CORPORATE INDIA
Parliamentary panel to scrutinise performance of insurance sector PSUs, solar corporations
A parliamentary panel will scrutinise the performance of insurance sector PSUs, solar power corporations, and the National Scheduled Castes Finance and Development Corporation. The Committee on Public Undertakings, led by BJP's Baijayant Panda, will also evaluate Sagarmala Development Company Limited and Solar Energy Corporation of India Limited, focusing on renewable energy growth.
BRO and IOCL meet to discuss road infrastructure in Northeast India
BRO and IOCL are collaborating to meet the significant oil and bitumen requirements for road projects in Northeast India. Despite logistical challenges, both organizations aim to ensure timely completion of critical infrastructure. A recent coordination meet focused on improving supply lines and resolving issues for uninterrupted project execution.
Japan's Sumitomo forms JV with Ampin Energy Transition, to invest over Rs 5,900 cr in RE projects in India
Sumitomo Corporation will invest over Rs 5900 crore to form a joint venture with Ampin Energy Transition. The venture, Ampin C&I Power Private Limited, aims to develop renewable energy projects in India, creating a 1 GW portfolio of corporate power purchase agreements. This marks Sumitomo's first renewable energy supply to corporate clients in India.
Petrol, diesel prices may be cut if crude rates stay low for longer: Petroleum Secretary
Petrol Diesel Price Cut: Indians may see relief in petrol and diesel prices if global oil prices remain low. State-run fuel companies may consider reducing prices if the global crude rates stay lower for extended period, Oil Secretary Pankaj Jain said. India is also seeking increased output from OPEC+ and maximizing crude purchases from cost-effective suppliers like Russia.
US company fires top India-origin woman executive and CEO over 'consensual relationship'
Norfolk Southern Corporation has appointed Mark R. George as President and CEO, replacing Alan H. Shaw following his termination due to policy breaches. Nabanita Chatterjee Nag, Chief Legal Officer, was also dismissed. George, previously Executive Vice President and CFO, will join the Board of Directors.
Bajaj Housing Finance finds place in history books after getting bids worth Rs 3.2 lk cr
The ₹6,560 crore IPO of Bajaj Housing Finance set records with 64 times subscription on the final bidding day, attracting bids worth nearly ₹3.23 lakh crore. This surpassed Coal India's previous record of ₹2.36 lakh crore in 2010. The IPO also received 8.9 million applications, breaking Tata Technologies' record.
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Big bettors toss tough questions at WazirX amid legal tangles
Big bettors are questioning WazirX, the cryptocurrency exchange facing insolvency in Singapore after a major crypto heist. Two large investors, Bitcipher Labs and NextGenDev, are uncertain why they are listed as creditors of Zettai, a Singapore company, when their dealings were with Indian entity Zanmai.
Jaiprakash Associates lenders appoint Deloitte to support resolution professional
Deloitte has been selected to manage the resolution process for Jaiprakash Associates amid its insolvency case involving claims over Rs 51,509 crore. The company’s major creditors—SBI, ICICI Bank, and IDBI Bank—hold nearly 60% of its debt. Jaiprakash Associates' diverse assets include cement plants, real estate in YEIDA, hotels in multiple cities, and India's only Formula One track.
India, UAE ink pact on operating nuclear plants in Gulf nation
India and the UAE have signed a Memorandum of Understanding to collaborate on the operation and maintenance of nuclear plants. The agreement was signed by officials from the Nuclear Power Corporation of India Limited and the Emirates Nuclear Energy Corporation during Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan's visit to India.
Share buyback boom: Promoters wooing HNIs before new tax rules spoil the charm
Promoters of Indian cos are rushing to complete share buybacks before new tax rules take effect on October 1. The changes will shift the tax burden from companies to shareholders, making buybacks less attractive for high-net-worth individuals. Several companies have already completed or announced buyback offers in anticipation of the new rules.
Up to 450% gain in m-cap! Demerged cos unlock big gains for investors
Investors have benefited significantly from companies that underwent demergers in the past year, with market values increasing by up to 450%. Companies like Edelweiss Financial, Shipping Corp of India, and TVS Holdings saw substantial gains. Demergers allow better value creation and alignment with industry trends, leading to improved market performance.
View: (C)VC in mind, strategy at heart
Corporate venture capital (CVC) investments have become increasingly significant in the startup ecosystem, accounting for 58% of total venture capital deal value in the US in 2023. CVCs offer strategic benefits like access to new technologies and industry trends. However, startups must navigate potential conflicts and intellectual property concerns when dealing with CVCs.
Unlisted firms climb up CSR spend list
Unlisted companies in India spent nearly as much on corporate social responsibility (CSR) as listed firms in 2022-23, reflecting improved profitability and compliance. They accounted for 49.2% of total CSR expenditure, up from 40.4% in 2019-20. This shift highlights the growing importance of CSR among unlisted companies.
Presence of women directors in active companies grew three-fold in last 10 years: Nirmala Sitharaman
Women are also rising on the corporate ladder and in the startup and financial technology space, about 18 per cent of 111 unicorns (valued at USD 1 billion) are led by women in India, Nirmala Sitharaman said.
