Weekend News (25thOct. to 31stOct. 2010) Presented By Baljit Singh
Coca-Cola, Nestle roll out global joint venture for tea in India Coca-Cola is extending its global venture with Nestle for ready-to-drink tea– Beverage Partners Worldwide- to India. Coca-Cola India will start selling this iced tea under the Nestle brand in bottles within the next two months. Coca-Cola India has been making several efforts to break into the non-aerated drinks segments to offset a possible slowdown in its core fizzy drinks in line with health and wellness trends.
Rural Housing Finance biz to touch Rs.5,000-6,000 crore in 3-5 years Mahindra & Mahindra Financial Services anticipates that the balance sheet of its Rural housing finance subsidiary will grow to around Rs.5,000-6,000 crore in about 3-5 yrs. The Rural Housing business of MMFSL stood at Rs.90 crore. It holds a 87.5% stake in the subsidiary and the remaining 12.5% is held by National Housing Bank. Its Profit stood at Rs.3.6 crore in this fiscal as against Rs.40 lakh.
Colgate-Palmolive Q2 Net profit up 11.8% at Rs.100 crore The Colgate-Palmolive posted an 11.8% jump in net profit to Rs.100 crore for the quarter on the back of robust sales growth in the toothpaste category. The company had registered a net profit of Rs.89.7 crore in the same period last fiscal. The net sales of the company during the quarter stood at Rs.551.77 crore, a 13% increase from Rs.487.26 crore in the corresponding in the last fiscal quarter.
Cap for Retail Investors in IPOs set to be doubled to Rs.2 lakh Retail Investors will get to double their bets on Initial Public offerings as the market regulators is set to raise the limit to Rs.2 lakh. The proposed likely to approved by the Board of SEBI will cut the numerous applications investors. The portion reserved for wealthy individuals and corporate treasuries have been consistently oversubscribed by 20-25 times as they borrow heavily to benefit from pop-up listing, while in the retail category that depends on savings, it was 3-5 times.