India's largest drug maker by market value, Sun Pharmaceutical Industries has indicated that it is planning to buy Ranbaxy Laboratories in a deal valued at $3.2 billion in stock.
The acquisition will be the biggest by any Indian company in two years. Under the terms of the deal, Ranbaxy investors will get 0.8 share in Sun for every one share in Ranbaxy, the two pharmaceutical giants said in a statement. The deal values the shares at about 457 rupees a share, or about 24 percent higher than the 60-day average.
British retail giant Tesco Plc on Friday formally announced a joint venture with the Tata Group's Trent Hypermarket Ltd, moving a step closer to become the first global retailer to enter India's lucrative multi-brand retail segment.
Tesco announced that it had picked up a 50 per cent stake in Trent Hypermarket Ltd for £85 million (Rs 850 crore).
Mining conglomerate Vedanta Resources Plc has named former Rio Tinto chief Tom Albanese as its new chief executive officer (CEO).
Tom Albanese, the former head of Anglo-Australian mining giant Rio Tinto, will replace Mahendra Singh Mehta, who is stepping down from the top position on March 31, 2014. Mr. Albanese, who is respected in the mining industry as a weathered miner with international experience, will join Vedanta on April 1, 2014.
London-listed Vedanta Resources said in a statement, "Albanese will take over as the chief executive officer of Vedanta and join the Vedanta board with effect from 1 April 2014."
General Motors India has slashed prices of its various models by up to Rs 49,000, thanks to the excise duty cuts announced by Finance Minister P Chidambaram in the interim budget for FY2014-15.
P Balendran, Vice-President of GM India, said the company reduced prices across models by Rs 12,000 to Rs 49,000.
GM India sells hatchbacks Spark, Sail, sedan Sail U-VA, premium sedan Cruze, multi-utility vehicles Tavera, Enjoy and premium sports utility vehicle Captiva.
Jubilant FoodWorks Ltd., the operator of widely popular Dominos Pizza and Dunkin' Donuts chains in India, suffered a decline of around 11 per cent in quarterly standalone net profit even as net sales jumped significantly.
The company on Tuesday announced that its standalone net profit slipped 10.9 per cent to Rs 33.59 crore in the three months ended December 31, 2013. Net profit slipped even as the company's net sales jumped from Rs 385.08 crore in the October-December quarter of 2012 to Rs 456.51 crore in the same quarter of 2013.
Melaka (Malaysia), Feb. 4 : Tata Motors has assured to work on the safety of its cars after a range of small Indian cars, including theirs, failed a first ever independent crash tests, revealing high risk of serious injuries in road accidents.
A test conducted by GLOBAL NCAP, an independent U. K. based charity for consumer-orientated vehicle safety initiatives, showed disastrous results for some of the most popular running cars in India including Maruti Alto 800, Tata Nano, Ford Figo, Hyundai i10 and Volkswagen Polo.
The price of gold rose ahead of a key meeting of the US Federal Reserve in which the officials will decide when to start withdrawing the massive monetary stimulus.
Investors believe that the US Federal Reserve will not withdraw its stimulus package, which resulted in a rise in gold prices. The gold for immediate delivery gained as much as 0.4 percent to $1,235.68 an ounce and was trading at $1,232.48 this afternoon, after falling 0.8 percent yesterday. Gold for February delivery rose 0.1 percent to $1,231.80 an ounce on the Comex in New York.
Gold held on to gains from the two previous sessions on Friday after assurances from the likely new Federal Reserve chief that the U. S. central bank would continue its easy monetary policy for a while.
The prospect of the Fed's bullion-friendly bond purchases being maintained for some time helped gold recover from a four-week low hit earlier this week and it may now end a two-week losing streak. However, in the domestic market Gold prices are expected to remain in range as strong rupee could put some pressure on the prices.
Gold prices rose on Friday as higher than expected US unemployment claims pushed prices higher. Overall weak US job market growth has raised expectations that Fed will continue its bond buying program in 2013 and boosted gold's inflation hedge appeal. However, physical demand from China has remained weak, with premiums on the Shanghai Gold Exchange at multi-month lows of $2 an ounce. Import demand from India has is also weak due to government steps taken to curb the imports though premiums are at record high of $120 an ounce due to tight supplies ahead of the festive season.
