First day in office, 'Emergency' on lips, Lok Sabha Speaker Om Birla in Opposition's line of fire
Battle lines were further drawn once LS Speaker read out a resolution condemning Emergency. Under fire, Birla says MPs may represent different ideologies, but 'nation is supreme. Key Points
ThePrintAditya Birla Fashion upper circuit: Aditya Birla Fashion shares jump 15% on proposed demerger of Madura Fashion
Aditya Birla Fashion upper circuit: Aditya Birla Fashion and Retail Ltd. (ABFRL) said it is evaluating the vertical demerger of Madura Fashion & Lifestyle business from itself into a separate listed company. Key Points
mintPaint war is on! Grasim launches Opus at 5-6% discount, challenges Asian Paints' turf
Grasim Industries launched Opus in February. The company expects the new business to turn profitable once it clocks Rs 10,000 crore in gross revenue within three years of completing full-scale operations. Key Points
Business TodayAditya Birla Fin to merge with listed parent to meet RBI rule
Aditya Birla Capital’s board approves the merger of Aditya Birla Finance with itself to comply with RBI’s scale-based regulation for NBFCs. Find out more about the merger and its implications. Key Points
Times Of IndiaAditya Birla Capital, Aditya Birla Finance announce a Scheme of Amalgamation for creation of a large NBFC
Aditya Birla Capital Limited (ABCL) and Aditya Birla Finance (ABFL) have approved the Scheme of Amalgamation (Scheme) to create a large unified operating NBFC. The merger will result in a reduction of legal entities and simplification of the group structure of Aditya Birla Capital. It will also comply with the Scale based Regulations of RBI, which require mandatory listing of Aditya Birla Finance by September 30, 2025. Key Points
Economic Times
Last session of 17th Lok Sabha concludes
The Lok Sabha concluded its proceedings for the last session of the 17th term on Saturday, adjourning sine die. Speaker Om Birla highlighted the passage of 222 bills over the past five years. During the final session, discussions centered on the construction of the Ram temple in Ayodhya, culminating in the passing of a resolution. Key Points
Economic TimesIndian economy's vibrant energy 'looking like a wow': Birla
India Business News: Industrialist Kumar Mangalam Birla describes the vibrant energy of the Indian economy as a wow moment. Read more about the impact and optimism in his new year message. Key Points
Times Of IndiaAditya Birla Group HR head Misra takes early retirement
Santrupt Misra, director of group HR at Aditya Birla Group, is leaving after nearly three decades. Ashok Ramchandran will replace him as director of HR. Key Points
mintBirla-Lodha Dispute: Calcutta HC clarifies power and scope of APL Committee
The Calcutta High Court, in the prolonged legal battle over Priyamvada Devi Birla's estate, ruled against granting full powers to the administrator pendente lite (APL) committee. The court clarified that the APL committee can only exercise powers held by Priyamvada Birla during her lifetime, focusing solely on her shares. Key Points
Economic TimesBlow to Birlas: Harsh Vardhan Lodha to continue as Chairman of MP Birla Group, rules Calcutta HC
A single judge of the Calcutta High Court had earlier given full authority to a panel of three administrators — one each nominated by the Birla and Lodha families and a retired judge — to take control of the entire estate of the late Priyamvada Devi Birla, former chairperson of the MP Birla Group, who died on July 3, 2004. The judge in September 2020 passed an order directing the removal of Harsh Vardhan Lodha as the chairman of the MP Birla Group on the basis of a contentious concept of “extended estate”. Key Points
Economic Times
Aimco, others eye stake in Aditya Birla Renewables
Canadian investment firm Alberta Investment Management Corporation (Aimco) is among the interested investors looking to acquire a significant minority stake in Aditya Birla Group's renewable energy business. The conglomerate aims to sell up to 49% stake in Aditya Birla Renewables Ltd (ABREL) to raise around $400 million for renewable capacity expansion. ABREL currently has an operational portfolio of 1 GW and plans to reach 2 GW by 2024. The company's projects are located across several Indian states and have captive power procurers like Grasim, UltraTech Cement, Hindalco Industries, and Century Enka. Key Points
Economic TimesAditya Birla Group forays into branded jewellery retail business, to invest Rs 5,000 cr
The Aditya Birla Group has announced that it will foray into the branded jewellery retail business with an investment of around Rs 5000 crore. This business will be housed in a new venture, “Novel Jewels Ltd”, that will build large-format exclusive jewellery retail stores across India, with in-house jewellery brands. Key Points
Economic TimesBirla Estates acquires 28.6-acre land in Bengaluru for housing project; eyes Rs 3,000 cr revenue
The company, however, did not disclose the deal value.Birla Estates is the real estate arm of the Aditya Birla Group. Key Points
