Let’s count the events of the day

 

1. Just Dial to raise up to $174 million through IPO

Just Dial said on Monday it will raise up to Rs. 950 crore through an initial public offer, which is scheduled to be launched on May 20.

The Mumbai-based local search firm, which is backed by Sequoia Capital and Tiger Globe, will sell 17.5 million shares priced between Rs. 470 and Rs. 543 each, it said in a statement.

2. Dabur India set to expand portfolio in Middle East region

DUBAI: Indian major Dabur is set to broaden its current product portfolio in the Middle East region, looking to expand geographically and increase its penetration across various ethnic groups, a media report has said.

Dabur is focusing on its Middle East operations this year, with a strategic launch of a new face care range, natural hair colour creme and an innovative deodorant range for teenagers, the Khaleej Times report said.

Source: http://economictimes.indiatimes.com/news/news-by-industry/cons-products/fmcg/dabur-india-set-to-expand-portfolio-in-middle-east-region/articleshow/20027515.cms

3. JLR opens new engineering test centre in Dubai

NEW DELHI: Tata Motors-owned Jaguar Land Rover today said it has opened a new engineering test centre in Dubai to conduct extreme hot weather vehicle research, development and testing.

Source: http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/jlr-opens-new-engineering-test-centre-in-dubai/articleshow/20026289.cms

4. Maruti Gypsy to be phased-out from Army, Mahindra Scorpio & Tata Safari in race to fill gap

The Indian Army has decided to phase-out Maruti Gypsy from its inventory with Mahindra Scorpio and Tata Safari in the race to replace the vehicle under a project expected to cost the force more than Rs 3,000 crore.

The Indian Army is the biggest customer of the Maruti Gypsy utility vehicles with more than 25,000 such vehicles in service and uses them in all light vehicle operations including counter-terrorist and counter-insurgency operations.

http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/maruti-gypsy-to-be-phased-out-from-army-mahindra-scorpio-tata-safari-in-race-to-fill-gap/articleshow/19990741.cms

Worth reading: http://www.reuters.com/article/2013/05/12/net-us-google-social-idUSBRE94B04W20130512

Let’s count the events of the day

 

Alibaba Seen Avoiding Facebook Flop With IPO Below $100 Billion

(Jack Ma, Founder, Alibaba)

Alibaba Group Holding Ltd. doesn’t want to be the next Facebook Inc. -- at least for its prospective initial public offering. The world’s biggest online retailer is considering a more conservative valuation than what the social-networking company achieved last year, a person familiar with the situation said.

Ma, the executive chairman, said last year the company may go public within five years. Jonathan Lu will replace Ma as chief executive officer in May. It’s not known how much of the company might be listed.

Source: - http://www.bloomberg.com/news/2013-05-05/alibaba-seen-avoiding-facebook-flop-with-ipo-below-100-billion.html 

'Iron Man 3' has second best box office debut in history

Super-hero blockbuster sequel "Iron Man 3" smashed to the top at the US box office with a mega $175.3 million take -- the second best opening weekend ever -- industry estimates showed Sunday.

Source: AFP

Nano's downhill drive continues, just 948 units sold in April

Amid a slowdown of automobile market in India, Nano sales declined over 88 per cent during the month compared to 8,028 units sold in April last year, according to the information provided by Tata MotorsBSE 1.95 % to the BSE.

Source: http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/nanos-downhill-drive-continues-just-948-units-sold-in-april/articleshow/19892833.cms

Meanwhile, Apache has crossed the one million mark. TVS, The Chennai-based company, launched the motorcycle equipped with a new Race-To-Response engine in 2006. Currently, it is being exported to more than 20 countries.

The Reserve Bank has allowed Tata Communications Payment Solutions, a subsidiary of Tata Communications, to set up and operate White Lable ATMs in the country.

White label ATMs – ATMs set up by parties other than banks.

 

Malabar Gold to open 220 stores across the globe by 2015

Kerala-based jewellery retailer Malabar Gold plans to open 220 stores across the globe by 2015 including South Asia and far East countries, a company official said today.

Jhunjhunwala buys 25 lakh SpiceJet shares, stock zooms

Shares of low-cost carrier SpiceJet today soared on bourses after big bull Rakesh Jhunjhunwala’s wife Rekha bought 25 lakh shares of the company on Friday.

Source: http://www.firstpost.com/investing/jhunjhunwala-buys-25-lakh-spicejet-shares-stock-zooms-754419.html

Infiniti Retail to launch ‘Croma’ 3G tablets in 2 weeks

Tata group firm Infiniti Retail, which runs ‘Croma’ chain of consumer electronics and durables stores, is planning to expand its range of private label items by introducing 3G-enabled tablet within next two weeks and high-end refrigerators by Diwali this year.

