BUSINESS
Reliance AGM 2021 | RIL’s green energy thrust a game changer, say experts
RIL’s green energy entry will not only make India meet its goals in renewable power but also propel the sector and create an ecosystem.
BUSINESS
PNB Housing Finance EGM: Minority shareholders lack votes to halt Carlyle deal; PNB vote critical
PNB Housing’s EGM on a special resolution to approve the Carlyle deal needs 75 percent majority of those present and voting. The parties to the deal – Punjab National Bank and private equity firms Carlyle, General Atlantic and Ares SSG – own an 85 percent stake in the company
BUSINESS
Exclusive | Paytm eyes PMC status in IPO, will require crucial Sebi approval
Approval for declassification of Vijay Shekar Sharma as the promoter is important but the stake held by Alibaba and Ant Group is also a matter which could be under Sebi’s lens for Paytm to be eligible for getting Professionally Managed Company (PMC) status.
BUSINESS
Exclusive | PharmEasy in talks to buy Thyrocare for around Rs 7,000 crore
The deal is likely to be announced soon given the IPO timelines of PharmEasy’s parent, API Holdings, people with direct knowledge of the development said.
BUSINESS
Tata group spells out ESG strategy; TCS eyes net zero emissions by 2030
Tata Sons under the leadership of N Chandrasekaran is likely to articulate group’s sustainability thrust soon. TCS has laid down the roadmap towards net zero emission by 2030. Tata Steel is focussing on sustainable steel production and steel recycling initiatives. Tata Chem takes charge for lowering CO2 emissions.
INDIA
India may not accept G7 digital tax proposal as equalisation levy generates larger share of profit, experts say
While the US has finally agreed that tech giants must pay tax in countries where they operate, experts say India’s equalisation levy gives the country a higher share of their profit.
BUSINESS
Proxy advisory firm SES raises corporate governance issues in PNB HF deal, questions PNB for surrendering control to Carlyle at depressed price
Moneycontrol has exclusive access to this report, which alleges corporate governance lapses in the deal, and asks if a rights issue would have been better for PNB than a preferential allotment of shares to Carlyle. PNB Housing defended the deal and sources in the company said PNB did not get approval for a rights issue from the RBI.
BUSINESS
Betting big on Indian tech revolution, Arundhati Bhattacharya of Salesforce India says country has shifted at the right juncture
Salesforce announced a $1.1 million donation to United Way of Hyderabad, Concern India Foundation, Rise Against Hunger India and Youth for Seva, to support the COVID response across India; Through corporate and employee donations, the company will impact the lives of more than 2,00,000 people across the country
BUSINESS
Concerned about start-up valuations: Nithin Kamath, Zerodha
The issue with IPOs is that you will end up losing the flexibility and the nimbleness needed for growth and right valuations.
BUSINESS
Exclusive | Axis Bank to buy Spandana Sphoorty
In a mutually beneficial deal, Axis Bank is looking at reducing its priority sector lending cost with the acquisition. For Spandana Sphoorty, the Bank’s lower cost of funding will help expand business
BUSINESS
Reliance Industries sees big opportunity in global consensus against climate change
As the world moves towards sustainability in business, RIL Chairman and MD Mukesh Ambani says the company’s aim to become Net Carbon Zero by 2035 is part of a wider ambition to achieve best-in-class ESG standards.
BUSINESS
Exclusive | Aditya Puri joins board of PharmEasy’s parent API Holdings ahead of IPO
The induction of Aditya Puri on the board and acquisition of Medlife is in the run up to the company's IPO. The former head of HDFC bank has been in demand in the corporate world, and will join the board of PNB Housing Finance as an investor nominee, while Strides Group’s Stelis Biopharma announced his appointment as a chairman of the board.
BUSINESS
Tata Sons board: Pramit Jhaveri, Noel Tata likely to be top contenders: Sources
Tata Trusts likely to consider Pramit Jhaveri, former CEO of Citi India and Tata Group’s Noel Tata as nominees on the board of Tata Sons as positions get vacated at the board of the holding company of Tata Group firms. The board is likely to decide on the appointments in the next few weeks.
TRENDS
Startups extremely expensive, valuations are slave of earnings: Rakesh Jhunjhunwala
Startup and tech-based new age companies have seen shorter investment cycle indeed. In the fast changing world during the pandemic which has given an added fillip to tech-based companies, these investment cycles have become shorter.
BUSINESS
Rakesh Jhunjhunwala Moneycontrol interview: Big Bull on his stock picks, IPO plans, market sentiment, private equity investment and more
Rakesh Jhunjhunwala, often dubbed India's Warren Buffett weighs in on the equities market, his investment in Zydus Animal Health and more
TRENDS
Rakesh Jhunjhunwala bullish on commodity cycle and PSU banks, especially SBI
Ace investor Rakesh Jhunjhunwala, India’s Big Bull, says SBI has several growth drivers as economy recovers and credit growth picks up. The partner of Rare Enterprises says commodities cycle is here to stay for five years.
BUSINESS
Exclusive Interview | Improved product mix, better risk-reward trade-off, cross selling to up returns: AB Capital CEO Ajay Srinivasan
ABSL AMC IPO is the first step in value unlocking that we've spoken about last time. I think the board will constantly look at different opportunities and avenues to be able to unlock value and we've decided that the AMC opportunity is a great place to do that, says AB Capital CEO.
IPO
Aditya Birla Sun Life AMC hits the road, expects Rs 22,000-24,000 crore valuation: Sources
Valuation expectation benchmarked close to the multiples HDFC Mutual Fund’s shares command on the exchanges. Experts say strong leadership at AMC & Birla parentage may give the upside.
BUSINESS
Tata Steel prudent on capital allocation: No to global acquisitions, debt reduction to continue
The company's biggest strength has been the captive iron ore mines, a key raw material for steel, which made it one of the only profitable steel companies in the world during many steel downturns over the years due to its low cost of production.
BUSINESS
Top fund managers write to Infosys board, pitch for Nandan Nilekani's return
According to the signatories of a letter to the board, Nilekani enjoys the confidence of customers, stakeholders and employees and his return to the board would instill credibility.
