Business Fwire News - Page 13

Maruti to increase prices by up to Rs 20,000 from Jan

The country's largest car maker Maruti Suzuki India today said it will increase the prices of its vehicles across all models by up to Rs 20,000 from January due to increasing pressure on its margins due to currency fluctuation.

Post Sushma remark, PepsiCo to double potato buy in India

The company is at present engaged in contract farming in seven states, including West Bangal, Punjab and Karnataka.

Firstsource repays foreign currency bonds worth $237 mn

BPO service provider Firstsource Solutions today said it has repaid $237 million (about Rs 1,291 crore) worth foreign currency convertible bonds.

Piramal Enterprises arm acquires UK-based Abacus International

Diversified group Piramal Enterprises's subsidiary Decision Resources Group has acquired UK-based integrated market access service provider Abacus International for an undisclosed sum.

Wockhardt bets on US, Europe for growth

Drug maker Wockhardt today said it expects the US and European markets to continue to be its mainstay in the coming years while it seeks to enhance R&D capabilities and focus on introducing new advanced therapies.

VSNL surplus land valued at Rs 6,157 cr: Govt

The estimation of land value was done on August 10, 2011, based on land rates as per state government notifications.

Maruti's November car sales jump 12%

The country's largest car maker Maruti Suzuki India (MSI) today reported 12.45 percent increase in its total sales at 1,03,200 units in November.

Maldives move to terminate airport contract unlawful, irrational: GMR

The Maldives cabinet has decided to terminate the contract given to India's infrastructure major GMR for developing Male Airport and a notice to this effect has been issued to the entity

U.S. declines to name China currency manipulator

WASHINGTON (Reuters) - The Obama administration said on Tuesday that China's currency remained "significantly undervalued," but stopped short of labeling the world's second-biggest economy a currency manipulator. Although Beijing controls the pace at which the yuan can rise, the U.S. Treasury said in a congressionally mandated semi-annual report that China did not meet the legal requirements to be deemed a currency manipulator

CIL for supply of imported coal on cost plus basis: govt

Cost-plus basis means cost of importing coal by Coal India plus additional charges.

Suzlon wins orders from Bharat Electronics, GSFC

Wind turbine manufacturer Suzlon Group has bagged contracts for 39.9 MW projects from Gujarat State Fertilizers and Chemicals Ltd and Bharat Electronics.

Harley Davidson eyes tier 2 towns to expand footprint

US-based iconic cult bike maker Harley Davidson is targeting smaller towns in India as it looks to enhance presence in the country.

Power Min, CEA may need to consult utilities for signing FSA

The Power Ministry and the sector's planning body Central Electricity Authority may be required to consult power generation utilities for signing Fuel Supply Agreements (FSAs) with Coal India.

Reliance Life hires 200 women insurance advisors

Reliance Life Insurance Company (RLIC) today said it has hired around 200 women insurance advisors for its distribution channel and plans to scale up the recruitment in the next few months.

SAIL's inventory shrinking as demand picks up: Verma

SAIL's inventories started piling up during the monsoon and the ongoing festive season to around one million tonne due to lower demand from consumer goods, additional capacity build up and increased imports.

