2. M&M TO PAY 2,105 CR FOR 70% IN SSANGYONG CO
EXPECTS TO COMPLETE ACQUISITION BY
MARCH 2011
Mahindra & Mahindra (M&M) will pay 2,105 crore ($463
million) for a controlling stake in ailing South Korean SUV
maker Ssangyong Motor to help widen its product range and
boost sales in the overseas market
It would acquire 70% in Ssangyong and expects to complete the
acquisition by March 2011. Out of the total acquisition cost of
$463 million, Mahindra will subscribe to new equity shares
worth $378 million ( 1,723 cr) while the rest will comprise
corporate bonds. M&M was chosen as the preferred bidder in
August this year
M&M intends to introduce three new Ssangyong models in
India over the next three-four years to help revive sales of the
Korean SUV maker. The deal also gives M&M access to
advanced engines and markets such as Russia, Middle East and
Europe.
3. EXPORT GROWTH SPEEDS UP TO 23.2%, MAKES
SPACE FOR CAPITAL FLOW CURBS
Exporters rose to a 24-month high in September
while imports grew a tad less, lowering the trade
deficit and creating policy space for the government
to restrict the destabilising capital flows without
worrying about funding the large gap between
imports and exports.
Exports grew 23.2% to $18.02 billion while imports
rose 26.1% to $27.1 billion, which helped restrict the
trade deficit to $9.12 billion from an alarming more
than $13 billion in August
4. DOCOMO LAUNCHES 3G IN MAHARASHTRA
The Tata DoCoMo, the GSM arm of Tata Teleservices
formally launches its 3G services in Maharashtra.
The 3G network, set up with assistance of NTT
DoCoMo, support high speed internet access with the
speed up to 21.1 mbps & also support high definition
voice
The company has also announced attractive &
innovative plans like small screen plan & large screen
plans to upgrade to 3G life.The plans options are
ranging from Rs 750 to Rs 200 offering 750-5000 free
call minutes.
5. ANDROID IS NO. 2 ON SMARTPHONE OS MKT
Google's Android software platform rose to No.
2 spot globally on the booming smartphone
market in the third quarter, research firm
Canalys.
Nokia's Symbian continued to lead the market
with a 37% share, while Android had 17% of the
market.
Growing popularity of Android phones—made
by companies including Motorola Inc, HTC and
Samsung Electronics—puts Google in a good
position as handsets look set to surpass
computers for browsing the Web.
6. SBI LIKELY TO PRICE ITS EUROBOND ISSUE THIS
WEEK
The state bank of India is likely to announce
the pricing of its 500m euro bond.
The TATA Group has also been large
borrowers in euro to fund their aquisitions
like Jagure land recover & Corus
The bank has appointed six European
banks to raise the banks funds. The banks
include: Deutshe bank, Stan-chart, HSBC,
BNP Paribas, Barlcays & credit Agricole
CIB.
