Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Raju freed but stays in hospital
B. Ramalinga Raju accused in the RS 14,000- crore Satyam Computers scam, was on Thursday released from judicial custody.
Eleventh additional chief metropolitan magistrate BVLN Chakravarthy at Nampally courts in Hyderabad asked the Chanchalguda jail authorities to ‘ release’ Raju from judicial custody. The Andhra Pradesh High Court had granted bail to Raju on Wednesday.
The release from judicial custody came after Raju’s wife Nandini and cousin I. Suryanarayana Raju submitted two sureties each for Rs 20 lakh at the court.
Though there is no immediate threat of a jail stay, sources say Raju may continue to stay put at Hyderabad’s Nizam’s Institute of Medical Sciences, where he has been undergoing treatment for Hepatitis C and other ailments since September 2009.
The doctors at the institute said they wouldn’t advise him to get discharged because he was out of judicial custody.
“ Though his health condition has improved a lot, the Hepatitis C symptoms are fluctuating.
It is better for him to be under constant medical supervision till he completes the second round of his 24- week injection cycle. He still needs another 18 injections. But if he still wants to go home, we cannot stop him,” NIMS gastro- entrologist Dr. Ajit Kumar said.
According to the high court order, once Raju is discharged from the hospital, he will have to attend the trial court regularly.
He has also been asked to visit the Central Bureau of Investigation ( CBI) office for interrogation as and when required. Considering these ‘ inconveniences’, chances are Raju will prefer staying at NIMS for the time being.
At the same time, there are also those who think the NIMS is not a very safe option for Raju.
“ The NIMS is a state- run hospital.
If the government wants, it can hound Raju. The doctors will not be able to help him then,” an advocate at the Nampally court said.
Speculations are rife that Raju might shift to Care Hospitals, a private healthcare facility run by Dr. Somaraju. Both the Rajus are said to be good friends.
But Raju might wait for some more days, till the CBI moves the Supreme Court challenging the high court’s order to grant him bail. “ If the apex court cancels his bail, Raju will have to stay in a hospital to avoid jail,” a source said.
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Eleventh additional chief metropolitan magistrate BVLN Chakravarthy at Nampally courts in Hyderabad asked the Chanchalguda jail authorities to ‘ release’ Raju from judicial custody. The Andhra Pradesh High Court had granted bail to Raju on Wednesday.
The release from judicial custody came after Raju’s wife Nandini and cousin I. Suryanarayana Raju submitted two sureties each for Rs 20 lakh at the court.
Though there is no immediate threat of a jail stay, sources say Raju may continue to stay put at Hyderabad’s Nizam’s Institute of Medical Sciences, where he has been undergoing treatment for Hepatitis C and other ailments since September 2009.
The doctors at the institute said they wouldn’t advise him to get discharged because he was out of judicial custody.
“ Though his health condition has improved a lot, the Hepatitis C symptoms are fluctuating.
It is better for him to be under constant medical supervision till he completes the second round of his 24- week injection cycle. He still needs another 18 injections. But if he still wants to go home, we cannot stop him,” NIMS gastro- entrologist Dr. Ajit Kumar said.
According to the high court order, once Raju is discharged from the hospital, he will have to attend the trial court regularly.
He has also been asked to visit the Central Bureau of Investigation ( CBI) office for interrogation as and when required. Considering these ‘ inconveniences’, chances are Raju will prefer staying at NIMS for the time being.
At the same time, there are also those who think the NIMS is not a very safe option for Raju.
“ The NIMS is a state- run hospital.
If the government wants, it can hound Raju. The doctors will not be able to help him then,” an advocate at the Nampally court said.
Speculations are rife that Raju might shift to Care Hospitals, a private healthcare facility run by Dr. Somaraju. Both the Rajus are said to be good friends.
But Raju might wait for some more days, till the CBI moves the Supreme Court challenging the high court’s order to grant him bail. “ If the apex court cancels his bail, Raju will have to stay in a hospital to avoid jail,” a source said.
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Views mixed on hike in cap for small investors
There is mixed reaction from merchant bankers to the proposal by the Securities and Exchange Board of India (Sebi) to hike the investment ceiling of retail investors to Rs 2 lakh from Rs 1 lakh now in public offering of stocks.
Jagannadham Thunuguntla, equity head of SMC Capitals, feels raising the cap was long overdue considering that the market size has grown and fund raising needs have spiked in tandem compared to five years ago.
“ The subdued response from retail investors to several public offerings recently also might have prompted the regulator to think of this amendment,” he added.
Sebi has proposed to amend Sebi ( Issue of Capital and Disclosure Requirements) Regulations, 2009 ( ICDR Regulations) to enhance the limit prescribed for defining a retail individual investor ( RII) in a public issue from the existing Rs 1 lakh to Rs 2 lakh, in a paper issued for comments.
The regulator cited three reasons for the move, including that the present ceiling was limiting the retail investors who have the capacity to invest over Rs 1 lakh in public offerings. If they were to apply for shares worth over Rs 1 lakh now they would be competing for allotment within the high net worth individuals ( HNI) category of investors, which has an limited allocation of 15 per cent against 35 per cent for retail investors.
In recent public offerings, roughly 75 per cent of RII applications have been in the size of Rs 80,000- 1 lakh even as in the HNI category, the number of applications of under- Rs 5 lakh is negligible.
Sebi also felt that big offerings of Rs 4,000- 6,000 crore need to receive 15- 20 lakh applications from retail investors to cover the 35 per cent portion reserved for them. “ This could be a daunting task considering that in case of well oversubscribed issues, the number of applications received from RIIs was in the range of 35,000 to 70,000,” Sebi added.
Inflation in India has risen from about four per cent in 2005 to about 12 per cent lately. During the same period, the BSE Sensex has risen from about 8,000 points to about 18,000 points.
“ This means that the RIIs now buy a lesser number of securities with Rs 1 lakh than they would buy with the same amount in 2005,” the regulator explained.
Shailendra Jindal, CEO of Continental Capital Advisors felt that Sebi should have raised the reservation for retail investors from 35 per cent now to maybe 50 per cent.
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Jagannadham Thunuguntla, equity head of SMC Capitals, feels raising the cap was long overdue considering that the market size has grown and fund raising needs have spiked in tandem compared to five years ago.
“ The subdued response from retail investors to several public offerings recently also might have prompted the regulator to think of this amendment,” he added.
Sebi has proposed to amend Sebi ( Issue of Capital and Disclosure Requirements) Regulations, 2009 ( ICDR Regulations) to enhance the limit prescribed for defining a retail individual investor ( RII) in a public issue from the existing Rs 1 lakh to Rs 2 lakh, in a paper issued for comments.
