Need to Know | Shopper’s Stop shares soar despite sale denial

Need to Know | Shopper’s Stop shares soar despite sale denial
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First Published: Wed, Feb 20 2008. 01 19 AM IST
Updated: Wed, Feb 20 2008. 01 19 AM IST
Mumbai: Raheja Group-owned Shopper’s Stop Ltd chief executive B.S. Nagesh denied a report that appeared in ‘The Times of India’ that the company was up for sale or in talks with Reliance Retail and the Aditya Birla Group.
“These reports are absolutely baseless,” Nagesh said, adding, “there are no such plans from the Rahejas or from the company.” But, despite the denial, the company’s stock rose 20.01% on Tuesday, closing at Rs467.50 at the National Stock Exchange. Nagesh also denied the company’s around Rs500 crore rights issue had been dropped.
“It is also not true that our rights issue has been shelved. We are filing for a rights issue and it will be in the first half of the next fiscal year.”
The report had said that Shopper’s Stop, which runs 23 department stores, 50 Crossword book stores, a make-up store chain, a home accessories chain, a mother and child clothes chain and a hypermarket apart from cafes, could possibly sell out to Reliance Retail or Aditya Birla Group if they agreed on the valuation.
Nagesh also said, “I have not met anyone from Aditya Birla or Reliance Retail except at conferences. So, there is no base to these reports that we are talking to them.”
- Saumya Roy
Auction of IPL players being held today
New Delhi: India’s cricket authorities stand to earn between $26.4 million (Rs102.96 crore) and Rs156 crore from the auction of players contracted for the Twenty20 DLF Indian Premier League.
The auction will begin at a Mumbai hotel early Wednesday, and is expected to last 12 hours. The eight franchises, which together put up $723.69 million to get the teams, will now bid for the 89 contracted players.
Under IPL rules, a franchise must bid within a price band of $3.3 million to $5 million for the 16 players who’ll make up its team, named after a city.
“It makes sense,” says GMR Sports Pvt. Ltd chief executive Yogesh Shetty, whose company spent $84 million to win the New Delhi team, now named Delhi Daredevils. “The $5 million cap is to prevent someone with deep pockets to corner all the best players.”
Four Indian players—Sachin Tendulkar (Mumbai), Sourav Ganguly (Kolkata), Rahul Dravid (Bangalore) and Yuvraj Singh (Mohali)—have been declared “iconic”, meaning there will be no bidding for them. GMR has now requested that New Delhi batsman Virender Sehwag be declared “iconic” too.
- Staff Writer
Mumbai urban transport project in rail budget
New Delhi: The Railway Board is likely to include the second phase of the Mumbai Urban Transportation Project in the Railway Budget to be presented later this month.
The project, worth Rs4,500 crore, envisages construction of additional lines on the Mumbai suburban rail services, apart from procurement of around 1,000 additional coaches.
According to officials in the railways ministry who did not wish to be identified, the project is being supported by the railways, the Maharashtra government and the World Bank.
The railways and the state government will put in an equal share of around Rs2,000 crore while the World Bank will put up around Rs 500 crore.
“The project should be completed in four years,” said an official with the Railway Board who did not wish to be named.
- Staff Writer
Tata Motors to meet UK trade unions on 21 Feb
New Delhi: India’s largest truckmaker Tata Motors Ltd that is negotiating with Ford Motor Co. to buy its Jaguar and Land Rover marquees, will meet with trade union representing the employees of the two British brands. “We are looking to ensure security for the five plants in UK and get guarantees on pension,” said Roger Maddison, a spokesperson for Unite, the trade union that is involved in the negotations.
- Staff Writer
Freight earning revenue rises 12% in Apr-Jan
New Delhi:The railways has generated Rs3.8 trillion of revenue earnings from freight traffic during the first 10 months (April-January) of the current financial year 2007-08 compared with Rs3.4 trillion during the corresponding period last year, registering an increase of 12.34%. It carried 643.70 million tonnes (mt) of freight traffic during the 10 months compared with 593.67 mt carried in the corresponding period last year, reflecting an increase of 8.43%, a release said.
- Staff Writer
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First Published: Wed, Feb 20 2008. 01 19 AM IST