New Delhi:Bharti Enterprises Ltd will launch its much-touted retail operations with five convenience stores early April and will name it Bharti EasyDay, according to ‘The Financial Express’ newspaper citing unnamed sources.
A Bharti spokesperson told ‘Mint’ on Monday that the firm “will be announcing the brand name closer to the time of the launch”. Rasul Bailay
BEML, German firm in rail coach venture
New Delhi: State-run construction equipment maker BEML Ltd will start a venture with a German company this month to build rail coaches and equipment.
“We are in the final stages of discussion and we hope to conclude it by 31 March,” chairman and managing director V. R.S. Natarajan said on Monday. “We have investment targets and we will disclose it later.”
BEML, which makes earthmoving equipment such as bulldozers and hydraulic excavators, has benefited from India’s increased expenditure on construction. The Bangalore-based company also plans to build an assembly plant for earthmoving equipment in Brazil, Natarajan said.
Shares of BEML fell Rs15.05, or 1.33%, to Rs1,119.45 on the Bombay Stock Exchange on Monday. Bloomberg
Thomas Cook offer for 20% stake in Indian arm
Mumbai: UK-based Thomas Cook Group Plc. has made an open offer to the shareholders of Thomas Cook India Ltd (TCIL) for acquiring a 20% stake in the domestic travel firm for about Rs351 crore.
Thomas Cook UK has made an offer to acquire 32.79 million equity shares representing around 20.4% of the current voting capital of TCIL for Rs107 per share, TCIL said in a filing to the Bombay Stock Exchange (BSE). The offer would open on 22 April and would close on 12 May, it added.
Shares of the company rose Rs4.40, or 4.97%, to close at Rs92.90 on BSE. PTI
Gitanjali Gems buys two cos, to spend Rs45 crore
Mumbai: Gem and jewellery firm Gitanjali Gems Ltd said on Monday it has acquired two companies— Renaissance Retail Venture Pvt. Ltd and Trinity Watch Co. Pvt. Ltd—through its subsidiary, Gitanjali Lifestyle Ltd.
Gitanjali will spend Rs45 crore for the acquisitions and on further investments, chairman Mehul Choksi said. Renaissance Retail sells silver, gold, platinum and diamond studded jewellery through its retail stores, Gitanjali said in a statement. Trinity sells watches under its premium brand ‘Iris’ and also distributes several international watch brands under licence.
Gitanjali Gems shares fell Rs12.20, or 4.37%, to Rs266.85. Reuters
Persistent Systems defers its public offer
Mumbai: Software products development firm Persistent Systems Ltd said on Monday it has deferred its initial public offering of shares due to adverse market conditions in India and overseas.
The company had earlier filed its draft offer document with the stock markets regulator. Reuters
Maruti, Shriram tie up for rural car finance
New Delhi: Stepping up efforts to penetrate deeper into the semi urban and rural India, the country’s largest car maker Maruti Suzuki India Ltd (MSIL) on Monday inked a pact with Shriram City Union Finance Ltd with an initial allocation of Rs1,000 crore.