The regulator cited three reasons for the move, including that the present ceiling was limiting the retail investors who have the capacity to invest over Rs 1 lakh in public offerings. If they were to apply for shares worth over Rs 1 lakh now they would be competing for allotment within the high net worth individuals ( HNI) category of investors, which has an limited allocation of 15 per cent against 35 per cent for retail investors.
In recent public offerings, roughly 75 per cent of RII applications have been in the size of Rs 80,000- 1 lakh even as in the HNI category, the number of applications of under- Rs 5 lakh is negligible.
Sebi also felt that big offerings of Rs 4,000- 6,000 crore need to receive 15- 20 lakh applications from retail investors to cover the 35 per cent portion reserved for them. “ This could be a daunting task considering that in case of well oversubscribed issues, the number of applications received from RIIs was in the range of 35,000 to 70,000,” Sebi added.
Inflation in India has risen from about four per cent in 2005 to about 12 per cent lately. During the same period, the BSE Sensex has risen from about 8,000 points to about 18,000 points.
“ This means that the RIIs now buy a lesser number of securities with Rs 1 lakh than they would buy with the same amount in 2005,” the regulator explained.
Shailendra Jindal, CEO of Continental Capital Advisors felt that Sebi should have raised the reservation for retail investors from 35 per cent now to maybe 50 per cent.
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Fiat Launches New Diesel Version of Grande Punto
Fiat India on Friday launched the Grande Punto 90HP multijet, its latest diesel variant in the premium hatchback segment.Equipped with a 1.3 - litre multijet engine, powered by a variable geometry turbocharger, the car will be India’s most powerful diesel hatchback. Priced at Rs 6.79 lakh (ex - showroom price, Delhi), the car will compete directly with diesel variants of Hyundai i20, Maruti Swift and Tata Indica.
“ The launch of Grande Punto 90 HP multijet is aimed at consolidating our position within the performance diesel segment, which has been relatively untapped until now,” said Rajeev Kapoor, chief executive officer (CEO) and president, Fiat India.
The version is equipped with a 1.3 - litre multijet engine power of 93 PS and torque of 209 NM. The company claims the variant offers a mileage of 20 km per litre. This car comes with dual stage airbags, automatic climate control, anti - lock braking system (ABS) and alloy wheels.
“ The competition is stiff, we agree. But the car has many distinguishing feature like most powerful diesel engine and fuel efficiency. Moreover, this hatchback can also be personalised,” Kapoor added.
“ In fact, the Indian car market is getting very interesting and happening, and customers are spoilt for choice. With such stiff competition customers will get a cost advantage and there is hardly any scope for price hike, even when the input cost is going up,” Kapoor said.
The car offers customers a choice of personalisation through a special accessory pack that includes a rear spoiler, chrome exhaust tip, body decals, sporty aluminium pedals, leather seat covers and Punto branded door sill.
According to S. Krishnan, senior vice - president, commercial passenger vehicles of Tata Motors, which is a 50 per cent partner in Fiat India, “ The diesel car market is expected to grow at a much faster pace, which will suddenly see lots of technical innovation in a diesel engine. Moreover, it is more fuel and cost efficient.” The company is also developing another small car for the Indian market, which will be launched by 2012. Also, Fiat is planning to launch a new variant of its mid - sized sedan Linea by September as it aims to double sales during this fiscal to about 45,000 units.
Grande Punto, which was launched last year, is the third offering from the stable of Fiat after Linea and Palio.
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TCS Q1 Results Shows 24.25% Jump - Check Complete Details
India’s largest software solutions provider Tata Consultancy Services (TCS) on Thursday reported a 24.25 per cent jump in its June quarter profit at Rs 1,906.07 crore.
The company said it will hire as many as 40,000 new hands this year because of increasing business and also to take care of high attrition rates. Tata Consultancy Services (TCS) added a net strength of 3,271 employees during the first quarter this year, raising the total number of its staff to 163,700.
“ We continue to focus on retention and providing an enriching employee experience,” said Ajoy Mukherjee, vice president, head, global human resources.
“ Our attrition has gone up this quarter but we have done a good job of retaining key performers,” N. Chandrasekaran, chief executive officer (CEO) and managing director (MD), TCS said.
Employee attrition was 13.1 per cent in the quarter.
The firm also announced that it would to raise salaries by an average 13 per cent starting this month.
“ This has been a quarter of complete outperformance.
While we remain alert about changing macro dynamics in many markets, our customer- centric business model is very relevant and helps us participate in the ongoing recovery,” Chandrasekaran said.
During the quarter, the company saw growth across service lines, including IT, BPO, infrastructure services and assurance. North America and Asia were among the primary drivers of growth.
Among the major deals bagged during the quarter by TCS include a contract worth Rs 250 crore to implement a programme for a state- run utility, while another contract worth $ 100 million was bagged to provide IT solutions to a large media firm. Chandrasekaran said the company is following at least 15 more large deals.
Income from operations rose to Rs 8,217.28 crore in the first quarter of this year from Rs 7,206.99 crore in the year- ago period.
The company has already declared an interim dividend of Rs 2 per equity share of Re 1 each.
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The company said it will hire as many as 40,000 new hands this year because of increasing business and also to take care of high attrition rates. Tata Consultancy Services (TCS) added a net strength of 3,271 employees during the first quarter this year, raising the total number of its staff to 163,700.
“ We continue to focus on retention and providing an enriching employee experience,” said Ajoy Mukherjee, vice president, head, global human resources.
“ Our attrition has gone up this quarter but we have done a good job of retaining key performers,” N. Chandrasekaran, chief executive officer (CEO) and managing director (MD), TCS said.
Employee attrition was 13.1 per cent in the quarter.
The firm also announced that it would to raise salaries by an average 13 per cent starting this month.
“ This has been a quarter of complete outperformance.
While we remain alert about changing macro dynamics in many markets, our customer- centric business model is very relevant and helps us participate in the ongoing recovery,” Chandrasekaran said.
During the quarter, the company saw growth across service lines, including IT, BPO, infrastructure services and assurance. North America and Asia were among the primary drivers of growth.
Among the major deals bagged during the quarter by TCS include a contract worth Rs 250 crore to implement a programme for a state- run utility, while another contract worth $ 100 million was bagged to provide IT solutions to a large media firm. Chandrasekaran said the company is following at least 15 more large deals.
Income from operations rose to Rs 8,217.28 crore in the first quarter of this year from Rs 7,206.99 crore in the year- ago period.
The company has already declared an interim dividend of Rs 2 per equity share of Re 1 each.
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Nissan Micra launched - features, specifications & price in India revealed
Japanese car - maker Nissan on Wednesday launched its much- awaited premium small car Nissan Micra in India, marking its foray into the premium small car segment.In India, Nissan Micra will be available in three standard variants of XE (entry level), XL (mid) and XV (top) priced at Rs 3.98 lakh, Rs 4,69,500 and Rs 528,800, respectively.
