Equities Correspondent, New Delhi
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Aug 18, 2014

Owed $6 bln, banks sharpen scrutiny of steelmaker Bhushan

MUMBAI (Reuters) – The creditors of Bhushan Steel Ltd (BSSL.NS: Quote, Profile, Research) will take steps including an audit to ensure the steelmaker, whose managing director is implicated in a bribery case, will be able to pay around $6 billion it owes.

The creditors, which include the country’s biggest bank State Bank of India, will also appoint three directors to Bhushan Steel’s board, Punjab National Bank (PNBK.NS: Quote, Profile, Research), which leads a group of lenders, said in a statement.

Aug 18, 2014

Owed $6 bln, India banks sharpen scrutiny of steelmaker Bhushan

MUMBAI, Aug 18 (Reuters) – The creditors of India’s Bhushan
Steel Ltd will take steps including an audit to ensure
the steelmaker, whose managing director is implicated in a
bribery case, will be able to pay around $6 billion it owes.

The creditors, which include the country’s biggest bank
State Bank of India, will also appoint three directors
to Bhushan Steel’s board, Punjab National Bank, which
leads a group of lenders, said in a statement.

Aug 10, 2014

From jail, Subrata Roy tries to sell the New York Plaza

NEW DELHI/MUMBAI (Reuters) – It’s hardly the $30,000 a night royal suite, but after five months in India’s biggest jail, the owner of the New York Plaza and London’s Grosvenor House is thrilled to be able to use a modest office as he tries to sell the iconic hotels.

Indian tycoon Subrata Roy is putting up the two trophy properties and another luxury New York hotel for sale to raise $1.6 billion for the bail bond that will get him out of Tihar, a sprawling New Delhi prison complex that houses about 12,000 inmates.

Aug 10, 2014

From an Indian jail, tycoon tries to sell the New York Plaza

NEW DELHI/MUMBAI (Reuters) – It’s hardly the $30,000 a night royal suite, but after five months in India’s biggest jail, the owner of the New York Plaza and London’s Grosvenor House is thrilled to be able to use a modest office as he tries to sell the iconic hotels.

Indian tycoon Subrata Roy is putting up the two trophy properties and another luxury New York hotel for sale to raise $1.6 billion for the bail bond that will get him out of Tihar, a sprawling New Delhi prison complex that houses about 12,000 inmates.

Aug 4, 2014

CBI says may widen bank corruption probe

NEW DELHI/MUMBAI (Reuters) – The Central Bureau of Investigation (CBI) said on Monday it could widen its corruption investigation after the arrest of Sudhir Kumar Jain, chairman of state-run Syndicate Bank Ltd over allegations he was seeking bribes to favour debtors.

CBI said on Saturday it recovered 5 million rupees ($82,100) that a New Delhi-based company was allegedly paying via middlemen to the bank’s head for a loan extension.

Aug 4, 2014

Indian police agency says may widen bank corruption probe

NEW DELHI/MUMBAI, Aug 4 (Reuters) – India’s federal police
agency said on Monday it could widen its corruption
investigation after the arrest of Sudhir Kumar Jain, chairman of
state-run Syndicate Bank Ltd over allegations he was
seeking bribes to favour debtors.

The Central Bureau of Investigation (CBI) said on Saturday
it recovered 5 million rupees ($82,100) that a New Delhi-based
company was allegedly paying via middlemen to the bank’s head
for a loan extension.

Jul 28, 2014

Hindustan Unilever sees no demand recovery though sales improve

MUMBAI/NEW DELHI (Reuters) – Larsen & Toubro Ltd (L&T) (LART.NS: Quote, Profile, Research), one of India’s biggest conglomerates, dampened hopes for a quick recovery in domestic demand and said international orders were fuelling its growth.

The company, whose diverse activities from transport and military equipment to financial services, make it a bellwether of the economy, said international orders doubled in the three months to the end of June from a year ago and now constituted 44 percent of new orders.

Jul 28, 2014

India’s L&T says domestic demand still sluggish

MUMBAI/NEW DELHI, July 28 (Reuters) – Larsen & Toubro Ltd
(L&T), one of India’s biggest conglomerates, dampened
hopes for a quick recovery in domestic demand and said
international orders were fuelling its growth.

The company, whose diverse activities from transport and
military equipment to financial services, make it a bellwether
of the Indian economy, said international orders doubled in the
three months to the end of June from a year ago and now
constituted 44 percent of new orders.

Jul 25, 2014

Wipro shares fall as U.S. revenue growth lags rivals

MUMBAI (Reuters) – Shares in Wipro Ltd (WIPR.NS: Quote, Profile, Research) fell as much as 8.1 percent on Friday after India’s third-largest IT services exporter reported quarterly revenue growth in its key U.S. market that lagged its larger rivals.

Wipro competes with Tata Consultancy Services Ltd (TCS.NS: Quote, Profile, Research) and Infosys Ltd (INFY.NS: Quote, Profile, Research) in India’s more than $108 billion IT outsourcing industry and the United States is the biggest market for all three companies.

Jul 25, 2014

India’s Wipro shares fall as U.S. revenue growth lags rivals

MUMBAI, July 25 (Reuters) – Shares in Wipro Ltd
fell as much as 8.1 percent on Friday after India’s
third-largest IT services exporter reported quarterly revenue
growth in its key U.S. market that lagged its larger rivals.

Wipro competes with Tata Consultancy Services Ltd
and Infosys Ltd in India’s more than $108 billion IT
outsourcing industry and the United States is the biggest market
for all three companies.

    • About Devidutta

      "I cover the telecoms sector in India. With Reuters since 2005. Previous stints were in Bangalore and Mumbai, where I covered metals and construction companies and also the stock markets, before I moved to New Delhi in 2008. @dtripathy on Twitter."
      Joined Reuters:
      August 2005
      Languages:
      English, Hindi, Oriya
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