Proxy advisory firm Institutional Investor Advisory Services’s (IiAS) recommendation to vote against a resolution to reappoint 31-year-old Rama Kirloskar to the board of (KBL) and also her appointment as joint managing director triggered a war of words between her father Sanjay Kirloskar (Chairman of the Company), and the proxy advisory firm through series of emails. … Read more
Exide Industries today informed that it has decided to divest it’s entire life insurance business stake to HDFC Life Insurance Company. Key points to note – Total transaction value is Rs 6,687 crore. Of this Rs 726 crore is upfront cash and balance as shares in HDFC Life Insurance at Rs 685/ share. Post the … Read more
Exide has informed that the Company is evaluating foray into lithium-ion (li-ion) cell manufacturing and is details on Govt’s recently announced Production Linked Incentive (PLI) scheme for such batteries. The scheme’s outlay of Rs 18,100 crore is intended to establish 50 Giga Watt Hour (GWh) of advanced cell chemistry and 5 GWh of niche advanced … Read more
SEBI had previously kept IPO on hold in June 2021 due to some pending enquiry against the Wadia Group that owns 73.33% of the Company. Key points to note – The Company can now go ahead and file the final prospectus. Roadshows can happen to gauge investor interest. The Company aims to raise Rs 1,500 … Read more
There is something cooking at the Wadia group. After stepping down as MD from the family controlled Go Airlines (rebranded as Go First) and Bombay Dyeing in March 2021, Jehangir Wadia (48, younger son of Nusli Wadia) has now stepped down from the boards of Britannia Industries and Bombay Burmah Trading Corporation (BBTC). There is … Read more
It’s important to start by mentioning that Suzuki and Toyota have been working together on various business initiatives since 2016 and later in 2019 also entered into capital alliance whereby both acquired small shareholding into each other. In Auto industry (especially cars) it’s common for companies enter into such arrangements. Skoda and Volkswagen, Renault and … Read more
2017 – “payment wallets like Paytm have no future” – Aditya Puri 2021 – HDFC and Paytm tie-up to leverage on each other’s strengths. Times change and so do the business compulsions ! It’s a very interesting arrangement and has the potential to lay roadmap for similar other tie-ups in future. Why is it so? … Read more
In one of the rare incidences, shareholders have voted down the appointment of Siddhartha Lal as the MD of the Company due to the proposed pay hike of 10%. Shareholders had primarily voted against the pay hike – it being higher than the median employee salary hike of 1% and also the financial performance of … Read more
Moody’s downgrades India’s sovereign rating to ‘Baa3’ from ‘Baa2’ with negative outlook. This is one shot away from non investment grade – though it’s unlikely that would happen. It’s also reasonable to expect that in all likelihood, S&P will follow soon. They are currently one step higher at BBB- with stable outlook. Mostly, they would … Read more