The company has already started offering affordable range of Croma-branded smartphones, which are sourced from China.

Source: http://www.firstpost.com/tech/infiniti-retail-to-launch-croma-3g-tablets-in-2-weeks-754161.html

Jet sells 24% to Etihad for Rs2,060 cr

The Naresh Goyal-promoted Jet Airways on Wednesday became the first Indian airline to sell a stake to a foreign carrier since last year’s relaxation in foreign direct investment rules. The company’s board approved a decision to allot 2.73 crore shares on a preferential basis to Abu Dhabi’s Etihad Airways for around R2,060 crore ($379 million). It was in September 2012 that the government allowed foreign carriers to buy up to 49% in Indian airlines.

Earlier, a proposal to start a new airline by Malaysia’s AirAsia and the Tata Group was cleared by the Foreign Investment Promotion Board.

The deal values Jet at nearly R8,500 crore, which is nearly double its market capitalisation of R4,954 crore as per Tuesday’s closing price. After the allotment, Etihad will hold a 24% stake in Jet while promoters will continue to hold 60.80% stake. Shares will be allotted at R754.73 each, a 31% premium to Tuesday’s closing price of R573.85 on the BSE.

Source: http://www.financialexpress.com/news/jet-sells-24-to-etihad-for-rs2060-cr/1107099

Bharti Gets $1.26 Billion Investment From Qatar Foundation

Bharti Airtel Ltd. (BHARTI), India’s largest mobile-phone operator, will sell a 5 percent stake to the Qatar Foundation Endowment for $1.26 billion after the carrier posted quarterly profit that missed estimates.

Bharti will issue 199.9 million new shares to the Qatar endowment at 340 rupees ($6.3) each, according to an e-mailed statement from the New Delhi-based company. That’s 7.3 percent higher than yesterday’s closing price. The stock closed 0.3 percent higher after climbing as much as 4.7 percent in Mumbai.

Source: Bloomberg

Intel CEO-Designate Krzanich Plans Faster Shift to Mobile

http://www.bloomberg.com/news/2013-05-03/intel-ceo-designate-krzanich-plans-faster-shift-to-mobile-chips.html

Tata Housing announces first housing project for senior citizens, called Riva.

Worth Reading:

http://economictimes.indiatimes.com/news/news-by-industry/cons-products/fmcg/pg-takes-away-some-work-from-india-to-cut-down-on-outsourced-it-work/articleshow/19903428.cms

http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/techno-classica-the-biggest-car-show-you-might-never-have-heard-of/articleshow/19893944.cms

http://economictimes.indiatimes.com/features/corporate-dossier/billion-dollar-team-how-micromax-is-gearing-up-to-touch-1-bn-mark/articleshow/19850080.cms

Let’s count the events of the day

 

1. Uninor appoints Yogesh Malik and the new CEO

 

“Norwegian telecom major Telenor's Indian arm Uninor today announced the appointment of Yogesh Malik as the firm's Chief Executive Officer (CEO).

The company added that Managing Director Sigve Brekke will step down as MD, but will continue to be responsible for all of Telenor affairs in India as the Head of Telenor Group's Asian operations.”

Source: http://economictimes.indiatimes.com/news/news-by-company/corporate-announcement/uninor-appoints-yogesh-malik-as-ceo-brekke-steps-down-as-md/articleshow/19830529.cms

 

2. Mercedes Benz to introduce five new models in India.

The company is all set to launch a diesel version of its B-Class , the new A-Class as well as the GL-Class over the next one month with the compact SUV GLA and 4-door coupe.

 

3. Honda Car India asked to pay a excise duty of 164 crores

The Central Boad of Excise and Customs has claimed that Honda Car India ought to have paid excise duty on the actual cost of production of the car and not on the discounted price.

These discounts were offered on Honda Brio and Honda Jazz.

http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/hondas-discount-offers-on-brio-jazz-under-cbec-scanner-asked-to-pay-rs-164-crore-more-as-excise-duty/articleshow/19793621.cms

 

4. Apple to Samsung Develop Smartwatch as Sony’s Time Passes

With growth slowing in the $358 billion handset market, Apple Inc. (AAPL) and Samsung Electronics Co. (005930) are developing digital watches that allow users to make calls, check map coordinates, or monitor their physical activity.
They might want to talk to Tokyo-based Sony Corp. (6758), whose feature-laden SmartWatch, on sale for more than a year, isn’t mesmerizing the masses.

