Here’s a look at this week’s top 10 Indian business news.
Bank of Baroda (BOB) to hire 20,000 people in 4 years
M D Mallya, Chairman & MD, Bank of Baroda, announced that the bank is planning to hire 20,000 people over the next 4 years. The public sector bank will also add 500 domestic branches during the next 6 months in addition to expanding its foreign presence with 4 new offices in Uganda, Kenya and Dubai. BoB is also undertaking an enhancement of security measures, including installing CCTV cameras in ATMs, reported Business Standard.
Godrej Appliances partners with Indiatimes Shopping to launch online store
Godrej Appliances entered into an exclusive partnership with Times Internet Limited’s (TIL) shopping.indiatimes.com to launch its online store. "Given the increase in online shopping, Godrej was keen to reach out to its customers on the online platform . With our expertise in the best in class products space and indiatimes.com’s expertise in the online retail space, we hope to bring greater value" said Kamal Nandi, VP Sales & Marketing, Godrej Appliances. The consumer durables giant is expecting revenues of Rs. 100 crore in the next 5 years and Rs. 15 crore in the first year alone from this online venture.
Nissan launches Evalia MPV priced at Rs. 8.49 lakh
Nissan launched Evalia in India, a Multi-Purpose Vehicle (MPV) with an ex-showroom price tag of Rs. 8.49 lakh for its base model. All the variants of the seven seater are powered by a 1.5 litre diesel engine and have an ARAI certified mileage of 19.3 kmpl. The MPV with sliding doors for back passengers debuted on Indian shores during the 2012 AutoExpo earlier this year and is already in production at Nissan’s Chennai facility.
Sensex rises to record 15 month high, closes at 18,763
Sensex surpassed previous highs from the weeks before to climb 183 points to 18,763. NIFTY crossed the psychological barrier of 5,700 to end 54 points higher at 5703. Positive market sentiments at the back of policy reforms, optimism in foreign markets and the rupee’s rise to a 5 month high against the US dollar are said to have driven the index to a 15 month high.
Mumbai to see India’s first Starbucks by October
"The joint venture is in line with Tata Global Beverages’ strategy of growing through strategic alliances in addition to organic growth. We are excited about the opportunity to innovate in the retail space and bring new beverage moments to more consumers." said Harish Bhat, CEO, Tata Global Beverages, as Starbucks announced that its first store in India would open in Mumbai by October end.
The store launch will be under a 50-50 joint venture between Starbucks Coffee Company and Tata Global Beverages Limited. Shares of the latter closed the week at Rs. 142.80, up 8.3% from the previous close. "We are delighted to be able to announce our progress toward opening our first store in India and to introduce locally sourced espresso" said John Culver, President, Starbucks China and Asia Pacific
Dalmia Cement (Bharat) Ltd acquires Adhunik Cement for Rs. 560 crore
Dalmia Cement (Bharat) Limited announced that it had acquired Meghalaya based Adhunik Cement Ltd for Rs. 560 crore. Adhunik Cement has one of the largest manufacturing units in North-East India and its plant in Jaintia Hills, Meghalaya has an annual capacity of 1.5 million tonnes. "The divestment of the cement business is aimed at reducing the debt at the group level and also raise equity money at the group level that will be invested in other group companies" said Mahesh Agarwal, MD, Adhunik Cement, reported ET.
Finance Ministry asks for zero charges on e-transfers
National Electronic Fund Transfers (NEFT) of up to Rs. 1 lakh could soon be free of fees and charges. Earlier during the week, the Finance Ministry asked public sector banks to take necessary action to charge zero fees for e-transfers of up to Rs. 1 lakh.
IDBI becomes first public sector bank to get BS 25999 certification
IDBI Bank became the first public sector bank to get BS 25999 certification from global inspection and certification agency Intertek’s India arm.
"The certification validates the robustness of BCM in IDBI Bank, in the event of disaster. It aptly demonstrates the Bank’s commitment towards enhancing customer satisfaction, quality of customer service delivery, improvement in organizational performance and regulatory compliance" said a statement.
RIL to acquire BP owned petrochemical plant in Malaysia for $320 million
Mukesh Ambani led Reliance Industries will be acquiring BP’s petrochemical plant in Kuantan, Malaysia. "Reliance has agreed to purchase BP’s interest in BPCM for $230 million in cash and both parties anticipate completing the transaction in 2012" announced BP, the fourth largest company in the world by revenue.
"This is an efficient plant with a good market position in the region. RECRON Malaysia, part of the Reliance Group, is already our largest customer in Malaysia and Reliance Industries is a significant feedstock supplier at Kuantan, so Reliance is a natural owner of this plant" said James Yin, Head of BP’s aromatics business in Asia.
United Spirits in talks with Diageo for stake sale
"United Spirits and Diageo Plc confirm that the UK-based company is in discussion with it and United Breweries Holdings in respect of possible transactions to acquire an interest in the liquor firm" said a company filing to BSE, reported TOI.
Diageo plc is the world’s largest spirit, beer and wine producer with leading brands under its umbrella including best sellers like Guinness stout beer, Johnnie Walker scotch whiskey, Smirnoff vodka and Bailey’s liqueur. Dr. Vijay Mallya led United Spirits Ltd is the largest spirit company in the world by volume, claims the company website.