Here’s a look at this week’s top 10 Indian business news.
- 1 Tata Group to invest Rs. 45,000 crore over the next two years
- 2 Vibrant Gujarat Global Investor Summit (VGGIS) 2013, 110 countries and 20 states set to participate
- 3 Mahindra 2 Wheelers to launch two 110cc motorcycles
- 4 Mercedes-Benz to hike car prices in India by up to 3%
- 5 Mukesh Ambani ranked 18th richest person in the world
- 6 NIFTY crosses 6,000 for the first time in 2 years, Sensex near 20,000
- 7 Jet Airways confirms discussion with Etihad
- 8 Lexus defers India debut
- 9 NASSCOM partners with NIIT to enhance skill development
- 10 Hero Cycles looking to buy two European cycle makers for Rs. 550 crore
Tata Group to invest Rs. 45,000 crore over the next two years
Cyrus Mistry, Tata Group’s new Chairman announced that the group would invest Rs. 45,000 crore over the next two years. The business house has reportedly invested over Rs. 50,000 crore in the last 3 years and has created more than 85,000 jobs. The group has more than 4.5 lakh employees.
“I believe that India would continue to be an attractive investment destination. I look forward to our Group playing its role in continuing to invest in the Indian growth story” said Cyrus Mistry.
Vibrant Gujarat Global Investor Summit (VGGIS) 2013, 110 countries and 20 states set to participate
Vibrant Gujarat Global Investor Summit (VGGIS) 2013 will be held during 11th to 13th January 2013 and will see the participation of 110 countries and 20 states.
“Gujarat, with its all inclusive, sustainable and rapid growth, is emerging as a globally preferred place to live in and to do business” said Narendra Modi, Chief Minister of Gujarat on the summit’s website.
There will reportedly be 18 country and state specific seminars during the three days and more than 120 events will be held.
Mahindra 2 Wheelers to launch two 110cc motorcycles
Mahindra 2 Wheelers is reportedly set to make a comeback in the two wheeler industry with new bikes Pantero and Centuro. Both are 110cc motorcycles and will come with features like LED lamps, anti-theft systems, find-me lights and digital instrument clusters.
Mercedes-Benz to hike car prices in India by up to 3%
“We will increase prices of our vehicles to the tune of 1-3 per cent effective January 14” Eberhard Kern, MD & CEO, Mercedes-Benz India as the German luxury car maker is reportedly trying to offset rising input costs and currency fluctuation.
“Significant level of cost escalations have been absorbed by us till now, but beyond a point we cannot continue to sustain such levels” said Eberhard Kern in a press release.
Mukesh Ambani ranked 18th richest person in the world
Mukesh Ambani was ranked as the 18th richest person in the world on the Bloomberg Billionaires Index with a personal wealth of $24.9 billion. He was ranked the richest Indian for the sixth year in a row. Mexican business magnate Carlos Slim remained the world’s richest person followed by Bill Gates, Amanico Ortega, Warren Buffet and Ingvar Kamprad in the top 5.
NIFTY crosses 6,000 for the first time in 2 years, Sensex near 20,000
NIFTY crossed the psychological 6,000 mark after two years during a mid-week trading session. Efforts by the US Congress to avert a fiscal cliff have been seen by commentators as a driver behind investor optimism. NIFTY closed the week at 6,016.15 and Sensex at 19,784.08. Top weekly gainers in Group A on BSE were Indiabulls Financial Services Ltd, IFCI Ltd, Gitanjali Gems Ltd, Muthoot Finance Ltd and Indian Bank.
Jet Airways confirms discussion with Etihad
Jet Airways finally confirmed that it was in discussion with Etihad Airways over a potential stake sale. “Jet and Etihad are in a discussion regarding a potential investment by the latter in the former” said India’s largest private airline in communication to the stock exchanges. “The discussions are in progress but no terms have been firmed up at present” it added. Jet Airways’ shares closed the week at Rs. 610.55 on BSE.
Lexus defers India debut
India will not see the debut of Toyota’s luxury brand Lexus in 2013, according to Sandeep Singh, Deputy MD, Toyota Kirloskar Motors. It was reported that steep import duty and the rupee’s depreciation were among the negative factors behind Toyota delaying Lexus’ entry in India.
NASSCOM partners with NIIT to enhance skill development
Trade association NASSCOM announced its Sector Skills Council’s partnership with NIIT to offer enhanced training programs to students of all streams. Foundation skills in IT (FSIT) and Global Business Foundation Skills (GBFS) will be the two training programs offered under this alliance. “While FSIT aims to develop foundation skills in IT, GBFS has been specifically designed to meet the needs of the BPO/KPO and the LPO industry” said a press release.
Hero Cycles looking to buy two European cycle makers for Rs. 550 crore
In a deal estimated to be worth between Rs. 500 to Rs. 550 crore, Hero Cycles is close to buying two European cycle makers. The world’s largest cycle maker in terms of volume is planning to double its production capacity by 2016. With the acquisition, the company is reportedly targeting a lucrative customer base in European countries including Germany, Netherlands, France and Italy.