Company News

Apollo-Cooper merger deal terminated; shares jump

Apollo-Cooper merger deal terminated; shares jump

Shares of Apollo Tyres Ltd jumped 4 per cent in early trade on Tuesday, after the U. S.-based Cooper Tire & Rubber Co terminated its $2.5-billion merger pact with the Indian tyre maker.

On Monday, Cooper Tire confirmed that it ended the agreement after the Indian company informed it that financing was no longer available for the proposed acquisition.

An analyst at Angel Broking termed the termination of the merger deal as a "positive development" for the Indian tyre maker.

FIPB approves Tesco & Vodafone’s investment plans worth over $1.5 billion

FIPB approves Tesco & Vodafone’s investment plans worth over $1.5 billion

The Foreign Investment Promotion Board (FIPB) on Monday approved investments plans of Vodafone Group PLC and Tesco PLC worth more than $1.5 billion, in a move that will provide Indian economy with much-required foreign funds.

India's foreign investment regulator gave its nod for British retailer's $110 million (nearly Rs 680 crore) investment plan. Earlier this month, Tesco announced its plans to set up a chain of supermarkets in India by buying a 50 per cent stake in Tata Group's Trent Hypermarket.

Prosecution proceedings in Reebok fraud case started

Prosecution proceedings in Reebok fraud case started

The government has finally started prosecution proceedings in the case of alleged financial fraud at renowned sportswear giant Reebok India, Corporate Affairs Minister Sachin Pilot confirmed.

The prosecution proceedings have been started after the Serious Fraud Investigation Office (SFIO) submitted its report to the Ministry of Corporate Affairs on the case. Mr. Pilot said they took legal opinion and did the best they could do in the case.

Sahara’s retail arm to open 1,900 shops in Tamil Nadu

Sahara’s retail arm to open 1,900 shops in Tamil Nadu

Sahara Q Shop, the FMCG & retail division of Sahara India Parivar, has announced its plans to open nearly two thousand stores in Tamil Nadu in the next few years.

The company has decided to open exclusive kirana-type shops as well as introduce mobile trucks to increase its distribution network across the South Indian state.

Romie Dutt, executive director of Sahara Q Shop, said the plans would generate nearly 4,900 direct and indirect jobs across the state.

PepsiCo planning to invest Rs. 12 billion on new facility in India

PepsiCo planning to invest Rs. 12 billion on new facility in India

Beverages and snacks major, PepsiCo India has said that it is planning to invest about Rs12 billion to build a new beverage manufacturing facility in the state of Andhra Pradesh in South India.

The company is aiming to develop a new greenfield beverage manufacturing plant in Sri City, Andhra Pradesh. The company said that it will be the largest beverage plant in India for PepsiCo. The investment plans are a part of the entire plant to invest around Rs330 billion in India by 2020 by the company and its partners.

Govt. allows RIL to charge higher gas price; shares jump

Govt. allows RIL to charge higher gas price; shares jump

Stock in Reliance Industries Ltd (RIL) gained nearly 2.5 per cent in morning trade on Friday, thanks to the government's permission for the company to charge higher price for gas it produces from the offshore D6 block from April next year.

In June this year, the Cabinet had approved a proposal to hike prices for locally-produced gas from April 2014, but RIL was not allowed to charge the higher prices because of its failure to meet supply commitment.

DLF completes sale of 74% stake in life insurance JV to DHFL

DLF completes sale of 74% stake in life insurance JV to DHFL

Indian real estate giant DLF has confirmed that it has completed the sale of its 74 per cent stake in the insurance joint venture DLF Pramerica Life Insurance to Dewan Housing Finance Ltd (DHFL).

DLF had created the DLF Pramerica Life Insurance JV with US insurance giant Prudential Financial in 2007. In July this year, it exited the JV by offloading its entire 74 per cent stake to DHFL.

Infosys to hire 16,000 engineering graduates next year

Infosys to hire 16,000 engineering graduates next year

Infosys, India's second-largest IT services firm, has plans to hire up to 16,000 engineering graduates during next financial year, N R Narayana Murthy announced on Wednesday.

Mr. Murthy, executive chairman of Infosys, also revealed that the company has already started the process of recruiting fresh engineers.

Speaking at an event yesterday, he said, "We have already started recruitment for the next year. We are looking at about 15-16,000 engineers, so the process is already in progress."

Britannia to focus on India’s small towns & villages

Britannia to focus on India’s small towns & villages

Britannia Industries will now focus on small towns and villages of India to achieve a robust growth, the bakery giant's new COO and country head Varun Berry has said.

Berry, who is also the executive director of the Rs 6000-crore biscuits & dairy products maker, said that increasing Britannia's presence in small towns and rural parts of India would provide a great boost to the company's growth.

Speaking on the topic, Berry said, "Everyone knows the brand Britannia, but why people in smaller towns are not consuming it? The reason is we are not available there. This needs to change."

Mars mission expected to give big boost to Indian companies

Mars mission expected to give big boost to Indian companies

Indian companies that manufactured various components for the nation's recently launched Mars mission are expected to make big leaps in fields like defence, aeronautics and nuclear energy in the coming years.

The Mars probe, which was launched in October, will cost the country around Rs 450 crore, just 10 per cent the cost of NASA's latest Mars mission Maven.

Nearly 65 per cent of the components for the Mars mission were produced by India's domestic firms like Hindustan Aeronautics Ltd., Godrej & Boyce, and Larsen & Toubro (L&T).