Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd, will take over as interim CEO. Venkatakrishnan, who was previously CEO of South African miner AngloGold Ashanti Ltd, took over as Vedanta chief in 2018 amid a rebound in metal prices.
India's largest lender, State Bank of India, on Friday slashed its lending and deposit rates, a rare move that followed on the heels of an Indian central bank rate cut to tackle the economic fallout from the coronavirus pandemic. SBI reduced its lending rates by 75 basis points, passing on the entire repo rate cut made by the Reserve Bank of India (RBI)earlier on Friday, the lender said in a statement. The central bank on Friday also allowed banks to provide a three-month moratorium on all term loans, a relief to businesses affected by India's three week country-wide lockdown.
(Bloomberg) -- Tata Motors Ltd., the Indian owner of Jaguar Land Rover, plans to separate its cars business from trucks and buses, as the company seeks partners for a unit slammed by the coronavirus outbreak and a global shift to electric vehicles.Car sales in India fell for a 16th consecutive month in February, and that’s set to continue as the virus outbreak limits travel nationwide, and financing new vehicles becomes difficult. Automakers are cutting investment and production, and job losses in the sector, which employs more than 32 million people directly and indirectly, climbed to half a ...
Tata Motors Ltd said on Friday it would spin off its passenger vehicles arm as a separate unit within the company, at a time when the coronavirus has disrupted auto production. Tata Motors, India's No. 2 automaker by revenue, said the spinoff will help it secure strategic alliances, which will provide the company access to new products, car parts, technologies and capital. Car sales in India have dropped for 16 straight months up to February amid slowing economic growth, while the pandemic has halted auto production as the government imposed a 21-day nationwide lockdown this week.
Tata Motors Ltd said on Friday it would spin off its passenger vehicles arm as a separate unit within the company, at a time when the coronavirus has disrupted auto production. Tata Motors, India's No. 2 automaker by revenue, said the spinoff will help it secure strategic alliances, which will provide the company access to new products, car parts, technologies and capital. Car sales in India have dropped for 16 straight months up to February amid slowing economic growth, while the pandemic has halted auto production as the government imposed a 21-day nationwide lockdown this week.
Vedanta Resources, the oil to aluminium conglomerate controlled by Indian tycoon Anil Agarwal, has lost another high-profile chief executive. The company said late on Friday Srinivasan Venkatakrishnan, had resigned for personal reasons and would rejoin his family in South Africa. Mr Venkatakrishnan, a highly regarded mining executive who previously ran South Africa’s AngloGold Ashanti, took charge of Vedanta in August 2018.
Yes Bank Ltd said on Thursday it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender. India earlier this month approved a rescue plan, which saw State Bank of India, the country's largest public lender, take a 49% stake in Yes Bank after the central bank placed the lender under a moratorium on March 5.
The sight of Rana Kapoor, one of India’s highest-profile bankers, being taken to a Mumbai court in his tracksuit in early March augured what has become a very bad month for the country’s banking sector. Mr Kapoor, who denies the allegations, was sent to custody. To save Yes Bank, the authorities cobbled together a rescue plan that saw a range of big-name Indian lenders led by the State Bank of India (SBI), the country’s largest, infuse funds in return for an equity stake.
In addition, Moody's has downgraded Indiabulls' foreign and local currency senior secured MTN program ratings to (P)B3 from (P)B2. The downgrade and negative outlook reflect Moody's expectation that Indiabulls' access to funding will remain challenging for longer than expected. There is significant uncertainty around when Indiabulls will regain access to market funding.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
MUMBAI/NEW DELHI (Reuters) - The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe. Banks have been asked to make available an additional 10% in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees ($26.33 million) per loan account as part of the emergency measures, a senior government official, who did not want to be named, said. India's largest ...
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
India's Tata Motors is rapidly scaling down activity at its car factory in the western state of Maharashtra and is preparing to close it if concerns about coronavirus deepen, the company said on Friday. The move by Tata Motors, which owns the British luxury car brands Jaguar and Land Rover, comes as the state recorded the highest number of confirmed cases of coronavirus in India. On Friday, Maharashtra ordered all shops and offices to close except those providing essential services in three major cities, including the financial capital Mumbai and Pune, where the Tata Motors plant and ...
(Bloomberg) -- The coronavirus outbreak is likely to deepen a slump in India’s steel demand, which has already taken a beating as the country heads for the slowest economic growth in more than a decade.Consumption is set to take a hit in the March quarter, when demand typically peaks, as the virus leads to lockdowns and potential delays in new construction and purchases of pricier goods such as cars and houses, Vishal Kulkarni, Hong Kong-based executive director at Nomura Holdings Inc., said. That’s likely to increase inventories at mills, he said.“Demand will likely slow down for about a ...
The carmaker said it intends to resume production at the facilities in the week of April 20. Jaguar Land Rover's manufacturing plants in Brazil and India are continuing their operations, the company said in an emailed statement.
Jaguar Land Rover will close its UK plants over the next week, the last of Britain’s major manufacturers to shutter its facilities as a result of the coronavirus outbreak. The group’s sites at Solihull, Castle Bromwich and Halewood will all cease production until at least the week of April 20, Britain’s largest carmaker announced on Thursday evening.
(Bloomberg) -- Shares of Yes Bank Ltd. have more than tripled from a low this month as the terms of India’s largest-ever bank rescue have left short-sellers scrambling to cover positions.The bailout plan, which involves other of the country’s lenders pumping about 100 billion rupees ($1.3 billion) into Yes Bank, came with an unusual rider: Investors who hold more than 100 shares cannot sell 75% of their holding for at least three years.The drastic reduction in shares available for trading has forced investors to cover short positions in Yes Bank futures at losses. That’s helped drive a ...
