Pantaloon Retail's total debt will come down to around Rs 2,000 crore-Rs 2,500 crore by the end of June quarter post the completion of transactions including the sale of insurance business and demerger of fashion subsidiary, said a executive with the
Shares of Pantaloon Retail, the largest retailer, and construction major L&T declined in the morning trade after the annoncement that L&T General Insurance will be merged with Future Generali Insurance.
Pantaloon Retail (India) is trading higher by almost 3% at Rs 150 in early morning deals after the Future Group Company said that it has sold its partial stake in the general insurance business of Future Generali.
Pantaloon Retail would sell 22.5 per cent of its stake in Future Generali India Life Insurance to Industrial Investment Trust Limited (IITL) for about Rs 300 crore. Currently, Pantaloon Retail holds 25.5 per cent stake in the insurance company.
It's been a tough ride but Kishore Biyani's Pantaloon Retail could be on the mend. For starters, the December quarter numbers suggest that the company's core retail business is showing double-digit growth after several quarters of anaemic growth.
Pantaloon Retail, the country's largest retailer, recorded a standalone loss of Rs 20.4 crore for the quarter ended December, owing to provisioning of Rs 15.5 crore for losses in a few recent investments.
Pantaloon Retail (India) has surged 9% to Rs 265 after the Reserve Bank of India (RBI) allowed foreign institutional investors (FIIs), Non Resident Indian (NRIs) and Persons of Indian Origins (PIOs) to buy shares in the company.
Capital markets regulator Securities and Exchange Board of India (Sebi) has agreed to settle a case related to Pantaloon Retail (India) Limited failing to redress investor grievances after the company agreed to pay Rs 7.5 lakh towards settlement charges
Shares of retail players such as Pantaloon Retail, Trent, Shoppers Stop, CESC and Provouge (India) are trading firm in noon deals ahead of voting on FDI (foreign direct investment) in retail sector in Rajya Sabha later today.
Kishore Biyani, the group chief executive of Future Group, says he will focus on profitable growth, free cashflows and EBITDA to debt not more than three times in his "second innings as entrepreneur", after he sold majority stake in Pantaloons
His rivals and analysts may not agree, but Future group Founder and CEO Kishore Biyani insists that his mall concept, Central and discount chain Brand Factory, have become “the largest department store network&" in the country.
Pantaloon Retail’s stock had gained 6.5 per cent in November till the announcement of its September results on Friday (post market hours) in anticipation of no negative surprises amid already low expectations.
Pantaloon Retail’s stock has gained 6.5% in November till the announcement of its September 2012 results on Friday (post market hours) in anticipation of no negative surprises amid already low expectations.
Pantaloon Retail (India) is trading higher by 5% to Rs 203 on reports that L&T Finance Holdings is close to buying out the company’s stake in the general insurance joint venture (JV) Future Generali India Insurance Company.
The stocks of retailers, as well as direct-to-home (DTH) and multi-system operators (MSOs) in television, reacted positively to the government’s decision on foreign direct investment (FDI) in these sectors.