Company Updates

Procter & Gamble to replace CEO McDonald with Lafley

Procter & Gamble to replace CEO McDonald with LafleyProcter & Gamble Co., world's largest consumer-products maker, has replaced its Chief Executive Officer (CEO) Bob McDonald on Thursday with his predecessor, A. G. Lafley, effective immediately.

McDonald had taken in charge of the company in 2009 and was working to turnaround the company in the previous year with a plant to cut $10 billion in costs through 2016. He also planned to focus the company towards its leading businesses after it struggled to compete with the likes of Unilever.

Swipe Telecom launches new Halo Speed tablet in India

Swipe Telecom launches new Halo Speed tablet in IndiaSwipe Telecom has announced the launch of its new Halo Speed tablet computer powered by Google's open source Android platform in the Indian market.

The new Halo Speed tablet computer features a 7-inch display with 5-point capacitive multi-touch screen. It is powered by a 1.5GHz processor alongside 1GB RAM and 4GB of internal storage that can be expanded to 32GB. It runs on Android 4.1 Jelly Bean and has Wi-Fi and Bluetooth for easy connectivity options.

Yamaha launches scooter for young men

Yamaha-Ray-ZPanaji, May 24 :  In a bid to shore up its market share in the two-wheeler segment, Japanese auto major Yamaha's Indian subsidiary launched Friday a new variant of its automatic scooter Ray.

According to the company, Ray Z has been developed to target young male users between 16-22 years with the concept of "aggressive sporty design" priced at Rs. 48,555 (ex-showroom New Delhi).

The new variant comes a year after the launch of the initial "Ray" model which was developed to target young women. However, Yamaha felt the need to launch a sporty scooter for boys to expand and increase sales in India.

L&T reports 6.9% fall in quarterly profits

L&T reports 6.9% fall in quarterly profitsIndia's biggest engineering and construction company, Larsen and Toubro Ltd (L&T) has recorded a disappointing 6.9 per cent fall in profits to 17.88 billion rupees during the fourth quarter of the financial year 2012-2013.

Panasonic re-enters mobile-handset market with its new P51 smartphone

Panasonic re-enters mobile-handset market with its new P51 smartphone In a move which marks the re-entry of Panasonic into the mobile handset market, the Japanese handset maker announced the launch of its first smartphone - the P51 – on Thursday.

Powered by a 1.2 GHz quad-core processor, the Panasonic P51 handset features a 5-inch screen; 1 GB RAM; and 8-megapixel back-side camera; a 1.3-megapixel front-facing camera; the Android 4.2 ‘Jelly Bean’ operating system; and 4 GB of onboard storage capacity, which can be expanded via the microSD card slot.

Skoda to scrap Fabia production in India

Skoda to scrap Fabia production in IndiaCzech Republic’s Skoda Auto, a part of the Volkswagen group, has indicated that it might be planning to stop the production of its Fabia model at its plants in India.

“Skoda is in the process of strengthening its model range and as a part of this process, Skoda is contemplating a pause in production of the Fabia in India,” a company spokesperson said in a statement.

Mercedes launches new GL Class luxury SUV

Mercedes-GL-SUV.New Delhi, May 16 : German automobile major Mercedes-Benz Thursday launched an all-new luxury SUV (Sports Utility Vehicles) at Rs. 77.5 lakh (ex-showroom, Delhi).

Unveiled by Tennis star Boris Becker, the GL class car named 'Launch Edition' has at present only 100 units to buyers in the form of CBUs (Completely Built Units) and boasts of features like AMG body kit, heated leather seats and temperature-controlled cup holders.

Infosys CEO Shibulal package stood at $119,774 for FY13

Infosys CEO Shibulal package stood at $119,774 for FY13According to a regulatory filing, the Chief Executive Officer of Indian IT sector giant, Infosys saw his compensation fall 26.5 per cent to US$ 119,774 during the financial year 2012-2013.

Shibulal has received an annual compensation of US$ 162,990 in the previous year. The fall in the compensation is mainly due fall in reduction in bonus component. His bonus in the financial year 2013 recorded a fall of 70.14 per cent to US$ 15,918compared to US$

XOLO launches new Xolo Q700 smartphone

XOLO launches new Xolo Q700 smartphoneXOLO has announced the launch of its Q700 smartphone that the company claims is the world's first multi profile Android smartphone with a Quad-core processor.

The XOLO Q700 has a 4.5 inch qHD IPS display with One Glass Solution (OGS) Technology with a resolution of 960x540 with 245 PPI and can play 720p videos. It has Android Jelly bean v4.2 and powered by 1.2 GHz Quad-core processor with 1 GB of RAM. It comes with 4 GB of internal storage. It will come with a 2400 mAh battery for extended battery life.

Vertu launches new Vertu TI in India at Rs 6,49,990

Vertu launches new Vertu TI in India at Rs 6,49,990Luxury phone maker, Vertu has announced the launch of its new unique offering, Vertu TI with attractive features in the India market.

The new Vertu TI will come with a price tag of a whooping Rs 6,49,990. The company's devices are popular with celebrities like Madonna and David Beckham. It launched the new TI in February this year. The Vertu TI is packed with titanium and has a ruby key for access to concierge services. The device's outer casing is created from grade 5 titanium so that to make it lightweight and durable for the custoemrs.

Hero MotoCorp enters Central America

Hero-MotoCorp_New Delhi, May 14 : Two-wheeler major Hero MotoCorp Tuesday launched products in Guatemala, El Salvador and Honduras.