Available in two interior colour schemes: black and griege, the Nissan Micra will be introduced in a range of six colours — sunlight orange, brick red, Pacific blue, storm white, blade silver and onyx black.
It is powered by a 1.2- litre, 3- cylinder petrol engine. It offers features, such as intelligent key plus immobiliser, push- button engine startstop system and electric foldable mirror.
Another feature is the intelligent multi- display meter, which gives the driver real time information on fuel economy, cruising range and outside temperature. In addition, the driver power windows are fitted with a ‘ onetouch up/ down’ feature along with a pinch guard.
“ The Nissan Micra is the right product at the right time that will offer customers a good means of urban mobility with a complete package of performance, features, safety and comfort,” Kiminobu Tokuyama, chief executive officer ( CEO) and managing director ( MD), Nissan Motor India, said.
“ We expect Micra with its latent advantage and its unique features to do well in the Indian market and carve a niche of its own compared to other competitive models in this segment,” Tokuyama added.
Nissan Micra will heat up the small car segment in India that accounts for more than 70 per cent of the total car sales in the country.
This hatchback is set to compete with Maruti Suzuki’s Swift and new the WagonR, which is the market leader in the segment.
However, Micra will have other rivals too like Hyundai i10 and i20, Volkswagen’s Polo, Ford’s Figo, Fiat’s Grande Punto and General Motors’ Chevrolet Beat, all priced broadly in the same range.
Being the fastest growing segment, it has already attracted the interest of brands like Volkswagen, Ford and Chevrolet, which are fighting for market share.
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Harley Davidson India Open its First Outlet in Hyderabad
Every biker dream bike manufacturer Harley Davidson on friday has inaguarted its first dealership outlet in India in Hyderabad. If cources are to believed, then companies have plans to open its various braches where it has already identified dealers in Delhi, Mumbai, Chandigarh and Bangalore.
Telugu Film star N T Ramarao inaugurated Banjara Harley-Davidson in Hyderabad and on the ceremony Managing Director, Anoop Prakash, Harley-Davidson said
that "We will launch our bikes in other cities before the end of this year".
He said, 'Last year as many as 700 heavy bikes of all brands, excluding Harley-Davidson were sold in the country'. He also added without revealing any figures that, they made enough investments in the country to last for the next 20 years. The company has launched 12 variants of the bikes in 883 cc to 1800 cc range in the Indian market.
All the bikes are made in the USA and shipped to India. The company started bookings for the bikes since April this year and there is no waiting period. The bikes would cost anything between Rs 7 lakh and Rs 35 lakh.
Anoop Prakash also answered the biggest question in the mind of almost everybody that would these bikes be able to cope up with the Indian Roads to which he replied that the bike is perfectly suitable for Indian roads due to its weight and ruggedness.
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Telugu Film star N T Ramarao inaugurated Banjara Harley-Davidson in Hyderabad and on the ceremony Managing Director, Anoop Prakash, Harley-Davidson said
that "We will launch our bikes in other cities before the end of this year".
He said, 'Last year as many as 700 heavy bikes of all brands, excluding Harley-Davidson were sold in the country'. He also added without revealing any figures that, they made enough investments in the country to last for the next 20 years. The company has launched 12 variants of the bikes in 883 cc to 1800 cc range in the Indian market.
All the bikes are made in the USA and shipped to India. The company started bookings for the bikes since April this year and there is no waiting period. The bikes would cost anything between Rs 7 lakh and Rs 35 lakh.
Anoop Prakash also answered the biggest question in the mind of almost everybody that would these bikes be able to cope up with the Indian Roads to which he replied that the bike is perfectly suitable for Indian roads due to its weight and ruggedness.
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Toyota Etios getting ready for Indian Market
Toyota Kirloskar Motor (TKM) on Tuesday announced that it was investing Rs 500 crore in its second plant in Bangalore to produce engines and gearboxes for its small car, Toyota Etios, with an initial capacity of 70,000 units.TKM vice- chairman (V- C) Vikram Kirloskar said the production of Etios is scheduled by end of December, 2010. The premium hatchback which will be taking on the Ford Figo, GM Beat, Hyundai i20 and the Volkswagen Polo is being developed exclusively for the Indian market and was showcased earlier this year at the Delhi Auto Expo.
TKM subsidiary Toyota Kirloskar Auto Parts (TKAP) has two plants with a total investment of Rs 500 crore. One of these produces 52,000 engines per annum for the domestic market, while the second plant, with a production capacity of 1.7 lakh gearboxes, caters to the Innova sold in India, Thailand and Argentina, he said.
TKAP would invest an additional Rs 500 crore, part of which would go towards increasing the number of transmission boxes to approximately 2.4 lakh units per year and in setting up a third plant with a capacity of one lakh engines per year, of which 70,000 would be for the Etios and the balance for exports.
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Volkswagen Vento : Price, Specifications, Features
Targeting the midsize sedan category, German auto giant Volkswagen (VW) on Tuesday unveiled its new locally manufactured sedan Volkswagen Vento in India. It is expected to hit the Indian roads by October this year.
“ The mid-size market is doing very well in India and we are focusing on this segment.
With this new launch, we expect that our Indian sales will double by next year.
We are targeting about 8-10 per cent of the market share in the mid-segment,” Christian Klingler, board member (sales and marketing), Volkswagen group, told reporters in New Delhi.
“ Even our earlier launch, Polo, is doing quite well and the demand is outstripping the supply. We already have an order backlog of 10,000 cars,” Klingler said.
Klingler said Vento will be the company’s first car that has been designed and manufactured in India, keeping in perspective Indian roads and conditions. For example, the car will have improved overall interior room, more powerful air conditioning systems, louder horn and suspension settings to suit Indian conditions. However, the company refused to divulge details about the price of the car. It said the price will be revealed only closer to the market launch of the car.
“ It will be Volkswagen’s second volume model after Polo and will be coming as a premium entry-level sedan in the country.
It will certainly change the game in the sedan segment as we will be keeping our price quite competitive,” Neeraj Garg, member of the board and director (passenger cars), Volkswagen India, had said earlier. However, an official hinted that the price would be around Rs 9 lakh. Polo is priced in the range of Rs 4.34 lakh to Rs 6.70 lakh (ex-showroom, Delhi).
The new Vento comes with a 1.6 litre engine in the petrol and diesel variants. It will be available in both manual and automatic transmission options. The new Vento is the seventh model in India from Volkswagen’s stable. Currently, the company offers compact cars Beetle and Polo, premium sedans Phaeton, Passat and Jetta, and sports utility vehicle Touareg.
At present, the mid-size sedan segment in India comprises models like Hyundai Accent, Verna, Mahindra Logan, Ford Fusion and Honda City. Vento will be positioned above the Polo and below the Jetta. The car is being rolled out from the company’s plant at Chakan, in Maharashtra.