Vedanta Resources' Sanjeev Gemawat joins Essar Group as group general counsel and head of legal
Sanjeev Gemawat, currently group general counsel at Vedanta Group, will join Essar Group as the group general counsel and head of legal. With a career spanning over three decades, Gemawat has held significant positions in various companies including DLF Ltd and Dalmia Bharat Group. He is also co-chairperson of ASSOCHAM's National Council for Corporate Affairs.
Kothari Industrial Corporation lines up expansion plans across segments
The company would focus on footwear, fertilisers, food, drone technology, synthetic textiles, solar in the coming years, creating huge job opportunities, Vice- Chairman and Managing Director J Rafiq Ahmed said.
Transport Corporation to consider share buyback, shares skyrocket 20%
Transport Corporation of India revealed plans to consider a share buyback for the first time in its board meeting on August 24. Consequently, the stock soared 20% to a record high. Over the past year, the company's shares have shown robust growth, reflecting strong market performance.
Indian companies to spend $45-50 billion in capex over 1-2 years, RIL to lead: Moody's
The oil and gas sector and Reliance Industries will collectively account for over 60 per cent of the rated Indian portfolio's spending over the next couple of years, Moody's.
India Inc records worst quarter since Covid-19 pandemic, profits shrink 3.1%
Corporate India's profits in Q1 FY25 decreased by 3.1 per cent compared to the previous year, marking the worst first quarter since the pandemic. Net sales for 2,539 companies rose by 5.2 per cent to Rs 22.9 lakh crore. Total expenditure increased by 6.4 per cent, reaching Rs 19.6 lakh crore. Bank of Baroda's report highlighted a net profit of Rs 1.9 lakh crore. Despite challenges, some sectors like consumer durables and healthcare showed promising growth.
Majority of big enterprises plan to enhance spending on AI, machine learning by 10-30% this year
A survey by CIO&Leader showed that major Indian businesses with turnovers over Rs 5,000 crore intend to boost their AI and ML investments by 10-30% in 2024. The survey found 78% aim to enhance customer experience. These technologies are viewed as essential for gaining competitive advantage and improving operational efficiency.
Stanley Black & Decker fined ₹2.16 crore for CSR rules 'breach'
Stanley Black & Decker India has been fined ₹2.16 crore by the corporate affairs ministry for not transferring unspent CSR funds within the stipulated time. The company was required to transfer funds for 2020-21 and 2021-22 but missed the deadline. Additionally, Nestaway was fined for failing to timely notify a change in its registered office address.
Adani succession plan: The four heirs to Adani's $213 billion empire
Adani Group chairman Gautam Adani, 62, announced plans to retire at 70 and pass control of his empire to the next generation. His sons, Karan and Jeet, along with their cousins, Pranav and Sagar, will share equal ownership in the family trust. They currently hold key positions across the Adani Group's various branches.
Why is Gautam Adani planning succession a decade in advance?
Gautam Adani has started planning for his succession, set to take place in the early 2030s. His sons and nephews, who currently manage various business segments, will take over in a collaborative leadership structure. This succession plan is vital, given Adani Group's significant impact on India's economy.
CSK not part of UltraTech & India Cements transaction
Chennai Super Kings (CSK) is excluded from the India Cements and UltraTech Cement deal. UltraTech approved a 32.72% stake purchase in India Cements, complementing a previous acquisition. N Srinivasan and his family retain significant ownership in CSK, which experienced notable declines in both revenue and net profit for FY23.
Japan's Shinryo to acquire GMP Technical Solutions
Shinryo Corporation, a $1.7 billion Japanese group, will acquire GMP Technical Solutions Private Limited, India’s second-largest player in the Cleanroom business, as announced in a company release. GMP Technical Solutions, based in Mumbai, is a Rs 3,00 crore company focused on manufacturing Cleanroom Partitions in India, particularly for the pharmaceutical and semiconductor segments. The company is also expanding into the Modular Partition and HVAC solutions business.
Are businesses ready for stricter tax compliance and transformation? PwC India study raises questions
PwC India highlights tax challenges and AI's transformative role. Enhanced transparency and detailed disclosures build trust, notes Sanjay Tolia. Gautam Mehra urges future-fit tax functions. Jitendra Verma suggests better integration with tax departments for efficiency. These transformations ensure fair tax payment as authorities leverage tech to combat evasion.
TFCILTD in focus: Adani Group advisor and former MD & CEO of Karnataka Bank join TFCILTD
TFCILTD, an NBFC, appoints Deepak Amitabh and Dr Mahabaleshwara MS, boosting strategic capabilities. Amitabh, an Adani Group advisor, is strong in financial strategy. Dr. Mahabaleshwara, ex-MD & CEO of Karnataka Bank, enhanced digital footprint, key for financial planning, management, governance, and exploring growth avenues.
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
Regulatory pressure, push from leadership lead to better compliance standards in India Inc: EY report
A new report from EY shows India Inc.'s improved adherence to compliance and integrity standards, driven by regulatory pressure and management focus. The survey highlights key factors like policy developments, leadership role, and customer demand for ethical standards.
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