Source: http://www.bloomberg.com/news/2013-05-02/apple-to-samsung-develop-smartwatch-as-sony-s-time-passes-tech.html

 

 

 

In other news:

Bankrupt investment bank Lehman Brothers has sued Intel Corp, accusing the chip maker of seizing $1 billion in collateral in breach of a swap agreement, a court filing showed.

 

Restaurants step up deals & discounts as footfalls drop after rise in menu rates

http://economictimes.indiatimes.com/news/news-by-industry/services/hotels-/-restaurants/restaurants-step-up-deals-discounts-as-footfalls-drop-after-rise-in-menu-rates/articleshow/19825478.cms

Consumer is the king: Supreme Court clears hurdles for FDI in retail

http://economictimes.indiatimes.com/news/news-by-industry/services/retail/consumer-is-the-king-supreme-court-clears-hurdles-for-fdi-in-retail/articleshow/19821412.cms

Asian Development Bank’s advisory for delegates visiting Indian for the annual meeting:

http://www.thehindubusinessline.com/news/adb-issues-dress-code-for-women-delegates/article4676117.ece

http://www.bloomberg.com/news/2013-05-02/unilever-wagers-billions-on-india-economic-revival.html

Let's count the events of the day

1. Mahindra Said To Consider Bidding For Hawker Beechcraft

Mahindra & Mahindra Ltd. (MM), India’s biggest maker of utility vehicles, is considering bidding for Hawker Beechcraft Inc., the bankrupt aircraft maker part owned by Goldman Sachs Group Inc. (GS), a person with knowledge of the matter said.

Hawker would fit well with Mahindra because both produce turboprop aircraft, said the person, who asked not to be identified because the deliberations are private. The Mumbai- based company has not decided whether to make an offer, the person said. Roma Balwani, a spokeswoman for Mahindra, said the company doesn’t comment on speculation.

Mahindra, which purchased majority stakes in component maker Aerostaff Australia and turboprop aircraft manufacturer Gippsland Aeronautics in 2009, has been in talks with India’s National Aerospace Laboratories on possibly partnering for a regional jet. A successful bid for the business jet-maker will catapult Mahindra into the aerospace market as a manufacturer, according to Dhiraj Mathur of PricewaterhouseCoopers LLP.

2. Apple Said To Plan Smaller IPad To Vie With Google Nexus

Apple Inc. (AAPL) plans to debut a smaller, cheaper iPad by year-end, two people with knowledge of the plans said, to help maintain dominance of the tablet market as Google Inc. (GOOG) and Microsoft Corp. (MSFT) prepare competing handheld devices.
The new model will have a screen that’s 7 inches to 8 inches diagonally, less than the current 9.7-inch version, said the people, who asked not to be identified because Apple hasn’t made its plans public. The product, which Apple may announce by October, won’t have the high-definition screen featured on the iPad that was released in March, one of the people said.

3. Coke’s $3bn to add fizz to India presence

Coca-Cola is escalating the beverage wars in India, announcing a $3bn investment intended to help it overtake PepsiCo in one of the few countries where it trails its rival.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/25172634-bfad-11e1-8bf2-00144feabdc0.html#ixzz1zirgCzwt

The move marks the acceleration of Coke’s commitment to India, superseding last year’s plan to invest $2bn over five years. That is as much as Coke invested in the country between 1993 and 2011.

Source: http://www.ft.com/intl/cms/s/0/25172634-bfad-11e1-8bf2-00144feabdc0.html

4. Former CEO Bob Diamond admits 'mistakes' at Barclays, says fast action taken

Former Barclays chief executive Bob Diamond criticised "reprehensible" behaviour over a rate-fixing scandal in a tense appearance before British lawmakers Wednesday, the day after he quit the bank.

Diamond added that while there had been "mistakes" at the lender, swift action was taken to tackle traders' attempts to manipulate key inter-bank lending rates.

"Clearly there were mistakes, clearly there was behaviour that was reprehensible," Diamond told the British parliament's Treasury Select Committee.

Barclays chief operating officer Jerry del Missier also resigned Tuesday over the affair, while the bank's chairman Marcus Agius quit on Monday.

Last week, the bank was fined £290 million ($455 million, 360 million euros) by British and US regulators for the attempted rigging of the Libor and Euribor interest rates.

Libor (London Interbank Offer Rate) is a flagship London instrument used as an interest benchmark throughout the world, while Euribor is the eurozone equivalent.

The rates play a key role in global markets, affecting what banks, businesses and individuals pay to borrow money.

