Weekly news 8


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Weekly news 8

  1. 1. Weekly News updated 11-10-2010 to 17-10-2010 Compiled by : Navneet Suri Mba- 2(a)
  2. 2. E-land close to buying Mudra Lifestyle <ul><ul><li>South Korea-based $7-billion textile chain E-land is acquiring Mumbai-based Mudra Lifestyle. </li></ul></ul><ul><ul><li>The South Korean major has agreed to buy a minimum 51% stake in the company, which can go up to 67% after the open offer. </li></ul></ul><ul><li>The promoters of the company—the Aggarwal family—currently hold a 54.5% stake </li></ul><ul><ul><li>E-Land group is a Seoul-based fashion and garment conglomerate with substantial presence in the fast growing Asian markets. </li></ul></ul>
  3. 3. Hyundai launches luxury SUV Santa Fe <ul><ul><li>Hyundai Motor India, country&apos;s second largest car manufacturer has launched its luxury SUV Santa Fe, priced between Rs 20.95 lakh- Rs 22.95 lakh. </li></ul></ul><ul><ul><li>In India Santa Fe will be imported as completely built units (CBU) from South Korea. </li></ul></ul><ul><ul><li>With this launch, HMIL now has seven models in the country, including the popular i10. </li></ul></ul><ul><ul><li>MD and CEO of HMIL- H W Park. </li></ul></ul>
  4. 4. Gold futures hit crucial 20k-level first time on global cues <ul><ul><li>Gold surged to hit a crucial Rs 20,000 per ten gram level for the first time in futures trade on Monday on hectic buying by speculators, tracking strong global trend. </li></ul></ul><ul><ul><li>At the Multi Commodity Exchange counter, gold for June- month delivery surged by Rs 132 to hit a record high of Rs 20,007 per ten gram, with a volume of one lot. </li></ul></ul><ul><ul><li>Similarly, the metal for delivery in December gained Rs 90, or 0.46 per cent, to Rs 19,619 per ten gram, with a turnover of three lots </li></ul></ul>
  5. 5. Infosys Q2 net rises 16.7% to Rs 1,737 crore <ul><li>Infosys, which counts the BT Group and BP among its top customers said its net profit for the second quarter rose to Rs 1,737 crore, up 16.7% compared to the preceding June period. Revenues during the quarter to September were Rs 6,947 crore, reporting an annual growth of 24.4%. </li></ul>
  6. 6. <ul><li>Its revenues in the year ending March 2011 will be between $5.95 billion-$6 billion, up 25.6% to 26.8% from the previous year. </li></ul>
  7. 7. RBI RATE HIKE SEEN AFTER SEPTEMBER INFLATION RISES TO 8.62% <ul><ul><li>The annual rate of inflation based on the revamped wholesale price index based rose to 8.62% in September from 8.51% in August. </li></ul></ul><ul><ul><li>The central bank has already raised policy rates by 125 basis points in five equal amounts this calendar and was expected to pause, but sticky inflation could force it to continue with monetary tightening. </li></ul></ul><ul><ul><li>RBI may lift rates by 25 bps in its November 2 policy review. </li></ul></ul>