Has Chennai Express REALLY broken 3 Idiots' BO record?

Is Shah Rukh Khan-starrer Chennai Express the biggest hit of all time? Has it really beaten Aamir Khan's 3 Idiots, which has been the record-holder till date?

All sorts of box office figures have been thrown about, so we decided to investigate the matter.

Some trade analysts claim the 3 Idiots record of Rs 202.46 crores has been broken, while others say Chennai Express touched the Rs 200 crore mark only on August 28.

“Chennai Express has managed to collect Rs 201.15 crores till August 28. That's just a crore short of the record held by 3 Idiots," says trade analyst Amul Mohan. “It’s just a matter of time before the film becomes the new benchmark.”

The Chennai Express team, meanwhile, claimed the film had broken the 3 Idiots record on August 24 itself.

Shah Rukh Khan, in a tweet, called Chennai Express the number one film in the history of Hindi movies, while trade analyst Taran Adarsh tweeted that Chennai Express headed the list of the biggest grossers in Hindi cinema.

According to Adarsh, Chennai Express raked in Rs 216.86 crores till August 28.

While discussing the box office figures of the two films, it's useful to keep in mind that while Chennai Express released in more than 3,500 screens in India and charged higher ticket prices, 3 Idiots released in approximately 1,800 screens, nearly half the number of the former.

Bhaag Milka Bhaag, Ashiqi 2,

Joginder Tuteja in Mumbai

Though 2013 has seen quite a few films failing at the box office so far, there have also been films that took everybody by surprise by performing well at the box office even when the odds were stacked against them. 

While some anticipated hits like Yeh Jawaani Hai Deewani, Race 2, Special 26 and Shootout at Wadala met expectations, several underdogs did exceedingly well too.

Here's a look at the biggest surprises of the year so far!

Bhaag Milkha Bhaag

Cast: Farhan Akhtar, Sonam Kapoor, Prakash Raj, Pawan Malhotra
Director: Rakeysh Omprakash Mehra
Box office collections (approximately): Rs 100 crore-plus

The film didn't really create any buzz when it was announced. However, its teaser did the trick when it was released more than six months ago. 

Catching up steadily at the box office, Bhaag Milkha Bhaag has proved the prediction that a Rakeysh Mehra-Farhan Akhtar film would open well. 

Uniformly good reviews, positive word-of-mouth and lack of major competition ensured that the biopic continued to run for an eventual 100-crore dash, a figure that no one expected from it to begin with.

Image: Farhan Akhtar in Bhaag Milkha Bhaag

Cast: Aditya Roy Kapur, Shraddha Kapoor, Shaad Randhawa
Director: Mohit Suri
Box office collections (approximately): Rs 80 crore

Nobody saw this one coming.

All everybody expected from this romance drama starring two relative newcomers was that it would just about break even.

However, this Mohit Suri film went on to attain blockbuster success.

Image: Aditya Roy Kapur and Shraddha Kapoor in Aashiqui 2

Cast: Sonam Kapoor, Dhanush, Abhay Deol
Director: Aanand L Rai
Box office collections (approximately): Rs 60 crore-plus

Despite director Aanand L Rai's last hit Tanu Weds Manu, not many people were willing to give his new film a chance, mostly because of the unusual lead pair. 

Tamil star Dhanush was a debutante in Bollywood while Sonam had some high profile flops behind her. 

But Rai swung things in his favour. Excellent promotion strategy and marketing (by Eros) helped a great deal too. 

The film made twice the amount of money it was expected to rake in.

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Mukesh Ambani sets up Reliance Industries Holding to park personal investments: Sources

21st March 2012,Wednesday

India's richest man and Chairman of Reliance Industries, Mukesh Ambani has embarked on a massive restructuring of his personal investments worth billions of dollars by setting up a holding company called Reliance Industries Holding Pvt Ltd. The idea is to reduce cross holdings and streamline the portfolio of Mr Ambani, a source close to the development said.

Mukesh Ambani has invested in a gas pipeline company Reliance Gas and Transportation Ltd, a Jamnagar-based power company Reliance Utilities and in Reliance Ports and Terminal Ltd which also handles handles crude import, petrochem exports needs of Reliance Industries Ltd.

All these companies, in turn, hold stake in various quoted and unquoted companies. As a first step, the investment division of Reliance Ports and Terminals Ltd will be hived off as a separate company. It will then be merged with Reliance Industries Holding Private Ltd. The source said a petition with the Gujarat high court has already been filed by Reliance Port and Terminals Ltd to demerge its investment division. The merger is effective from February 1 this year.

A similar exercise with Reliance Gas and Transportation Ltd and Reliance Utilities and Power Ltd is also expected in the coming months, the source said.

When contacted, a Reliance spokesperson declined to comment on the article saying all these companies are unlisted and private companies. Mukesh Ambani owns India's biggest private sector company Reliance Industries Ltd which is listed in the stock exchanges.

Apart from this, Mukesh Ambani has several companies which are owned 100 per cent by him. The source said the holding company will help synergise investments of all the companies and give tax breaks to the holding company on losses, if any.

