Weekly News updated 20-09-2010 to 26-09-2010 Compiled by : NavneetSuri Mba- 2(a)
Deutsche Bank gets HC stay on Vishal Retail sale DEUTSCHE Bank and its asset management arm—lenders to retail major Vishal Retail—have received stay orders from the Delhi High Court which has asked Vishal not to dispose assets, putting a question mark on the struggling retailer’s plans to sell its business to Chennai-based Shriram Group and private equity fund Texas Pacific Group for 100 crore.
Deutsche Trustees Services had filed the winding-up petition in February this year after it failed to recover 50 crore it had invested in the discount retailer through subscription of non-convertible debentures in June 2008
Slated to mature in February 2009, the debentures were rolled over till August 2009 as Vishal Retail could not repay Deutsche. At that time, Vishal Retail issued three post-dated cheques towards the payment of interest and principal of the debentures. The cheques bounced. Deutsche Bank had provided a loan of 10 crore.
Rains take the fizz out of cola majors’ sales After a scorching show, Coke and Pepsi see dip in demand as heavy rains hit impulse buying INCESSANT and prolonged rains have dampened sales for beverage majors Coca-Cola and PepsiCo. Though neither Coca-Cola nor PepsiCo divulged numbers, beverage industry officials said unit case volume growth is down to about 8-9%. PepsiCo India (beverages) CEO Praveen Someshwar said: “The unusual rains have impacted growth.”
Coca-Cola had posted unit case volume growth of 37% in the July-September FY09 quarter, PepsiCo had recorded an all-time high 50% volume growth in the same quarter last year In the April-June quarter this year, Coca-Cola India’s unit case volume had expanded by 22% while PepsiCo’s growth in the quarter was about 19%
Reliance missing in Euphoria Investors are disappointed with the Reliance Contribution’s to the market in the last four months. PIL shares have risen only 3.7% in the last four months as compared to total market increase which was 22% it is very less
C-17 deal between India-US Largest defence deal between India-US of acquisition of 10 C-17 globe master transport aircraft by the Indian air-force is likely to be inked during US president’s visit to India during November C-17 are used for airdropping paratroopers, suppliers, emergency evacuation and carrying heavy equipments like tanks Total costs for this deal would be around $3.5 billion, making it the biggest defence deal.