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Tata Sons cancels stake sale in TTML

Tata Sons cancels stake sale in TTML

Tata Sons Ltd on Friday confirmed that its decision to cancel its offer for sale (OFS) of shares in its subsidiary Tata Teleservices (Maharashtra) Ltd.

The OFS was announced on Wednesday, when Tata Sons said that it would sell a total of 51,623,679 shares, or 2.72 per cent of the equity capital of the Tata Teleservices (Maharashtra) Ltd, on May 17.

But, the company yesterday confirmed that it had cancelled the sale. In a filing to the Bombay Stock Exchange (BSE), the company said, "Tata Sons Limited has now informed BSE that they have decided to cancel the sale in full."

Prices of several life-saving drugs to drop by up to 80%

Prices of several life-saving drugs to drop by up to 80%

The prices of several life-saving medicines will soon fall by up to 80 per cent in India, thanks to the government's new drug price control order.

Issued by the union government, the long-pending drug price control order has paved the way for the implementation of pharmaceutical pricing control policy across the country. It is expected to reduce the prices of drugs on an average by 20-25 per cent, and some cancer drugs by up to 80 per cent.

BMC urges traders to call off strike over LBT issue

BMC urges traders to call off strike over LBT issue

The Brihanmumbai Municipal Corporation (BMC) on Thursday urged traders to call off their strike in opposition of local body tax (LBT), stressing that it was open for discussions over the issue.

Municipal Commissioner Sitaram Kunte said that the traders' stir against LBT, which entered the 26th day, was causing a big inconvenience to the citizens.

Speaking on the topic, Kunte said, "The Mumbai Municipal Corporation Act, 1888 needs to be amended to introduce LBT in the city. We are still drafting amendments to the Act and rules based on which it would be executed."

India’s demand for gold jumps 27% in Q1 of 2013

India’s demand for gold jumps 27% in Q1 of 2013

While the global demand for gold declined 13 per cent in Q1 of this year, India's demand for the precious yellow metal jumped 27 per cent year-on-year, according to latest figures released by the World Gold Council
(WGC).

Indians' demand for jewellery jumped 15 per cent year-on-year to 159.5 tonnes in the first quarter of 2013, while investment demand climbed a whooping 52 per cent to 97 tonnes.

China reported gold demand growth at 27 per cent. Therefore, India's demand growth for the yellow metal surpassed China's demand growth by 7 per cent.

No LPG for households that have multiple connections: IOC

No LPG for households that have multiple connections: IOC

Households which have multiple LPG (cooking gas) connections and where the obligatory Know Your Customer (KYC) norm has not been completed will not get cylinders (including non-subsidised) from June 1, Indian Oil Corporation (IOC) warned in a press release.

Public Sector Undertaking IOC said, "No transactions, including delivery of non-subsidised cylinders, will be permitted in such cases once such connections have been blocked."

Oil marketing companies, viz. IOC, BPCL and HPCL, have shared their customer data in order to identify households that have multiple LPG connections.

Overseas firms look past weakness in Indian economy

Overseas firms look past weakness in Indian economy

Global firms are making huge investments in India's consumer market, despite the overall weakness in the Asia's third-largest economy.

In the recent past, consumer goods giant Unilever announced its decision to invest $5.4 billion to increase its stake in its Indian arm Hindustan Unilever Ltd.

Available figures suggest that foreign companies collectively spent around $9.86 in mergers and acquisitions in India this year. The figure is the highest in Asia.

Chennai-born Mittu Chandilya to pilot AirAsia’s India operations

Chennai-born Mittu Chandilya to pilot AirAsia’s India operations

AirAsia's CEO Tony Fernandes on Wednesday revealed the identity of the person who will pilot the Malaysian airline's India operations.

Fernandes, the promoter of AirAsia, had announced in March that the airline had selected a very smart boy from Madras, with an amazing CV, as the CEO for AirAsia India.

Revealing the identity of the AirAsia India CEO, he yesterday said the CEO is 32-year-old, Chennai-born Mittu Chandilya, who is currently based in Singapore.

Miscellaneous

Overseas firms look past weakness in Indian economy

Overseas firms look past weakness in Indian economy

Global firms are making huge investments in India's consumer market, despite the overall weakness in the Asia's third-largest economy.

In the recent past, consumer goods giant Unilever announced its decision to invest $5.4 billion to increase its stake in its Indian arm Hindustan Unilever Ltd.

Available figures suggest that foreign companies collectively spent around $9.86 in mergers and acquisitions in India this year. The figure is the highest in Asia.

Chennai-born Mittu Chandilya to pilot AirAsia’s India operations

Chennai-born Mittu Chandilya to pilot AirAsia’s India operations

AirAsia's CEO Tony Fernandes on Wednesday revealed the identity of the person who will pilot the Malaysian airline's India operations.

Fernandes, the promoter of AirAsia, had announced in March that the airline had selected a very smart boy from Madras, with an amazing CV, as the CEO for AirAsia India.

Revealing the identity of the AirAsia India CEO, he yesterday said the CEO is 32-year-old, Chennai-born Mittu Chandilya, who is currently based in Singapore.

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