1. Madhu Kannan, the youngest CEO of Asia's oldest bourse, is leaving Bombay Stock Exchange operator BSE Ltd to join Tata Sons, which controls India's largest corporate house, where he will report to the executive in line to become group chairman at the end of this year.
http://www.reuters.com/article/2012/04/03/india-tatas-idUSL3E8F37A120120403
2. U2 stars Bono and the Edge invest millions in internet storage company Dropbox
3. TAFE plans to invest Rs.100 crore on capacity expansion at Madurai
http://www.thehindu.com/business/article3277656.ece
4. No merit in class action suit: TCS
Tata Consultancy Services, Asia’s largest software services exporter, said the class action suit brought against it by two former employees — Gopi Vedachalam and Kangana Beri — is without any merit. The US tax refund cheques that the company has collected are not unjust, TCS added. The US district court judge, Claudia Wilken, issued an order on Monday granting a motion for bringing a class action suit against TCS and its parent Tata Sons, on behalf of Indian workers sent to the US to work on IT jobs from February 14, 2002 through June 30, 2005.
http://www.mydigitalfc.com/it/no-merit-class-action-suit-tcs-722
5. Micromax unveils tablet PC 'FunBook' at Rs 6,499, based on Ice Cream Sandwich OS
http://economictimes.indiatimes.com/tech/hardware/micromax-unveils-tablet-pc-funbook-at-rs-6499-based-on-ice-cream-sandwich-os/articleshow/12519343.cms
6. Babus dash MBA sarpanch Chhavi Rajawat's plan to transform villages
The same month last year she spoke at the UN about transforming rural India by ensuring basic facilities like drinking water, electricity, toilets, schools and jobs for the villagers through panchayats.The youngest and MBA graduate sarpanch of Rajasthan, Chhavi Rajawat on Saturday said the panchayats should be closed down. The reason: petty government officers were not allowing the elected representatives to work. Public utility works were being "deliberately and maliciously" held up in government procedures by 'biased' officers. The rural police, too, were being controlled by such officers."Our panchayats are a farce and should be shut down. If an educated sarpanch, especially a woman, can be harassed by these officers then imagine what difficulty an uneducated woman sarpanch or any other sarpanch would be facing," Rajawat, the Tonk district's Soda gram panchayat sarpanch, said at a press conference in the city.Rajawat gained international recognition when, despite being an MBA graduate having better prospects in the corporate sector, she chose to contest and won the sarpanch election in her village panchayat in 2010. In March 2011, she was invited to speak at the 11th Info-Poverty World Conference at the UN. She was recently named among the young global leaders announced by the World Economic Forum.
http://economictimes.indiatimes.com/news/politics/nation/Babus-dash-MBA-sarpanchs-plans-to-transform-villages/articleshow/12514454.cms
Worth Reading:
http://www.bloomberg.com/news/2012-04-03/dutch-boy-seeks-economy-prize-with-greek-euro-exit-plan.html
http://www.bloomberg.com/news/2012-04-02/arabica-premium-seen-higher-on-robusta-supply-surge-commodities.html (Starbucks and Nestle)
http://www.bloomberg.com/news/2012-04-02/tata-wage-suit-in-california-wins-class-action-certification-1-.html
http://news.cnet.com/8301-1035_3-57408672-94/instagram-for-android-is-now-available/
He joins a youth movement at Tata, where Cyrus Mistry, 43, is due to become chairman when Ratan Tata retires at the end of this year. Tata Sons, which controls the salt-to-software Tata Group, said Kannan will be group head of business development, reporting to Mistry, who is now deputy chairman.
The BSE's non-executive chairman, S. Ramadorai, is vice chairman of TCS, India's largest software services exporter.
http://www.reuters.com/article/2012/04/03/india-tatas-idUSL3E8F37A120120403
2. U2 stars Bono and the Edge invest millions in internet storage company Dropbox
The U2 stars Bono and the Edge are gambling on their biggest hit yet after investing millions of dollars in an internet storage company which is tipped to become the next Apple.
Alongside his reputation as a global philanthropist, Bono has become a shrewd investor in web technology companies through Elevation Partners, a $1.9 billion private equity fund which he co-founded in 2004.
