Asha Jhaveri of Mumbai's Swati Snacks no more. A look at the iconic eatery
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India.com
23 minutes ago
- India.com
How did Anil Ambani's telecom company go bankrupt, once used to challenge Airtel, Idea, launched Rs 500 phone to....
Anil Ambani (File) Several companies of Anil Ambani were raided by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA), leading to several stories about Anil Ambani's legacy. Anil Ambani's Reliance Infocomm, later rebranded as Reliance Communications (RCom)—once stood as the telecom flagship of the Reliance empire. In the beginning, Reliance Communications (RCom) embodied disruptive growth with slashing call rates, bundled handsets, and rapid expansion into India's underserved markets. However, within a decade, Anil Ambani's spiraled from market leader to bankruptcy. How did Reliance Infocomm grew so big? Launched in the early 2000s, Reliance Infocomm rapidly grew under Anil Ambani's leadership after the 2005 split of Reliance Industries. The company pioneered CDMA services in India with the 'Monsoon Hungama' campaign, making mobile telephony accessible to lower-income segments. Riding high on investor enthusiasm, RCom's IPO in 2006 was oversubscribed dozens of times, allowing it to build one of the country's largest telecom networks. Notably, Reliance Infocomm revolutionized the telecom market by offering CDMA mobile phones for Rs 501 under the 'Monsoon Hungama' plan in 2003, giving a tough competition to Idea and Bharti Airtel. How did Reliance Communications' downfall come? Reliance Communications' downfall was driven by poor strategic choices, including sticking too long with outdated CDMA technology and entering the GSM space late. The launch of Reliance Jio by Mukesh Ambani worsened its decline. Mounting debt, failed deals, and rising losses led RCom to file for bankruptcy in 2019, marking the collapse of what was once a telecom giant. Anil Ambani's Reliance Group announces Rs 18000 crore investment plan Anil Ambani's Reliance Group will focus on defence, power and clean energy sectors to chart the next phase of growth that will train resources on innovation and value creation, it said on Sunday. Just as financial crime-fighting agency, Enforcement Directorate concluded searches at locations linked to the group as part of an investigation into alleged money laundering and siphoning of public funds, over 100 top leaders from its two listed firms — Reliance Infrastructure and Reliance Power — convened in Mumbai on Sunday to reaffirm their commitment to its ambitious growth roadmap. (With inputs from agencies)
India.com
a day ago
- India.com
Months after Ratan Tata's death, Tata Group makes big move, acquires 117-year-old company for Rs 24000000000; big worry for Mukesh Ambani due to...
(File) In a major move to further strengthen its grip on the luxury jewelry sector, Titan, the watchmaking and fashion products arm of the Titan Group, has acquired a controlling stake in Dubai-based jewellery brand Damas LLC (UAE). According to the details, Titan Holdings International FZCO has acquired a 67% stake in the 117-year-old brand from Mannai Corporation QPSC. How much Titan paid for the company? As per reports, Tata Group-owned Titan acquired Damas Jewellery for 1,038 million dirhams (about Rs 2,357.25 crore), one of the reasons behind the high-priced deal being the global popularity of the Dubai-based brand. Founded in 1907, Damas Jewellery, is a highly-popular jewelry brand in Middle Eastern countries like Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The brand has 146 stores across the Middle East, and is known for its high-quality gems and jewelry, as well as impeccable craftsmanship. Why Tata Group's deal is a concern for Mukesh Ambani-led Reliance? The Tata Group's landmark deal is expected to bolster its already popular designer jewelry brand Tanishq, which is already launched in several countries outside India, including Middle East and the United States. Titan is looking to build upon the success of Tanishq, and acquire a major share in the global jewellery market, and the Damas acquisition is giant step in that direction. Additionally, the deal could potentially catapult Titan far ahead of its competitors in India, including Mukesh Ambani-owned Reliance Gold, Malabar Gold and Kalyan Jewelers,
Economic Times
3 days ago
- Economic Times
LIC's Rs 15 lakh crore portfolio shakeup: Defence stocks in, retail darlings Suzlon, Vedanta out
Life Insurance Corporation of India (LIC), India's largest domestic institutional investor, controlling a staggering Rs 15.5 lakh crore equity portfolio, has pared stakes in 81 companies during the June quarter while strategically adding four PSU defence stocks. ADVERTISEMENT LIC has reduced positions in popular retail favorites, including Suzlon Energy, Reliance Power, and Vedanta - stocks that have been darlings of small investors despite their volatile performance. The insurance giant's current portfolio now spans 277 stocks, as shown by data collated from ACE Equity. LIC's most notable new additions reveal a clear defence sector bet, with the PSU insurer taking fresh stakes in Mazagon Dock Shipbuilders (3.27% holding worth Rs 3,857 crore), while increasing positions in established defence names. The insurer boosted its stake in Cochin Shipyard by 13 basis points to 3.05%, Bharat Electronics by 10 basis points to 1.99%, and Hindustan Aeronautics Limited (HAL) by 5 basis points to 2.77%. Defence stocks have been in focus for most of 2025 amid geopolitical tensions in various parts of the world, India's increased defence spending after Operation Sindoor, the government's indigenisation focus, and NATO's defence spending the last six months, the Nifty India Defence index is up 34% with PSU shipbuilder GRSE shares leading the rally with 71% returns. ADVERTISEMENT Also Read | Mutual funds cut Rs 1,700 crore exposure in 9 defence stocks. Too expensive to buy or smart exit? Beyond defence, LIC significantly ramped up exposure to technology and financial services. The insurer increased its Infosys stake by 43 basis points to 10.88% (now worth Rs 63,400 crore), while adding 48 basis points to HCL Technologies, bringing its holding to 5.31% valued at Rs 21,900 crore. ADVERTISEMENT In a bold move, LIC boosted its Jio Financial Services position by 55 basis points to 6.68%, signaling confidence in Mukesh Ambani's financial services venture. The insurer also increased Tata Motors' exposure by 74 basis points to 3.89%, betting on the automotive giant's electric vehicle transition. LIC's banking portfolio witnessed selective repositioning, with the insurer reducing heavyweight positions while backing select PSU banks. HDFC Bank saw a 30 basis point reduction to 5.45%, while ICICI Bank was trimmed by 42 basis points to 6.38%. ADVERTISEMENT However, Bank of Baroda benefited from a 61 basis point increase to 7.51%, while Canara Bank received a 13 basis point boost to 5.85%, indicating LIC's preference for PSU banking exposure. Also Read | The great Adani bet: Mutual funds & LIC are buying what GQG, FIIs are selling ADVERTISEMENT The most dramatic moves came in LIC's booking profits in some of the favorites of retail investors. Reliance Power, a multibagger stock beloved by small investors, saw its LIC holding reduced by 13 basis points to 2.43%. Vedanta faced a 21 basis point cut to 6.69%, while Suzlon Energy saw a 1 basis point MotoCorp witnessed the largest single reduction, with LIC slashing its stake by 531 basis points to 6.53%. Other reductions were Navin Fluroine, Divi's Labs, Marico, Apollo Hospitals, Eicher Motors, JSW Energy, Kotak Mahindra Bank, Bharti Airtel, and SBI. LIC's largest holding remains Reliance Industries (RIL) at Rs 1.3 lakh crore (6.93% stake), which saw a 19 basis point increase, reaffirming the insurer's faith in India's largest conglomerate. ITC retained its position as the second-largest holding at Rs 82,200 crore (15.8% stake) with a 28 basis point top 10 holdings account for over Rs 6 lakh crore of LIC's portfolio, with HDFC Bank (Rs 68,600 crore), State Bank of India (Rs 66,300 crore), and Larsen & Toubro (Rs 64,100 crore) completing the largest individual stock moves, LIC's portfolio reshuffle reveals clear sectoral preferences. The insurer added positions in renewable energy through IREDA (2.21% fresh stake), infrastructure via increased RVNL exposure (22 basis points to 6.06%), and consumer goods through Patanjali Foods (148 basis points increase to 9.14%).With equity markets at record highs, the insurer's selective approach suggests a more cautious stance on valuations while maintaining exposure to long-term India growth themes. (Data: Ritesh Presswala) (You can now subscribe to our ETMarkets WhatsApp channel)