Volkswagen has already invested 580 million euros for its Chakan plant, with an annual production capacity of 1.1 lakh units. The facility also manufactures the Fabia hatchback of group firm SkodaAuto.
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“ The mid-size market is doing very well in India and we are focusing on this segment.
With this new launch, we expect that our Indian sales will double by next year.
We are targeting about 8-10 per cent of the market share in the mid-segment,” Christian Klingler, board member (sales and marketing), Volkswagen group, told reporters in New Delhi.
“ Even our earlier launch, Polo, is doing quite well and the demand is outstripping the supply. We already have an order backlog of 10,000 cars,” Klingler said.
Klingler said Vento will be the company’s first car that has been designed and manufactured in India, keeping in perspective Indian roads and conditions. For example, the car will have improved overall interior room, more powerful air conditioning systems, louder horn and suspension settings to suit Indian conditions. However, the company refused to divulge details about the price of the car. It said the price will be revealed only closer to the market launch of the car.
“ It will be Volkswagen’s second volume model after Polo and will be coming as a premium entry-level sedan in the country.
It will certainly change the game in the sedan segment as we will be keeping our price quite competitive,” Neeraj Garg, member of the board and director (passenger cars), Volkswagen India, had said earlier. However, an official hinted that the price would be around Rs 9 lakh. Polo is priced in the range of Rs 4.34 lakh to Rs 6.70 lakh (ex-showroom, Delhi).
The new Vento comes with a 1.6 litre engine in the petrol and diesel variants. It will be available in both manual and automatic transmission options. The new Vento is the seventh model in India from Volkswagen’s stable. Currently, the company offers compact cars Beetle and Polo, premium sedans Phaeton, Passat and Jetta, and sports utility vehicle Touareg.
At present, the mid-size sedan segment in India comprises models like Hyundai Accent, Verna, Mahindra Logan, Ford Fusion and Honda City. Vento will be positioned above the Polo and below the Jetta. The car is being rolled out from the company’s plant at Chakan, in Maharashtra.
Volkswagen has already invested 580 million euros for its Chakan plant, with an annual production capacity of 1.1 lakh units. The facility also manufactures the Fabia hatchback of group firm SkodaAuto.
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Hyundai unveils New Sporty Transformed Verna
The Country's second- largest car maker, Hyundai Motor India Ltd ( HMIL), on Wednesday launched a new version of its mid- sized sedan Verna, priced between Rs 6.56 and 9.22 lakh ( ex- showroom, Delhi).The Verna Transform will have the same two engine variants of 1.6 litre petrol and 1.5 litre diesel as the existing models but comes with a new sporty look and refurbished interior.
The 1.6 litre petrol variant develops a power of 103.2PS @ 5500 rpm and torque of 14.9kgm@ 3000 rpm. The 1.5 litre diesel version develops a power output of 110 PS@ 4000 rpm and a torque of 24kgm @ 1900- 2750 rpm.
Commenting on the launch, H. W. Park, managing director ( MD) & chief executive officer ( CEO), HMIL, said, “ The Verna Transform is all set to boost Hyundai’s line- up of products in India by raising the benchmark in the sedan segment, even further.” The firm has sold 82,076 units of the old Verna, which was launched in September, 2006. Hyundai is also likely to unveil a small car that will compete with Maruti Suzuki’s Alto at the next Auto Expo to be held in New Delhi in 2012. An HMIL official disclosed that the small car is currently being developed at the Hyundai R& D centre in Korea.
Alto is the highest- selling car in the Indian market with sales of 2.40 lakh units a year and is priced between Rs 2.28 to 2.8 lakh ( ex- showroom, Delhi).
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India's Anshu Jain, The New CEO of Deutsche Bank
After Vikram Pandit, who became the chief executive officer (CEO) of Citigroup in 2007 and presided over some of the worst months of the banking behemoth, another executive of Indian descent is all set to head the prestigious Deutsche Bank.Anshu Jain, 47- year- old Jaipur- born financier and cricket buff who till recently owned 10 per cent of the Mumbai Indians IPL team, is being tipped to become the bank’s high- profile CEO after having been appointed head of its most powerful and profitable corporate and investment banking division.
Jain also heads the global markets division of Germany’s largest bank, which is also regarded as one of the world’s most successful financial institutions.
It has over 80,000 employees across 72 countries, including India. Last year, he became a member of the bank’s all- powerful management board and has been on the group executive committee since 2002.
Jain’s new position will require him to be responsible for the bank’s sales and trading operations globally, including government and corporate bonds, commodities, emerging markets, equities, foreign exchange, money markets, interest rates and credit derivatives.
But his new role is not going to be an easy one. The position of Deutsche Bank boss is a highprofile job requiring him to hobnob with politicians and business leaders. The outgoing CEO, Josef Ackermann, is a wellknown face in Germany who is often seen dining with Chancellor Angela Merkel and appearing on television chat shows.
Another ‘ drawback’ that has led critics to question the new development is Jain’s alleged inability to speak fluent German.
Analysts have commented that Germans wouldn’t see it as in their interest to have an English- speaking investment banker from London running Deutsche Bank.
When the MBA in finance from the University of Massachusetts, Cambridge, is not dabbling with stocks and shares, he’s busy catching up with his second love — cricket. He captains Deutsche Bank’s London cricket team.
Jain’s love for the game is the stuff of legends. One of the walls in his office has a framed cricket shirt signed by the Australian cricketing brothers Steve and Mark Waugh. The Shri Ram College of Commerce alumnus is also known to take his clients to international matches at the Lord’s cricket ground in London.
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CBDT Amends Rules on Tax Cut at Source
The Central Board of Direct Taxes (CBDT) has amended the rules related to tax deducted at source (TDS).
According to a finance ministry statement, forms for the TDS certificate have been revised to include the “ receipt number” of the TDS return filed by the deductor.
Now the tax- deduction account number (TAN) of the deductor, permanent account number ( PAN) of the deductee and the receipt number of TDS return filed by the deductor will form the “ unique identification” for allowing tax credit claimed by the taxpayer in his income- tax return.
Government authorities ( pay and accounts officers, treasury officers or cheque drawing and disbursing officers) responsible for crediting tax deducted at source to the credit of the Central government by book- entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorized by the director general of income- tax (systems).
The due date for furnishing TDS return for the last quarter of the last financial year has been advanced to May 15 from the earlier date of June 15.
The revised due dates for furnishing TDS returns are July 15 for the quarter ending June 30, followed by October 15 for the quarter ending September 30.
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According to a finance ministry statement, forms for the TDS certificate have been revised to include the “ receipt number” of the TDS return filed by the deductor.
Now the tax- deduction account number (TAN) of the deductor, permanent account number ( PAN) of the deductee and the receipt number of TDS return filed by the deductor will form the “ unique identification” for allowing tax credit claimed by the taxpayer in his income- tax return.
