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Top 10 Indian business news of the week [25th Feb- 3rd Mar 2013]

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Here’s a look at this week’s top 10 Indian business news.Top 10 Business news of the Week

Tata Motors slips to 5th spot in February sales

Toyota reportedly edged out Tata Motors to become the fourth largest car maker in India based on sales in the month of February. Tata Motors lost 3rd spot to Mahindra & Mahindra in 2012 and after an over 70% quarter-on-quarter drop in sales for February 2013, it has now slipped to being the country’s 5th largest car maker. Tata Motors sold 10,613 units in February as compared to Toyota’s 12,756 units.

IndiGo launches 8 new flights

Low cost airline IndiGo reportedly launched 8 new flights, enhancing its domestic and international routes. The new domestic flights were additions on the Delhi-Chennai, Mumbai-Chennai, Delhi-Kochi and Mumbai-Kolkata routes. The airline also launched a direct flight from Thiruvananthapuram to Dubai, a second daily direct flight from Mumbai to Dubai and a new daily direct flight from Chennai to Singapore.

Mylan Inc to buy Strides Acrolab Ltd’s injectables unit for $1,600 million in cash

US based Mylan Inc signed an agreement to acquire Strides Acrolab Ltd’s injectable products manufacturer Agila Specialties Pvt Ltd for $1,600 million in cash and a potential additional consideration of $250 million.

“I am excited by the combination of our Agila business with Mylan as it allows Mylan to leverage its operational base to become a leading global injectables company in the coming years and offers great opportunities to the employees who have made Agila what it is today” said Arun Kumar, Executive Vice Chairman and Group CEO, Strides Acrolab, in a press release.

Petrol prices hiked by Rs. 1.40 per litre

Petrol prices were hiked by Rs. 1.40 per litre after they were increased by Rs. 1.50 per litre less than a month back on 16 February 2013. An increase in international oil prices and a further depreciation of the rupee were said to be the factors driving the decision to increase prices, according to a press release by Indian Oil Corporation.

Core Education & Technologies Ltd tumbles

Core Education & Technologies Ltd’s stock price fell 80% in three trading days on the stock exchange. The carnage was reportedly the result of institutional selling and margin calls. The stock plummeted from a weekly high of Rs. 300 to Rs. 49.5 in four trading sessions and closed the week at Rs. 66.15.

Jaguar Land Rover launches XJ Ultimate at Rs. 1.78 crore

Tata Motors owned Jaguar Land Rover (JLR) launched the Jaguar XJ Ultimate at ex-showroom prices of Rs. 1.78 crore for the 3.0 litre diesel model and Rs. 1.87 crore for the 5.0 litre petrol model.

The car reportedly features a full partition centre console with an electronically controlled table for rear passengers. The car’s luxurious interiors also feature adjustable rear seats, integrated iPads, two zone climate control, touch screen and a drinks chiller.

Ranbaxy Laboratories Ltd reports Rs. 492 crore net loss

Ranbaxy Laboratories Ltd reported a net loss of Rs. 492 crore for the quarter ending 31 December 2012. Consolidated sales of Rs. 2,671 crore were down 28.82% from Rs. 3,752 crore during the same period in 2011. “While we delivered our strongest ever sales performance monetizing our major key product opportunities, we also faced challenges, primarily the recall of atorvastatin in the US market at the end of the year. We took a proactive action to voluntarily recall atorvastatin from the US market in the best interest of patients” said Arun Sawhney, CEO & MD, Ranbaxy.

Etihad Airways pays $70 million to Jet Airways for three Heathrow slots

Etihad Airways reportedly paid $70 million or approximately Rs. 378 crore to Jet Airways for three slots at Heathrow airport in London. “Etihad Airways can confirm that it has concluded a transaction with Jet to purchase Jet’s three pairs of Heathrow slots for $70 million. The purchase is part of a sale and lease back agreement signed yesterday” said a statement.

L&T Construction bags new orders worth Rs. 1,504 crore in February

L&T Construction bagged new orders worth Rs. 1,504 crore in February 2013. The orders were secured across various business segments including its Water & Solar Business, Water and Effluent Treatment Business, Power Transmission & Distribution business and Heavy Civil Business.

The company’s Water & Solar Business received orders worth Rs. 621 crore which included the construction of a sewerage network and waste water treatment facility for Bhatpara Municipal Town, said a press release.

Sensex falls below 19,000 to close the week at 18,918.52

Sensex fell 291 points to close at 18,861.54 on Thursday, reportedly its lowest since 27 November 2012. Commentators attributed the fall to reasons including budget proposals to increase taxes for the rich and fewer concessions for large investors.

The index closed the week at 18,918.52 on Friday. Nifty fell below the psychologically important 5,700 mark on Thursday but inched upwards to close the week at 5,719.70.

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