Here’s a look at this week’s top 10 Indian business news.
- 1 ICICI Bank posts Rs. 1,956 crore net profit for Q2 2012, 30% higher
- 2 $400 billion Electronic System Design and Manufacturing sector envisaged
- 3 Kingfisher Airlines employees agree to resume work
- 4 Jet Airways slashes Mumbai London airfare to Rs. 9,990
- 5 Idea Cellular doubles quarterly net profit of Rs. 240 crore
- 6 Mukesh Ambani remains at top in Forbes’ list of 100 richest Indians
- 7 Reliance Brands to buy 50% stake in GAS jeans
- 8 Yes Bank reports 30% higher quarterly net profit of Rs. 306.08 crore
- 9 Naveen Jindal accuses Zee News of extortion, ZEE and JSPL trade defamation charges
- 10 Telenor signs new JV with Lakshadeep Investments
ICICI Bank posts Rs. 1,956 crore net profit for Q2 2012, 30% higher
ICICI Bank announced that it had a standalone profit after tax of Rs. 1,956 crore, 30% higher than the same period last year. In other highlights, savings account deposits increased 15% to Rs. 80,618 crore, bank advances grew 18% to Rs. 275,076 crore and the bank added 3,093 ATMs to its network totaling to 10,006.
At 30 September 2012, the country’s 2nd largest lender only after SBI had the highest number of branches among all private sector banks. "The Bank has continued with its strategy of pursuing profitable growth" said a news release.
$400 billion Electronic System Design and Manufacturing sector envisaged
The cabinet cleared the finalized National Electronics Policy 2012 which envisages a $400 billion Electronic System Design and Manufacturing (ESDM) sector by 2020. A globally competitive chip making sector, comprehensive domestic supply chain for electronic materials and products, and a push for postgraduate education are some of the core objectives of the policy.
Kingfisher Airlines employees agree to resume work
"All the employees have agreed to resume duty right now. They are on duty as we speak. We are all in this together and looking forward to getting the airline going in the next few weeks" said Sanjay Agarwal, CEO, Kingfisher Airlines as it was reported that employees agreed to return to work after 25 days of strike.
KFA management agreed to pay its employees 3 months of due salary by Diwali and a fourth month’s before December. "We are joining duty from today. We have accepted the management’s proposal for a staggered payment of four months salary dues by December." said Subhash Chandra Mishra, representative of the engineers at KFA.
Jet Airways slashes Mumbai London airfare to Rs. 9,990
A price war emerged as Jet Airways offered passengers a Mumbai London round trip for Rs. 9,990 excluding taxes. The fare was available for travel only between 29 October and 16 November and passengers had to book during a window of three days starting 17 October.
The move reportedly came after Richard Branson led Virgin Atlantic entered the route.
Idea Cellular doubles quarterly net profit of Rs. 240 crore
Idea Cellular announced results for second quarter FY 2012-13 to post a net profit of Rs. 240 crore, more than double of Rs. 105.76 crore from the same period in 2011.
"Idea is confident to overcome the current uncertain regulatory phase, emerge stronger as the overcapacity comes to an inevitable decline, consolidate its position in the telecom voice market and aggressively expand in the ever evolving wireless broadband business" said a press release which also noted an increase in rural subscribers, taking its total subscriber base to 11.5 crore.
Mukesh Ambani remains at top in Forbes’ list of 100 richest Indians
For the 5th consecutive year Mukesh Ambani, with a net worth of $21 billion, was the richest India according to Forbes’ list of 100 Richest Indians. At the age of 55 Mukesh Ambani is not only the richest Indian but also ranks 19th in Forbes’ list of The World’s Billionaires and 35th in The World’s Most Powerful People. He heads Reliance Industries (RIL), India’s most valuable company.
"India’s slowing economy got a welcome boost in September when the government ended months of policy paralysis by easing rules for foreign investments in key sectors like retailing, insurance and aviation. The much-needed reforms perked up sentiments in what was otherwise another year of corruption scandals," said a Forbes’ post on the matter.
The top 5 richest personalities in India were Mukesh Ambani (Chairman & MD, RIL), Lakshmi Mittal (Chairman & CEO, ArcelorMittal), Azim Premji (Chairman, Wipro), Pallonji Mistry (Chairman, Shapoorji Pallonji Group) and Dilip Shanghvi (MD, Sun Pharmaceutical Industries Limited).
Reliance Brands to buy 50% stake in GAS jeans
Mukesh Ambani led Reliance Brands will enter into a strategic partnership with Italian apparel maker Grotto which owns the premium jeans brand, GAS. Reliance Brands will reportedly buy a 50% stake in a deal which is likely to give the new JV management and brand rights.
Yes Bank reports 30% higher quarterly net profit of Rs. 306.08 crore
Yes Bank posted a net profit of Rs. 306.08 crore for the quarter ending 30 September 2012, 30% higher than the same period last year. Loans & credit substitutes grew 32.5% to Rs. 54,017.3 crore while total deposits increased by 19.6% to 52,290.8 crore. "This quarter has once again demonstrated a stable financial performance through a meaningful contribution from all revenue streams, strong asset quality and sustained growth momentum" said Dr. Rana Kapoor, CEO, Yes Bank in a press release.
Naveen Jindal called a press conference during the week and accused Zee News of extortion. He alleged that the TV channel had demanded Rs. 100 crore worth of advertisements in return of not airing negative reports about Jindal Steel and Power Ltd (JSPL). Zee News subsequently sent a Rs. 150 crore defamation notice to JSPL for showing doctored evidence.
"We accuse Jindal and JSPL of maligning the name of Zee News since they chose to display an edited / doctored CD where only selected portions were shown. Mr. Jindal has a history of unfairly targeting those who dare to confront him with the truth" said a statement, reported ET.
Telenor signs new JV with Lakshadeep Investments
Norwegian telecom giant Telenor has found a partner in Lakshadeep Investments and Finance Pvt Ltd to form a new joint venture after parting ways with Unitech Ltd. Telenor will hold 74% stake in Telewings, the new JV with Lakshadeep Investments and Finance Pvt Ltd, which is reportedly the investment firm of Sudhir Valia, director at Sun Pharmaceutical Industries Ltd.
"Telenor Group will maintain operational control and upon necessary approvals all assets of Unitech Wireless (Uninor) will be transferred to this company for seamless continuity of operations" said the company.