Let's count the events of the day

1. Apple Pays $60 Million To End China IPad Dispute With Proview

Apple Inc. (AAPL) paid $60 million to settle a two-year-old legal dispute with Proview International Holdings Ltd. (334) regarding the iPad trademark in China.

The terms of the settlement agreement were reached on June 25 and Apple has transferred the funds as agreed, the Higher People’s Court of Guangdong Province announced in a statement on its website today. Apple spokeswoman Carolyn Wu didn’t immediately return calls to her office and mobile phones.

The dispute had centered on whether Proview’s Taiwan unit, which Apple paid 35,000 pounds ($54,800) in 2009 to use the iPad name in mainland China, had the right to sell it or whether that rested with Proview’s Shenzhen unit, which held the mark. Apple sued Proview Shenzhen in 2010 claiming ownership of the iPad trademark in China and lost. Its appeal of that case was heard on Feb. 29, and the two sides had engaged in court-sponsored mediation since then.

Before the agreement, Proview had applied to Chinese customs to block shipments of Apple’s iPad tablets in and out of China, and asked local retailers to stop sales of the product.

http://www.bloomberg.com/news/2012-07-02/apple-pays-60-million-to-end-china-ipad-dispute-with-proview.html

2. Billionaire Rinehart Willing To Buy Back GVK Shares

http://resources0.news.com.au/images/2012/02/02/1226261/318196-120203-gina-rinehart.jpg

Australian billionaire Gina Rinehart, who sold a majority stake in her Hancock Prospecting Pty’s coal projects to India’s GVK Group last year, said she is happy to buy back shares in the venture if it needs funds.
“I have told GVK I would love to be in the project more,” Rinehart told reporters on a visit to the southern city of Hyderabad, where she meet officials of the group.

Foreign investors and banks have expressed an interest in the coal project, in which GVK owns a 79 percent stake and Hancock has 21 percent, said Rinehart, who is Asia’s richest woman. Her fortune is estimated at $18.4 billion by the Bloomberg Billionaires Index.

Foreign investors and banks have expressed an interest in the coal project, in which GVK owns a 79 percent stake and Hancock has 21 percent, said Rinehart, who is Asia’s richest woman. Her fortune is estimated at $18.4 billion by the Bloomberg Billionaires Index.

http://www.bloomberg.com/news/2012-07-01/billionaire-rinehart-says-she-s-willing-to-buy-back-gvk-shares.html

Background:

GVK, a Hyderabad  based company want to mine coal in Queensland's Galilee Basin, environement activists like Greenpeace say that it will destroy the local biodeiversity. Gina Rinehart a billionaire who made her riches in mining has a small stake in the mine.

3. AB InBev buys out Modelo for $20 bn

Brussels, London: Anheuser-Busch InBev, the world’s biggest brewer, will swallow the half of Grupo Modelo it does not already own for $20.1 billion in the latest in a string of deals by big brewers looking for growth in emerging markets.

Modelo, founded in 1925, is Mexico’s biggest brewer with a 50%-plus market share in a virtual duopoly with Heineken’s FEMSA Cerveza in the world’s fourth-most-profitable beer market. Corona is the biggest imported beer in the lucrative US market.

4. Nestle in talks to raise E7-billion acquisition loan

Nestle has been talking to banks about raising a new 7-billion-euro syndicated loan to help fund its $11.85-billion takeover of Pfizer Nutrition. Nestle said in late April the acquisition would be fully debt-financed through internal cash resources, existing facilities and the bond markets. The new loan would give Nestle enough liquidity until the deal is approved, which is expected to be in the first quarter of 2013, if the acquisition goes ahead.

http://www.financialexpress.com/news/ab-inbev-buys-out-modelo-for-20-bn/968510/0

Let's count the events of the day

1. Rice Harvest In India Seen At Record As State Prices Increased


The monsoon-sown harvest may gain 10 percent in the year beginning July 1 from 90.8 million metric tons a year earlier, said Tarsem Saini, president of the Federation of All India Rice Millers Association. An end to a three-year ban on exports last year and a forecast for normal rain will spur farmers to increase planting, he said. The monsoon crop, sown from this month, accounts for about 80 percent of annual output.

http://www.bloomberg.com/news/2012-06-26/rice-harvest-in-india-seen-at-record-as-state-prices-increased.html

2. Morgan Stanley Downgrades RIM On ‘Deteriorating’ Outlook


Research In Motion Ltd. (RIM), the struggling maker of the BlackBerry smartphone, fell the most since May after Morgan Stanley (MS) downgraded the stock, citing “rapidly deteriorating fundamentals.”


