Top 10 business news today: Auto Expo 2016, Sahara Group’s Subrata Roy, Wipro hiring, TCS world’s most powerful brand, more
1. Auto Expo 2016: Auto Expo 2016 started with a bang yesterday as around 30 automobile makers showcased their future concepts and production ready model. Maruti Suzuki Vitara Brezza, Hyundai Carlino concept, Tata Nexon & Kite 5 sedan, Toyota Innova, Datsun Go-Cross concept and Honda BR-V were among the biggest products unveiled on the day 1 of the Auto Expo. This year's Auto Expo is mainly dominated by compact SUVs/Crossovers besides several alternative fuel-run vehicles.
2. Sahara Group's Subrata Roy: The Sahara Group has sought Supreme Court's permission to sell its shares in the Force India Formula 1 team as part of its effort to raise funds for the release of conglomerate's jailed chief Subrata Roy.The Group currently owns 42.5 percent of shares in the team and the same amount of shares are with troubled businessman Vijay Mallya. The remaining 15 percent is with the Mol family of the Netherlands. (PTI)
3. Wipro: Global software major Wipro Ltd. will hire 25,000 more techies in Karnataka, especially Bengaluru, its chairman Azim Premji said on Wednesday.The city-headquartered Wipro group has global IT services, consumer care and lighting, aerospace and healthcare systems business with the US-based GE, among others.
4. TCS: India's top multinational IT companyTata Consultancy Services has been rated as the world's most powerful brand in Information Technology Services by a leadingglobal brand valuation firm, the company reported. Brand Finance's 2016 annual report evaluated thousands of the world's top brands to determine which are the most powerful and the most valuable. (Reuters)
5. Trans-Pacific Partnership: The Trans-Pacific Partnership, one of the world's biggest multinational trade deals, was signed by 12 member nations on Thursday in New Zealand, but the massive trade pact will still require years of tough negotiations before it becomes a reality. (AP)
6. Ratan Tata on startups: Veteran industrialist Ratan Tata feels that "some of the valuations are pricey" and he supports those new businesses that are "really making a difference".Tata Trust Chairman and Senior Advisor to IDG Ventures India, Tata has made personal investments in startups, ranging from e-commerce firms to cab aggregators.Talking about his investment in eCommerce ventures, Tata said he backs these businesses because it allows products and services to reach a larger number of people. (AP)
7. Yahoo CEO Marissa Mayer: Yahoo is laying off about 1,700 employees and shedding some of its excess baggage in a shake-up likely to determine whether CEO Marissa Mayer can save her own job.About 15 per cent of Yahoo's workforce along with an assortment of services that Mayer decided aren't worth the time and money that the Internet company has been putting into them. (Reuters)
8. Essar Group: In one of the largest office space deals, Essar Group announced sale of its 1.25 million square feet Equinox Business Park at Bandra-Kurla Complex (BKC) in Mumbai to realty firm RMZ Corp for about Rs 2,400 crore.Essar may use some of the proceeds to pare its debt, which stands at about Rs 80,000 crore. (Reuters)
5. Coal India paid Rs 7,700 crore as royalty to coal-bearing states in 2015-16 at the rate of 14% on an annual production of 550 million tonnes. If the production level remains the same, the company would pay only around Rs 6,000 crore to states if the royalty is reduced to 11%.
10. Nitin Gadkari: Union Transport Minister Nitin Gadkari announced that the central government will contribute Rs 1 lakh crore in next two years for road development in Karnataka.
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