Government authorities ( pay and accounts officers, treasury officers or cheque drawing and disbursing officers) responsible for crediting tax deducted at source to the credit of the Central government by book- entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorized by the director general of income- tax (systems).
The due date for furnishing TDS return for the last quarter of the last financial year has been advanced to May 15 from the earlier date of June 15.
The revised due dates for furnishing TDS returns are July 15 for the quarter ending June 30, followed by October 15 for the quarter ending September 30.
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Volkswagen Releases the Sketch of its New Sedan designed for India
Volkswagen (VW) released the first sketch of its new sedan that is slated to hit the Indian roads later this year. It has been specifically designed for India and will be manufactured in Volkswagen’s state- of- the- art plant at Chakan, Pune.
It will no doubt carry the Volkswagen DNA of German engineering, which is innovative technology, safety, stability, sturdiness and tailored to the requirements of the Indian consumer.
Its authentic and elegant design coupled with its innovative features and driving dynamics will set benchmarks in its class and will act as a key brand pillar for Volkswagen to stimulate its growth in the country.
This new sedan will be in addition to Volkswagen’s already existing product line, which includes the Passat, Jetta, Touareg, New Beetle, Phaeton and the recently and successfully launched New Polo.
Volkswagen India has reported 1,489 units sales in the month of April, 2010.
Comparing April, 2009 with April, 2010, the Jetta and Passat have posted growth of 150 per cent and 85 per cent, respectively.
The Volkswagen Jetta clocked a growth of 43 per cent and the Passat 86 per cent in the January- April, 2010 period compared to January- April, 2009.
The outlook for the forthcoming year is also at an alltime high and judging by the start received in April this year VW is bullish on the prospects.
The VW Polo, which was launched recently has found great acceptance in the market and has so far clocked sales of 1,599 units with bookings for a further 7,300 units in the pipeline. There is a three to four months waiting period on the Polo due to this.
On the imported models, VW has managed to sell 226 Beetles during the January- April 2010 period while the premium Touareg sport- utility vehicle ( SUV) sold 69 units in the same period.
Volkswagen India makes sedans Jetta and Passat besides the Polo at its Chakan factory in Maharashtra.
It also imports the Beetle hatchback and Touareg SUV.
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It will no doubt carry the Volkswagen DNA of German engineering, which is innovative technology, safety, stability, sturdiness and tailored to the requirements of the Indian consumer.
Its authentic and elegant design coupled with its innovative features and driving dynamics will set benchmarks in its class and will act as a key brand pillar for Volkswagen to stimulate its growth in the country.
This new sedan will be in addition to Volkswagen’s already existing product line, which includes the Passat, Jetta, Touareg, New Beetle, Phaeton and the recently and successfully launched New Polo.
Volkswagen India has reported 1,489 units sales in the month of April, 2010.
Comparing April, 2009 with April, 2010, the Jetta and Passat have posted growth of 150 per cent and 85 per cent, respectively.
The Volkswagen Jetta clocked a growth of 43 per cent and the Passat 86 per cent in the January- April, 2010 period compared to January- April, 2009.
The outlook for the forthcoming year is also at an alltime high and judging by the start received in April this year VW is bullish on the prospects.
The VW Polo, which was launched recently has found great acceptance in the market and has so far clocked sales of 1,599 units with bookings for a further 7,300 units in the pipeline. There is a three to four months waiting period on the Polo due to this.
On the imported models, VW has managed to sell 226 Beetles during the January- April 2010 period while the premium Touareg sport- utility vehicle ( SUV) sold 69 units in the same period.
Volkswagen India makes sedans Jetta and Passat besides the Polo at its Chakan factory in Maharashtra.
It also imports the Beetle hatchback and Touareg SUV.
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ICICI Bank to take over Bank of Rajasthan
One of the oldest private sector banks in the country, Bank of Rajasthan ( BoR), is set to merge with ICICI Bank, the largest private sector bank in India. BoR board, which met in Mumbai on Tuesday, has given an in- principle nod to the proposal.“ All BoR shareholders will become shareholders of ICICI Bank,” P. K. Tayal chairman of BoR told press persons in the evening. Responding to a query he said, “ The pricing ( of BoR) is expected to be better than 1: 9 ( nine shares of BoR for each share of ICICI Bank). Give us one more day to decide.” “ The board has given its inprinciple approval for amalgamation of BoR with ICICI Bank,” G. Padmanabhan, managing director and CEO of BoR added after the board meeting.
“ ICICI Bank has entered into an agreement with certain shareholders of Bank of Rajasthan agreeing to effect the amalgamation of Bank of Rajasthan with ICICI Bank with a share exchange ratio of 25 shares of ICICI Bank for 118 shares of Bank of Rajasthan,” said ICICI Bank in a release.
“ This is based on an internal analysis of the strategic value of the proposed amalgamation, average market capitalisation per branch of old private sector banks and relevant precedent transactions,” ICICI added.
Getting the whiff of the deal the stock flared up on the market and ended with a gain of about 20 per cent at Rs 99.50, after hitting the circuit breaker on BSE. On the other hand, the ICICI Bank stock took a marginal knock of 1.45 per cent or Rs 13.05 to close at Rs 889.35.
The deal comes up a few month from the time the capital market regulator Securities and Exchange Board of India ( Sebi) and Reserve Bank of India ( RBI) initiated actions citing violations by BoR and its promoters.
On Tuesday afternoon, Chanda Kochhar, managing director ( MD) and chief executive officer ( CEO) of ICICI Bank told a TV channel that the merger deal was not finalised yet, and the right pricing was crucial for the deal from ICICI Bank’s point of view.
Haribhakti & Sons, chartered accountants, were appointed to do the due diligence, based on which the swap ratio would be decided on Sunday, Padmanabhan said.
The Tayals, who owned about 29 per cent of the BoR stake at the end of December last, had been negotiating with potential buyers, including private sector lender Axis Bank.
In early 2010, RBI has slapped a fine of Rs 25 lakh on BoR citing various violations, including irregularities in transactions and misrepresentation of documents, norms pertaining to antimoney laundering, Know Your Customer ( KYC) norms and irregularities in the conduct of accounts of a corporate group.
The banking regulator had also appointed Deloitte Haskins and Sells to conduct a special audit of the bank, which recently submitted its interim report to RBI. On March 8, 2010, Sebi had issued an interim order restraining the founders of BoR and over 100 group entities from accessing the capital markets or from dealing in securities.
With this the stock price of the bank dipped to Rs 54.60 from Rs 67.11 on March 8.
Set up in 1943, BoR has a network of 463 branches and over 20 lakh customers. It has deposits of over Rs 15,000 crore and advances of just over Rs 7,000 crore. As at end- December, 2009 its non- performing assets ( NPAs) stood at Rs 160 crore.
