Here’s a look at this week’s top 10 Indian business news.
Deccan Shuttle’s inaugural flight in Gujarat
As the week began, Deccan Charters Limited flew its first intrastate flights in Gujarat. Called Deccan Shuttle, the ‘intercity-like’ flights will operate between the cities of Ahmedabad, Surat, Jamnagar, Kandla and Bhavnagar. DCL has chosen the Cessna Grand Caravan 208 B nine seater aircrafts for its operations.
On Monday, the first flight was from Ahmedabad to Surat and back. Another flight also took off from Surat for Bhavnagar and came back later in the day.
Maruti Suzuki finally resumes production at Manesar plant under police protection
Maruti Suzuki’s Manesar plant resumed operations with 400 workers on Tuesday amidst heavy police protection. Production began on a subdued scale as the company planned to roll out only 150 cars every day as opposed to its normal daily capacity of 1,500 to 1,700 cars.
500 Haryana Police personnel were present at the plant along with 100 of Maruti’s own security forces, reported TOI.
Two day nationwide strike by state-owned bank employees
Banking operations for PSUs came to a grinding halt as employees of state-owned banks went on strike for two days on Wednesday. More than 10 lakh employees of 70,000 branches country wide were involved in the strike to oppose against proposed reforms in the banking sector.
Mahindra & Mahindra inaugurates a new Reva plant in Bommasandra
Mahindra Reva Electric Vehicles, an arm of the country’s top automobile manufacturer Mahindra & Mahindra, inaugurated a new plant in Bommasandra near Bangalore. The facility will reportedly manufacture a two-door car showcased by the company at the India Auto Expo 2012. The 100 crore plus investment had already been planned before M&M acquired a majority stake in Reva Electric Car Company. "Mahindra has turned this plant into a reality, from our expertise of putting up plants in record time and making them cost effective. This is the greenest plant in the Mahindra group," said Anand Mahindra.
TCS edges out RIL to become the country’s most valued company
As TCS shares rose 2.5% to Rs. 1,325 and RIL shares dropped 1.68% to Rs. 794.45 on Thursday, the IT services provider edged out the Mukesh Ambani led conglomerate to become India’s most valued company.
TCS’ market capitalization peaked at Rs. 2,58,578 crore while RIL’s was Rs. 2,57,111 crore. On Friday, TCS shares closed the week at Rs. 1,323 while RIL closed at Rs. 782.10.
Accel Partners to invest in Big Tree Entertainment Pvt Ltd
Accel Partners, venture capitalists who funded Facebook, have invested over Rs. 100 crore in Big Tree Entertainment Pvt Ltd, the company which runs Bookmyshow.com. A part of the deal involved a secondary sale of shares owned by the Network18 group, which cut down its stake in the company from 60% to about 40%.
Gold hits record high of Rs. 31,115 per 10 grams
Gold prices surged to a record high of Rs. 31,115 on Friday. It has been reported that the yellow metal’s rally in overseas markets caused gold prices to surge by Rs. 80 more than its previous high of Rs. 31,035 from Thursday.
ICICI Bank launches a host of electronic banking initiatives
ICICI Bank launched a host of electronic banking initiatives including 25 Electronic Branches across 18 locations. Electronic Branches aim to provide 24/7 access to banking services including video conference to a customer care executive. Other services include Tab Banking, E-Lockers, Bank-on-the-Move and Help-on-Tab. The electronic initiatives are one of a kind and a first in the Indian banking industry.
RBI announces 5 locations in India where plastic currency will be tested
After a nod by the government last year, RBI has finalized Shimla, Jaipur, Kochi, Bhubaneshwar, and Mysore as the 5 locations where it will be carrying out a pilot run for plastic currency. Polymer notes of Rs. 10 will be introduced on a trial basis.
The government plans to curb the circulation of counterfeit notes by issuing polymer notes which are also more durable than paper money.
Flipkart.com raises $150 million
The week closed with news about Flipkart.com raising $150 million from various sources including existing investors Tiger Global and Accel Partners. Additionally, South African mass media company Nasper has reportedly infused more than $90 million in the Indian e-tailer and now becomes Flipkart.com’s second largest shareholder after Tiger Global. Flipkart’s valuation stands at around $800 million.