Here’s a look at this week’s top 10 Indian business news.
Vijay Mallya appeals to staff as Kingfisher Airlines cuts more flights
Mid week, the ailing carrier cancelled more than 30 flights in the Delhi-Mumbai route due to striking employees. Taking note, Vijay Mallya appealed to the Kingfisher Airline staff to ‘understand the extreme hardship’ he is going through as the head of the private carrier. He also warned to stop his support if a section of employees kept ‘holding the entire company to ransom’.
On a positive note, the liquor baron said that the company will be recapitalized, with or without changes in FDI policy.
Cognizant edges out Infosys to become India’s 2nd largest IT company
Earlier in the week, IT services provider Cognizant posted quarterly revenues of $1.795 billion as compared to $1.752 billion for Infosys. By doing so, Cognizant beat Infosys for the first time to become the 2nd largest IT company in India. With revenues of $2.73 billion, TCS remained the largest by a healthy margin.
Donald Trump’s first project in India starts off
Real estate magnate, business tycoon and reality TV star Donald Trump’s first project in India got underway in Pune. In collaboration with Panchshil Realty, Trump is building Trump Towers, a super luxurious two 22 storied buildings featuring 44 apartments. Once finished, the 5 bedroom flats will sell for a whooping 12 crore (approx.) each.
IOC posts a record quarterly loss of Rs. 22,451 crore
The week ended on a glum note for oil and gas, as Indian Oil Corporation (IOC) posted its highest ever quarterly loss of Rs. 22,451 crore for the period ending 30 June 2012. R. S. Butola, Chairman, IOC, blamed government subsidies for the staggering figures, in tune with industry experts and analysts, who are pointing fingers at government’s fuel pricing policy.
Keshub Mahindra resigns from Mahindra & Mahindra board
After serving and heading Mahindra & Mahindra for 64 years since 1947, Keshub Mahindra resigned as Chairman of one of India’s largest car maker. The 88 year old handed over the reins to nephew Anand Mahindra.
Government gives nod to end wait for Air India’s Boeing Dreamliners
Air India (AI) had ordered 27 Dreamliners from Boeing. However delivery was stalled after an increase in the weight of the aircraft on delivery, as compared to what Boeing had promised upon order.
After nearly a 3 year wait, a cabinet committee gave the nod for Boeing’s compensation to AI and Dreamliners are likely to hit Indian shores if Boeing’s probe in a recent technical snag goes through without further delay.
Ambani’s given clean chit by CBI in 2G spectrum
The CBI has given a clean chit to Anil Ambani and wife Tina in the 2G spectrum scam. "..We did not think we had sufficient evidence against Anil Ambani and his wife", said a CBI official, reported TOI. However CBI’s charge sheet still has names of 3 executives of the Anil Dhirubhai Ambani Group in relation to payments made to Swan Telecom.
Manesar update: Trouble at Honda while shutdown costs Maruti Suzuki Rs. 90 crore every day
After the violence at its Manesar production facility, Maruti Suzuki has shutdown the plant. According to Assocham, the shutdown is costing the car maker in excess of Rs. 90 crore daily. Besides the plant itself, the shutdown is also affecting close to 10 lakh workers across 650 units along the Gurgaon-Manesar-Daruhera belt, reports TOI. Furthermore, there was trouble at Honda’s Manesar plant after the HMSI Employees Union protested against the sacking of two workers.
Infosys faces second harassment lawsuit in US
After being accused for harassment by an employee last year, Indian IT services provider Infosys faced yet another harassment lawsuit in relation to an employee pointing out visa and tax fraud. An ex-employee, who was an account manager, has filed a case in a district court in California. Infosys’ previous harassment case is about to go on trial later this month.
Bharti Airtel stock price crashes to 6 year low
Investors took note of Bharti Airtel posting its 10th consecutive quarterly loss and the effects have been devastating. Despite the fact that Bharti Airtel crossed 200 million subscribers in India across all its service platforms, the share price plunged to Rs. 255.75 on Friday, lowest since October 2006. Mid week, the telecom giants posted a 37% drop in quarterly profit year for Q1 FY13 as compared to the same period last year.