Business News

Gitanjali Gems has been the biggest buzzer in today's trade and is up over 20%. The company has approved a buyback at Rs 120 per share.
Commenting on the same, GK Nair, Director-Finance, Gitanjali Gems, said the time when the board meeting took place, the company’s stock price was Rs 40-45, and based on some working from the Securities and Exchange Board of India, the Rs 120 per share price as well as the quantum was fixed.
He said the company’s growth would be muted in the March quarter: FY10 is likely to see reasonable growth, Nair added.

Kishore Biyani-owned Pantaloon Retail is learnt to be looking at raising up to Rs 1,550 crore. Sources say it will also be spilt up into three separate entities. Pantaloon Retail will now be called Future Markets and Consumer Groups Limited. This comes as a part of the restructuring exercise that Biyani has undertaken to unlock the value of his various businesses.
The company board has approved raising Rs 300 crore via preferential allotment. CNBC-TV18 first reported this a month ago. Sources say Kishore Biyani's fund raising plans go beyond this. Private equity players will infuse 500 crore in four different subsidiaries of the flagship company. They will get a little less than 26% in the company in return.
The company also plans to raise an additional Rs 750 crore for the retail business.Sources say business will be split between FMCG Limited and two new entities, Future Fashion and Consumer Enterprise