What is interesting is that for the first time Reliance Port and Terminal Ltd has reported a Rs 12,300 crore impairment in its investment portfolio. The source said these losses are notional and before merging the investment division with the holding company, Ambani has decided to write the losses off. The losses have been made due to investments made in various listed and unlisted stocks, the source said. The RPTL's investment portfolio, worth Rs 10,200 crore after the write off, will be merged with the holding company, the source said.

ONGC to invest Rs 200 crore for exploration projects in Bihar

21st March 2012,Wednesday

The Oil and Natural Gas Corporation (ONGC) will invest Rs 200 crore in two projects of oil and gas exploration in Bihar's Kishanganj district over the next three years.

This was announced by ONGC's Chief Engineer and Land Acquisition Officer D P Vishwas here today.

The company was finalizing an agreement to take six acres of land on lease in Gargaoin panchayat under Kochadhaman block and Korat Bangama panchayat under Bahadurganj block for the projects, he said.

The drilling for up to five km will be carried out from April to explore oil and natural gas resources in the identified areas, the ONGC official said, adding that the construction of roads upto drilling sites has commenced.

Tech Mahindra, Mahindra Satyam boards approve merger at swap ratio of 2:17

21st March 2012,Wednesday

The boards of Satyam Computer Services Ltd andTech Mahindra Ltd, IT services providers of the Mahindra group, approved the merger of two companies, according to TV reports. The exchange ratio for the merger was pegged at 2:17 ratio i.e. 2 shares of Tech Mahindra will be given for 17 shares of Mahindra Satyam. After merger 204 million equities will be transferred to trust.

Shareholders will get one share of Tech Mahindra for 8.5 shares of Satyam, the companies said.

The merger will result in combined revenue of about $2.4 billion and more than 350 clients across different geographies and industrial sectors, Tech Mahindra said in a statement on Wednesday after a board meeting to approve the merger.

The move ends a tumultuous journey for Satyam, which had come on the brink of collapse after its former chairman and founder Ramalinga Raju said in January 2009 that profits had been overstated and assets falsified in the country's biggest accounting fraud.

The merger between technology outsourcing firmsMahindra Satyam and Tech Mahindra will lead to the constitution of a new management structure to guide the combined entity, two sources close to the development told ET.

CP Gurnani, who has been credited largely for Satyam's profitability post the takeover by Tech Mahindra will continue to lead the amalgamated firm as its chief executive officer. Vineet Nayyar, who mentored the top leadership through transition as Chairman, will assume a non-executive role once the company stabilizes, absolving himself of overlooking the day to day operations of the company. Sanjay Anand, a Tech Mahindra strong hand will be chief financial officer.

Employees will be permitted to shift across verticals and services after a minimum service period of 18 to 24 months.

Mahindra Satyam is likely to hire a firm to advise the combined entity on operational issues and matters pertaining to strategy and human resources.

Shares of Tech Mahindra surged over 3% on Wednesday. At 10:15 a.m., shares of Tech Mahindra Ltd were trading 3.5% higher at Rs 671.05. The stock has hit a high of Rs 680 and a low of Rs 649.40.

Commenting on the merger Anand G Mahindra, Chairman, Tech Mahindra said "This merger will help propel the combined entity into the top tier of Indian software and services companies, achieving the group's key objective of being in a leadership role in each of our focus business areas."

Kingfisher Airlines to stop all international flights by April 10

20th March 2012,Tuesday

Vijay Mallya led cash-starved Kingfisher Airlines will shut all international operations by April 10 2012. The last flight under its international operations' division, on April 10 will be a Delhi-Heathrow one.

Flights to Dubai, Colombo, Kathmandu, Bangkok will stop operating by Sunday, March 25, 2012. The ailing airline has already shut shop for its Hong Kong and Singapore divisions. A mail sent by ET Now to Kingfisher Airlines has not yet revealed any response. However, the Airline had in the past expressed the intention of curtailing its international operations.

On the other hand talks between the pilots and the management of Kingfisher Airlines are said to have been inconclusive. According to ET Now sources, the management seems to have indicated that employees would be given a one month salary once the Income Tax (I-T) department de-freezes its accounts. However, with employees demanding their three months pending salary, no solution seems to have been arrived at.

Meanwhile, Civil Aviation Minister Ajit Singh told reporters that the government may cancel Kingfisher Airlines' licence if safety norms and financial viability conditions are not met.

The carrier, which is now operating 18 planes, has failed to stick to its recovery plan, Singh said. Kingfisher Airlines, which has a debt of $1.3 billion, is facing collapse as banks have refused to lend more for day-to-day operations. Massive cutback in flights have reduced revenues, leaving the carrier with little cash to pay its employees, airports and tax authorities.

Shares of Kingfisher Airlines Ltd plunged to their 52-week low on Tuesday. Kingfisher shares dived over 11% percent to Rs 17.50 to its 52-week low in early trading on the National Stock Exchange. They had earlier recovered to Rs 18.9, down 5.9 per cent.

Kingfisher Chairman Vijay Mallya will meet aviation regulator on Tuesday or Wednesday to discuss the recovery plans, Singh said.