Kumar Mangalam Birla

Birla said the government needs to do more than a corporate tax cut.

While addressing the 122nd AGM of the company here Birla said, with a strong pipeline of owned projects and strong sales and execution capabilities, the company is well poised to make a mark in the space.

The deal, which has long been in the works involving Kumar Mangalam Birla and his grandfather BK Birla (who passed away earlier this month) will give UtlraTech market leadership in all regional markets.

Telecom sector has been battered by falling tariffs, eroding profitability, and mounting debt, in the face of stiff competition triggered by disruptive offerings of Reliance Jio, owned by richest Indian Mukesh Ambani.

The chairman of the Aditya Birla group, however, sounded very optimistic about the economic growth prospects in the country, saying the elephant is running.

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The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.

The plan is just on the drawing board and they haven't finalised on anything including capital allocation, Group chairman Kumar Mangalam Birla said.

"The board has approved a greenfield integrated cement plant at Dhar in Madhya Pradesh with a capacity of 3.5 mt per annum. The plant will involve an investment of Rs 2,600 crore and is likely to being commercial production by the fourth quarter of FY19," UltraTech chairman Kumar Mangalam Birla told the 17th annual general meeting.

JP Morgan has maintained a buy rating on Grasim Industries and has raised the target price from Rs 1250 to Rs 1350 and feels that listing of Aditya Birla Capital can help unlock significant value for merged Grasim shareholders over the next one year.

The Aditya Birla Group today said it has received licence from the Reserve Bank of India to start payments bank.

Generosity in India seems to be on a decline as each year the number of philanthropists are going down as well as the donation amount.

"In allowing an equal relationship with Idea, Vodafone should have commanded a premium and better quality of control. But, the deal contours favour Idea Cellular," the report said.

The two top honchos, flanked by senior executives from both companies, called on the minister to discuss the details of the mega alliance, in a meeting that lasted half an hour.

Track the latest developments from the Vodafone-Idea merger here.

Aditya Birla Group Chairman Kumar Mangalam Birla today committed Rs 5,000 crore investment in Jharkhand in various sectors including mining.

Vodafone Plc said that any merger would be effected through issue of new shares in Idea to Vodafone.

The conglomerate already has investments of Rs 10,000 crore in the state across sectors like telecom, retail and cement.

Besides, SBI Chairman Arundhati Bhattacharya, Larsen & Toubro Chairman A M Naik, ITC COO Sanjiv Puri, JSW Group CMD Sajjan Jindal and Hindustan Coca-cola CEO T Krishankumar will take part in the three-day event.

In an interview with CNBC-TV18, market expert SP Tulsian listed his stock picks and shared his market outlook.