Cipla offers to buy majority stake in S.Africa's Cipla Medpro

Indian drugs maker Cipla Limited has offered to buy a about a 51% stake in South Africa's Cipla Medpro, to strengthen its position in the fast-growing African drugs market.<br /><br /> <br /><br /> The Indian firm has offered 8.55 rand per share, Cipla Medpro said in a statement on Wednesday. The price represents an 11% premium on Cipla Medpro's closing share price on Tuesday. That makes the deal worth around $220 million.<br /><br /> <br /><br /> <br /><br /> <br /><br /> Also Read<br /><br /> <br /><br /> Related Stories <br /><br /> <br /><br /> News Now <br /><br /> - Cipla gains on acquisition plan of Cipla Medpro<br /><br /> - RTI offers roundabout route to India Inc info<br /><br /> - Wkly Tech Analysis: Nifty may drop to 5,470<br /><br /> - Nifty may drop to 5,470<br /><br /> - The ride will not be easy<br /><br /> - Short-term bias seems negative<br /><br /> Shares of Cipla Medpro, South Africa's No.3 drug maker, surged 8.58% to 8.35 rand on the news.<br /><br /> <br /><br /> Cipla supplies the bulk of Cipla Medpro's drugs through a longstanding supply agreement. However, the two have never had a capital alliance.<br /><br /> <br /><br /> The agreement was spearheaded by Cipla Medpro's founder and former chief executive, Jerome Smith, who quit last month following charges of "gross misconduct" for approving pay rises and bonsues for himself with board approval.<br /><br /> There had been some speculation in the market that Smith's departure could impact Cipla Medpro's relationship with the Indian company.

M&M cautiously optimistic on sales on high interest rates

Auto major Mahindra and Mahindra today said it was "cautiously optimistic" on total sales this fiscal even as it has clocked a growth rate of 21 percent so far.

IRCTC sells Rs 9,500 cr worth train tickets in 2011-12

The IRCTC, a public sector enterprise, also said that it was getting about 5,000 each telephone calls and e-mails were being received everyday.

'India in a Box': Infosys develops software for Japanese firms

Based on the industry-standard Microsoft platform for ERP functions, the 'India in a Box' solution supports the international accounting standards committee and complies with Indian GAAP

Opto Circuits Q2 profit dips 4% to Rs 116 crore

Medical equipment maker Opto Circuits India today posted 3.98 percent decline in consolidated net profit to Rs 116.23 crore for the second quarter ended September 30, 2012.

Mahindra to ramp up Quanto capacity to 3,500 units from Jan

Mahindra & Mahindra today said it will increase the production capacity of its compact sports utility vehicle Quanto by 40 percent to 3,500 units per month from January next year.

Suzlon slumps into Rs 807 crore loss in Q2

Debt-laden Suzlon Energy today posted a consolidated net loss of Rs 807.74 crore for the quarter ended September, as adverse market conditions and capital allocation issues pushed the wind turbine maker into the red.

HDIL Q2 net profit falls 5% at Rs 141 crore

Realty firm Housing Development and Infrastructure Ltd (HDIL) today reported over 5 percent decline in consolidated net profit at Rs 140.55 crore for the quarter ended September 30 due to lower sales.

Ashok Leyland to invest up to Rs 1,300 cr; cut debt by Rs 300 cr

Hinduja Group flagship firm Ashok Leyland today said it will invest up to Rs 1,300 crore on various activities and plans to reduce its overall debt by Rs 300 crore by the end of this fiscal.

Car sales at 22-month high in Oct on festive demand

Automakers sold 172,459 cars in October, up 23.1 percent from a year earlier, the first rise in three months

Railways earning go up 20% for Q3

Passenger earnings during April-October period were Rs 18,017.12 crore compared to Rs 16,305.84 crore during the same period last year.

Nestle opens first Indian R&D centre at Manesar

FMCG firm Nestle today opened its first research and development centre in India to further its understanding of Indian consumers and to provide scientific and technological expertise to rest of its global business.

CCEA clears implementation of 21 textile parks

The objective of the parks is to provide the industry world-class infrastructure facilities for setting up their textiles units.

Sun Pharma Q2 net drops 47% due to compensation in patent dispute

Sun Pharmaceutical Industries reported a 46.5 percent drop in quarterly net profit after it set aside Rs 584 crore towards a possible compensation in a patent dispute case related to drug Protonix.

Realty firm Puravankara's Q2 net up 89% at Rs 50 cr

The company had reported a net profit of Rs 26.54 crore in the year-ago period. Total revenues for the quarter grew by 37.81 percent to Rs 273.02 crore from Rs 198.10 crore