The Tata group is strengthening the management super-structure within its group companies by extending the post of vice-chairman to three more companies - Tata Motors, Tata Steel and Tata Consultancy Services.
Sunil Mittal's plan to merge his Bharti Airtel - India's biggest mobile-phone operator -with South Africa's MTN, coupled with the company's 3G foray, is likely to put pressure on its balance sheet, as the estimated cash requirement would be Rs 40,475 crore (Rs 404.75 billion) in this fiscal.
Some of these are regional players, like K Raheja Corporation (Mumbai), Salgaonkar (Goa), Viceroy Hotels (Hyderabad) and Panchshil Realty (Pune). The hospitality major currently has six properties in Mumbai, Goa, Hyderabad and Chennai and operates through five different brands, including Marriott, JW Marriott, Courtyard, Renaissance and Marriott Executive Apartments.
To jointly manufacture complex and powerful engines soon.
Production of the 125 cc motorcycle has started in an assembly plant in China, putting the country's second-largest maker a step ahead of competitor Hero Honda, which is also working on a motorcycle reportedly between the Rs 17,000 and Rs 20,000 price point.
The bench consisting of acting Chief Justice of Madras High Court S J Mukhopadhyaya and Justice Ibrahim Kalifula on Monday set aside the earlier order according to which TVS Motors was restrained from using the twin spark technology, which was patented by Pune-based, India's second largest two wheeler manufacturer Bajaj Auto.
Battered by the recent economic downturn, the Indian automobile industry is looking up to the newly elected government to implement some key measures to kickstart car sales. Top on their wish-list is ensuring availability of auto loans at lower rates of interest, continuation of some of the sops announced earlier in a stimulus package and a reduction in taxes.
The deadlock between Mahindra & Mahindra and over 4,400 workers at the company's Nashik plant hardened on Friday, with the union saying it was appointing a lawyer to appeal to the Bombay High Court against an industrial court-imposed 48-hour deadline for workers to return to work. The deadline ended today.
For the first time in more than 25 years, Japans Kawasaki Heavy Industries will introduce a high-powered motorcycle in the Indian market with the help of its Indian partner and long-time collaborator, Bajaj Auto.
A company executive, who did not want to be identified, said the combined debt of RIL and its subsidiary, Reliance Petroleum, which is being merged with it, would be brought down to around Rs 57,000 crore this year from Rs 72,000 crore at present.
The company's Nashik plant, where the Xylo is made, has been paralysed for the past five working days due to an intense labour strike. Although M&M had to ramp up Xylo's production to more than what was projected, it has been falling short of the demand.
It will also close 30 unviable stores. The company's move comes after its net loss widened to Rs 141.2 crore in the March-ended quarter, owing to mounting losses in apparels. The loss was Rs 82.2 crore in the apparel business, against a loss of Rs 4.44 crore in the corresponding quarter of the previous financial year.
Even after people rushed to various centres to book the Nano on Saturday, the last official day for doing so, dealers undertook bookings on Sunday and Monday, breaching the time-line set by Tata Motors.
EGF, managed by the Capital Group, bought 16.13 million shares, or a 1.02 per cent stake, in RIL from the open market in the March-ended quarter. When share prices were down in the fourth quarter, Life Insurance Corporation added 2.4 million shares of RIL to its kitty, taking its stake to 5.52 per cent. The purchase would have cost LIC over Rs 250 crore. LIC had also bought over six million shares of RIL in the third quarter, at an investment of around Rs 800 crore.
Loses less to Hero Honda than Bajaj.
The takeover battle for United States copper miner Asarco continues to rage, as its estranged parent Grupo Mexico has offered $1.3 billion to counter Sterlite Industries' offer for the second time.
"The price quoted by L&T (Rs 45.90) in the financial bid is fairly decent, compared with the share price of Satyam in the last three months. The team of (L&T chairman) A M Naik never expected that anybody could quote 10 per cent above their price, as there was no clarity on Satyam's liabilities. Even if somebody had quoted less than 10 per cent of what L&T quoted, the company could have raised the bid in the open bidding round," said a source in L&T.
Indian hoteliers and consulting organisations fear that worst is yet to come, as many international companies ranging from large corporate houses to medium-sized firms look to cut back on travel.
A company executive said unlike India, the price of petrol changed on a daily basis in the US. "In India, we don't have a level playing field, since the government gives public sector oil marketing companies subsidies. Since the RIL refineries operate on better refining margins, we could earn more revenue from free markets," he said. "We have better understanding beyond a theoretical knowledge about the US and European markets after our long experience in these markets."
Mitsubishi Motor Corporation's plan to produce a volume-generating compact car from India has been indefinitely deferred for lack of funds and sliding demand.
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