson Mobility. Among national markets, India was followed by China with five million and the US with three million subscribers. The subscriber penetration in India, however, stood at 79 per cent, compared to 120 per cent in China, the report said.
EAM Jaishankar's mission is aimed at strengthening India's strategic autonomy in a complex international environment, observes Ambassador M K Bhadrakumar.
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