BUSINESS
Reliance Jio profitability improves on tariff hike, but user base shrinks further
Reliance Jio saw improved profitability with 20 percent tariff hike and better subscriber mix due to chip consolidation. Average revenue per user (ARPU) saw a healthy rise of 10.6 percent to Rs 167.6, which beat street estimates. Subscriber base though continued to shrink by 10.8 million in the fourth quarter.
BUSINESS
Exclusive | Advent-owned DFM Foods may look to delist from exchanges: Sources
DFM Foods stock has been languishing close to the price at which private equity Advent International acquired it in 2019.
BUSINESS
PVR, Inox Leisure to consolidate via mega merger, boards likely to meet today for approval: Sources
The PVR and Inox Leisure boards are likely to meet on Sunday, March 27, to give their approval for the merger, people with direct knowledge of the matter told Moneycontrol
BUSINESS
Exclusive | PNB Housing Finance plans to raise around $400 million via rights Issue: Sources
Sources indicate that PNB is likely to participate in PNB Housing Finance’s rights issue.
BUSINESS
UPL promoters likely to have put the company on the block for family separation: Sources
UPL in a response to Moneycontrol’s query said, “As a policy, the company does not comment on rumours."
BUSINESS
Exclusive| Crompton Greaves Consumer to buy majority stake in Butterfly Gandhimathi for Rs 1450 crore: Sources
Crompton Consumer is likely to buy over 50% stake in Butterfly Gandhimathi for Rs 1450 cr, sources suggest. Deal will trigger an open offer for other shareholders.
BUSINESS
N Chandrasekaran gets second term at Tata Sons: Experts discuss the road ahead
As Chandra heads for a second stint at the Bombay House corner office, experts decode the road ahead for him and his possible priorities.
BUSINESS
N Chandrasekaran gets extension as chairman of Tata Sons for 5 years
N Chandrasekaran took over the reins of Tata Sons in 2017. He became Chairman at a time when the group faced a leadership crisis and a trust deficit after the ouster of his predecessor, Cyrus Mistry, by the board.
BUSINESS
Exclusive | N Chandrasekaran likely to get extension as chairman of Tata Sons
N Chandrasekaran took over the reins of Tata Sons in 2017. He became Chairman at a time when the group faced a leadership crisis and a trust deficit after the ouster of his predecessor, Cyrus Mistry, by the board.
BUSINESS
Budget 2022 | Infrastructure boost more than met industry expectations: TV Narendran
Budget 2022 | "I hope that the spending on infrastructure will create jobs both in urban and rural India, because a lot of talk in the budget was also with urban planning, creating rapid transit systems, so on and so forth," the managing director at Tata Steel said.
BUSINESS
Budget 2022: Digital Rupee a good move to help build on online payments, distribution: Sanjiv Bajaj
By putting more money into infrastructure, more jobs can be created, and by creating jobs we are putting money in people's pockets, says Bajaj Finserv MD and president-designate of CII.
BUSINESS
After Amazon tie-up, Apollo Hospitals’ pharmacy biz attracts attention from General Atlantic, SoftBank, others
Apollo HealthCo could raise close to $500 million through the minority stake sale, sources said
BUSINESS
Exclusive: BharatPe board united on Ashneer Grover’s issue, reviewing internal governance processes across the business: CEO Suhail Sameer
The fintech company is in the eye of a storm, with the recent controversy over its founder Ashneer Grover’s personal conduct with a Kotak executive, which led to his leave of absence till March 31.
BUSINESS
Reliance Jio Q3 | Tariff hike improves profitability, subscriber base falls on SIM consolidation
Jio saw a margin beat in the third quarter with EBITDA margins at 49.2% while ARPU improved to Rs 151.60. A tariff hike of 20% improved profitability despite a fall in subscriber base caused by SIM consolidation.
BUSINESS
Exclusive | Biocon, Mylan biosimilar deal in last leg; Serum Institute to buy additional stake of $500 million in Biocon Biologics: Sources
Adar Poonawalla’s Serum Institute is likely to buy additional stake in Biocon Biologics worth $500 million which will provide the much needed cash to Biocon to pay Mylan in a part equity, part cash deal for biosimilar business.
BUSINESS
We plan to double our investments in India in next 3-5 years: Vishal Mahadevia, MD and India Head, Warburg Pincus
"Warburg Pincus has been in India now for 25 years through many ups and downs. We've been consistent investors and consistently increasing investors at scale in India. So, India is there for us today. It's going to be there for us, decades from today. It's part of our DNA at Warburg Pincus. So, we really don't think of it as cycles - up and down," said Mahadevia.
INTERVIEW
As a promoter I am bound to provide capital adequacy to Star Health Insurance, says Rakesh Jhunjhunwala
"I think we have an excellent management and excellent leader. So why should I interfere when you know things have been managed well. I have no worries on that count."
BUSINESS
Exclusive | Biocon in talks with Mylan to merge biosimilar businesses, plans IPO after merger: Sources
xxBiocon and Mylan are in advanced talks for combining their biosimilar businesses to create a large company in which Biocon seeks to hold a controlling majority stake, sources told Moneycontrol
BUSINESS
Invesco may favour Zee-Sony deal if promoter stake does not exceed 4% at merger: Sources
As long as any share purchase by the Zee promoters is in the future and not part of the merger deal with Sony, Invesco may give it a green light, people aware of the matter said.
BUSINESS
IPO-bound SaaS Company RateGain expects global acquisitions to lift profits as travel picks up
RateGain is set to become the first SaaS Company on the Indian stock markets, and has approval from SEBI for an IPO which is likely in December. Moneycontrol talked to CMD Bhanu Chopra to understand their profit focus and key metrics
BUSINESS
Baring Asia offers to buy Carlyle’s stake in PNB Housing Finance: Sources
Carlyle owns a 32.2% stake in PNB Housing Finance. General Atlantic & SSG own close to 10% stake each in the company.
BUSINESS
Amazon in talks with Apollo Hospitals for partnership in pharmacy business: Sources
Investors are keen if Amazon partners with Apollo Hospitals to enhance its primarily offline model with its online reach.
BUSINESS
Exclusive | We continue to be very excited about India: SoftBank's Munish Varma
Munish Varma, Managing Partner, SoftBank Investment Advisers, speaks on SoftBank’s 2.0 India strategy.
BUSINESS
Steel realisation to improve, additional royalty burden will be largely solved in Q3: Tata Steel
Tata Steel CEO & MD TV Narendran tells Moneycontrol’s Nisha Poddar that the company’s Indian operations are seeing strong demand and realisations will improve by Rs 2,500 per tonne in Q3, In Europe, he said there would be a 30-40 euro per tonne improvement in Q3 over Q2. Edited excerpts:
