Things have changed dramatically since Idea Cellular Ltd and Vodafone India Ltd announced the terms of their proposed merger in March this year. Back then, based on earnings for 2016, the combined entity had a net debt to Ebitda ratio of 4.4 times. This has now risen to 8.5 times, based on annualized earnings for the September quarter. Ebitda stands for earnings before interest, tax, depreciation and amortization.

For one, this is far higher than the maximum leverage ratio the two companies envisaged when they agreed on merger terms. Both companies are to ensure that at the closing of the merger, its leverage ratio isn’t higher than an agreed upon “maximum closing leverage ratio” (MCLR).

Renowned luxury car maker Mercedes-Benz recently inaugurated its 12th workshop in Mumbai. With this, the brand now has the largest network of after sales outlets in the city among luxury car manufacturers. The latest service centre by Mercedes-Benz goes by the name Shaman Wheels and is situated in Goregaon near HUB mall. The said outlet is spread across an area of 20,000 sq. ft. The inauguration of the new facility has been done by Santosh Iyer, who is the Vice President of after sales, retail training and YPC along with Joachim Heer, Market Manager, After Sales, Sales Management and MPC overseas at Mercedes-Benz.

Mukesh Ambani family is the richest in Asia as its net worth rose $19 billion to $44.8 billion, toppling the Lees of the Samsung empire, to claim the numero uno position, Forbes said.

Despite dropping to the second spot, Korea's Lee family still saw its wealth soar by $11.2 billion to $40.8 billion this year as shares of Samsung Electronics moved up 75 per cent over the past year.

Yogi Adityanath-led BJP government in Uttar Pradesh has requested the Information and Broadcasting Ministry to defer release of controversial Bollywood movie Padmavati on December 1 as it could vitiate the law and order situation in the state due to result declaration of local bodies polls and Barawafat.

In a letter to the I & B Ministry and a copy to the CBFC, the Principal Secretary Home Arvind Kumar said that intelligence reports suggest that public anger was brewing over the distorted historical facts shown in the movie. “A few organization have already threatened to oppose the release of the film which may vitiate the law and order situation in the state,” pointed Kumar.

Infosys hit an over two-month high of Rs 982, up 3% on the BSE in intra-day trade on the back of heavy volumes.

The stock of IT consulting & software Company is trading at its highest level since August 21, 2017, up 14% from its 52-week low of Rs 862, touched on August 22, in intra-day trade. Thus far in the month of November, Infosys outperformed the market by gaining 6.5% against 0.54% decline in the S&P BSE Sensex.

New Delhi: The government may not infuse about Rs21,000 crore in the promised equity into Air India Ltd once the state-owned airline is privatised, a top official said.

Air India was promised Rs50,000 crore in equity infusion until 2032 by the previous United Progressive Alliance government in 2012 to bail out the airline weighed down by accumulated losses and debt.

Shares of lenders to Anil Ambani-controlled Reliance Group (ADAG) declined on Wednesday as group companies witnessed selloff amid concerns over default in interest payment by Reliance Communications (RCom), the group’s telecom unit. Among the lenders who have an exposure to RCom, the stock of Corporation Bank declined the most with a fall of close to 7%. It was followed by Dena Bank (down 3%), IDBI Bank (down 2.3%). Although the shares of Bank of Baroda ended the session in green, the stock had lost nearly 3% of its value during the day. Other lenders including State Bank of India, Punjab National Bank, Canara Bank, Bank of Maharashtra and IFCI also slid over 2% each during intra-day trade.

Sensex and Nifty recoiled a little and opened marginally higher on Thursday after yesterday’s slump. BSE Sensex gained 69.38 points to open at 32,829.82 points while NSE Nifty added 34.85 points to start at 10,152.9. Meanwhile, most of the Asian markets firmed on Thursday. Within minutes of trading, the benchmark Sensex jumped 163.8 points to hit the day’s high at 32,924.24 while the broader Nifty advanced 50.85 to mark a day’s high at 10,168.9. The shares of RIL and Airtel were among the top gainers on Sensex.

MUMBAI: The Securities and Exchange Board of India has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings Limited (UBHL).

The regulator said UBHL has defaulted on the payment of a penalty imposed by it in 2015. It has directed banks, depositories and mutual funds not to allow any debit in their accounts. However, credits have been allowed. Sebi had imposed a penalty of Rs 15 lakh in 2015 for disclosure lapses by United Breweries Holdings.

While Delhi choked on toxic smog in the past two winters, the AAP government sat on a fund of Rs 787 crore generated as environment compensation charge (ECC) since it came to power in 2015, an RTI query has revealed. The fund was meant to improve transport infrastructure and cut down on pollution in the city. However, the government has till date spent only 0.11% (Rs 93 lakh) of the total amount.

The RTI response came on day when Delhi Chief Minister Arvind Kejriwal met his Haryana counterpart ML Khattar in Chandigarh to discuss measures to cut down on toxic air pollution levels by curbing crop stubble burning.

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