Here’s a look at this week’s top 10 Indian business news.
- 1 L&T bags order of Rs. 732 crore from Nuclear Power Corporation of India Ltd (NPCIL)
- 2 McDonald’s India franchisee Hardcastle Restaurants merges with BSE listed
- 3 Maruti Suzuki to increase prices by up to Rs. 20,000
- 4 Canadian valve maker Velan Inc to set up manufacturing plant in Tamil Nadu
- 5 Apple launches iTunes Store in India
- 6 Tata Housing sells 150 units in Primanti for Rs. 350 crore
- 7 Videocon to roll out LTE services by mid 2013
- 8 URB Group to invest over Rs. 350 crore to set up plant in Rajasthan
- 9 Nifty crosses 5,900 for first time since April 2011
- 10 DLF to sell its wind power business
L&T bags order of Rs. 732 crore from Nuclear Power Corporation of India Ltd (NPCIL)
Engineering giant L&T bagged an order worth Rs. 732 crore from Nuclear Power Corporation of India Ltd (NPCIL) for the Rajasthan Atomic Power Plant. The order entails L&T to supply, install and commission the balance of turbine island package for two new 700 MW capacity units.
Civil work for turbine halls, electric bays and transformer yard will also be covered under the contract. "The Contract underlines L&T’s growing contribution in the Indian nuclear energy sector and strengthens its long-standing relationship with NPCIL" said a press release.
McDonald’s India franchisee Hardcastle Restaurants merges with BSE listed
Hardcastle Restaurants (HRPL), the franchisee for McDonalds in west and south India merged with its BSE listed parent company Westlife Development Ltd (WDL).
"The consolidation of our companies under WDL will open up opportunities for the India market to invest in the growth of the McDonald’s franchisee, HRPL, through Westlife Development" said Amit Jatia, Vice Chairman, WDL. HRPL currently runs about 135 McDonald outlets in India and reportedly logged revenues of Rs. 544.46 crore for FY 11-12.
Maruti Suzuki to increase prices by up to Rs. 20,000
Maruti Suzuki announced that it will be increasing prices of its vehicles by up to Rs. 20,000 from January 2013. Currency fluctuation and a subsequent pressure on the margins have reportedly prompted the country’s largest car maker to increase prices across all its models.
Canadian valve maker Velan Inc to set up manufacturing plant in Tamil Nadu
Global industrial steel valve maker Velan Inc, through its wholly owned subsidiary Velan Valves India Pvt Ltd (VVI), announced the opening of its new manufacturing facility in Coimbatore, Tamil Nadu. "Velan is a preferred vendor to the existing National Thermal Power Corporation (NTPC) super critical projects and, with the opening of this new plant, we are now physically closer to the customer and will be in a position to offer faster deliveries at competitive prices.
Velan products are currently in use in many of the petrochemical refineries, conventional and nuclear power plants, fertilizer plants, and aerospace industries in India" said Ramesh Babu, MD, VVI. The new 1 lakh sq feet facility was set up at an investment of about Rs. 55 crore.
Apple launches iTunes Store in India
Apple launched its iTunes Store in India, allowing users to download regional, local and international content on their iPhones, iPads and iPods. Users will be able to download HD versions of Bollywood movies, latest albums and rent movies among other features enhanced for local content consumption.
Tata Housing sells 150 units in Primanti for Rs. 350 crore
Tata Housing, the group’s realty firm, sold 150 luxury homes in Gurgaon for Rs. 350 crore. The units were in the Phase II of its 36 acre luxury housing project Primanti and were sold within just two days of its launch. The villas were reportedly priced at Rs. 2 to 3 crore each.
Videocon to roll out LTE services by mid 2013
Videocon Telecommunications is set to roll out LTE services in six key circles including Gujarat-UP West, Madhya Pradesh-Chhattisgarh, Haryana, Bihar and Jharkhand.
"We intend to cover 45 per cent of India’s population after rolling out services in these circles as these are the areas where we enjoy a strong position already and where we see the highest potential for continued growth and profitability. Our focus will be on youth and high end customers" said Arvind Bali, Director and CEO, Videocon Telecommunications. The next-gen network technology is said to be able to handle 30 times more data than a traditional 2G network.
URB Group to invest over Rs. 350 crore to set up plant in Rajasthan
European bearings maker URB Group announced that it will be investing $65 million, approximately Rs. 355 crore, to set up a manufacturing facility in India. "The initial production capacity of the plant will be 1,000 tonnes of bearings every year that will later be doubled in future. The plant is expected to start operations by end of 2013" said Harun Adiguzel, President, URB India. The 25 acre facility will be set up in Rajasthan and the company aims to supply its products to local and international markets.
Nifty crosses 5,900 for first time since April 2011
Logging a 19 month high, Nifty rose by 28.45 points to 5,917.7 on Wednesday. Commentators saw the push as a result of strong cues from Asian markets and buying by institutional and retail investors. The benchmark index closed the week at 5,907.40 on Friday.
DLF to sell its wind power business
Realty major DLF is set to sell its wind energy business in a deal which is expected to be worth between Rs. 800 crore and Rs. 1,000 crore. The company owns wind farms in Gujarat, Tamil Nadu, Karnataka and Rajasthan. The deal along with the upcoming sale of its Aman Resorts sale will see reportedly see realizations to the tune of Rs. 2,500 crore to Rs. 3,000 crore.