“The only way RIM remains a viable entity is at a fraction of its current size, a transformation that erases much of its earnings power,” Ehud Gelblum, an analyst at Morgan Stanley in New York, wrote in a note to investors today. He cut RIM’s recommendation to underweight, a negative rating, from equalweight, the equivalent of a hold.


3. Nissan India Partner Thinks Small To Close Tata Gap

Ashok Leyland Ltd. (AL), India’s second- biggest truckmaker, is adding small goods carriers and expanding overseas to claw back market share lost to Eicher Motors Ltd. (EIM) and Tata Motors Ltd. (TTMT)
Nissan Motor Co. (7201)’s Indian partner, which reported its smallest gain in sales in three years in the 12 months ended March 31, plans to add 25 models in the year that began April 1, Vinod Dasari, the company’s managing director said in an e- mailed response to questions. The company last year began selling the small carrier Dost, which means friend in Hindi.

Daimler, Navistar:


Daimler, the world’s biggest truckmaker, this year opened a factory to build carriers ranging from six tons to 49 tons in India. Daimler will unveil 17 models by 2014, and the factory will be able to initially produce 36,000 trucks a year, Daimler said in April.

Mahindra partnered Navistar International Corp. (NAV) in 2005 to build trucks, while Volvo AB, the world’s No. 2 truck maker, invested $275 million in a venture with Eicher to make vehicles in India in 2008.

http://www.bloomberg.com/news/2012-06-25/nissan-india-partner-thinks-small-to-close-tata-gap.html

Worth Reading:


That’s Bhendi Bazar in 2014http://www.mumbaimirror.com/index.aspx?page=article&sectid=15&contentid=200908282009082804230495389a185fa

Let's count the events of the day!

1. Starbucks To Open Tazo Tea Store

Starbucks Corp. (SBUX), the world’s largest coffee-shop operator, will open its first tea-only store in October under the Tazo brand.

The shop will sell more than 80 varieties of loose-leaf tea, which will be priced by the ounce, said Holly Hart, a spokeswoman for Seattle-based Starbucks. While there are no immediate plans to open more stores, the company may consider additional Tazo shops “if we see another opportunity where a location is the right fit,” Hart said.

www.bloomberg.com/news/2012-06-20/starbucks-to-open-tazo-tea-store.html

2. Cable TV digitisation put off by four months till October 31 

The much-trumpeted digitalisation of cable TV services in four metros will now have to wait for four months beyond July 1, when it was originally scheduled to be introduced.
The decision to defer the plan for switchover from analogue to digitised signals was announced by the government on Wednesday as it was found that the metros of Delhi, Mumbai, Chennai and Kolkata were not ready for it.
"The ministry of information and broadcasting has decided to modify the 30th June deadline for a complete switch over to 31st October 2012," a statement issued by the I&B ministry on Wednesday said.

http://ibnlive.in.com/news/cable-tv-digitisation-put-off-by-four-months/267098-3.html

3. RBI gives nod for white label ATMs

The Reserve Bank of India has decided to permit non-bank entities to set up, own and operate automated teller machines (ATMs).
Such non-bank entities should have a minimum net worth of Rs 100 crore as per the latest financial year’s audited balance sheet, which is to be maintained at all times.

Non-bank entities that intend setting up, owning and operating ‘White Label ATMs’ (WLAs) would service customers of banks in India, based on the cards (debit/ credit/prepaid) issued by banks, the RBI said.

http://www.financialexpress.com/news/rbi-gives-nod-for-white-label-atms/964687/

4. Odisha starts transferring 1,500 acres to Posco

After seven years of delay, the Posco steel project will start rolling soon as Odisha has started transferring around 1,500 acres to the Korean steel major to set up an 8-million tonne plant in the first phase, Odisha Steel and Mines Minister Raghunath Mohanty said today.

http://www.financialexpress.com/news/odisha-starts-transferring-1-500-acres-to-posco/964498/

5. Kristen Stewart Tops Our List Of The Highest-Paid Actresses - Forbes

for the last two Twilight films, Stewart has been able to demand an estimated $12.5 million per film, plus a share of the profits.Her two co-stars, Robert Pattinson and Taylor Lautner, get paid the same, but Stewart earned more than them this year because of Snow White and the Huntsman. Stewart’s earnings between May 2011 and May 2012 totaled $34.5 million, helping her rank 43rd on our Celebrity 100 list. (The list measures a combination of money and fame.)

http://www.forbes.com/sites/dorothypomerantz/2012/06/19/kristen-stewart-tops-our-list-of-highest-paid-actresses/



That's all for today folks!


p.s. Did I miss something important? Inform me using the comment section Beellloooww or on Facebook, Twitter or Google Plus.