Bangalore, Oct 18 : IT bellwether Infosys Ltd Friday announced it has won the 'Corporate Sustainability Stewardship' award for efficient management of energy, waste and water resources in its production processes and operations.
The Parivartan sustainability leadership awards, instituted by Sustainability Outlook, a not-for-profit social organisation, recognise corporates and their executives who contribute in the field of sustainability every year.
Infosys shares jumped to their highest level in around two-&-a-half years on the Bombay Stock Exchange after the software service exporter hiked its revenue forecast.
On Sunday, Infosys increased its revenue forecast (in dollar terms) 9-10 per cent for the twelve months ending March this year. Previously, the company had projected a growth of 6-10 per cent. The company increased its revenue forecast saying it economic recovery in Europe would encourage its clients to increase spending on software services.
October 10, 2013, New Delhi: CapitalVia Global Research Limited, one of the country's leading pure-play financial research companies providing recommendations for intra-day equity and commodity trading, today announced the launch of a first-of-its-kind mobile application that would give value-added services to its clients.
Syrian oilfields resuming operations and its President Bashar al-Assad agreeing to inspection of chemical weapons facilities, crude oil supplies worries have eased.
This should see prices dropping. Libya's crude oil production has recovered to 620,000 barrels per day (bpd), compared with its pre-war capacity of 1.6 million bpd, after protesters agreed to reopen major western fields. Output had collapsed to below 200,000 bpd in a stalemate between protesters and the government that lasted over a month.
Internet giant, Google has announced a new update for the stable version of its Chrome browser for Windows, Mac and Linux operating system platforms.
The new version 29.0.1547.57 for various platforms will fix at least 25 security flaws in the browser, improve Omnibox search capability and also offer a new browser reset feature. The company has credited four researchers for the discovery of six flaws with the Chrome 29.0.1547.57 release. Three of these flaws were discovered by a researcher working under the name, "cloudfuzzer."
New Delhi, Aug 8 : NTPC is likely to start supplying 250 MW power to Bangladesh from next month, giving a boost to India’s power diplomacy in South Asia.
"NTPC Vidyut Vyapar Nigam (NVVN), a subsidiary of NTPC, is expected to start supplying power to Bangladesh from September 2013," the state-run power producer said.
NVVN is the nodal agency for supply of power to Bangladesh.
The founder of Europe’s EasyJet low cost airline, Sir Stelios Haji-Ioannou has launched a pilot programme with one budget supermarket, EasyFoodStore.
The company is aiming to compete with the likes of Aldi and Lidl, and Poundland in the market. The EasyFoodstore will be located on the ground floor of the -storey office building acquired by EasyGroup in Croydon, south London. The building also hosts other Easygroup businesses, including Easyhotel and Easygym.
Software giant, Microsoft has released a new stripped-down version of Office for smartphones running on Google's Android platform.
The company is aiming to link the new service to its Office 365 subscription plans. The company's Office for iOS devices was also linked to Office 365. The new Android app allows users to access a scaled-down version of Word, Excel and PowerPoint on smartphones running on Android 4.0 or newer.
Chicago, August 2 : US automaker Ford Motor Corporation has agreed to pay a penalty of $17.35 million because it did not notify the customers of a defect in a timely manner, media reported.
In 2012, Ford recalled about 423,000 Ford Escape and Mazda Tribute models made during the period of 2001-04 because the gas pedal could remain depressed even after the drivers removed their foot from the pedal, which could cause crashes.
However, the National Highway Traffic Safety Administration said Ford's recall "may have been untimely", Xinhua reported Thursday.
Internet giant, Google has reached an agreement with the U. S. Federal Trade Commission over standard-essential patents obtained by Google from Motorola under the FRAND terms.
New Delhi, July 23 : Neil Mills, chief executive officer of budget carrier SpiceJet, has resigned, sources said Tuesday.
Mills' resignation comes just a month after the company's chief commercial officer (COO) Harish Moideen Kutty put in his papers.
Mills' resignation comes a year-and-a-half before his contract at the airline ends.
Mills has been with the company since 2010 and was hired by Kalanithi Maran, the promoter of Sun Group, after buying a majority stake in the airline from non-resident Indian Bhulo Kansagra.