Shares in Ambuja Cements, a Mumbai-listed company controlled by Holcim, a Swiss cement maker, dropped a whopping 15 per cent on Thursday before see-sawing wildly. It was about 12 per cent down in afternoon trading.
The stock took a beating as investors digested new from Holcim that it would increase its stake in Ambuja from 50.5 per cent to 61.4 per cent, while a merger of Holcim India with Ambuja would result in the Indian company gaining a majority stake in Holcim’s other subsidiary, ACC. Read more
Shares in Mangalore Chemicals and Fertilisers (Mangalore Chemicals) hit a record high on Thursday, soaring 10 per cent to Rs68. That follows another 10 per cent rise in the previous session, as recent share purchases suggest the company may be on the verge of a takeover.
Is the empire of Vijay Mallya, the self-proclaimed King of Good Times, crumbling one company at a time? Read more
For the 55th month straight, the official manufacturing purchasing managers’ index (PMI) for India indicated slight growth, with a figure marginally above the no-change threshold of 50.
But dig below the headline figure, and the news is bleak for the Indian economy. Read more
Narayana Murthy, the co-founder of Infosys who returned to the helm of the company just weeks ago, has arrived like Santa Claus -bearing gifts.
The Indian IT bellwether has announced pay hikes for employees as it looks to boost morale at the company and keep up with peers in the industry. Read more
Chennai has received a powerful boost to its claims to be one of India’s most important industrial centres with Germany’s Bosch and Siemens Home Appliances Group (BSH) choosing the city for its Indian first production plant. Read more
Shares in Indian generic drugs group Ranbaxy Laboratories dropped 4.2 per cent on Wednesday to Rs399.20, having lost 4 per cent in the previous session, after the company posted disappointing financial results.
The numbers caused analysts to question the company’s expenses and launch of new drugs, given the performance. Read more
Despite the threat of fierce protectionism, challenging cultural barriers and major linguistic hurdles, the giants of Indian IT are looking to break into China’s previously closed software and outsourcing industry. Read more
The surprise decline in India’s industrial output in November, disclosed in figures published on Friday, was largely due to the Diwali holiday, when many businesses close for days.
Industrial production fell 0.1 per cent in November year-on-year basis, in stark contrast to revised growth of 8.3 per cent in October – when the figure was boosted by the fact that in 2011, Diwali fell in October.
But forget holidays. The real story is that IP has grown in just three of the last eight months. The pressure to cut interest rates is getting stronger. Read more
India’s established metropolises are saturated with investment activity. Now, tier-two and tier-three cities are emerging as investment destinations and a new report from Cushman and Wakefield explains how much money is going into what – and where. Read more
If any further evidence were needed that the Indian economy is struggling mightily, the Reserve Bank of India’s September bulletin provided it. On Wednesday, the RBI said Indian companies had dramatically curtailed their plans to raise funds, and are more wary to invest now than they have been in the recent past.
The RBI found 668 projects amounting to Rs2.1tn ($38bn) in the fiscal year ended in March. That’s nearly half as much as the the Rs3.9tn spent on 710 projects the previous year. The projects are sanctioned by foreign institutional investors or banks. Read more
At least it didn’t contract. That’s about the best that could be said about Indian industrial production figures released Wednesday, which showed that industry had grown just 0.1 per cent in July. It was only the second positive print in the past five months.
That’s better than June’s 1.8 per cent contraction but does nothing to change the generally weak picture of the Indian economy – which grew just 5.5 per cent in the June quarter – or the likely decision by the Reserve Bank of India to pause on interest rates when it meets on Monday, economists said. Read more
In the city of Pune, about four hours from Mumbai, there is a thriving manufacturing hub thanks to a cluster of car manufacturers. The FT’s James Crabtree asks what India needs to do to replicate this success in other cities.