Wrap up: Food inflation down to 9.01%; Retail FDI delayed not scrapped

Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here’s a quick round-up of the major local and international business and economic news events.

• The mystery over Ratan Tata’s successor is over. Cyrus Mistry, son of business tycoon Pallonji Mistry, was selected to lead the Tata Group when Ratan Tata retires after a year. Firstpost gets you detailed coverage of who Mistry is and what this new role could mean for him. Here are things that you must know about Mistry.

• For this whole year, Ratan Tata himself will be grooming his heir for the role. But one year for 100 companies across 80 countries? That’s not going to be easy! Find out what makes Mistry’s new job all the more challenging!

• Remember the last time you watched a programme on TV for a couple of hours and did not see a commercial for any Tata brand? Today, it’s difficult for an average consumer to avoid a Tata brand in his or her normal consumption pattern. It is this legacy of brands that Mistry inherits from Ratan Tata that he must take care of and take forward. Read on .

[caption id=“attachment_139719” align=“alignleft” width=“380” caption=“Food inflation fell sharply to single digit at 9.01 percent for the week ended November 12.AFP”] [/caption]

• It is inevitable that a huge transfer of legacy will generate responses from the business world. While some may be surprised, most have received the announcement of Rata Tata’s successor, Cyrus P Mistry, well and welcomed it. We gather some of those responses for you.

• Shares of Forbes & Co and Gokak Textiles, the listed companies from Shapoorji Pallonji group, today surged higher on the bourses, after the group’s Managing Director Cyrus Mistry was declared as the heir to the position of Ratan Tata. But, Mistry will resign from the Shapoorji Pallonji group to head this group. Here is the story .

• The Tata announcement however did nothing much to cheer up the markets. Tata stocks opened on a strong note but could not hold its gains. But what is pulling markets down further is the pledging of shares by most promoters that investors are not even aware of. Read the story .

• Some good news on the inflation front as well. Food inflation fell sharply to single digit at 9.01 per cent for the week ended November 12 even as prices of most agricultural items, barring potatoes, onions and wheat, continued to rise, on an annual basis from 10.63 percent in the previous week. here are the numbers .

• The other relief today came from Fitch Ratings who has said India figures among the “relatively less exposed” nations to the global growth shocks. Find out what they have to say .

• With the Sensex tanking on Thursday on reports of Foreign Institutional Investors (FIIs) fleeing from the market, Firstpost decided to run a query to check which companies have the highest FII stake. And guess who is in top spot? Find out .

• But India made no progress on FDI retail though it could either be delayed or cleared. The only news is it will not be cancelled. Allies within the UPA and the opposition have raised a flag against such a move. Here is the story .