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Weekly news

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  • 1. Weekly News:Weekly News: 1717thth Oct – 24Oct – 24thth Oct, 2010Oct, 2010 Compiled by:Compiled by: Taranpreet KaurTaranpreet Kaur Mba-2(A)Mba-2(A)
  • 2. B M Munjal family retains rightsB M Munjal family retains rights to Hero Groupto Hero Group  The family led by B M Munjal and his sons, ownersThe family led by B M Munjal and his sons, owners of the Indian promoter's stake in Hero Honda, will beof the Indian promoter's stake in Hero Honda, will be officially known as the Hero Group, following theofficially known as the Hero Group, following the division of the $4.2 billion group.division of the $4.2 billion group.  In June, the diversified group was divided on a simpleIn June, the diversified group was divided on a simple principle of ending the numerous cross holdingsprinciple of ending the numerous cross holdings between the families of B M Munjal and his threebetween the families of B M Munjal and his three brothers - O P Munjal, Satyanand Munjal and Latebrothers - O P Munjal, Satyanand Munjal and Late Dayanand Munjal.Dayanand Munjal.  According to sources, as part of a family settlement,According to sources, as part of a family settlement, the rights of the Hero Group went to the B M Munjalthe rights of the Hero Group went to the B M Munjal family. However, existing businesses belonging to thefamily. However, existing businesses belonging to the families of his three brothers would be allowed tofamilies of his three brothers would be allowed to retain the Hero brand.retain the Hero brand.
  • 3.  After the settlement, Hero Honda, Hero CorporateAfter the settlement, Hero Honda, Hero Corporate Services , Rockman Cycles Industries , HeroServices , Rockman Cycles Industries , Hero Mindmine Institute, Easy Bill and Hero ManagementMindmine Institute, Easy Bill and Hero Management Service have gone to family of B M Munjal.Service have gone to family of B M Munjal.  While other entities such as Hero Cycles, HeroWhile other entities such as Hero Cycles, Hero Motors and Munjal Sales Corporation went to O PMotors and Munjal Sales Corporation went to O P Munjal, the members of late Dayanand Munjal,Munjal, the members of late Dayanand Munjal, represented by his son Vijay Munjal are now therepresented by his son Vijay Munjal are now the owners of Hero Exports, Hero Electric, Hero Cyclesowners of Hero Exports, Hero Electric, Hero Cycles (Unit II) and Sunbeam Auto.(Unit II) and Sunbeam Auto.  Satyanand Munjal's family got Munjal Showa,Satyanand Munjal's family got Munjal Showa, Munjal Auto, Highway Industries, Majestic Auto andMunjal Auto, Highway Industries, Majestic Auto and Satyam Autotech.Satyam Autotech.
  • 4. Barack and Michelle's MumbaiBarack and Michelle's Mumbai darshan plansdarshan plans  US President Barack Obama and First Lady MichelleUS President Barack Obama and First Lady Michelle landing on November 6 for a two day India visitlanding on November 6 for a two day India visit would be visiting the 26/11 memorial on Marinewould be visiting the 26/11 memorial on Marine Drive, the National Centre for Performing ArtsDrive, the National Centre for Performing Arts (NCPA), Mani Bhawan and other locations in south(NCPA), Mani Bhawan and other locations in south Mumbai.Mumbai.  The Obamas will stay at the Taj Mahal Hotel, and hisThe Obamas will stay at the Taj Mahal Hotel, and his itinerary practically means Marine Drive will be shutitinerary practically means Marine Drive will be shut for vehicular traffic on the day of the President’sfor vehicular traffic on the day of the President’s visit, while buildings flanking it will be sanitised withvisit, while buildings flanking it will be sanitised with security personnel manning them until Obama has leftsecurity personnel manning them until Obama has left the place.the place.
  • 5. Errors in prospectus: Coal India givesErrors in prospectus: Coal India gives investors exit option until Oct 25investors exit option until Oct 25  Coal India, whose $3.5 billion IPO was moreCoal India, whose $3.5 billion IPO was more than 15 times subscribed, has been asked bythan 15 times subscribed, has been asked by the capital markets regulator to offer investorsthe capital markets regulator to offer investors an exit option until October 25.an exit option until October 25.  Because errors were pointed out in itsBecause errors were pointed out in its prospectus, the state-run company's chairmanprospectus, the state-run company's chairman said. Partha Bhattacharyya said figures weresaid. Partha Bhattacharyya said figures were "interchanged" in two places and termed them"interchanged" in two places and termed them as "typographical errors".as "typographical errors".
