1. Debt-Heavy Companies Take a Beating on Bourses – ET
Bears launched a scathing attack on shares of debt-heavy companies such as Unitech and JP Associates on Wednesday amid worries about delays in further interest rate cuts. Brokers said speculation over debt repayment defaults by some companies sparked a sell-off in these stocks with liquidation of pledged shares precipitating the declines.
While Unitech was the biggest loser with the stock tanking as much as 52% intraday, other major losers were IVRCL, HCC, Supreme Infra, Reliance Power and Suzlon Energy which fell between 10% and 20%.
Read the rest of the Economic Times article here.
2. Ratan Tata Acquires Stake in Fashion Portal Kaaryah – PTI
Iconic business leader Ratan Tata has acquired a stake in Kaaryah, a fashion portal for women’s wear, making it his latest personal investment in technology ventures. However, the company declined to disclose the quantum and value of the stake, which Tata Group’s former chief has invested in his personal capacity.
He has already made personal investments in homegrown e-commerce players like Snapdeal, Urban Ladder, Bluestone and Cardekho.com. He has also invested in mobile commerce firm Paytm and wind energy start-up Altaeros Energies. Besides, in April this year, Tata invested in Chinese handset maker Xiaomi. Kaaryah already has a presence across leading online marketplaces and also services through Kaaryah.com.
Tata, who retired as the head of over $100-billion conglomerate in December 2012 and currently serves as chairman emeritus of Tata Sons, has emerged as a major venture capital investor since his retirement.
3. Wipro Raises Salary 7% in Step With TCS, Infosys – BS
Wipro, India’s third-largest information technology (IT) services company, announced a salary increase for its employees largely in line with those offered by its peers. The Azim Premji-led company, which follows a June appraisal cycle, said the average increase in salary for employees located in offshore locations was in the range of 7% while for those in onshore locations it was 2%.
The revised salary will be effective June 1.
Read the rest of the Business Standard article here.
4. Warburg Pincus Invests Rs 850 cr in Ecom Express – FE
Leading global PE firm Warburg Pincus has invested Rs 850 crore in Delhi based Ecom Express, a leading logistics solutions provider to India’s e-commerce industry.
Ecom Express was set up in 2012 and the company says it currently services more than 2,800 pin codes through more than 320 delivery centres and 8,000 employees in approximately 210 cities. It expects to handle about 50 million packages this year.
Warburg Pincus has more than $35 billion in assets under management.
Read the rest of the Financial Express article here.
5. HSBC Services PMI Contracts For First Time in 13 Months – PTI
India’s services sector activity contracted for the first time in 13 months in May, largely due to decline in new order flows amid competitive pressure and natural disasters, an HSBC survey said on Wednesday.
The HSBC India Services Business Activity Index, which tracks changes in activity at service companies, fell to 49.6 in May, from 52.4 in April since output prices in the private sector rose further, with the rate of inflation strongest in 13 months.
6. Tata Tele Makes Rs 3,846-cr loss in FY15 Due to High Finance Costs – BS
Tata Teleservices’ woes continued with the company reporting a Rs 3,846-crore loss in 2014-15. Tata Sons, the group holding company, infused Rs 1,025 crore on the last day of the financial year, so that Tata Teleservices could meet its financial obligations.
Tata Teleservices is one of India’s worst performing wireless telephony companies, despite being among the first launch services.
Read the rest of the Business Standard article here.
7. Adani Enterprises Falls 83% on De-Merger Day – BS
A day ahead of the record date for de-merger of Adani Enterprises Ltd (AEL)’s port, power and transmission businesses, the company’s shares fell steeply by almost 83% to an intraday low of Rs 106.35 on Wednesday on the National Stock Exchange (NSE).
Following a sanction by the Gujarat High Court, AEL recently announced Thursday as the record date for the composite scheme of arrangement between AEL and its ports, power, transmission and mining companies – APSEZ, APL, ATL and AMPL.
Read the rest of the Business Standard article here.
8. Kellogg’s ex-India Head to Steer Chhabria’s ABD – ET
Liquor baron Kishore Chhabria has effected a surprise top-deck revamp at Allied Blenders & Distillers (ABD), the country’s third largest spirits company. He is roping in former Kellogg’s India head Anupam Dutta as new managing director, replacing Deepak Roy, one of the best known faces of the Indian drinks industry.
Dutta, who was managing director of Kellogg South Africa in his last assignment, had previously steered the cereal maker’s Indian unit. The company, which has been posting a strong double-digit growth, is also on acquisition mode to secure its supply chain.
Read the rest of the Times of India article here.
9. Star India, Dharma Productions Ink Rs 500-cr Deal – ET
In a landmark deal, Uday Shankar, CEO, Star India and film director Karan Johar have inked a three-year production and distribution deal in which Fox Star Studios, Star’s studio vertical, will join hands with Johar’s Dharma Productions to co-produce and distribute nine films in a deal which is estimated to be worth Rs 500 crore.
The nine films boast Dharma Productions’ blockbuster directors like Karan Johar, Ayan Mukherjee, Karan Malhotra, Abhishek Verman, among others – top-lined with stars like Ranbir Kapoor, Aishwarya Rai, Shahid Kapoor and Alia Bhatt, among others.