Financialexpress'Seeing hope' in Vi; rejoined co board to indicate willingness to take biz forward as promoter: Birla
Birla, who was appointed as an non-independent director on the board of the debt-laden Vodafone Idea or Vi, said as a promoter, he wanted to indicate a willingness to take the business forward. I think we are seeing hope again in the company, Birla said after receiving the Lokmat Maharashtrian of the Year 2023 award. Key Points
Economic TimesBillionaire Kumar Mangalam Birla returns to Vodafone Idea board
Kumar Mangalam Birla also serves as the chairman of conglomerate Aditya Birla Group, which held an 8.36% stake in Vodafone Idea as of Feb. 7 Key Points
Financialexpress
Industrialist Kumar Mangalam Birla receives Padma Bhushan
President Droupadi Murmu conferred the Padma Bhushan, India's third highest civilian award, on industrialist Kumar Mangalam Birla for his contribution to the field of trade and industry. He is the fourth recipient of the Padma award in his family. Key Points
India TodayAditya Birla Fashion shares crack over 6% post TCNS Clothing acquisition announcement; Motilal Oswal downgrades stock
Aditya Birla Fashion share price: TCNS Clothing is India's leading women's branded apparel company, with a net worth of about ₹635.68 crores as on September 30, 2022. Key Points
mintDalmia Group submits revised debt resolution plan for Birla Tyres
A person familiar with the new plan told ET that group companies of Dalmia Bharat have offered to repay about ₹300 crore of the outstanding loans of Birla Tyres. This is said to be three times their original offer to creditors. Birla Tyres competes in the commercial vehicle and two-wheeler tyres segments. Key Points
Economic TimesETPWLA 2023: Shining the spotlight on the nominees for the Beyond Business Leader of the Year Award
Leading up to the Grand Felicitation Ceremony of the ETPrime Women Leadership Awards (ETPWLA) 2023, the Economic Times is delighted to unveil the shortlisted nominees for its coveted category, Beyond Business Leader of the Year Award. This distinguished category aims to celebrate women business leaders who have transcended the standard metrics of measuring success to pioneer social-impact entrepreneurial ventures. Key Points
Economic TimesVodafone Idea to make significant investments to roll out 5G: KM Birla
Vodafone Idea is set to make significant investments in rolling out 5G networks and expanding 4G coverage throughout India, said Kumar Mangalam Birla, additional director, Vodafone Idea. This commitment was announced at the 7th India Mobile Congress, reflecting the company's determination to support the government's vision, including initiatives like OpenRAN. Key Points
Economic Times
Vodafone Idea shares zoom 9% on fundraising plans; will the operator taste success?
Vodafone Idea has been struggling for a while to raise capital, which is of utmost significance given the high debt on books. Further, it needs heavy capital investments for network upgradation and rollout of 5G services to compete with rivals Airtel and RJio. On Thursday, AB Group Chairman Kumar Mangalam Birla said that the group remains committed and is making all efforts to rope in external investors. The stock had rallied following the comments. Key Points
Economic TimesAditya Birla Capital, Sun Life AMC to sell 5% stake in Aditya Birla Sun Life AMC: Report
As per the report, the company is planning to reduce the promoter stake to 75% by September 2024 from the current 86.47%. Aditya Birla Capital is planning to cut its stake in Aditya Birla Sun Life AMC to 45%, while Sun Life AMC is likely to reduce to 30%. Key Points
Business TodayIndia's economic narrative brighter; takes charismatic lead in global economic evolution: K M Birla
With a government-led push to infrastructure investments and pragmatic policies such as the production-linked incentives scheme, private capex has seen a surge. This rise triggers a multi-year boom, providing valuable support to economic growth in the face of softening global demand, Birla said. Key Points
Economic TimesOm Birla protests EU's resolution on Manipur: 'India's internal issues'
EU Parliament in July passed a resolution condemning BJP leaders in the Manipur issue. Om Birla on Saturday protested intereference in internal issues. | Latest News India Key Points
Hindustan TimesPrestige of legislative bodies is increasingly eroding: Om Birla
In the monsoon session, sparks flew between the treasury and Opposition benches no-trust motion debate. Adhir Chowdhury was suspended for unruly behaviour. | Latest News India Key Points
Hindustan Times
AB Capital to sell 5% stake in Aditya Birla Sun Life via OFS to comply with norms
The minimum public shareholding rule mandates all listed companies to ensure that at least 25% of their equity shares are held by non-promoters. A high promoter holding can lead to an artificial mismatch between demand and supply as fewer shares are available for the public to buy and sell. Key Points
Economic TimesTechnical Breakout Stocks: How to trade Olectra Greentech, Birla Corp and JK Lakshmi Cement on Monday?