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Bank of Baroda Financial Year Results 2010 37.32% Hike in Net Profit
DESPITE a lacklustre credit scenario and volatile bond market, Bank of Baroda ( BoB) has managed a net profit growth of 37.32 per cent in financial year 2010 ( FY’ 10) and 20 per cent in fourth quarter of FY’ 10.
“ The bank managed to sustain a decent profit performance in FY’ 10 despite a lacklustre credit scenario and volatile bond market,” BoB chairman and managing director, M. D. Mallya said.
Operating profit of the bank, at Rs 4,853.81 crore in FY’ 10, was up 15.29 per cent as against Rs 4,209.99 crore in FY’ 09. Net profit in FY’ 10 was Rs 3,058.33 crore up 37.32 per cent as against Rs 2,227.20 crore in the last fiscal.
Net profit for Q4 of FY’ 10 was up 20.41 per cent at Rs 906.28 crore as compared to Rs 752.69 crore in year- ago period. The bank’s total income registered a growth of 9.40 per cent yearon- year ( YoY) and reached the level of Rs 19,423.25- crore in the last fiscal.
While interest earned on advances increased by 12 per cent ( YoY) to Rs 12,541.22- crore by March- end, non- interest income rose by just 2.34 per cent ( YoY) to Rs 2,724.91- crore, reflecting a slowdown in profit on sale of investments.
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“ The bank managed to sustain a decent profit performance in FY’ 10 despite a lacklustre credit scenario and volatile bond market,” BoB chairman and managing director, M. D. Mallya said.
Operating profit of the bank, at Rs 4,853.81 crore in FY’ 10, was up 15.29 per cent as against Rs 4,209.99 crore in FY’ 09. Net profit in FY’ 10 was Rs 3,058.33 crore up 37.32 per cent as against Rs 2,227.20 crore in the last fiscal.
Net profit for Q4 of FY’ 10 was up 20.41 per cent at Rs 906.28 crore as compared to Rs 752.69 crore in year- ago period. The bank’s total income registered a growth of 9.40 per cent yearon- year ( YoY) and reached the level of Rs 19,423.25- crore in the last fiscal.
While interest earned on advances increased by 12 per cent ( YoY) to Rs 12,541.22- crore by March- end, non- interest income rose by just 2.34 per cent ( YoY) to Rs 2,724.91- crore, reflecting a slowdown in profit on sale of investments.
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Canara Bank Q4 Results 30% Drop in Net Profit
CANARA Bank on Wednesday reported a 30 per cent dip in net profit at Rs 503 crore for the fourth quarter ( Q4) ended March 31, 2010, due to low trading profit and higher provisions.
During 2009- 10, the bank made a total provision of Rs 2,039 crore — including Rs 927 crore for Q4 — which includes a provision of Rs 1,408 crore towards non- performing assets ( NPA), bank chairman and managing director A. C. Mahajan said while announcing the results.
On the decline in the Q4 net profit, he said, “ Income from sale of investments during the quarter was to the extent of Rs 114 crore against Rs 349 crore during the same period a year ago at Rs 3,021 crore.
The bank, however, saw a jump of 45.8 per cent to Rs 2,072 crore in its net profit. Total business for the year rose by 24.3 per cent to Rs 4,03,986 crore from Rs 3,25,112 crore in 2008- 09.
Deposits and advances grew to Rs 2,34,651 crore and Rs 1,69,335 crore, a growth of 25.6 per cent and 22.5 per cent, respectively.
Giving a sector- wise NPA of the bank, he said there was a slippage in advances to agriculture sector to the tune of Rs 460 crore, and that to micro, small and medium enterprises ( MSME) to the extent of Rs 393 crore, among others.
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During 2009- 10, the bank made a total provision of Rs 2,039 crore — including Rs 927 crore for Q4 — which includes a provision of Rs 1,408 crore towards non- performing assets ( NPA), bank chairman and managing director A. C. Mahajan said while announcing the results.
On the decline in the Q4 net profit, he said, “ Income from sale of investments during the quarter was to the extent of Rs 114 crore against Rs 349 crore during the same period a year ago at Rs 3,021 crore.
The bank, however, saw a jump of 45.8 per cent to Rs 2,072 crore in its net profit. Total business for the year rose by 24.3 per cent to Rs 4,03,986 crore from Rs 3,25,112 crore in 2008- 09.
Deposits and advances grew to Rs 2,34,651 crore and Rs 1,69,335 crore, a growth of 25.6 per cent and 22.5 per cent, respectively.
Giving a sector- wise NPA of the bank, he said there was a slippage in advances to agriculture sector to the tune of Rs 460 crore, and that to micro, small and medium enterprises ( MSME) to the extent of Rs 393 crore, among others.
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Govt to set up 8 more IT units overseas to track tax evaders
THE government has set up two income tax overseas units at its missions in Singapore and Mauritius and plans to create such units in eight more countries to keep an eye on tax dodgers using foreign bank accounts, finance minister Pranab Mukherjee told the Rajya Sabha in a written reply on Tuesday.
“ It has also been decided to create eight more such units at the US, Britain, the Netherlands, Japan, Cyprus, Germany, France and the UAE missions,” the minister added.
He said there is no verifiable information available about the money allegedly parked in foreign banks.
However, the Central Board of Direct Taxes ( CBDT) has asked its investigation directorates to collect information about Indian nationals suspected to have bank accounts in tax havens, and agents of foreign banks who are soliciting people for opening foreign bank accounts.
They have also been asked to collect information as regards foreign visits of Indian nationals to tax havens, the minister said.
Efforts are being made to collect evidence during search/ survey operations pertaining to opening of foreign bank accounts or other assets abroad, Mukherjee said.
Besides, whenever any specific case of suspected unauthorised maintenance of accounts abroad by Indians comes to the notice of department of enforcement, appropriate action is taken, he added.
No roving enquiries can be made by the directorate, though, Mukherjee said.
Besides, the ministry has requested the existing partner countries for re- negotiation of the article concerning exchange of information in the tax treaties for specifically, including provisions for obtaining bank- related information.
Responses from some of these countries, along with their counter proposals, were also received recently, he disclosed.
Negotiations have already been completed in one case, the minister said, adding the treaty partner- countries, with whom pacts do not have provisions relating to assistance in tax collection, have been approached to include such a provision.
In answer to another question, Mukherjee said there is no proposal to set up any new agency to conduct study on the quantum of black money in the country.
He said there is currently no proposal for legislative changes to arrest stashing away money out of the country. At present, there is no proposal for any legislative changes in the matter, Mukherjee said in the reply to a query on whether the government is contemplating to modify and strengthen the existing laws, or to bring in a comprehensive legislation for checking siphoning off black money from the country.
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“ It has also been decided to create eight more such units at the US, Britain, the Netherlands, Japan, Cyprus, Germany, France and the UAE missions,” the minister added.
