BUSINESS
Cabinet approves four-year moratorium on telecom company dues in a boost for Vodafone Idea
The government made a raft of structural changes to offer relief to the embattled telecom industry and announced a four-year moratorium on payment of adjusted gross revenue and spectrum dues to help companies, in particular Vodafone Idea, to manage cash flows. The moratorium comes with a Marginal Cost of Funds based Lending Rate (MCLR) + 2 percent, making it revenue-neutral for the government.
BUSINESS
Exclusive | Zee Entertainment: Essel Group may rely on white knight, shareholder votes to combat Invesco
Invesco’s demand for an EGM for the removal of Punit Goenka as a Director at Zee Entertainment and re-constitution of the board is likely to open a war between the activist investor and promoter Essel Group. Here’s a look at Essel Group’s possible strategy in this Game Of Thrones.
BUSINESS
What triggered the boardroom scrap at Zee Entertainment?
Proxy advisory firm questions CEO’s pay, alleges losses from related-party transactions and weak oversight by some directors in the audit and remuneration panels.
BUSINESS
Exclusive | L&T Finance Holdings in advanced talks with HSBC to sell MF arm: Sources
L&T Finance Holdings has been engaged with HSBC about a possible sale of its mutual fund arm after a proposed deal with Blackstone was delayed
BUSINESS
Tata Sons CFO Saurabh Agarwal’s pay to rise 35% to Rs 21.45 crore; only Chandrasekaran gets more
Tata Sons’ Group CFO Saurabh Agarwal is set to be the highest paid executive at Tata Group after Executive Chairman N Chandrasekaran. Tata Sons Annual General Meeting will also vote on Agarwal’s re-appointment on the board as executive director.
BUSINESS
Steel industry has a carbon footprint that’s hard to abate: Tata Steel CFO Koushik Chatterjee
There is a huge amount of work going on in the steel industry as well as in other industries to reduce the impact of carbon, and most companies or industries are looking at developing a decarbonisation pathway, Tata Steel’s CFO Koushik Chatterjee says.
BUSINESS
Exclusive: Indian steel realisations to hold in this quarter, Europe to see material improvement: Tata Steel’s Koushik Chatterjee
Moneycontrol’s Nisha Poddar caught up with ED & CFO of Tata Steel, Koushik Chatterjee, who says that raw material costs have been high, which will see steel realisations for the company hold in the present quarter. European business will see a material improvement, compared to the last quarter, he says.
BUSINESS
Bombay High Court allows JustDial to approach telecom tribunal to direct IndiaMart to produce allegedly stolen data
The court directed the TDSAT to dispose of any application made by JustDial expeditiously.
BUSINESS
Tata Sons to make semiconductors, leveraging opportunity arising out of global chip shortage
The in-house semiconductor manufacturing facility in Hosur will ensure supplies to group companies Tata Motors and Tata Power and open prospects for catering to local and global markets
BUSINESS
RIL’s Ambri investment: What it means for its clean energy ambitions
Reliance's investment in Ambri gives it a foothold in new energy storage technology space
BUSINESS
SEBI clears Aditya Birla Capital’s AMC arm DRHP, Aditya Birla Sun Life eyes IPO in Sept-Oct: Sources
Aditya Birla Sun Life had filed the DRHP with SEBI in April, but it had been put in abeyance by the market regulator.
BUSINESS
KM Birla’s exit as Vi chairman to protect reputation and ring-fence ABG companies
Sources tell Moneycontrol that the top team of Aditya Birla Group took this decision last week in New Delhi to protect the interests of the group entities and make it immune to any risks due to its exposure to Vodafone Idea.
BUSINESS
Exclusive interview | June, July saw very strong recovery trends in India for our business: OYO CEO Ritesh Agarwal
Online hotel aggregator giant OYO Hotels & Homes sees a strong recovery in the Indian travel and hospitality industry as the impact of the second wave of COVID seems to reduce due to unlocking, Founder & CEO Ritesh Agarwal tells Moneycontrol’s Nisha Poddar in an exclusive interview.
BUSINESS
Sanjeev Bikhchandani: Zomato a validation, public proof of what we knew and believed all along
If you pre-decide which sectors to invest in you are limited by your imagination. You simply keep an open mind and meet a thousand entrepreneurs and then figure out who to back -- bottom up is better than top down, Info Edge Founder Sanjeev Bikhchandani says.
BUSINESS
Exclusive | Nykaa may be first profitable startup eyeing IPO, around half a billion dollar issuance to be largely secondary
Sources tell Moneycontrol that Nykaa will be promoter-owned post-listing as Falguni Nayar & family will own a controlling stake of over 51%.
BUSINESS
Exclusive | Nirma Group’s cement arm Nuvoco Vistas Eyes Rs 20,000 crore Valuation In IPO: Sources
Nuvoco Vistas’ Rs 5000 crore public issuance recently got market regulator, SEBI’s approval.
BUSINESS
Exclusive | Paytm looks to raise Rs 8,300 crore through fresh issue in Rs 16,600-crore IPO, DRHP likely to be filed today
Paytm is looking to raise primary funds to the tune of Rs 8,300 crore and the remaining would be the secondary sale of shares by the company’s investors, sources have told Moneycontrol
BUSINESS
Exclusive | Zomato to raise $560 million from anchor Investors for IPO: Sources
Zomato garners almost half its issue size of around $560 million from institutional investors at the upper end of the price band of Rs 76/share.
BUSINESS
Liquidity-infused M&A trend in digital space will continue: Sanjeev Bikhchandani of Info Edge
Info Edge Founder and Executive Vice Chairman Sanjeev Bikhchandani on the deal trends and valuations in the startup world, unicorns, and more.
BUSINESS
Exclusive | Zomato Eyes $8.7 billion valuation at listing, IPO launch likely in mid-July
Zomato is awaiting SEBI approval for the IPO and is planning to launch by mid-July, sources share.
TELECOM
Inability to raise fund puts Vodafone Idea’s survival at risk; Company says “Material Uncertainty Related to Going Concern”
“The Company’s financial performance has impacted its ability to generate the cash flow that it needs to settle/ refinance its liabilities and guarantees as they fall due, which along with its financial condition is resulting in material uncertainty that casts significant doubt on the Company’s ability to make the payments mentioned therein and continue as a going concern," Vodafone Idea said.
BUSINESS
Emotional Dr Velumani says he “moved fast for a change” as he sold Thyrocare to PharmEasy
Dr A Velumani and his family will sell their 66.1 percent stake in Thyrocare to PharmEasy for Rs 4,546 crore. It’s a bumper value-unlocking for the family in the best year possible for the diagnostics business during the pandemic. The need for a change and de-risking are some of the key reasons for the sale, said Dr Velumani.
BUSINESS
EXCLUSIVE | API Holdings' acquisition of Thyrocare will create one-stop shop for healthcare solutions, says PharmEasy's Siddharth Shah
Dr Velumani will make an investment of Rs 1,500 crore to buy 4.9% in API Holdings. This transaction is separate from the acquisition deal, Shah said.
BUSINESS
RIL AGM 2021 | There is a generational shift towards clean energy, says HDFC Chairman Deepak Parekh
HDFC Chairman Deepak Parekh highlighted the importance of RIL's shift towards renewable power space as the sector of the future.
