Company Updates

Tata Group to hike spending on R&D

Tata Group to hike spending on R&DTata Group, India's biggest business house, on Friday announced its decision to hike its spending on research & development (R&D) in the coming years.

The salt-to-software conglomerate is currently spending nearly US$2 billion per year on R&D. the company's R&D spending accounts for around 2 per cent of the conglomerate's total annual revenue.

Mukund Rajan, brand custodian & spokesperson for Tata Group, announced, "I hope with the focus which has been created on innovation and customer centricity, this number (spending) will increase in the years two come."

AAI awards contract worth Rs 344 crore to NIIT

AAI awards contract worth Rs 344 crore to NIITNIIT Technologies, a IT services company based in Delhi, has received an order from Airports Authority of India (AAI) worth Rs. 344 crore.

Under the multi-year contract, NIIT Technologies will work on the integration of IT systems at the operations control centers at about 10 airports across the country.  There is a provision to extend the solution to additional 25 airports in the country. The awarded contract is a part of the larger airport modernisation initiative taken by the civil aviation ministry under the leadership of union civil aviation minister, Ajit Singh.

Samsung launches Galaxy S4 priced at Rs.41,500

Galaxy-S4New Delhi, April 26 : Electronics major Samsung Friday launched its new flagship smartphone Galaxy S4 priced at Rs. 41,500. It will go on sale from Saturday.

The latest version of Samsung's Galaxy series will compete with the likes of Apple iPhone5, HTC One and Blackberry Z10, all priced above Rs. 40,000.

The hand held device will be available for sale to Indian customers from Saturday in four cities-- Delhi, Mumbai, Hyderabad, Bangalore-- and online.

Takehiko Nakao elected ADB president

Takehiko-NakaoManila, April 26 : The Asian Development Bank (ADB) announced Friday that Takehiko Nakao has been unanimously elected as president by its Board of Governors.

Nakao, 57, is Japan's former vice minister of finance for international affairs. He will assume office as the Manila-based lender's ninth president April 28, reported Xinhua.

He will finish the unexpired term of his predecessor Haruhiko Kuroda which ends Nov 23, 2016. Kuroda resigned as ADB president in March following his nomination as governor of the Bank of Japan.

Nikon launches new Coolpix Cameras in India

Nikon launches new Coolpix Cameras in IndiaJapanese photography giant, Nikon has announced the launch of its new Coolpix Cameras in the Indian market.

The company launched its new Coolpix A camera under the new series in the CoolPix range as well as other models in the new cameras the CoolPix P, S, L and AW series. The new Coolpix A comes with DX format CMOS 16.2-megapixel crop sensor and a wide-angle. It also has a 18.5mm fixed focal lens with a f/2.8 aperture and the company will offer the model with a price tag of Rs 54,950.

Maruti's Dzire and Ertiga win design award

Swift-Dzire-Ertiga1Gurgaon April 18 : Passenger car market leader Maruti Suzuki's Swift Dzire and Ertiga cars have been awarded the India Design Mark Award, a company official said here Thursday.

The award is given to products which are trustworthy, reliable, offer value for money, and most importantly, are manufactured in a responsible manner, a Maruti Suzuki spokesperson said.

This is the second consecutive year when this award has been bestowed on Maruti Suzuki models. In 2012, the company's Wagon R and Swift were the winners of this award.

BMW to begin production of Mini Countryman in Chennai

BMW to begin production of Mini Countryman in ChennaiGerman luxury carmaker, BMW Group has announced that it will begin production of it's the Mini Countryman at its plant near Chennai in the southern Indian state of Tamil Nadu.

The company is planning to begin the production of the model locally just a year after it entered the Indian market. The company might be looking to offer the model at a cheaper price in the country after beginning local production at the plant. It will be first time BMW will produce the iconic British brand's cars at a plant outside of Europe.

Tata Motors sold just 229,157 Nanos since July 2009

Tata Motors sold just 229,157 Nanos since July 2009According to the latest figures released, Tata Motors was able to sell just 229,157 Nanos since the company started selling its models in the country.

The Tata Nano car was launched in 2009 however its demand fell in the country drastically after a few models were reported to have caught fire while in use. The company pointed out that the fire incidences were isolated and one off accidents but the demand for more expensive models remained high while Nano did not an increase in demand.

Gold price falls below Rs.27,000 level

Gold-priceNew Delhi, April 16 : Gold price dipped Tuesday below Rs. 27,000 level for 10 grams for the first time in almost two years on continued weakness in global markets.

The yellow metal has become cheaper by almost 20 percent since the beginning of this year.

Gold price dropped by more than two percent to Rs. 26,440 per 10 grams in the national capital. The price has dropped sharply for the third consecutive trading day. In the last three sessions gold price has dropped by Rs. 3,160 per 10 grams.

The prices dropped sharply in the international markets also. In New York, gold slumped to $1,360 an ounce.

Hero MotoCorp to offer five-year warranty on all 2-wheelers

Hero MotoCorp to offer five-year warranty on all 2-wheelersIndian automotive major, Hero MotoCorp, which is the world's largest two wheeler maker by volume, has launched a new warranty plan under which it will offer a 5 years or 70,000 kilometer warranty on all its motorcycles.

