Hindalco's Novelis to buy aluminium products maker Aleris for $2.58 billion
Novelis Inc, a 100 per cent US-based subsidiary of Hindalco Industries, on Thursday announced acquiring aluminium products maker Aleris Corporation for an enterprise value of $2.58 billion, giving the Aditya Birla group firm enough room to foray into the high-end and growing aerospace products sector and emerge as a $21-billion company on a consolidated basis.
The acquisition by Novelis Inc will be a 100 per cent debt-funded deal, expected to close in nine to 15 months. Novelis will invest $775 million in the equity and takeover debt of Aleris, and it will be refinanced after the acquisition. Read more
Imran Khan claims victory amid poll tampering charges in Pakistan
Pakistan Tehreek-e-Insaf chief Imran Khan on Thursday claimed victory in the general elections after his party emerged as the single largest in the National Assembly with its candidates winning 104 seats and leading in 14 others, amid rival political parties’ claim of “blatant” rigging.
Jailed former prime minister Nawaz Sharif’s Pakistan Muslim League-Nawaz (PML-N) won 58 seats and was leading on four, while Pakistan Peoples Party (PPP) led by former president Asif Ali Zardari won 37 seats and was leading on six, according to the latest unofficial results. Read more: https://mybs.in/2VoWOkd
Bharti Airtel's shocking Q1 result: Profit slumps 74% to Rs 973 million
India's Bharti Airtel Ltd posted a surprise first-quarter profit on Thursday, helped by tax gains in the period.
Profit fell 73.5 per cent to Rs 973 million ($14.17 million) for the quarter ended June 30, as a pricing war that has upended the telecoms sector continued to weigh on the mobile carrier. Read more
PepsiCo spends Rs 20 million to put an end to social media digs at Kurkure
If you are not living under a rock, you must have come across posts, tweets, videos explaining how Kurkure, a popular snack from the stable of PepsiCo India, can catch fire easily, implying it contains plastic.
PepsiCo India has now secured an interim 'John Doe' or ' Ashok Kumar' order from the Delhi High Court, which could put an end to the controversy — at least on social media. Read more
SBI, PNB, BoB may introduce performance-linked pay for senior management
State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are planning to introduce performance-linked salary structure for the senior management — a first-of-its-kind move among public sector banks (PSBs).
PNB Managing Director and Chief Executive Officer Sunil Mehta told Business Standard: “The bank is seriously thinking of introducing a system of performance-based incentives for officers above the general manager grade. There will be a component of fixed and variable pay. But it will evolve slowly.” Read more