Tea garden

Sources close to the development indicated that the settlement between McLeod promoters and IL&FS included a combination of payment of an amount and land

tea producer McLeod Russel

CMD Khaitan says banks have been very supportive and have come to a conclusion on what debt restructuring resolution should be

McLeod Russel

Carbon Resources has offered an upfront payment of Rs 1,245 crore of an estimated outstanding bank debt of Rs 1,650 crore

chart

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

The would-be acquirer makes non-binding offer to banks to settle the bulk tea producer's dues

Bankers support the company as it engages with them  'very consciously', says CEO Aditya Khaitan.

Tea plantation

This is the first time the financially stressed McLeod has made public the total payment it has defaulted with the lenders under this new regulation

Bank moves NCLT to initiate insolvency proceedings against McLeod Russel

Viability of the tea industry is another factor that is holding back companies from bidding for India's largest tea company

Mc Leod Russel India tea, assam tea, assam tea garden

Assam Company's tea estates have been in a state of neglect owing to years of stress on the company's revenues and margins

More crises brewing for Darjeeling tea

Harrison Malayalam and McLeod Russel India were up more than 10%, while Jay Shree Tea, Dhunseri Tea, Goodricke Group, Warren Tea and Rossell India were up between 5% and 10% today

McLeod Russel India, Jay Shree Tea, Tata Global, Warren Tea, Goodrick Group, Dhunseri Tea, B&A, Terai Tea and Harrisons Malayalam hit their respective 52-week highs.

Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.
This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC).
In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year.
According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC.
"This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group .

Air India

The counter that hit a 52-week low of Rs 42.39 on August 29, 2023, traded at a record low of Rs 37.96 in March 2009. It had hit a record high of Rs 581.24 in December 2007

Real estate

The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited

Vedanta

Shares of GMDC hit a record high of Rs 323.70 as they rallied 14%, surpassing its previous high of Rs 316.18 touched on November 12, 2007

Lignite

August tax mop-up gives boost to govt finances

Tax revenue

Data Patterns (India) and Godfrey Phillips are the other two stocks which seem to be favourably placed on the charts, thus making a case for lower-risk at current levels.

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

Citing macroeconomic conditions, many IT companies have opted to hand out small increment or defer salary hikes this year

Infosys Limited Corporate Head Office

The urgency for Southeast Asian nations to switch to clean energy to combat climate change is reinvigorating a 20-year-old plan for the region to share power.
Malaysia and Indonesia inked a deal in Bali, Indonesia last month to study 18 potential locations where cross-border transmission lines can be set up.
Those links could eventually generate power roughly equivalent to what 33 nuclear power plants would produce in a year.
They are economically and technically feasible, and now are supported by regional governments, said Beni Suryadi a power expert at the ASEAN Centre for Energy in Jakarta, Indonesia.
The Association of Southeast Asian Nations or ASEAN is a political and economic gathering of 10 countries across a vast region, from tiny Brunei and Singapore to military-controlled Myanmar and fast-rising economic power Vietnam.
Experts describe imports by Singapore of hydroelectric-generated power from Laos via transmissions through Thailand and Malaysia as a pathfinder project,

industry, policy, climate change, green bond

Nataraj clocked 1:49.05 in the men's 200m freestyle heats and finished in 10th place overall, for which he failed to make his place in the final event and stayed as a reserve

Srihari Nataraj among Indian swimmers that make it to the final of the Asian Games 2023. Photo: X

Srihari Nataraj, Asian Games

NITI Aayog member Arvind Virmani has made a case for simplification of the whole system of business taxation as has been done in case of personal tax, saying faceless assessment may not work in all the cases.
Virmani further said that he is hearing from large corporations that faceless assessment sometimes can mean a kind of ignorance, because business by itself requires judgments of every expenditure.
"Business taxation is inherently problematic. And sometimes you need to explain it," he told PTI.
Virmani noted that business taxation for business doesn't mean only corporate tax,  it  also means the business elements of personal taxation.
"So, you can have a faceless assessment, it may work for 80 per cent cases but it may create more problems for 10 per cent.
"My solution is, you got to simplify the whole tax system for business taxation," the eminent economist opined.
In recent years, the government has simplified the income tax regime in India.
Virmani also reiterated that si

Arvind Virmani, Former Chief Economic Advisor to the Government of India

Prime Minister Narendra Modi will attend the concluding ceremony of two 'Parivartan Yatras' of the Bharatiya Janata Party (BJP) in Bilaspur city of poll-bound Chhattisgarh on Saturday, a party leader has said.  This is PM Modi's third visit to the Congress-ruled state, where assembly elections are due this year-end, in the last three months.  The prime minister will address the 'Parivartan Mahasankalp' rally, the closing ceremony of two Parivartan Yatras, at Science College ground here at 2 pm, state BJP chief Arun Sao told reporters on Friday.
While the first Parivartan Yatra was taken out from Dantewada (south Chhattisgarh) on September 12, the second one was rolled out from Jashpur (north Chhattisgarh) on September 15, he said.  Both the yatras saw 83 'Swagat Sabhas' (welcome gatherings), four roadshows and various public meetings before culminating at Bilaspur, covering a distance of more than 3,000 km across 87 assembly segments (out of the total 90), he said.  Bijapur, Sukma, ..

Prime Minister Narendra Modi, PM Modi

India's Sarabjot Singh and Divya TS settled for a silver medal in the 10m air pistol mixed team event, losing the finals to Chinese pair at the Asian Games here on Saturday.
The final score read 16-14 in favour of Chinese shooters Zhang Bowen and Jiang Ranxin in the shoot-off for gold.
India thus have won 19 medals in shooting, including 6 gold, 8 silver and 5 bronze, from the continental Games.
Sarabjot had shot 291, while Divya scored 286 to aggregate 577 and finish ahead of China (576) in the qualification round.
But in the shoot-off for gold, the Chinese pair turned the tables on the Indians, emerging winners after trailing the Indian duo for much of the finals.

India's Sarabjot and Divya win silver in Mixed Team 10m air pistol event. Photo: SAI

Asian Games 2023

To do so, we must strengthen our law enforcement agencies, enhance international cooperation, and enact stringent measures to combat illicit trade at its roots," he said

Union Minister Anurag Thakur

"Our theme: One Earth, One Family, One Future is represented so well today before us culturally," the EAM said

Jaishankar, EAM Jaishankar

The NSS Awards, instituted by the Union Ministry of Youth Affairs and Sports, are presented every year to the NSS Volunteers, Programme Officers, NSS Units and the Universities/+2 Councils

Murmu presents National Service Scheme awards

McLeod Russel India Tea

NCLAT allows withdrawal of CIRP for McLeod Russel India, says IRP

Amid takeover offer, McLeod Russel pins hopes on debt recast plan

M K Shah Exports approaches McLeod Russel India lenders with counter offer

McLeod Russel India lenders likely to discuss Carbon Resources proposal

Takeover scare for McLeod Russel as Carbon Resources picks up over 5% stake

Tea firm McLeod Russel expects final debt restructuring plan in few months

McLeod Russel defaults at Rs 1,187 cr; to sell tea estates to pare debt

Is sheer size the biggest hurdle in the NCLT route for McLeod Russel?

Assam Company high on valuation of McLeod Russel's tea gardens

Tea stocks extend rally; Goodricke Group, Warren Tea up over 50% in a month

McLeod Russel, Jay Shree Tea hit 52-week high; Harrisons Malayalam up 20%