CLSA Says Yen Weakness Boosted Maruti’s Margin
On Thursday, CLSA stated that some factors, including enhancing margin outlook on Yen weakness's back and new launches, are very much likely to take Maruti Suzuki's shares up.
The group said that the shares might gain traction going forward. It is being believed that the weakness of 18% in Yen vs rupee since the second quarter has theoretically brought an improvement in Maruti's EBITDA margin.
Govt Calms Worries Related to Three New Dams on Brahmaputra
According to the revelations of a recent report, apprehensions regarding the three dams under development on the Brahmaputra by China have been decided to be relieved by the government.
It is being said by the government that the projects would have no impact on India since the water comes from Arunachal Pradesh in the river.
Delhi High Court Denies Interim Relief for MSD
Delhi High Court has denied an interim relief on a patent row to US pharmaceuticals major Merck Sharp and Dohme (MSD). If granted, this would have restricted Indian firm Glenmark Pharmaceuticals on manufacturing and marketing anti-diabetes drugs Zita and Zita-Met.
According to the sources, a strip of seven tablets of Januvia (50 mg and 100 mg) costs Rs 300 while Glenmark's version costs approximately at a price which is 30% less.
Diageo Announces Offer for United Spirits
Diageo Plc is expected to launch Rs 5,441-crore open offer to obtain a supplementary 26% in United Spirits from April 10. UK-based company has announced that the offer will end by April 26. Authorities concerned have announced that JM Financial Institutional Securities Pvt Ltd's offer price will remain at Rs. 1,440 per equity share.
In a filing to the BSE, it has been highlighted that shares of United Spirits on BSE were trading at Rs 1,769. This is three percent lower than the Mumbai market.
Voltas unveils all-weather air-conditioning machines
Voltas Ltd on Thursday introduced the world to its 86 new all-weather stock-keeping units (SKUs), with 23 being window air-conditioning (AC) machines.
The Tata Group firm also declared that it would bid goodbye to normal ACs as part of its strategy to concentrate on all-weather ACs.
The company on Thursday unveiled 86 new stock-keeping units (SKUs), with 23 being window ACs.
Pradeep Bakshi, COO of unitary products business group (UPBG) at Voltas, said, "All SKUs are all-weather ACs, and all our future products will be in the all-weather AC category."
Sugar decontrols sugar industry
India's Rs 80,000-crore sugar industry will now be managed by market forces, thanks to the government's major decision to decontrol the industry.
The Government on Thursday abolished the monthly release mechanism and freed sugar mills from the obligation to supply levy sugar at subsidised rate for the Public Distribution System (PDS).
Abinash Verma, director-general of the Indian Sugar Mills Association, said that the decision would help the industry reach its potential growth of 20-25 per cent per annum.
Govt. circulars on taxing IT firms create confusion
In a bid to clarify taxation rules and settle prevailing confusion over a vexing tax issue pertaining foreign companies' development centers, the Finance Ministry recently issued two circulars. But, some experts argue that the circulars lack consistency.
While the government is claiming that the circulars will provide companies like Microsoft and IBM with clarity over tax issues, some experts from the industry say that the circulars failed to tell how development centres will be taxed.
Ford India ditches employee over controversial Figo ad
After forcing the exits of two senior employees at advertisement agency JWT India, controversial Figo car ad depicting former Italian Prime Minister Silvio Berlusconi now forced auto giant Ford to expel one of its high-ranking executive.
The recently leaked ad, produced by JWT India, depicted Silvio Berlusconi in a Ford Figo car, with handcuffed & gagged young women in the car's trunk.
The controversial ad never formally aired, but it leaked online and triggered a big controversy due to its nasty and sexual nature.
Taj Palace Lease Sees Renewal for Next 25 Years
Taj Palace Hotel, Dhaula Kuan, New Delhi, has seen renewal of its lease in the city for the coming 25 years, starting from April 1 this year.
The announcement related to the same was made today by Tata group hospitality major Indian Hotels Company (IHCL). The Taj Group or the Indian Hotels Company Limited felt pleased to confirm the consent received by it from the Delhi Development Authority (DDA).
The announcement, as per the report, has been made when New Delhi Municipal Corporation is preparing for inviting bids for the first Taj Mansingh-managed group's auction in New Delhi.
WPP tries to Control Figo’s Controversial Ad Campaign Issue
It has been recently revealed that WPP, which is the world's largest marketing communications group, is under troubling water. The group is facing problem due to an ad campaign of Figo carried out by its ad agency in India, JWT India.