He said there is no verifiable information available about the money allegedly parked in foreign banks.
However, the Central Board of Direct Taxes ( CBDT) has asked its investigation directorates to collect information about Indian nationals suspected to have bank accounts in tax havens, and agents of foreign banks who are soliciting people for opening foreign bank accounts.
They have also been asked to collect information as regards foreign visits of Indian nationals to tax havens, the minister said.
Efforts are being made to collect evidence during search/ survey operations pertaining to opening of foreign bank accounts or other assets abroad, Mukherjee said.
Besides, whenever any specific case of suspected unauthorised maintenance of accounts abroad by Indians comes to the notice of department of enforcement, appropriate action is taken, he added.
No roving enquiries can be made by the directorate, though, Mukherjee said.
Besides, the ministry has requested the existing partner countries for re- negotiation of the article concerning exchange of information in the tax treaties for specifically, including provisions for obtaining bank- related information.
Responses from some of these countries, along with their counter proposals, were also received recently, he disclosed.
Negotiations have already been completed in one case, the minister said, adding the treaty partner- countries, with whom pacts do not have provisions relating to assistance in tax collection, have been approached to include such a provision.
In answer to another question, Mukherjee said there is no proposal to set up any new agency to conduct study on the quantum of black money in the country.
He said there is currently no proposal for legislative changes to arrest stashing away money out of the country. At present, there is no proposal for any legislative changes in the matter, Mukherjee said in the reply to a query on whether the government is contemplating to modify and strengthen the existing laws, or to bring in a comprehensive legislation for checking siphoning off black money from the country.
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India is now the 7th Largest Shareholder of the World Bank
INDIA has become the seventh largest shareholder in the World Bank after the Washington based financial aid institution raised the voting share of the South Asian economic powerhouse.“ The changes in the shareholding structure of the bank would make India one of the important shareholders in the bank. India would now be the seventh largest shareholder in the bank,” said a finance ministry statement.
The changes announced on Sunday bring about a 3.13 percentage- point shift in favour of the developing countries giving them just over 47.19 per cent of the total votes, while advanced economies’ share of the total falls to just under 52.81 per cent.
India’s voting power has gone up from 2.77 per cent to 2.91 per cent, while China’s has soared to 4.42 per cent from 2.77 per cent.
As a result of this change, India moves ahead of Russia, Canada, Australia, Italy and Saudi Arabia in voting power.
The United States still leads with 15.85 per cent of the voting rights followed by Japan’s 6.84 per cent.
Other big members are Germany ( four per cent), France ( 3.75 per cent) and the United Kingdom ( 3.75 per cent).
“ The bank also agreed to review its shareholding every five years and as India’s economy grows further, this should lead to a further improvement in India’s relative importance,” the statement added.
World Bank members, including India, have endorsed boosting its capital by more than $ 86 billion and giving developing countries a little more voice in running the affairs of the 186- member institution.
The enhanced lending capacity would enable India to receive additional assistance to the extent of $ 7- 10 billion in the coming years.
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IMF officials say India will play big role in Asia’s rise
INDIA is now integrating more with the rest of Asia and will play a major role in Asia’s growth, top officials of the International Monetary Fund ( IMF) said.
“ You have a very rapidly growing large economy in the South Asia region, and that is India, and India is now also integrating much more with the rest of Asia,” Kalpana Kochhar, IMF deputy director ( Asia Pacific), said.
“ For example, trade between China and India is growing rapidly. Of course, it mostly imports from China, but it has grown very rapidly in recent years. So, prospects for integration both in the South Asia region amongst them and with the rest of Asia, I think, have greatly improved and will continue to do so,” she said.
IMF director, Asia Pacific department, Anoop Singh said the fund expects Asia to continue leading the global recovery and grow by about seven per cent this year and next year.
“ As is now well- known, China and India will again lead Asia’s growth with growth rates of 10 and 8.8 per cent this year,” he said.
While the pattern of recovery has varied in Asia, as it has in other regions, Singh said it is important to note that both the more domestically oriented economies, such as China, India and Indonesia as well as the more export- oriented economies are experiencing strong upturns.
Singh said IMF expects output gaps to close this year in a number of economies, including South Asian countries, such as India.
“ By the end of 2009, output in most of Asia had returned to the pre- crisis levels even in those economies that were hit hardest by the crisis,” Singh said.
“ After the deepest recession in recent history globally, we know that Asia is leading this global recovery,” he said in a briefing on the region. “ In fact, activity in Asia has rebounded fairly swiftly over the past year and in the first quarter of 2010.” While the pattern of recovery has varied in Asia, “ both the more domestically oriented economies such as China, India and Indonesia as well as the more export- oriented economies are experiencing strong upturns,” Singh added.
Singh identified two factors as underpinning Asia’s strong performance. First, the global and domestic inventory cycles are boosting Asia’s industrial production and exports. Second, private domestic demand in the region is expected to remain robust even as macroeconomic policies begin to withdraw stimulus.
Asked if rising inflation in South Asia will pose a serious threat to the region’s recovery, Singh said it is not surprising that inflation has begun to turn up as output gaps in much of Asia have begun to narrow. “ We do expect output gaps to close this year in a number of economies including countries in South Asia, such as India,” he said noting there is a significant contribution to higher inflation coming from food and energy prices.
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“ You have a very rapidly growing large economy in the South Asia region, and that is India, and India is now also integrating much more with the rest of Asia,” Kalpana Kochhar, IMF deputy director ( Asia Pacific), said.
“ For example, trade between China and India is growing rapidly. Of course, it mostly imports from China, but it has grown very rapidly in recent years. So, prospects for integration both in the South Asia region amongst them and with the rest of Asia, I think, have greatly improved and will continue to do so,” she said.
IMF director, Asia Pacific department, Anoop Singh said the fund expects Asia to continue leading the global recovery and grow by about seven per cent this year and next year.
“ As is now well- known, China and India will again lead Asia’s growth with growth rates of 10 and 8.8 per cent this year,” he said.
While the pattern of recovery has varied in Asia, as it has in other regions, Singh said it is important to note that both the more domestically oriented economies, such as China, India and Indonesia as well as the more export- oriented economies are experiencing strong upturns.
Singh said IMF expects output gaps to close this year in a number of economies, including South Asian countries, such as India.
“ By the end of 2009, output in most of Asia had returned to the pre- crisis levels even in those economies that were hit hardest by the crisis,” Singh said.
“ After the deepest recession in recent history globally, we know that Asia is leading this global recovery,” he said in a briefing on the region. “ In fact, activity in Asia has rebounded fairly swiftly over the past year and in the first quarter of 2010.” While the pattern of recovery has varied in Asia, “ both the more domestically oriented economies such as China, India and Indonesia as well as the more export- oriented economies are experiencing strong upturns,” Singh added.
