Here’s a look at this week’s top 10 Indian business news.
- 1 United Spirits Ltd and Allied Blenders & Distillers settle dispute over Officer’s Choice
- 2 Infosys’ net profit rises 24% to Rs. 2369 crore
- 3 Eclipse International enters India’s mattress market
- 4 Unitech reaches settlement with Telenor
- 5 Torrent Group inks Delhi’s most expensive realty deal with Rs. 111 crore bungalow
- 6 Apollo Tires looking to acquire Cooper Tire and Rubber Company
- 7 Toyota India recalls 8,700 units of Camry and Corolla
- 8 Royal Enfield launches Thunderbird 500 for Rs. 1.82 lakh
- 9 HDFC Bank net profit up over 30% for 52nd consecutive quarter
- 10 IKEA files final documents for venture in India
United Spirits Ltd and Allied Blenders & Distillers settle dispute over Officer’s Choice
Vijay Mallya led United Spirits Ltd (USL) and Kishore Chhabria led Allied Blenders & Distillers (ABD) arrived at an out of court settlement over the former’s stake claim on Officer’s Choice, reported to be the largest selling whiskey brand in the world.
ABD has agreed to pay USL a one-time settlement fee of Rs. 8 crore.
Infosys’ net profit rises 24% to Rs. 2369 crore
Infosys reported a net profit of Rs. 2369 crore, indicating a 24% increase as compared to the same quarter last year. India’s second largest software exporter added 39 more clients to its kitty in the 3 months leading up to September 2012, including an over $200 million deal with Harley Davidson.
Despite meeting its guidance, the IT giant’s shares traded lower on Friday and closed at Rs. 2,395.65, down 5.36%.
The company also announced "Mr. V. Balakrishnan, Member of the Board and CFO, will be giving up his position as CFO from October 31, 2012. Mr. Rajiv Bansal, currently Vice President – Finance will take over as CFO from November 1, 2012. Mr. Balakrishnan will continue to be a member of the Board and will be responsible for three key businesses- Business Process Management (or Infosys BPO), Finacle TM and the India Business Unit."
Eclipse International enters India’s mattress market
American bedding company Eclipse International entered India’s mattress market and has set up a plant at Rudrapur, Uttrakahand. The facility is said to have a capacity of 500 mattresses a day and the company is looking at having plants in Bangalore, Kolkata and Pune in the next two years, reported TOI.
Eclipse International was founded in 1890s and has over 21 factories in US, Canada, Korea, China, Taiwan, South Africa, UAE, Russia, UK and Australia. "These are exciting times and with the bedding industry undergoing a paradigm shift. Our entire gamut of products is geared to provide sleep solutions for consumers based on comfort and support offered by USA’s most highly trusted bed company." said BK Vijh, CEO, Eclipse Mattress India.
Unitech reaches settlement with Telenor
Unitech reached a settlement with Telenor and will be paying Rs. 25 crore to the Norwegian company to put an end to their disputes. Commentators are looking at the figure as a nominal sum considering Telenor had slapped Unitech with a Rs. 6,500 crore indemnity claim over their joint venture Uninor.
"We are pleased with the settlement reached between Unitech and Telenor. All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor" said Ramesh Chandra, Chairman, Uninor, reported TOI.
As news of the settlement hit Dalal Street, Unitech’s shares closed 17.2% higher on Thursday.
Torrent Group inks Delhi’s most expensive realty deal with Rs. 111 crore bungalow
Torrent Group inked Delhi’s most expensive realty deal by buying a bungalow bordering the city’s Lutyen Bungalow Zone (LBZ) for Rs. 10 lakh per sq yard, totaling Rs. 111 crore. The property is on a 1112.4 sq yard plot and is located on Dharam Marg in Chanakyapuri. LBZ is home to the likes of Naveen Jindal, LN Mittal and Sunil Mittal among other top businessmen and politicians.
Apollo Tires looking to acquire Cooper Tire and Rubber Company
Apollo Tires is looking to acquire Cooper Tire and Rubber Company according to various reports. Reuters reported that Apollo, one of India’s largest tyre companies, was already in talks to acquire a majority stake in the NYSE listed Cooper Tire & Rubber Company.
Toyota India recalls 8,700 units of Camry and Corolla
"On certain Corolla Altis and Camry models of the specified years, the PWMS may begin to feel notchy or become inoperative. This can be due to wear and tear over-time, of specific contact points in the PWMS" said Toyota Kirloskar Motors as the company recalled more than 8,700 Corolla and Camry models in India.
This move is a part of Toyota’s global recall of over 74 lakh cars, the largest ever single recall globally after Ford in 1996, reported TOI.
Royal Enfield launches Thunderbird 500 for Rs. 1.82 lakh
Royal Enfield launched Thunderbird 500 with a powerful 500cc UCE engine, electronic fuel injection, front and rear disc brakes, increased ground clearance, better cruising ability and a host of other technical, safety and cosmetic upgrades.
"We listened very closely to the needs of highway cruisers in India and designed a motorcycle that is extremely suitable for long distance riding with its range, ergonomics, looks, excellent braking, night riding visibility, luggage carriage capability, even clothing and accessories. We hope that with the Thunderbird 500, our customers will see affirmation of the fact that Royal Enfield is a company bent on listening, imagining and delivering." said Dr. Venki Padmanabhan, CEO, Royal Enfield. The new RE Thunderbird 500 carries a Rs. 1.82 lakh price tag.
HDFC Bank net profit up over 30% for 52nd consecutive quarter
For the 52nd consecutive quarter, HDFC Bank reported a QoQ growth of more than 30% in its net profit for Q2 FY 2012-13. At the end of September 2012, HDFC Bank’s net profit stood at Rs. 1560 crore, 30.1% higher than Rs. 1199.35 crore in Q2 FY 2011-12.
"As of September 30, 2012, the bank’s distribution network was at 2,620 branches and 10,316 ATMs in 1,454 cities as against 2,150 branches and 6,520 ATMs in 1,141 cities as of September 30, 2011" added the bank’s press release.
IKEA files final documents for venture in India
Swedish furniture company IKEA said that it had submitted the final documents for approval to open its stores in India.
"The IKEA Group views the recent developments related to single brand FDI in retail positively. We believe the current policy guidelines support the business needs of many single brand retailers and will benefit consumers as well as the development of many suppliers and producers in India," said Mikael Ohlsson, President and CEO, IKEA Group. The company plans to open 25 stores and invest over Rs. 10,500 crore in India, reported The Hindu.