The advertisement campaign has portrayed former Italian Prime Minister Silvio Berlusconi and other known personalities like, socialite Paris Hilton in a bad light. In one of the ads the Kardashian sisters have been shown being pulled by Hilton.
Iyer Presides over DHCL AGM Held Today
The Deccan Chronicle Holdings Ltd. (DHCL) in its annual general meeting (AGM) reappointed its directors of board. In addition, it has approved the borrowing limit to Rs. 5,000 crore on the day.
In a resolution, the company accepted that it had exceeded the Rs. 1,000 crore borrowing limit set at the AGM in 2007 as it took temporary loans from banks and other financial institutions during its business.
VP Shivakumar Renounces Nokia
According to a recent report, D Shivakumar, senior Vice-President for Emerging Markets of Nokia, including India, has resigned from the company.
The report said that the development is being seen against the background of mobile maker. The Finnish handset maker has been receiving more than Rs. 2,000 crore worth of demand notice from Indian tax authorities. The same is for alleged evasion of taxes in the nation in its business transactions.
Amidst Cong-SP Words War, FM Praises UP Government
In midst of speculations that Samajwadi Party may decide to take back its support from the UPA alliance, Finance Minister, P Chidambaram has declared that the central government would be with UP government in all the circumstances.
In a function held in Lucknow on Friday, FM appreciated UP CM, Akhilesh Yadav and said that UPA government will do its best for the development of the state. The function was held for the inauguration of 300 new bank branches in the state.
Rupee May Face Pressure Due to Rise in Current Account Deficit
In the third quarter of the current fiscal year, Reserve bank of India has reported a current account deficit of 6.7% of total GDP. This report has put pressure on rupee and has made the external sector more risky affair. Current account deficit is calculated by adding the trade deficit, net accruals on accounts of software exports and exports less imports.
In the recent times, RBI and finance ministry have been apprehensive about the bad balance of payments. Finance Ministry has however, in its statement said that the high amount CAD is not that surprising.
CII Business Confidence Index jumps to 51.3 in Jan.-Mar. quarter
The business confidence index in India strengthened during the January-March quarter of this financial year but it is too early to assume that the slowdown has bottomed out, the Confederation of Indian Industry (CII) said.
The CII Business Confidence Index jumped to 51.3 in the final three months of the current fiscal, from 49.9 in the previous quarter. However, the index remained well below the reading of 52.9 recorded in the corresponding quarter of
2011-12.
India’s current account deficit balloons to 6.7% of GDP
India's current account deficit (CAD) jumped 61 per cent year-on-year to 6.7 per cent of the country's gross domestic product (GDP) in the October to December quarter of 2012-13.
The CAD surpassed even the government's most pessimistic estimate of 6.4 per cent, swelling to a whopping $32.63 billion. The figure is drastically up from $22.63 billion in July to September quarter and $20.16 billion in the corresponding period of previous fiscal.
The huge deficit was the product of weak exports and limited private transfers.
Motor insurance premium to rise 20% from April
Industry regulator, the Insurance Regulatory and Development Authority (Irda) has released third-party insurance premium rates for the motor vehicles in the country.
The third-party premium rates are set to increase by 20 per cent on average from 1 April, 2013. The regulator released third-party insurance premium rates in an order on Tuesday for all classes and sub-classes of vehicles in the country. Vehicle owners in the country will now have to pay a higher premium on their insurance policies for their vehicles from next month.
India–EU FTA talks raises concerns in pharmaceutical sector
Indian pharmaceutical firms and healthcare activists have expressed concerns over the proposed India-European Union Free Trade Agreement (FTA), which is currently being investigated between the two sides.
Brokerage houses downbeat on Nestle India stock
Downbeat by FMCG giant Nestle India's decision to increase the rate of royalty to its Geneva-based parent Nestle SA prompted many brokerage houses like Religare and Goldman Sachs to downgrade the company's stock.
Religare slashed the target price assigned to Nestle India from Rs 5,000 to Rs 4,000 a share, while Goldman Sachs brought its target prices for the stock down from Rs 4,041 to Rs 3,952 a share.
ICICI Direct not only slashed the price from Rs 5,074 a share to Rs 4,993 a share, but also downgraded the stock from `buy' to `hold'.
Michael is no longer essential to Dell: says an expert
Michael Dell, the founder of Dell Inc, is no longer essential to the computer giant, an expert from the University of Michigan said.
Erik Gordon, a business professor at the University of Michigan, said that Michael owns a significant stake in Dell Inc. but he is not essential if it a question of taking less than total control of the company.
Speaking on the topic, "Michael is no longer essential to Dell. His attractiveness as a partner to a buyer is the size of his ownership stake. If you are willing to take less than total control, you don't need him as much."