Singh identified two factors as underpinning Asia’s strong performance. First, the global and domestic inventory cycles are boosting Asia’s industrial production and exports. Second, private domestic demand in the region is expected to remain robust even as macroeconomic policies begin to withdraw stimulus.
Asked if rising inflation in South Asia will pose a serious threat to the region’s recovery, Singh said it is not surprising that inflation has begun to turn up as output gaps in much of Asia have begun to narrow. “ We do expect output gaps to close this year in a number of economies including countries in South Asia, such as India,” he said noting there is a significant contribution to higher inflation coming from food and energy prices.
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Maruti Unveils New Cheaper WagonR 2010 with New Features
INDIA’S largest carmaker Maruti Suzuki India Ltd ( MSIL) has relaunched its venerable WagonR model with a new design and a brand new engine.As competition hots up in India’s exploding ‘ B’ car segment — compact hatchbacks and wagons — Maruti is hoping its second- best seller after the Alto will tackle competition from global carmakers like Ford, GM and Volkswagen.
The new WagonR is priced between Rs 3.28 lakh and Rs 3.81 lakh ( exshowroom in Delhi), creating a new price point about Rs 10,000 cheaper than competition, but about the same amount more expensive than the old model WagonR, depending on the variant. The new WagonR will take on the likes of GM’s Chevrolet Beat ( Rs 3.41 lakh- Rs 4.43 lakh), Ford’s Figo ( Rs 3.49 lakh- Rs 3.99 lakh) and Hyundai’s i10 ( Rs 3.47 lakh- Rs 3.83 lakh), among others.
The new WagonR “ demonstrates the growing research and development capability of the company,” Maruti Suzuki India CEO Shinzo Nakanishi said. Developed on the current WagonR platform in Japan, the car is powered by the BS- IV compliant 998cc Kseries engine. MSIL had invested Rs 290 crore to bring out the WagonR. The existing WagonR, which was launched in 1999 and sold a total of 8.8 lakh units, will be phased out.
“ WagonR was the second best- selling car last year. It averaged about 10,000 to 12,000 units a month and I am confident that we should be able to maintain that sales,” MSIL executive officer ( marketing and sales) Mayank Pareek said.
He said the new WagonR, with its pricing and features, will be able to ward off competition in the compact car segment, where there are nearly 20 models in all. The new WagonR is taller, wider and longer than the old one, though width has gone up by just five mm and the wheelbase lengthened by 10 mm. It is much taller than the old model at 1.7 metres, up from 1.53 metres.
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Forbes’ Global 2000 list of top listed firms has 56 Indian cos
AS MANY as 56 Indian companies, including Reliance Industries Ltd ( RIL) and State Bank of India ( SBI), have been named among the world’s 2,000- most powerful listed companies, according to US magazine Forbes . The ‘ Global 2000’ list of the biggest and most powerful companies worldwide has been topped by US banking giant JPMorgan Chase and is followed by General Electric ( GE), Bank of America ( BoA) and ExxonMobil.
Among Indian high performers, Mukesh Ambani- led RIL leads the
pack and has been ranked at the 126th place in the compiled global list.
Other Indian companies named in the list include SBI ( 130), Oil and Natural Gas Corp ( ONGC) ( 155), ICICI Bank ( 282), Indian Oil Corp ( 313), National Thermal Power Corp ( NTPC) ( 341), Tata Steel ( 345), Bharti Airtel ( 471), Steel Authority of India Ltd ( SAIL) ( 502), L& T ( 548) and HDFC Bank ( 632).
The global rankings span 62 countries, with the US ( 515 members) and Japan ( 210 members) dominating the list as usual, although the number of companies from developing nations in the Global 2000 is fast increasing.
This year, the countries that gained the most ground are mainland China ( 113 members), India ( 56 members) and Canada ( 62 members), it said.
Forbes’ ranking of the world’s biggest companies used an equal weighting of sales, profits, assets and market value to rank companies according to size and this year’s list reveals the dynamism of global business.
In total, the Global 2000 companies now account for $ 30 trillion in revenues, $ 1.4 trillion in profits, $ 124 trillion in assets and $ 31 trillion in market value. All metrics are down from last year, except for market value, which rose 61 per cent, Forbes said.
Two companies from the Anil Ambani Group, Reliance Communications ( 742) and Reliance Infrastructure ( 1,702), have also made it on the list.
Other Indian companies named on the list include stateowned Punjab National Bank ( 695), Tata Consultancy Services ( 741), HDFC ( 783), Infosys ( 807), DLF ( 923) and Hero Honda Motors ( 1,571).
GLOBAL TOP-4
1 JPMorgan Chase
2 General Electric (GE)
3 Bank of America (BoA)
4 ExxonMobil
INDIAN TOP-5
126 Reliance Ind (RIL)
130 State Bank of India
155 ONGC Ltd
282 ICICI Bank
313 Indian Oil Corp (IOC)
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Among Indian high performers, Mukesh Ambani- led RIL leads the
pack and has been ranked at the 126th place in the compiled global list.
Other Indian companies named in the list include SBI ( 130), Oil and Natural Gas Corp ( ONGC) ( 155), ICICI Bank ( 282), Indian Oil Corp ( 313), National Thermal Power Corp ( NTPC) ( 341), Tata Steel ( 345), Bharti Airtel ( 471), Steel Authority of India Ltd ( SAIL) ( 502), L& T ( 548) and HDFC Bank ( 632).
The global rankings span 62 countries, with the US ( 515 members) and Japan ( 210 members) dominating the list as usual, although the number of companies from developing nations in the Global 2000 is fast increasing.
This year, the countries that gained the most ground are mainland China ( 113 members), India ( 56 members) and Canada ( 62 members), it said.
Forbes’ ranking of the world’s biggest companies used an equal weighting of sales, profits, assets and market value to rank companies according to size and this year’s list reveals the dynamism of global business.
In total, the Global 2000 companies now account for $ 30 trillion in revenues, $ 1.4 trillion in profits, $ 124 trillion in assets and $ 31 trillion in market value. All metrics are down from last year, except for market value, which rose 61 per cent, Forbes said.
Two companies from the Anil Ambani Group, Reliance Communications ( 742) and Reliance Infrastructure ( 1,702), have also made it on the list.
Other Indian companies named on the list include stateowned Punjab National Bank ( 695), Tata Consultancy Services ( 741), HDFC ( 783), Infosys ( 807), DLF ( 923) and Hero Honda Motors ( 1,571).
GLOBAL TOP-4
1 JPMorgan Chase
2 General Electric (GE)
3 Bank of America (BoA)
4 ExxonMobil
INDIAN TOP-5
126 Reliance Ind (RIL)
130 State Bank of India
155 ONGC Ltd
282 ICICI Bank
313 Indian Oil Corp (IOC)
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