Sumeet's Feed
Dec 17, 2014

Sahara awaits court verdict that may give jailed chief Roy freedom

MUMBAI (Reuters) – Embattled conglomerate Sahara is readying for a court verdict on Wednesday that will determine if it can take on a new loan and refinance debt on its overseas hotels, including the Plaza in New York, to secure the release of its jailed chief.

Sahara Chairman Subrata Roy has been held in a New Delhi jail for more than nine months now in Sahara’s long-running dispute with the country’s capital markets regulator. The feud is over the company’s alleged failure to repay, with interest, billions of dollars it had raised in bonds that were later ruled to be illegal.

Dec 17, 2014

India’s Sahara awaits court verdict that may give jailed chief freedom

MUMBAI, Dec 17 (Reuters) – Embattled Indian conglomerate
Sahara is readying for a court verdict on Wednesday that will
determine if it can take on a new loan and refinance debt on its
overseas hotels, including the Plaza in New York, to secure the
release of its jailed chief.

Sahara Chairman Subrata Roy has been held in a New Delhi
jail for more than nine months now in Sahara’s long-running
dispute with the country’s capital markets regulator. The feud
is over the company’s alleged failure to repay, with interest,
billions of dollars it had raised in bonds that were later ruled
to be illegal.

Dec 17, 2014

Japan banks to bulk up India presence on improving ties

MUMBAI, Dec 17 (Reuters) – Faced with a shrinking economy
and tepid loan demand at home, Japan’s largest banks are looking
to bolster their presence in India, enthused by Prime Minister
Narendra Modi’s reform agenda and improving ties between the two
countries.

While some European and U.S. lenders are sitting on the
fence after being bruised by the country’s sharp slowdown,
Japanese banks are betting aggressively on Modi’s pledge to
restart growth and attract foreign investment.

Dec 14, 2014

Xiaomi’s India smartphone ban exposes wider patent risk

MUMBAI/BEIJING, Dec 14 (Reuters) – The court order that
banned Chinese mobile maker Xiaomi from selling its phones in
India has halted its breakneck expansion into the world’s
fastest growing major smartphone market and could be just the
start of a string of patent challenges.

Xiaomi Technology only started selling in India in
July and quickly became the country’s fastest growing smartphone
brand; with minimal marketing, it is already outselling even
low-cost smartphones running Google’s Android One.

Dec 8, 2014

Infosys founders sell stakes for $1.1 bln as new CEO boosts growth prospects

HONG KONG/MUMBAI, Dec 8 (Reuters) – Some of the founders of
Infosys Ltd sold shares worth $1.1 billion in India’s
second-largest IT services exporter on Monday, cashing in on a
more than 20 percent gain in the stock since the company picked
its first outsider as chief executive.

The shares were sold by N.R. Narayana Murthy, Nandan
Nilekani, S.D. Shibulal and K. Dinesh, members a group of seven
engineers who founded Infosys in 1981 by pooling together $250,
stock market filings showed.

Nov 28, 2014

After record deal, more India bank takeovers on cards

MUMBAI, Nov 28 (Reuters) – India is set for more banking
acquisitions after a record $2.4 billion takeover last week
ended four years of a deals drought, as lenders fight for market
share and wider reach amid looming competition from a new breed
of players.

A banking sector consolidation should support an expected
recovery in Asia’s third-largest economy through creation of
stronger lenders that will control the growth of bad loans and
make credit availability easier.

Nov 20, 2014

Kotak bank buys ING Vysya in record $2.4 billion share deal

MUMBAI (Reuters) – Kotak Mahindra Bank (KTKM.NS: Quote, Profile, Research) has agreed to buy ING Vysya (VYSA.NS: Quote, Profile, Research) in an all-share deal valuing its smaller rival at $2.4 billion, bulking up as analysts predict the start of long-awaited consolidation in a crowded banking sector.

Dutch lender ING Groep NV (ING.AS: Quote, Profile, Research) owns roughly a 43 percent stake in ING Vysya. It will be the second-largest shareholder in Kotak Mahindra after the deal — the largest in the Indian banking sector to date — with a holding of about 7 percent.

Nov 20, 2014

India’s Kotak bank buys ING Vysya in record $2.4 bln share deal

MUMBAI, Nov 20 (Reuters) – Indian lender Kotak Mahindra Bank
has agreed to buy ING Vysya in an all-share
deal valuing its smaller rival at $2.4 billion, bulking up as
analysts predict the start of long-awaited consolidation in a
crowded banking sector.

Dutch lender ING Groep NV owns roughly a 43 percent
stake in ING Vysya. It will be the second-largest shareholder in
Kotak Mahindra after the deal — the largest in the Indian
banking sector to date — with a holding of about 7 percent.

Nov 10, 2014

India’s slowing profits growth offers wake-up call for record-high shares

MUMBAI/BANGALORE (Reuters) – Indian corporate earnings are growing at the weakest pace in nearly six years, in a more sober reflection of the economy than a stock market hovering near record highs since the May election of pro-business Prime Minister, Narendra Modi.

The new premier, previously known for economy-stimulating infrastructure projects on a state level, has been widely touted as the man to revive an economy lumbering through the longest spell of below-5 percent growth in a quarter of a century.

Nov 5, 2014

Piramal plans $2 billion bet on property sector revival

MUMBAI/NEW DELHI (Reuters) – Piramal Enterprises Ltd plans to invest $2 billion in real estate projects over the next two years, betting that a revival in the economy under a new government will boost demand for property, its billionaire chief said.

Its planned investment could help developers complete commercial and residential projects left unfinished when they ran out of money and banks cut back on credit to a sector badly mauled by a slowdown in Asia’s third-biggest economy.