Tata Motors, part of the salt-to-steel Tata Group conglomerate, reported global wholesale sales of 102,337 vehicles in November. Sales at its key Jaguar Land Rover subsidiary stood at 34,649 vehicles during the month. Overall passenger car sales stood at 53,089 vehicles, the company said in a statement. It sold 49,248 commercial vehicles during November. Tata did not give figures for the same month a year earlier.
Mistry appointed Tata Chemicals chairman
The board of directors of Tata Chemicals announced the appointment of Cyrus P Mistry as the chairman of the board with effect from December 28, on Ratan Tatas retirement. The board conferred on Tata the honorary title of chairman-emeritus. Last month, Tata had stepped down as chairman of Tata Global Beverages, making way for Mistry.
Eros plans to chase Hollywoods investors
Eros International, the distributor of Bollywoods most-expensive film, is reviving a plan to sell shares in the US as it seeks valuations similar to Hollywood studios such as Lions Gate Entertainment. Eros plans to withdraw its shares from Londons Alternative Investment Market and list on the New York Stock Exchange, chief financial officer Kamal Jain said. The shares have dropped 2% on the AIM this year, compared with a 6.5% gain on the Financial Times-Stock Exchange AIM Media Index, of which Eros is the biggest component. The number of companies listed on the AIM has dropped 34% in five years.
Cartelisation: TDSAT asks Airtel, Voda to respond
TDSAT on Friday directed Bharti Airtel and Vodafone to file their replies on maintainability of a petition filed by an NGO alleging that the telecom players were charging 10 paise SMS termination fee in a cartelised manner. A single-member TDSAT bench asked both operators Bharti Airtel and Vodafone to file a short reply over NGO Telecom Watchdogs petition alleging that they are doing this illegal activity in a cartelised manner. However, during the proceedings, counsel appearing for Vodafone questioned the maintainability of Telecom Watchdogs petition. The tribunal has asked the telecom operators to file their reply in three weeks and listed the matter on January 11, 2013, for hearing on its maintainability.
IndianOil retains top rank in Fortune 500 India list
State-run IndianOil is the biggest company in terms of revenue, followed by Reliance Industries, according to the Fortune 500 list of Indian companies for 2012. This years list of the countrys 500 largest corporations, compiled by the business magazine Fortunes Indian edition, features as many as 55 new entities. IndianOil is the biggest company with an annual revenue of R4,20,287 crore, followed by Mukesh Ambani-led RIL with a full-year revenue of R3,67,539 crore. Bharat Petroleum is at third spot with a revenue of R2,14,866 crore. The three firms IOC, RIL and BPCL have retained their last years respective ranks, Fortune India said.
Sebi slaps R25-lakh fine on Triveni Management
Sebi has imposed a penalty of R25 lakh on Triveni Management Consultancy Services for fraudulent trade in Asian Star Company (ASCL) stock and failing to comply with norms for stock brokers. Sebi said it found that the stock broker had placed manipulative orders for ASCL shares in the accounts of its clients.
2013 will be game changer for realty: Knight Frank
2013 is going to be a game changer for realty sector in terms of policies and regulations as most of the bills that have been pending since the last few years are expected to be passed in Parliament in the coming quarters. The passage of two crucial Bills Real Estate Regulation Bill and Land Acquisition Bill would boost the sentiment of all stakeholders. Parliaments recent approval of FDI in multi-brand retail will attract foreign investment which will not only benefit the retail industry, but also boost the demand for commercial real estate. It also showcases the governments seriousness on introducing reforms in India and this is just a preview of things to come, says Knight Frank in its Indian Real Estate Snapshot 2012 & Outlook 2012.
UAEs RAK FTZ to hold seminar for SMEs
Realising Indian SME sector is poised to be a key market for global economies, Ras Al Khaimah Free Trade Zone Authority, government of Ras Al Khaimah, UAE, is looking at SME sectors of Delhi, Gurgaon, Faridabad, Noida and Ghaziabad to set up their ancillary units in the UAE. With an initial investment of R2.5 lakh, Indian businessmen have the opportunity to set up an office in UAE and enjoy all the tax incentives and 100% capital and profit repatriation. They will also be eligible to apply for one UAE Residence Visa valid for three years and a bank account in the UAE.A delegation of senior officials from RAK FTZ will be holding a three-day seminar and session at New Delhi PHD Chamber of Commerce & Industry from December 18 to 20.