Samsung offering EMI and cash back on popular models

Samsung offering EMI and cash back on popular modelsSouth Korean electronics giant, Samsung is now offering attractive EMI and cash back offers with tis models including Galaxy S3, Galaxy Note 2, Galaxy Grand in the Indian market in order to attract new customers in the competitive market.

Tata Steel expects steel prices to remain under pressure this quarter

Tata Steel expects steel prices to remain under pressure this quarterSteel prices will likely remain under pressure during the first three month of current financial year, unless prices of key raw material iron ore drops, Tata Steel Ltd MD Hemant Nerurkar said.

While slowdown in the economy brought demand for steel in automobile & construction sector, ban on extracting iron ore in Karnataka led to scarcity of the raw material, putting steel makers under intensified pricing pressure.

Qantas opens new passenger lounge at Changi

Qantas opens new passenger lounge at ChangiQantas Airways Ltd, leading Australian carrier, has opened a new lounge at Singapore's Changi airport for its passengers.

The new lounge will cater to premium passengers on its new dedicated Singapore services and will offer features 460 seats, 20 showers, 80-inch television screens and technology pods. The company will also offer a dining area with a live cooking station, a bar and mattresses and duvets for passengers wanting to sleep at the airport.

Honda launches entry-level Amaze, its first diesel car

Honda-AmazeNew Delhi, April 11 : Japanese automobile major Honda's Indian subsidiary Thursday entered the diesel segment, launching its sedan Amaze, priced between Rs. 5.99 lakh and Rs. 7.60 lakh (ex-showroom Delhi).

The entry-level sedan's diesel variant is powered by an all new 1.5 litre, four-cylinder (DOHCi-DTEC) engine with a fuel economy of 25.8 km per litre.

The diesel engine has been developed exclusively for India at the company's research and development (R&D) centre in Bangkok, Thailand, after extensive market surveys.

Adidas ropes in Mahela as brand athlete

Adidas-JayawardeneNew Delhi, April 10 : German sportswear giants adidas Wednesday roped in Delhi Daredevils captain Mahela Jayawardene as its brand athlete.

Mahela will now be sporting the three stripes of adidas, the world's leading sportswear brand.

To kick-start the partnership, the former Sri Lankan cricket captain will be part of adidas' latest digital and retail campaign for the IPL - Loose the heat, keep the fire - a campaign based on the latest cutting edge apparel technology from adidas, ClimaCool+.

Rajendra Mittal new head of Essar Steel's Odisha operations

Essar-SteelBhubaneswar, April 9 : Essar Steel India, which is setting up a 12 million tonne per annum (MTPA) pellet-making facility in Odisha, Tuesday announced that it has appointed Rajendra Mittal as its new chief executive officer for its operations in the state.

Mittal takes over from Shivramkrishnan Hariharan, who has assumed a larger role at the corporate level as chief commercial officer, the company said here in a statement.

Hyundai develops new egg shaped electric powered car

Hyundai develops new egg shaped electric powered carSouth Korean automotive giant, Hyundai has developed a new egg-shaped car powered by electric engine, which will be able to fit into narrow spaces in congested urban centres.

The new Hyundai E4U, which stands for four Es namely; evolution, electricity, eco-friendliness and egg, will have a top speed of 18 miles per hour. The top of the car appears to be a futuristic space helmet for the passengers. The vehicle has been designed to allow people to navigate congested urban roads and it is designed for one person only.

Reliance Power's Sasan UMPP starts commercial operation

Reliance-Power-LtdMumbai, April 4 : Reliance Power Thursday said it has commissioned the first 660 MW unit of the Sasan ultra mega power project (UMPP) in Madhya Pradesh.

The company informed the Bombay Stock Exchange in a filing that it has started commercial operations at its 3,960 MW Sasan UMPP March 30.

"The sucessful commissioning of the first unit in record time is a clear demonstration of the execution capabilities of Reliance - the ability to build large coal mine projects ahead of schedule," said J. P. Chalasani, CEO Reliance Power.

NALCO cuts domestic aluminium price

NALCOBhubaneswar, April 3 : State-owned National Aluminium Company Ltd (NALCO) has decreased its domestic aluminium price by Rs. 3,000 a tonne as the international price of the metal has come down, a company official said Wednesday.

This is the third time since the start of last month that the Bhubaneswar-headquartered NALCO has revised the price across all products because of the fluctuation of the aluminium price at the London Metal Exchange, the official told IANS.

The company which is India's third largest aluminium producer last cut price by Rs. 6,500 and Rs. 2,000 March 1 and March 22, respectively, across all products.

L&T firm bags Abu Dhabi airport order

Larsen-and-ToubroBangalore, April 3 : Larsen & Toubro (L&T) construction firm has won an order valued at $257 million (Rs. 1,398 crore) from Abu Dhabi Airports Company to build a midfield terminal complex in the UAE, the company said here Wednesday.

"Work on the midfield terminal complex is part of the major expansion programme of Abu Dhabi International Airport to serve as the new gateway to the city," the company said in a statement.

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