Weekly news-8


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Weekly news-8

  1. 1. Weekly News
  2. 2. News-1 Currency volatility may hit IT cos' profits in coming quarters
  3. 3. • Currency fluctuations are likely to dent the profit margins of Indian software exporters in the coming quarters. • 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 coming quarters.
  4. 4. • TCS recorded Rs 47-crore foreign exchange loss in Q2. • 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 environment. • 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.
  5. 5. News-2 B M Munjal family retains rights to Hero Group
  6. 6. • 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 Dayanand Munjal. • According to sources, as part of a family settlement, the rights of the Hero Group went to the B M Munjal family.
  7. 7. • 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.
  8. 8. News-3 Ratan Tata shortlisted for Fortune 'Business Person of the Year honour
  9. 9. • 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 2010. • 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.
  10. 10. • 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 them.“ • 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.
  11. 11. News-4 Spice Mobile launches India's first 3D phone at Rs 4,299
  12. 12. • 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.
  13. 13. • 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 retail stores.
  14. 14. News-5 SBI may bring down credit growth to 18 per cent: Bhatt
  15. 15. • 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.