NHAI to issue land bonds for acquisition from states, other stakeholders
Highways Authority of India (NHAI) is planning to issue land bonds to pay for acquiring land from states or other stakeholders — as part of a funding mechanism amid escalating land acquisition and compensation cost. Read more
Amid slowdown, steel companies reduce prices for automakers by 14%
For the automobile sector reeling from slowdown, there could be some breather from steelmakers lowering contract prices by 11-14 per cent for the second half (H2) of the financial year (2019-20 or FY20). Read more
Tata Steel to cut 3,000 European jobs due to excess supply, high costs
Tata Steel plans to cut around 3,000 jobs across its European operations as it wrestles with excess supply, a source close to the discussions told Reuters on Monday. Read more
Patanjali stabilises biz after a year of faltering sales; revenue up 2.4%
After a year of faltering sales, Patanjali Ayurved has managed to address the slide. The ayurveda major clocked Rs 8,330 crore turnover for 2018-19, 2.4 per cent higher than Rs 8,136 crore it had posted in 2017-18, according to its fillings with the Registrar of Companies. While the company did not reveal its profit or loss for the period, according to its fillings, food and beverages was the largest category — accounting for 62.23 per cent or Rs 5,184 crore of its total sales. Read more
ArcelorMittal hopes to complete Essar acquisition by December end
ArcelorMittal is expecting to complete the transaction for Essar Steel before the end of December. ArcelorMittal India Private Limited’s (AMIPL) resolution plan for Essar Steel India Limited (ESIL) has been unconditionally approved by the Indian Supreme Court, the company announced. Read more
ICICI Bank plans Rs 20,000 cr capital boost via QIP
ICICI Bank Ltd, the nation’s largest private lender, is looking to expand lending and compete with rivals to fill in the void left by shadow lenders after a crisis engulfed the sector. As a part of this effort, it plans to raise at least Rs 20,000 crore by selling shares to institutional investors, in the biggest such capital raising in India, reports LiveMint.
Promoters may ‘give way’ to controlling shareholders
Securities and Exchange Board of India (Sebi) is planning to overhaul the concept of promoters that could lead to the introduction of ‘controlling shareholders’ — a structure new to India but prevalent in various developed markets, according to sources quoted by The Economic Times.