Here’s a look at this week’s top 10 Indian business news.
Power Grid Corporation to ink $16 million contract, reports 40% higher Q3 net profit
Power Grid Corporation of India Ltd will reportedly sign a $16 million management contract with Ethiopia Power Company for two years. The PSU also logged a net profit of Rs. 1,129 crore, up 40% from the same quarter in 2011. The company also plans to monitor its transmission lines by helicopter patrolling.
Uninor to shut down operations in Mumbai
“We have pursued every alternative possible to continue our operations in Mumbai until the new auction takes place. Now the Court has ordered an immediate closure of operations and no temporary license too is available to allow a gradual process. Unfortunately, we have no choice now but to follow the Court’s order and close down our network immediately” said Sigve Brekke, MD, Uninor.
The company will be signing roaming agreements with other companies so its customers from other circles can get connectivity while travelling to Mumbai.
Gold prices hit 6 month low
Gold prices reportedly dipped to a 6 month low at Rs. 30,090 per 10 gm on Friday. Silver prices also fell, settling at Rs. 57,330 per kg.
Tata Motors Q3 profit down 52.2%
Tata Motors’ consolidated profit after tax for Q3 2012 fell 52.2% to Rs. 1,628 crore from Rs. 3,406 crore during the same quarter in 2011. Consolidated revenues grew marginally by 1.8% to Rs. 46,090 crore.
Standalone sales for Tata Motors dipped 11.3% to 2.05 lakh commercial and passenger vehicles for the quarter ending 31 December 2012. According to Rediff Money, Tata Motors Ltd was one of the top five Group A gainers on BSE, rising 5.32% to Rs. 304.05.
Two day banking strike on 20, 21 February 2013
A nationwide strike has been called by United Forum of Bank Unions (UFBU) to press for wage hikes, stopping anti-labour policies, providing early wage revision and addressing other pending issues. Most public and many private bank employees are set to go on a strike which may result in banking operations coming to a halt on Wednesday and Thursday.
“For the first time all trade unions have come together for a two-day strike as government has not taken any action to look into the problems of sky rise inflation, disinvestment in public sector units and non-implementation of labour laws” said Gurudas Dasgupta, General Secretary, AITUC.
Tata to launch CNG variant for Nano
Tata Motors MD Karl Slym said that a CNG variant of the Nano will be launched ‘very soon’. A new model for the petrol version will reportedly be launched in the first six months of 2013.
“The Nano sales have gone down and we are working to get it back. It still has a long way to go but we will be introducing the 2013 model of the car in the first half of this year as part of the plan” he said.
Petrol prices increased by Rs. 1.5 per litre, diesel by Rs. 45 paisa
Petrol and diesel prices have been hiked by Rs. 1.5 and Rs. 45 paisa per litre respectively. “Since last price change the international oil prices have constantly shown an uptrend. Crude oil price has increased from $109.08/bbl to $ 113.24/bbl, while International MS prices have increased from $119.59/bbl to $128.57/bbl” said Indian Oil Corporation in a press release.
The actual hike for end consumers will be higher after adding local sales tax or VAT.
Mahindra Satyam acquires majority stake in Complex IT
Mahindra Satyam announced the acquisition of a majority stake in Complex IT, the world’s third largest SAP consulting provider. The acquisition will allow
Mahindra Satyam to provide Enterprise Solutions in Brazil, Complex IT’s local market.
“This combination of Complex and Mahindra Satyam strengthens our commitment to the Brazilian market, which is one of the fastest growing Enterprise solutions markets. We look forward to expanding our market presence and offer global delivery capabilities to our customers” said Arvind Malhotra, Global Head, Latin America & Strategic Accounts, Mahindra Satyam.
Housing Development & Infrastructure Ltd reports Rs. 125.62 crore quarterly profit
Housing Development & Infrastructure Ltd (HDIL) reported a quarterly net profit of Rs. 125.62 crore for the period ending 31 December 2012, down 31% as compared to Q3 2011. “Our third quarter results have been consistent and the company’s focus is on execution and delivery of existing projects” said Sarang Wadhawan, MD & Vice Chairman, HDIL. Debt is expected to reduce by Rs. 200 crore in the last quarter, said HDIL, one of the country’s largest realty players in a press release.
TCS overtakes Reliance Industries to become India’s most valued company
India’s largest IT services provider Tata Consultancy Services (TCS) reportedly overtook India’s largest business conglomerate Reliance Industries (RIL) to become the country’s most valued company in terms of market capitalization. TCS’ market capitalization rose to over Rs. 2.83 lakh crore on Thursday while RIL closed trading at 2.76 lakh crore.