Indian markets pared losses from the previous sessions and closed higher on Friday. The S&P BSE Sensex rose 167 points while the Nifty50 closed above 21,700 levels. Key Points
Economic TimesWhat business leaders said on attending Pran Pratishtha ceremony at Ram Mandir in Ayodhya
Business leaders and tech titans joined in celebrating the inauguration of the Ram temple at Ayodhya on January 22. The Ram Lalla idol was unveiled at the Pran Pratishtha ceremony after rituals in the presence of Prime Minister Narendra Modi. While the list of invitees reportedly included about 8,000 names, the select list is said to be of 506 A-listers, including prominent industrialists. Reliance Industries chairman Mukesh Ambani and his family, telecom czar Sunil Bharti Mittal and Aditya Birla group chairperson Kumar Mangalam Birla were among some of India Inc's faces who attended the ceremony. Key Points
Times of IndiaRed-hot favourites! MF & PMS managers handpick 10 new smallcaps
Equitas Small Finance Bank, Birla Corporation, and Sanofi India were the top new small-cap picks by Indian mutual funds and portfolio management scheme (PMS) managers in May. Equitas SFB was selected by 9 mutual funds, 10 PMS, 13 unit-linked insurance plans, and one alternative investment fund. Other small-cap picks included Indiamart Intermesh, Affle India, VIP Industries, Birlasoft, Can Fin Homes, PVR, Inox, and Exide Industries. Meanwhile, managers sold off shares of Zee Entertainment Enterprises, PVR Inox, JB Chemicals, and Gland Pharma. Key Points
Economic TimesAditya Birla Capital launches a platform offering capital and business solutions for MSMEs
Credit and Finance for MSMEs: It offers online loans up to Rs 10 lakhs to MSMEs through various product offerings such as supply chain finance and transaction-based loans. Loans up to Rs 2 lakhs are provided without collateral or documentation. Key Points
Financialexpress
Aditya Birla Fashion to acquire 51% stake in TCNS Clothing for ₹1,650 crore
Aditya Birla Fashion and Retail has agreed to acquire TCNS Clothing, the owner of Indian ethnic brands W, Aurelia, Wishful, Folksong, and Elleven, in a deal worth ₹1,650 crore .ABFRL’s ethnic wear portfolio is expected to reach ₹5,000 crore in the next three years, the company said. The deal is subject to regulatory approval. Key Points
The HinduDemocracy under attack: Mahua Moitra says she is 'willing to go to jail for this tweet'
Amid an uproar in Parliament over Rahul Gandhi's remarks on 'democracy', TMC MP Mahua Moitra has alleged Lok Sabha Speaker Om Birla does not allow opposition members to speak. Taking to Twitter, she said, 'democracy is under attack'. Key Points
India TodayMore trouble for Zee: SC upholds HC ruling to send Siti Networks' loan default case to arbitration
In 2020, Siti Broadband had availed of a loan of Rs 5 crore from Aditya Birla Finance, to be repaid in 19 quarterly instalments. According to Aditya Birla Finance, Siti Broadband has been defaulting on payments since November 2021. Key Points
Business TodayBirla Opus entry may spark tough paint sector competition, margin concerns; what should investors do?
The top five paint companies in India based on market capitalisation are Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel, and Indigo Paints. Tough competition may erode margins for established players in the segment. Key Points
mintICICI gives Novel Jewels Rs 500 crore to start up
ICICI Bank has sanctioned Rs 500 crore debt facilities to Aditya Birla group's Novel Jewels for its upcoming jewellery retail stores in the next quarter. The promoter companies infused ₹290 crore in the company last year. ICICI Bank sanctioned ₹450 crore as a working capital loan and ₹50 crore as a term loan. Key Points
Economic Times
Aditya Birla Group to invest Rs 1,250 crore into its financial services arm
Shares of the company closed 0.91 per cent up at Rs 171.70 a piece on the BSE on Thursday. Key Points
FinancialexpressCarmichael Road bungalow sold for ₹220 crore
The land parcel, along with the ground plus 2 storey bungalow, belonged to the Estate of Ernie Khardshedji Dubash. The deed of transfer between five will executors of the estate and Sushil Agarwal, one of the two directors of BGH Properties Ltd, was registered on April 10, according to registration documents accessed and shared by Zapkey.com. | Mumbai news Key Points
Hindustan TimesTMC’s Mahua Moitra expelled from Lok Sabha over ‘cash-for-query’ case. Oppn says travesty of justice
Oppn MPs walk out after Lok Sabha adopts motion to expel Moitra, protest Speaker Om Birla's refusal to let her speak in her defence. TMC MP calls decision 'misogynistic, patriarchal'. Key Points
ThePrintRetailers ramp up ethnic wear bet to cash in on Rs 1.84- trillion pie
Ethnic wear is the largest apparel category in India at 30% (Rs 1.84 trillion) of the Rs 6.15-trillion domestic apparel market, according to Aditya Birla Fashion's MD Ashish Dikshit. Key Points
FinancialexpressAditya Birla Fashion shares zoom 10% on demerger news
ABFRL shares surged 10% on BSE as plans for Madura Fashion & Lifestyle's demerger into a separate entity were disclosed. The move aims to create two distinct companies for enhanced value creation opportunities in the fashion sector. Key Points
Economic Times