Mercedes-Benz to hike prices up to 10%
Mercedes-Benz has announced a price hike of up to 10% across its models from January 1 to offset the higher cost of imports on the back of a weak rupee versus dollar and euro currencies. Mercedes follows compatriot rivals BMW and Audi, which recently also announced price increases of up to 10% and 5%, respectively. Mercedes Benz India MD and CEO Eberhard Kern said: As market dynamics continue to evolve, we are committed to offer the best luxury experience.
Hilton inks agreement to open hotel in Lucknow
Global hospitality major Hilton Worldwide on Friday said it has signed a management agreement with Amrit Bottlers to open a hotel property in Lucknow as part of its expansion plans in India. The company has signed a management agreement with Amrit Bottlers for a Hilton Garden Inn hotel in Gomti Nagar, Lucknow, Hilton Worldwide said.
Lupin launches generic cardiovascular drug in US
Drug firm Lupin on Friday said its US arm has launched generic cardiovascular drug, fenofibric acid capsules used for reducing cholesterol and fatty acids in the blood, in the US market. Lupin Pharmaceuticals launched its generic fenofibric acid delayed-release capsules in the strengths of 45 mg and 135 mg, Lupin said. It had earlier received the final approval from the US health regulator for the same, it added.
Tata Sons plans to raise at least R300 cr via bonds
Tata Sons, the holding company of India's Tata Group, plans to raise at least R300 crore ($48.56 million) via two separate bond deals, a source with direct knowledge of the matter said on Friday. The firm will issue 5-year bonds at 9.76% and 10-year bonds at 9.71%, the source said. ICICI Securities Primary Dealership is the arranger to the deal.
Jaiprakash Power promoter pledges shares
Jaiprakash Power Ventures on Friday said one of its promoters, Jaypee Infra Ventures, has pledged over 2% of its shareholding in the company. The company has two promoter group entities Jaiprakash Associates and Jaypee Infra Ventures. Jaypee Infra has pledged over 6.13 crore shares out of more than 12.56 crore equities held in Jaiprakash Power. This translates to little over two per cent of the promoter entitys total stake. According to a regulatory filing, the total of 12,56,47,637 shares make up for around 4.28%.
Educomp Solutions CFO Ashish Gupta resigns
Education services provider Educomp Solutions on Friday informed the exchange that Ashish Gupta, chief financial officer of the company, resigned with effect from December 5, 2013, due to pre-occupation.
Restoration work at Tata Mundra plant completed
Tata Power on Friday said the restoration work at its Mundra plant, which was impacted by fire, has been completed and the insurance claim is being processed. Restoration of the impact of fire on conveyor was achieved on November 20, 2013 and the company has processed the insurance claim as per coverage, Tata Power said in a regulatory filing to the stock exchanges.
Global Takeoff to raise $10 million via PE
Global Takeoff, a provider of converged digital entertainment and live video on demand solutions, is planning to raise $10 million through private equity in the next two to three months. Uday Reddy, CEO, Global Takeoff, said, We are talking to two private equity partners to raise about $10 million in the next two to three months. The company will be using the funds to launch new product, subscriber acquisition and technology upgradation, he said.
Apollo launches premium Vredestein brand in India
In a first among domestic tyre makers, Apollo has launched its premium European brand, Vredestein that will compete with global tyre majors like Michelin, Pirelli and Continental. Imported from Europe, and priced almost three times over the Apollo-branded car radials at around R12,000, Vredestein will cater to the growing domestic market of luxury sedans and SUVs from brands like Audi, BMW and Mercedes-Benz.