2. Nestle cuts milk purchase price but no relief for consumers now Nestle India, the Indian arm of the world’s biggest food company, has slashed the prices at which it buys milk from farmers in Punjab in summer of record supply. Govt. owned dairies such as milkfed and Haryana Dairy Development Cooperation which owns the brand Vita have recently raised the prices again by re 1 a litre. Nestle India processes over 9 lac litre milk per day at its Punjab unit, followed by milkfed at 8 lac litre per day, GlaxoSmithKline and Wockhardt 3 lac& 2.5 lac litre per day. Nestle India has brought down the prices from Rs. 355 per kg of fat to Rs. 340 per kg of fat in fortnight because of oversupply of milk in past few days. Cooperative diaries under the Gujarat Cooperative Milk Marketing Federation (Amul) have no plans to reduce their procurement prices (Rs. 350- 380 per kg fat). Gujarat Cooperative reduce procurement prices after diwali on account of existing inventory of milk powder and butter oil.
3. DB 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 HC which has asked Vishal not to dispose of assets. Deutsche trustee services had filed the winding petetion in feb this year after it failed to recover Rs. 50 crore that it had invested in discount retailer through subscription of non convertible debentures in June 2008. At that time Vishal Retail issued three post-dated cheques towards the payment of interest and principle of the debentures. These cheques bounced. Deutsche Bank had provided a loan of Rs. 10 crore. Non-CDR lenders-Barclays, DBS Bank, Deutsche and SICOM-had filed winding-up petetions after they failed to recover money from Vishal Retail. SBI, HDFC Bank, HSBC, ING Vysya, UCO and Bank of India are the CDR lenders, whose combined outstanding is at Rs. 470 crores. The retailers total debt is estimated to be RS. 730 crore.
4. Emami settle dispute over Zandu Balm song: to use for ads The copyright infringement dispute of Emami ltd. The owner of Zandu Balm , with the production company of Salman khan straer ‘Dabangg’ has been settled between the two parties. The company will be using the chartbuster “ Munni Badnam” for its promotional campaigns. Malaika Arora Khan, who did the item number in the film, is going to be the brand ambassador for Znadu Balm.
5. Hyundai to raise capacity to ensure 22% market share South korean car maker, Hyundai plans to tweak its existing Indian operations to expand the manufacturing capacity. Its aim to take its share to 22% of the total cars sold in the domestic market. CEO and MD, Hyundai Motors : HW Park.
