Currency volatility may hit IT cos' profits in
• Currency fluctuations are likely to dent the profit
margins of Indian software exporters in the coming
• The country's top three IT players -- Tata Consultancy
Services, Infosys Technologies and Wipro -- were
affected by foreign exchange volatility in the
September quarter this fiscal and their profit margins
took a hit.
• The appreciation of the rupee against the US dollar is
likely to hit the profitability of IT companies in the
• TCS recorded Rs 47-crore foreign exchange loss in
• the country's third-largest software exporter Wipro
incurred forex loss of Rs 41.4 crore during Q2 and
raised concerns about the macro-economic
• Overall, software exporters saw a significant spurt in
Q2 revenues, mainly because of new clients.
• Some analysts said, however, that currency
fluctuations would remain until there is significant
recovery in the global economy.
B M Munjal family retains rights to Hero Group
• The family led by B M Munjal and his sons, owners of
the Indian promoter's stake in Hero Honda, will be
officially known as the Hero Group, following the
division of the $4.2 billion group.
• In June, the diversified group was divided on a simple
principle of ending the numerous cross holdings
between the families of B M Munjal and his three
brothers - O P Munjal, Satyanand Munjal and Late
• According to sources, as part of a family settlement,
the rights of the Hero Group went to the B M Munjal
• The Hero group, which officially came into existence
in 1956, had started its activities in early 1940s as a
bicycle maker by the four brothers.
• The group currently has over 20 firms, most of which
are related to two-wheeler industry.
Ratan Tata shortlisted for Fortune 'Business
Person of the Year honour
• Tata Group Chairman Ratan Tata is among eight
business leaders from across the world shortlisted by
the prestigious Fortune magazine for its 'Business
Person of the Year', an honour that will go to the
leader who made the "biggest mark" in business in
• Fortune magazine will name its 'Business Person of
the Year' on November 18.
• The other business honchos in the fray are billionaire
Warren Buffett , Apple Chief Steve Jobs , Ford Motor
CEO Alan Mulally, Google CEO Eric Schmidt, DuPont
CEO Ellen Kullman, McDonald's CEO James Skinner
and Netflix CEO Reed Hastings.
• For the title, the publication started with 32 business
leaders who had been "seeded and matched-up by
the editors of Fortune.“
• In the process of finalizing the winner, Fortune will
talk to analysts, consultants, executives and former
executives, "those moving markets and those playing
• Fortune has also asked its readers to submit votes
online on "which leader you think made a bigger
impact in 2010.“
• The 32 have been narrowed down to eight after two
weeks of voting.
Spice Mobile launches India's first 3D phone
at Rs 4,299
• Handset maker Spice Mobility on Sunday said it has
launched the country's first 3D display mobile phone,
View D, priced at Rs 4,299.
• View D will allow users to experience images and
videos in 3D without the 3D glasses, making it very
convenient for a common user.
• The company is looking at selling 20,000-30,000 units
per month of View D, he added.
• The handset is equipped with a 2.4-inch 3D display
screen, two megapixel camera, FM Radio , MP3
player and expandable memory up to 16GB.
• It also has a 'remote wipe' feature, which allows
users to delete the data stored on their phones
remotely, in case of loss of handset.
• Targeted at the metros and Tier I cities, the company
will also launch a new television commercial along
with other promotional activities for the product.
• The handset would be available through more than
50,000 retail points, including 750 Spice HotSpot
SBI may bring down credit growth to 18 per
• Stung by slow credit offtake in the first half, State
Bank of India (SBI) may revise its loan growth and
bring it down to 18 per cent for this fiscal.
• It would be 18 per cent from 20 per cent for the
current fiscal, OP Bhatt said.
• Last week, SBI increased base rate or the minimum
lending rate for new borrowers by 10 basis points to
7.6 per cent.
• SBI is planning to place about 1.50 lakh point of sale
(POS) terminals for debit and credit card payments
across the country.
• SBI has already selected US-based Elavon
Incorporation and Visa International as its joint
venture partners for merchant acquiring business.