Here’s a look at this week’s top 10 Indian business news.
Mahindra & Mahindra reports 26% rise in quarterly net profit
Mahindra & Mahindra Ltd (M&M) reported a net profit of Rs. 836.20 crore for the quarter ending 31 December 2012, up 26.3% from Rs. 662.20 crore during the same period in the previous year. The leading automobile manufacturer’s Q3 2012 revenue was Rs. 11,558.90 crore as compared to Rs. 9,001.30 crore in Q3 2011.
“There has been a significant improvement in the macroeconomic environment in the last three months. Global risks to growth have abated for now, bringing considerable relief” said a press release.
Thomas Cook invests Rs. 256 crore in IKYA
Travel services provider Thomas Cook has reportedly acquired a 74% stake in specialized HR firm IKYA Human Capital Solutions for Rs. 256 crore.
“Ikya’s wide range of HR services and sterling reputation, offer us a wonderful opportunity to extend the bouquet of travel, financial and HR services we offer to corporates across India” said Madhavan Menon, MD, Thomas Cook.
Kotak Mahindra Bank acquires loan portfolio of Barclays India
Kotak Mahindra Bank announced the acquisition of Barclays Bank Plc’s loan portfolio in India.
“This acquisition also gives us a very good set of customers who can be offered our entire suite of banking products. We have an appetite for further acquisitions which can strategically create value for us and will actively seek such opportunities” said Paul Parambi, Head of Group Strategy,
Kotak Mahindra Bank. The deal will give the Indian lender access to 6,000 business loan customers.
Sun Pharma gets USFDA approval for cancer drug Doxil
Sun Pharma announced getting USFDA approval for the generic version of Doxil, a drug used to treat ovarian cancer patients. The pharmaceutical company’s shares rose during the week and closed at Rs. 744.05 on Friday.
Indian government raises Rs. 11,500 crore from NTPC stake sale
The government raised Rs. 11,500 crore from the NTPC stake sale on Thursday. Floor price for the auction was set at Rs. 145 per share and the indicative price reportedly came in at Rs. 145.91.
“The government is satisfied with the response to the NTPC offer. We expect more than Rs 11,500 crore from the issue” said Ravi Mathur, Divestment Secretary. NTPC Ltd’s share price closed the week at Rs. 148 on BSE.
Wipro opens aerospace actuator manufacturing facility in Bangalore
Wipro Infrastructure Engineering opened an aerospace actuator manufacturing facility at the Devanahalli SEZ in Bangalore. The plant is set on a 7.2 acre area with an initial investment of Rs. 65 crore.
“Our vision is to build a significant presence in the aerospace and defence market, leveraging on our experience and competence in precision engineering and machining space” said Pratik Kumar, President, Wipro Infrastructure Engineering.
The unit will reportedly commence production in April 2013 and will have an initial annual capacity of 2,000 actuators.
Kingfisher Airlines posts Rs. 755 crore quarterly net loss
Kingfisher Airlines Ltd reported a net loss of Rs. 755 crore for the quarter ending 31 December 2012. The airline had zero revenues for the period since all its flights were grounded. The loss was attributed to finance costs of Rs. 401 crore and aircraft re-delivery cost of Rs. 274 crore. Auditors have reportedly disputed some of the figures.
Indian banks cut lending rate by up to 0.25%
Some of the top public sector banks of the country cut their benchmark lending rates by up to 0.25%. The lenders including State Bank of India, Bank of Baroda, Union Bank of India, Dena Bank, Bank of Maharashtra, Indian Bank and Oriental Bank of Commerce reportedly reduced their base lending rates after RBI lowered short term lending rate by 25 basis points.
UltraTech Cement in talks to buy cement plant in Gujarat
UltraTech Cement is reportedly in talks with ABG Cement to buy an incomplete 6.7 million tonne plant in Gujarat. The Aditya Birla Group is said to have offered Rs. 4,660 crore while ABG’s asking price is believed to be Rs. 5,008.
Sensex touches new low in 2013
Sensex closed at 19,484.77, a new low in 2013. Analysts have attributed the recent drops to weak results from some blue chip companies and a weaker projected GDP.
According to Rediff, top weekly losers in Group A were Jaiprakash Associates Ltd, Opto Circuits India Ltd, Indiabulls Financial Services Ltd, Jain Irrigation Systems Ltd and UCO Bank.