A $270 million investment in Facebook, buying shares from employees between 2009 and 2010, has already paid dividends. The stake is valued at $1 billion ahead of the social network’s Initial Public Offering this year.
A $100 million stake in Yelp, a consumer business review website, has tripled in value after the company went public last month.
Elevation has also suffered failures. A $117 million stake in SDI Media, a dubbing and subtitle company, went south after it was taken over by debtors and a $325 million investment in smartphone maker Palm, produced a modest $25 million gain.
Bono and Edge were introduced to Dropbox by entrepreneurs Ali and Hadi Partovi, who were investors in the company. The Partovi brothers created a Facebook music video-sharing app, iLike, which Bono endorsed by giving an interview.
Dropbox, described by Forbes magazine as “tech’s hottest start-up”, offers its storage service for free but is marketing a $20 a month upgrade for heavy users requiring 100Gb of storage. Each day 325 million files are saved through Dropbox.
3. TAFE plans to invest Rs.100 crore on capacity expansion at Madurai
The flagship company of the Amalgamations Group, the over Rs.8,000-crore TAFE, would invest around Rs.100 crore in a project at Madurai where it already has another plant.
Addressing a press conference here on Tuesday, Mallika Srinivasan, Chairman and CEO, said the proposed facility would make high horse power tractors and aim at global customers. It would have a capacity of 60,000 tractors a year. The project would go on stream in the middle of next year, she added.
http://www.thehindu.com/business/article3277656.ece
4. No merit in class action suit: TCS
Tata Consultancy Services, Asia’s largest software services exporter, said the class action suit brought against it by two former employees — Gopi Vedachalam and Kangana Beri — is without any merit. The US tax refund cheques that the company has collected are not unjust, TCS added. The US district court judge, Claudia Wilken, issued an order on Monday granting a motion for bringing a class action suit against TCS and its parent Tata Sons, on behalf of Indian workers sent to the US to work on IT jobs from February 14, 2002 through June 30, 2005.
http://www.mydigitalfc.com/it/no-merit-class-action-suit-tcs-722
5. Micromax unveils tablet PC 'FunBook' at Rs 6,499, based on Ice Cream Sandwich OS
http://economictimes.indiatimes.com/tech/hardware/micromax-unveils-tablet-pc-funbook-at-rs-6499-based-on-ice-cream-sandwich-os/articleshow/12519343.cms
6. Babus dash MBA sarpanch Chhavi Rajawat's plan to transform villages
The same month last year she spoke at the UN about transforming rural India by ensuring basic facilities like drinking water, electricity, toilets, schools and jobs for the villagers through panchayats.The youngest and MBA graduate sarpanch of Rajasthan, Chhavi Rajawat on Saturday said the panchayats should be closed down. The reason: petty government officers were not allowing the elected representatives to work. Public utility works were being "deliberately and maliciously" held up in government procedures by 'biased' officers. The rural police, too, were being controlled by such officers."Our panchayats are a farce and should be shut down. If an educated sarpanch, especially a woman, can be harassed by these officers then imagine what difficulty an uneducated woman sarpanch or any other sarpanch would be facing," Rajawat, the Tonk district's Soda gram panchayat sarpanch, said at a press conference in the city.Rajawat gained international recognition when, despite being an MBA graduate having better prospects in the corporate sector, she chose to contest and won the sarpanch election in her village panchayat in 2010. In March 2011, she was invited to speak at the 11th Info-Poverty World Conference at the UN. She was recently named among the young global leaders announced by the World Economic Forum.
http://economictimes.indiatimes.com/news/politics/nation/Babus-dash-MBA-sarpanchs-plans-to-transform-villages/articleshow/12514454.cms
Worth Reading:
http://www.bloomberg.com/news/2012-04-03/dutch-boy-seeks-economy-prize-with-greek-euro-exit-plan.html
http://www.bloomberg.com/news/2012-04-02/arabica-premium-seen-higher-on-robusta-supply-surge-commodities.html (Starbucks and Nestle)
http://www.bloomberg.com/news/2012-04-02/tata-wage-suit-in-california-wins-class-action-certification-1-.html
http://news.cnet.com/8301-1035_3-57408672-94/instagram-for-android-is-now-available/
Wash Trading: Entering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without resulting in a change in the trader's market position.
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