Pernod, the world's second-biggest spirits group after Britain's Diageo, kept its profit outlook unchanged and achieved some robust quarterly growth in the United States and in Europe.
The board of the company "passed a resolution at their meeting held today and appointed Sanjeev Churiwala, presently designated as CFO of the company, as an Executive Director and CFO on the Board of the Company."
The tycoon secretly fled to Britain last March and has since refused to appear before Indian courts and investigators despite repeated summons in connection with a money laundering case.
Following a successful start to its operations in October 2016, Diageo's shared service centre in Bengaluru situated near the Nagavara, has already trebled its workforce to 300 with the expectation that this number will double by the end of the calendar year, it said.
Diageo's global management team in India will take stock of its operations in India. Diageo CEO Ivan Menezes will meet bankers on the contours of USL's open offer.
The market regulator asked USL to report steps taken to recover from "Mallya and the companies to whom such funds were wrongly diverted, which have been reported as diversion under the PWCUK Report - Rs 655.55 crore and under the E&Y Report - Rs 1,225.24 crore".
The latest investigation is into the UB-Whyte & Mackay (W&M) deal, sources say. The market regulator is looking at loans transferred by the UB Group to W&M in foreign currency.
MM Kumar, President of the National Company Law Tribunal, said the stringent law will put people involved in default to task.
There have been hits and misses, but the misses have been more on the large cap blue-chip front and probably better than expected numbers for some of the midcap and non-index large cap space, says Udayan Mukherjee on the third quarter earnings so far.
In a setback to Vijay Mallya, the Debt Recovery Tribunal (DRT) Thursday allowed SBI-led consortium to petition against the liquor baron. The tribunal has ordered payment of Rs 6,203 crore.
Diageo is looking to increase stake in United Spirits to 63 percent from 55 percent and might consider an open offer before March 2017, reports CNBC-TV18.
In an interview to CNBC-TV18, SP Tulsian of sptulsian.com shared his readings and outlook on specific stocks and sectors.
The Debt Recovery Tribunal here has reserved its order on the pleas of SBI-led consortium of banks for recovery of over Rs 9,000 crore from beleaguered liquor baron Vijay Mallya in the Kingfisher Airlines case.
Once known as 'king of good times', Vijay Mallya told the Supreme Court (SC) that it is unfair to project him as the poster boy of non-performing assets (NPAs). With the commercial failure of Kingfisher Airlines, Mallya is having troubled times with banks who are after his return to India as he has dues to settle of over Rs 9,000 crore.
Nigel D'Souza of CNBC-TV18 reports that in total Diageo has bought 7.96 crore shares in USL at an average price Rs 2,263 per share. The USL stock hit a fresh 52 week low intraday today and is at a 10 percent discount to Diageo's average buy price.
The company had posted a net profit of Rs 71.24 crore for the July-September period of the previous fiscal, United Spirits Ltd (USL) said in a filing to the BSE.
United Spirits, the largest spirits company in the world by volume, is expected to report profit at Rs 130.9 crore in July-September quarter against adjusted profit Rs 129.9 crore in a year-ago period.
Liquor baron Vijay Mallya on Tuesday drew flak from the Supreme Court for not making full disclosure of his overseas properties, which asked him to furnish complete details of his assets abroad within a month.
To be known as Diageo Business Services India (DBSI), it will initially build a global (Diageo) finance and accounting footprint, Diageo said in a statement.
The Bihar government has reaffiemed the liquor ban in the state after the Patna High Court had quashed the April 5 order of prohibition. But Singh believes the Supreme Court will decide in favour of the liquor industry.
"As expected, the momentum we created last year, strengthening our business through improved marketing,innovation, and commercial execution, has set us up to deliver a stronger performance," said Chief Executive Ivan Menezes in a statement ahead of its annual shareholders' meeting.
Speaking to CNBC-TV18 Amrit Kiran Singh, Chief Advisor for USL & Diageo, said alcohol is the second largest contributor to a state‘s revenue.
Years after signing the multi-billion dollar takeover transaction with Mallya, Diageo is facing regulatory troubles on multiple fronts and is also at the loggerheads with the embattled businessman himself despite a USD 75-million sweetheart deal it offered him earlier this year.
The company also made it clear that the earlier settlement reached with the Indian businessman would not absolve him of the claims arising out of the latest findings of an internal 'Additional Inquiry'.
USL said that some of the transactions appeared to have been initiated before that period. The company, a unit of Diageo, also said that independent experts had been engaged to assist in the inquiry.