The company has partnered with the Indy Motos Group of Guatemala as the authorised distributor in the three Central American countries, Hero MotoCorp said in a release here.

Showcasing the products in Guatemala City, Hero MotoCorp said the launch indicated the significant role that markets in Central America and Latin America would play in the company's global expansion plans.

EcoSport to come with ‘Emergency Assistance System’ in India

EcoSport to come with ‘Emergency Assistance System’ in IndiaIt is believe that the new Ford EcoSport fromt eh American automaker will come with an Emergency Assistance System in the Indian market.

The new Emergency Assistance System of Ford will include delivering a critical voice message directly to emergency operators in case the vehicle is involved in an accident and in which the airbags of the vehicle have been deployed or fuel pump are turned off. The system will also enable hand-free allowing passengers to communicate.

Indian-origin Ivan Menezes named Diageo CEO

Ivan-MenezesLondon, May 7 : British liquor giant Diageo has appointed Indian-origin Ivan Menezes as its next chief executive officer.

The maker of Smirnoff vodka and Johnnie Walker Scotch, in a statement Tuesday said Menezes would take over as CEO with effect from July 1 this year.

Outgoing CEO Paul Walsh will step down from the company's board in the annual general meeting in September and will retire from the company June 30, 2014.

"We are delighted to have a leader of Ivan's talents and global experience to succeed Paul," Diageo chairman Franz B. Humer said in the statement.

Jet Airways completes 20 years of existence

Jet Airways completes 20 years of existenceMumbai, May 6 : India's private international carrier Jet Airways completed 20 years of operations Sunday, an official said here Monday.

Two decades ago, it had taken the delivery of its first aircraft in Mumbai in the presence of J. R. D. Tata, making the start of a new chapter in the civil aviation industry in the country.

From that humble beginning, the airline today has 115 aircraft offering over 600 daily flights across 52 domestic and 20 international destinations around the world.

SpiceJet shares jump over 8% after Jhunjhunwala bought 25 lakh shares

SpiceJet shares jump over 8% after Jhunjhunwala bought 25 lakh sharesSpiceJet shares jumped more than 8 per cent in early trade on Monday, after Rekha Jhunjhunwala, wife of big bull Rakesh Jhunjhunwala, purchased twenty-five lakh shares of the carrier for Rs 9.73 crore.

Rekha purchased shares through a block deal at an average price of Rs 38.94 apiece last Friday. It may be noted here that stock markets remain closed on Saturday and Sunday.

At 09:20 in the morning today, stock in SpiceJet was trading at Rs 43.15 a share. So fare, the stock has hit a low and high of Rs 41 and Rs 43.75 a share.

Murugappa Group to spend just Rs 450cr as capex during current fiscal

Murugappa Group to spend just Rs 450cr as capex during current fiscalThe Murugappa Group, which has diverse interests ranging from engineering to fertilizers, has announced its lowest capital expenditure (capex) in six years for the current fiscal.

The Group announced that it would spend Rs 450 crore as capex for the fiscal 2013-14, as compared with around Rs 1,750 crore in fiscal 2012-13.

Murugappa Group Chairman A Vellayan said that the fiscal 2013-14 would be a year of consolidation in a difficult phase, adding that the group was very cautious on new investments.

SEBI imposes Rs 11 crore fine on Reliance Petroinvestments

SEBI imposes Rs 11 crore fine on Reliance PetroinvestmentsIndia’s capital market regulator, the Securities Exchange Board of India (Sebi) has imposed a pentalty on Reliance Petroinvestments (RPIL) for insider trading in IPCL shares in 2007.

Reliance Petroinvestments is a subsidiary of Reliance Industries (RIL) headed by Mukesh Ambanni. According to the order, RPIL generated a profit of about Rs. 3.82 crore through the trades related to insider trading between February and March 2007. It is believed that the insider trading occurred before the announcement about dividend declaration and the merger of a group.

Tata tie-up with Tel Aviv University on tech innovations

Ramot-Tata-logoNew Delhi, April 30 : Tata Industries and Ramot at Tel Aviv University (TAU), the university's technology transfer company, have entered into a strategic memorandum of understanding (MoU) to fund and generate leading-edge "commercialisation ready technologies".

Under the MoU, Tata Industries, through its wholly owned overseas subsidiary, will be the lead investor in Ramot’s $20-million Technology Innovation Momentum Fund, which will invest in a wide range of technologies. These include engineering and exact sciences, environment and clean technology, pharmaceuticals and health care.

Griffin Coal and Perdaman Chemicals settle lawsuit

Griffin Coal and Perdaman Chemicals settle lawsuitAccording to the latest reports, Australia's Griffin Coal and Perdaman Chemicals have settled a massive A$ 3.5 billion lawsuit between them.

BHEL bags Rs.4,051 crore Odisha project

BHELBhubaneswar, April 27 : State run-Bharat Heavy Electricals Limited (BHEL) Saturday bagged a Rs. 4,051 crore power project contract from Odisha Power Generation Corporation Ltd. (OPGC), an official said here.

The contract awarded to the power plant equipment manufacturer, include erection of the third and the fourth unit of (2x660 megawatt) coal fired power plant of the OPGC in Odisha.

The contract awarded is worth Rs. 4,051 crore which comprises of supply of the main plant (boiler, turbine and generator) at an all inclusive firm price of Rs. 3,748.94 crore and erection of the said main plant at Rs. 302.06 crore.

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