  • 6. India, Brazil to gain most from G-20: USIndia, Brazil to gain most from G-20: US  The US has said countries like India and Brazil haveThe US has said countries like India and Brazil have the most to gain from G-20 and they should ensurethe most to gain from G-20 and they should ensure that the grouping emerges as the premier platform forthat the grouping emerges as the premier platform for multilateral economic cooperation.multilateral economic cooperation.  The official said the G-20 needs to grapple with a setThe official said the G-20 needs to grapple with a set of economic challenges facing the global economy inof economic challenges facing the global economy in a way that results in a stronger framework fora way that results in a stronger framework for cooperative action. He said the role of emergingcooperative action. He said the role of emerging markets in global economic affairs is beingmarkets in global economic affairs is being recognised by their inclusion in the G-20.recognised by their inclusion in the G-20.
  • 7. Business confidence slips onBusiness confidence slips on inflation, low demandinflation, low demand  Inflationary pressures and slackening consumerInflationary pressures and slackening consumer demand have lowered corporate India’s businessdemand have lowered corporate India’s business confidence for the current quarter ending December,confidence for the current quarter ending December, said a survey conducted by business chambersaid a survey conducted by business chamber Confederation of Indian Industry .Confederation of Indian Industry .  Besides inflation and slowing demand, the surveyBesides inflation and slowing demand, the survey said factors such as availability of labour and highsaid factors such as availability of labour and high interest rates are also worrying corporate India.interest rates are also worrying corporate India.
  • 8. Ratan Tata shortlisted for FortuneRatan Tata shortlisted for Fortune 'Business Person of the Year' honour'Business Person of the Year' honour  Tata Group Chairman Ratan Tata is among eightTata Group Chairman Ratan Tata is among eight business leaders from across the world shortlisted bybusiness leaders from across the world shortlisted by the prestigious Fortune magazine for its 'Businessthe prestigious Fortune magazine for its 'Business Person of the Year', leader who made the "biggestPerson of the Year', leader who made the "biggest mark" in business in 2010.mark" in business in 2010.  Fortune magazine will name its 'Business Person ofFortune magazine will name its 'Business Person of the Year' on November 18.the Year' on November 18.  The other business honchos in the fray are billionaireThe other business honchos in the fray are billionaire Warren Buffett , Apple Chief Steve Jobs , Ford MotorWarren Buffett , Apple Chief Steve Jobs , Ford Motor CEO Alan Mulally, Google CEO Eric Schmidt,CEO Alan Mulally, Google CEO Eric Schmidt, DuPont CEO Ellen Kullman, McDonald's CEO JamesDuPont CEO Ellen Kullman, McDonald's CEO James Skinner and Netflix CEO Reed Hastings.Skinner and Netflix CEO Reed Hastings.
  • 9. TCS, Infosys step up hiring plansTCS, Infosys step up hiring plans after demand revivalafter demand revival  With double-digit revenue growth returning to theWith double-digit revenue growth returning to the $60 billion Indian IT-ITeS sector , top IT players,$60 billion Indian IT-ITeS sector , top IT players, including TCS and Infosys, are stepping up theirincluding TCS and Infosys, are stepping up their hiring plans for the next few quarters to meet thehiring plans for the next few quarters to meet the reviving demand in the US and European markets.reviving demand in the US and European markets.  Country's largest software firmCountry's largest software firm Tata Consultancy ServicesTata Consultancy Services (TCS) has revised its(TCS) has revised its hiring plans to add 50,000 people this fiscal againsthiring plans to add 50,000 people this fiscal against earlier target of 30,000 persons.earlier target of 30,000 persons.  Similarly, rival Infosys has also announced plans ofSimilarly, rival Infosys has also announced plans of hiring 40,000 new employees in the ongoing fiscal,hiring 40,000 new employees in the ongoing fiscal, up from the earlier projection of 36,000.up from the earlier projection of 36,000.

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