Today, when you check into a hotel, be sure to expect more than just a helpful bell-boy and a smiling concierge. As it is, the category of business travellers has been growing at a healthy clip. However, the rise of low-cost airlines and the 2010 Commonwealth Games in New Delhi has now given the entire travelling space a shot in the arm.
Most large American companies earn more than 50 per cent of their revenue from markets outside the US and will be affected by the proposed tax reforms. Business groups in the US had assailed the proposal, arguing it would subject them to far higher taxes than their foreign competitors must pay and ultimately endanger US jobs. Global companies that earn profits in India are subject to a tax rate of 33.9 per cent and the impact of the proposed reforms on them would be marginal.
Among the minority who are relieved at the rising heat are consumer durables' companies and retailers. Air conditioner (AC) sales are picking up in anticipation of a hot summer.
"Other than the induction of the new board members, Tech Mahindra will have discussions with the management to articulate the growth of the company, strengthen the governance part and also focus on cash-flow issues. The current management members, including CEO A S Murty, will continue for some time," said a source close to the development. Tech Mahindra members are also expected to take stock of operations at Satyam.
With the start of general elections as a source of revenue Bharti Airtel's direct-to-home arm is ready to launch its mobile DTH units for cars.
Nearly 80 per cent of the buyers opting for the more expensive variants instead of the base-level car which is priced at Rs 1.23 lakh (ex showroom, Delhi). The trend is based on responses from dealers and banks that took bookings in Delhi, Mumbai, Pune, Bangalore, Chandigarh and Kolkata on Thursday. The Nano CX costs Rs 1.48 lakh and the top-end LX Rs 1.72 lakh.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
While a company spokesperson said Bharti would either dilute its stake or exit the venture, the fund house is trying to rope in a bank to strengthen its distribution network. In addition, an asset management venture is seen to have closer links with banks, which are looking to offer a wide range of financial products.
The aggression shown by corporate houses till not a long ago has given way for consolidation in the backdrop of current economic downturn and the companies in the next fiscal, beginning tomorrow, would need to focus on growing their core businesses and conserving the resources, global consultancy firm PwC executive director Sanjeev Krishnan told PTI.
The bidders had started sending teams from departments like human resources, finance and legal, who were holding discussions with their counterparts at Satyam, the sources added. The Satyam stock was up 4 per cent at Rs 42.20 on BSE. It had dropped a little over 10 per cent in the past month. "Between this week and next week, there will be several meetings between various bidders and company officials," confirmed Satyam's Hari Tallapalli.
The Mumbai-based company will take on Hero Honda, Bajaj Auto and HMSI and will have models in the 100cc, 125cc and 150cc mobike segments, and also in the ungeared low and high-powered scooter segments. Hero Honda has a 60 per cent share of the motorcycle segment, while HMSI commands a 58 per cent of the scooter market. Anand Mahindra said: "Our two-wheeler project is complete; we have already begun marketing the fleet in Bangalore."
The news of global IT giant IBM buying Sun Microsystems has been doing the rounds for years. So, despite the Wall Street Journal reporting that an approximately $6.5 billion buyout is imminent, analysts remain sceptical.
On February 18, CEO Kunal Das Gupta had put in his papers. Company sources say around a dozen senior executives also resigned with Almeida on Thursday. Based on viewership ratings, Sony TV is currently a distant fourth in the rankings of entertainment channels, behind Star Plus, Colors, and Zee TV.
Though end-of-season sale is common in the first week of February, what is interesting this time around is the quantum and timing of the offers. Retailers are giving away 20-25 per cent additional discounts, compared to the last year. Also, they began giving discounts at least three weeks before the ususal timing.
Punjab National Bank Chairman and Managing Director K C Chakraborty has emerged as the frontrunner for the post of the fourth deputy governor of the Reserve Bank of India (RBI).
The disclosure comes within days after Kishore Biyani-owned Pantaloon Retail said that same store sales in December dropped for the first time in four years. Analysts were more surprised at the drop in value retailing, which indicated that value retailers were not benefiting from downtrading.
Ranbaxy's investment in the six-year-old joint venture for the 50 per cent stake is estimated at Rs 30.5 crore (Rs 305 million). Industry sources said the deal was unlikely to impact Ranbaxy's financials as revenues and investment in the joint venture was not significant. Sources said revenues from NPI were only $25 million in 2007 through the sale of four generic products.
The Mumbai police, along with a group of enthusiastic citizens including Mumbai Sheriff Indu Shani, combed commercial complexes, malls, office buildings and residential premises in south and south-central Mumbai to identify and get rid of unsecured Wi-Fi connections in the city, following terrorist attacks last year.Terror mails were sent via unsecured Wi-Fi connections before the Delhi and Ahmedabad serial blasts also.
Anil Ambani-promoted Reliance Power is likely to announce the financial closure of its 3,960-Mw Sasan ultra mega power project (UMPP) in a few weeks.
In addition to that, an increasing number of airlines like SpiceJet, national carrier Air India and GoAir are either getting into hedging of aviation turbine fuel or increasing the quantum of ATF hedged on the MCX. Last month, state-run Indian Oil Corporation approached MCX to provide it with a platform to hedge its refinery margins and end products from crude oil.
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