Business

October 23, 2024 1:07 PM

Tupperware cancels auction, agrees to lender takeover

Bankrupt Tupperware Brands agreed on Tuesday to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets. The food storage and kitchen products company announced the deal at a bankruptcy court hearing in Wilmington, Delaware. U.S. Bankruptcy Judge Brendan Shannon said he would quickly schedule a separate court hearing to consider approval of the sale, which was likely the best result given...

September 27, 2024 4:23 PM

Govt may save over Rs 60,000 crore on crude imports this fiscal: experts

The Indian government could potentially save up to Rs 60,000 crore on crude oil imports this fiscal year due to a decline in global crude prices, according to experts. The international market has seen a softening of crude prices, offering India an opportunity to reduce its import bill compared to the previous year. Estimates suggest that for every USD 1 per barrel drop in crude prices, India saves approximately Rs 13,000 crore annually on its import bill. The 2024 Economic Survey had forecaste...

June 2, 2024 4:05 PM

FPIs sold over Rs 25,000 Cr in Indian stocks in May, turning net sellers second month

The selling spree in Indian stock markets by foreign portfolio investors (FPIs) turned aggressive in May, standing at Rs 25,586 crore as the month ended. The consistent offloading of money from Indian stocks is partly attributable to a strong US dollar, sticky inflation particularly in the food segment, and poll outcome-related anxieties. However, in the past few sessions, they seemed to have slowed down on selling, expecting a strong performance in the indices. Both Nifty and Sensex also touc...