BUSINESS
Indian banks recover over 7,000 crores from Vijay Mallya by selling his company shares
On June 23, the banks sold 15 per cent of Vijay Mallya's shares in United Breweries to Heineken international and recovered Rs 5,800 crore. Earlier, the banks had sold Rs 1,357 crore worth of Mallya's shares in United Breweries (UB) and United Spirits Ltd (USL). They are also planning to sell another Rs 800 crore worth of shares by June 25, according to media reports.
New home launches declined 42% in April-June, sales down 58%
As the second wave of Covid-19 and lockdowns across states impacted economic activities, housing launches decline 42 per cent on a quarter-on-quarter (QoQ) basis in the April-June quarter, according to a report by Anarock Property Consultants. The top seven cities saw around 36,260 new units launched in Q2 2021, as compared to 62,130 units in Q1.
S&P lowers India's FY22 growth to 9.5%
According to the ratings agency, India's growth in fiscal 2023 (ending March 31, 2023) will likely come in at 7.8 per cent. "A gradual revival is underway after a severe second Covid-19 outbreak in April and May led to lockdowns across much of the country and to a sharp contraction in economic activity," S&P Global Ratings said in a report.
Equity indices in green, Sensex up 200 points
The key Indian equity indices traded in the positive territory on Thursday morning with the BSE Sensex rising over 200 points. IT stocks witnessed healthy buying so far, while heavy selling in oil and gas and power stocks capped the gains. Around 10.07 a.m., Sensex was trading at 52,517.27, higher by 211.19 points or 0.40 per cent from its previous close of 52,306.08.
Guenter Butschek to step down as Tata Motors CEO and MD
Butschek had earlier informed the company of his desire to relocate to Germany at the end of the contract for personal reasons. Tata Group Chairman N. Chandrasekaran said: "I would like to thank Guenter for leading Tata Motors successfully over the last 5 years and creating a strong foundation for the future. I look forward to his continued inputs as a consultant to the Company."
Amazon India announces Small Business Days starting July 2
The three-day online sale will continue until 11:59 p.m. on July 4. The sales event helps generate demand for the differentiated selection of products offered by lakhs of sellers, manufacturers, startups and brands, women entrepreneurs, artisans and weavers, and local shops, said a company statement.
'Probe in yarn prices will prevent supply chain imbalance'
AEPC Chairman A. Sakthivel said: "We are happy to note that the Textile Commissioner's office has been advised to find evidence of cartelisation which is resulting in these spikes and hurting the overall interest of the industry. With thee ministry's support, such a study can set precedents for a data driven management of the supply chain imbalances."
Adani group company to run upcoming Navi Mumbai International Airport
The state cabinet presided over by Chief Minister Uddhav Thackeray gave its green signal to AAHL as the new concessionaire to the prestigious greenfield airport coming up as a public-private partnership (PPP) project. Earlier, the airport was to be developed by GVK which was running the Mumbai International Airport Ltd (MIAL).
India attracts 38% higher FDI in April at $6.24 bn
In April last year, total FDI inflows stood at $ 4.53 billion. Though lower base of last year has helped push up FDI growth this year, in overall terms, the numbers reflect return to the pre-pandemic levels of overseas investment in India. According to government data, in April this year, FDI equity inflows amounting to $4.44 billion were reported in the country, which is also an increase of 60 per cent over the FDI equity inflows of April 2020.
Heineken now has controlling stake in Kingfisher-maker United Breweries
The shares were sold by the Debt Recovery Tribunal on Wednesday, on behalf of an SBI-led consortium for around Rs 5,800 crore. "Heineken N.V. today announces that it has acquired an additional 39,644,946 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement.
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