Hindustan Motors (HML) has informed the stock exchanges that the board of directors, at its meeting held on Thursday, have approved of a scheme of arrangement between HML and Hindustan Motor Finance (HMFCL) and their respective shareholders providing for demerger of the Chennai Car Plant (demerged undertaking) of HML to HMFCL from April 1, 2012. HMFCL is a wholly-owned subsidiary of HML with HML and its nominees holding all the existing equity shares issued by HMFCL. The remaining business of HML will continue to belong to HML. HMFCL will issue and allot to the shareholders of HML, 1 equity share of R5 each in HMFCL credited as fully paid up for every 13 equity shares of R5 each fully paid-up held by them in the capital of HML.
Having Mistry as chairman advantage: Tata Power
Tata Power is looking forward to drawing big advantage from Cyrus Mistry taking over as the $100-billion conglomerates new chief, as he began Tata journey with this company and can relate to the business very well. Tata Power has a big advantage because Mistry was on the board of Tata Power for many many years. He started off in Tata Group with Tata Power, its MD Anil Sardana said.
Nokia launches three Lumia devices
Nokia launched three new devices in its Lumia range, betting big on experiential marketing to attract customers. Nokia added Windows 8-powered Lumia 920, Lumia 820 and Lumia 620 to its portfolio. The Lumia 920 is priced at R38,199 Nokia Lumia 820 at R27,559 Nokia. Under the experiential marketing strategy, the company will try to showcase features like image quality, apps and maps to end-users. I think it is something with which we can beat competition. Its a colourful, more bold Nokia, more innovative, Nokia India director and head (smartphone devices) Vipul Mehrotra said. According to industry estimates, while Nokia a leader in the overall mobile phone market with 22.2 % share, lags behind Samsung in the smartphone segment which has a 41.6 % market share.
Audi launches updated Q5 SUV at R43.16 lakh
Audi has launched the refreshed Q5 SUV in India at a starting price of R43.16 lakh. While the light design, interior comfort and infotainment systems have all been updated, the company also claims a 15% fuel efficiency improvement in the two diesel and one petrol engine on offer. For the German luxury carmaker, India was the fastest growing market in 2012, with a 63% jump in volumes to 9,003 units.
Fiat plans to open 100 dealerships by end of 2013
Fiat Group Automobiles India on Thursday said it will open 100 exclusive dealerships across the country by the end of this year. We will open 100 exclusive dealerships by the end of 2013. We have already signed agreements for top 35 cities in terms of market across India, Fiat Group Automobiles MD Enrico Atanasio said.
Godrej Properties board approves amalgamation
Godrej Properties informed BSE on Thursday that the board of directors of the company on January 10, 2013 considered and approved the scheme of amalgamation of Godrej Waterside Properties with Godrej Properties under sections 391 to 394 of the Companies Act, 1956. No shares are proposed to be issued pursuant to the scheme since Godrej Waterside Properties Private Limited is a wholly owned subsidiary of Godrej Properties, the notice said.
GETL to supply turbines to NMDC power project
GE Triveni will supply two 40 mw steam turbines for mining major NMDCs captive power project at its upcoming steel plant in central India. The supply will be made by GETL through Thermax which is handling implementation of the power project. GETL is a JV of GE and Triveni Turbine.
December hiring up 3%: Naukri Job Speak Index
Reversing the regular trend of year end holiday season hiring dip, the Naukri Job Speak index for December 2012 grew 3% as compared with November 2012 and 7% viz-a-viz the year ago period. Traditionally, December has always been a month where recruitment slows down across sectors. However, in 2012, barring minor dips in information technology (IT) and IT enabled services (ITeS) and oil and gas sector, hiring activity picked up across all the other major sectors. While auto and banking sectors were upbeat with their hiring plans in the month, telecom, pharma, construction and insurance sectors also saw positive movement in their hiring activity.
Reliance Industries results on Jan 18
Reliance Industries has informed the BSE that a meeting of the board of directors of the company will be held on January 18 to consider and approve its unaudited financial results of the company for the quarter and nine months ended December 31, 2012.