Company News

Vodafone to invest $3 billion in India over next two years

Vodafone to invest $3 billion in India over next two years

British telecommunications giant Vodafone has announced its decision to invest $3 billion (nearly Rs 18,605 crore) in India over the next two years to expand its reach, particularly in rural areas.

On Wednesday, Vodafone Group CEO Vittorio Colao said, "Our organic or real investment into the country is a significant $ 3 billion in two years... is the right decision."

Mr. Coalo was speaking to reports after holding a meeting with Union Finance Minister P. Chidambaram on the company's nearly Rs 12,000-crore tax dispute with the government.

Tata Sons withdraws its application for banking licence

Tata Sons withdraws its application for banking licence

Following Mahindra & Mahindra (M&M) group's footsteps, Tata Sons also withdrew its application for setting up a bank.

Tata Sons, the country's leading industrial group, on Wednesday confirmed that it had opted out of the race saying its existing non-banking finance company-led model best supports its national as well as international companies with the financial assistance they require.

Citigroup executive Neeraj Sahai to join S&P as president

Citigroup executive Neeraj Sahai to join S&P as president

Global ratings agency Standard & Poor's (S&P) on Tuesday named Citigroup executive Neeraj Sahai as its new president.

Mr. Sahai, who is presently the head of Securities & Fund Services business at Citigroup, will assume his new role on 6th of January, 2014. He will succeed current S&P President Douglas Peterson.

Speaking about his new role, Mr. Sahai said, "I am eager to get started, to work alongside S&P's deeply talented employees and to build on the progress Doug (Peterson) and the management team have achieved."

Cairn India to buyback shares worth $1 billion: report

Cairn India to buyback shares worth $1 billion: report

Cairn India Ltd - the oil & gas arm of NRI billionaire Anil Agarwal-led Vedanta Group - will reportedly soon spend nearly $1 billion to buy back shares to increase its parent company's stake in the Indian arm.

Citing anonymous sources, Bloomberg reported on Sunday that the share purchase would include purchasing back Cairn Energy Plc's 10.3 per cent stake in the firm.

ONGC to commence drilling Kerala-Konkan coast in Feb 2014

ONGC to commence drilling Kerala-Konkan coast in Feb 2014

State-owned Oil and Natural Gas Corporation (ONGC) has indicated that it is planning to start drilling in the Kerala-Konkan coast area in February next year.

Senior officials of the state run firm have said that they will start drilling next year at wells on the coast. The firm has acquired 15 wells, six of which are deep wells. The company holds two blocks and the drilling will be done in February next year.

Samsung ordered to pay Apple $290 million in damages

Samsung ordered to pay Apple $290 million in damages

South Korea-based consumer electronics giant Samsung suffered another defeat in its ongoing patent infringement battle with Apple on Thursday, when a Silicon Valley jury ordered it to pay $290 million more in damages to the Cupertino firm.

The South Korean firm was ordered to compensate Apple for the loss that it suffered due to copying of its iPhone and iPad features by Samsung. The recent fine pushed the total amount Samsung owe to Apple to $930 million.

Boeing leads order books race at 13th Dubai Air Show

Boeing leads order books race at 13th Dubai Air Show

American plane maker Boeing has so far leading the order books race at the Dubai Air Show, thanks to significant orders from a number of airlines.

While Lufthansa, Etihad Airways and Qatar Airways have placed a combined order for nearly 109 new 777 planes with Boeing; Dubai-based Emirates carrier alone has placed an order for 150 new Boeing 777 mini-jumbo jets.

PepsiCo to invest Rs 33,000 crore in India by 2020

PepsiCo to invest Rs 33,000 crore in India by 2020

Cold drinks giant PepsiCo has announced its plans to invest Rs 33,000 crore (US$5.5bn) in India by the end of current decade.

Indra Nooyi, chairman & chief executive officer of PepsiCo, on Monday said that India market offered a huge potential and remained an attractive, high-priority market for the company. He added that the decision to make the huge investment showed the company's confidence in the country's future.

Apollo Tyres stock jumps on U.S. judge ruling

Apollo Tyres stock jumps on U.S. judge ruling

Shares of Apollo Tyres Ltd gained nearly 6 per cent in early trade on Monday after a U. S. court rejected Cooper Tire & Rubber Co.'s allegations that the Indian tyre-maker breached its obligation to close its $2.5 billion acquisition of the American manufacturer.

The acquisition deal was announced on 12th of June this year. At that time, the two companies had anticipated that the deal would close by 4th of October. But, disputes over talks with the United Steel Workers union created differences, leaving the deal in doldrums.

Twitter sets IPO price at $26 a share

Twitter sets IPO price at $26 a share

Chronopharmacology is "the study of the interaction of biological rhythms and drug action", says Steven Miller. He is a neuroscience PhD student of Washington DC. Miller says drug tolerance is an essential matter, particularly in the case of caffeine as the majority of people overuse this drug.

When the concentration of cortisol in the blood is highest, one should not consume caffeine at that time.