Times Internet Limited (TIL) launches premium video service BoxTV.com
TIL announced the launch of its premium video service boxtv.com The website will be a vast content bank featuring Bollywood, Hollywood and other regional videos which users will be able to stream and watch for a monthly membership fee of Rs. 199. Audiences in US and UK will be charged a monthly membership fee of $4.99 and £4.99 respectively.
Initially, the service is open by invitation only and users will be required to request an invite via www.boxtv.com
Government clears 49% FDI in civil aviation and 51% FDI in multi-brand retail
The government has finally given clearance to FDI in retail and aviation allowing foreign players to pick up 51% stake in multi-brand retail and 49% stake in domestic airlines. The move will help ailing domestic carriers including Kingfisher Airlines (KFA) and will also allow foreign companies like Walmart to take part in front-end multi-brand retail joint ventures with domestic partners.
Sensex registers highest single day gain in 2012: Rises 2.46% by 443 points to 18,464
Sensex closed the week on a high as it gained 443 points, registering its highest daily gain in the year. The index moved 2.46% higher to close at 18,464, a new 14 month high.
The government’s decision to hike diesel prices to ease liquidity and hopes of reforms overshadowed higher inflation figures reported during the week. Friday added almost Rs. 1 lakh crore to investor wealth and inched BSE’s market capitalization upwards to Rs. 63.6 lakh crore.
Hero Motors finally drops Honda
Hero MotoCorp announced this week that it will be dropping Honda’s badge from all its models by the end of September 2012.
After splitting from Honda and unveiling its new identity last year, Hero MotoCorp has been dropping the Honda badge from its products. CD Dawn and CD Deluxe were the only models left to be rebranded. “The acceptance of our new identity and the market response that we have received on our three new Hero branded models–Impulse, Maestro, and Ignitor–make us confident to go ahead. Our entire range of products would have moved to the Hero brand within this month” said Anil Dua, Sr. VP, Hero MotoCorp.
BHEL announces plans to recruit over 5,000 employees in the next 5 years
Earlier in the week, state-owned engineering and manufacturing company BHEL announced its plans to add more than 5,000 employees to its nearly 50,000 headcounts.
The new recruits will range from management executives to plant engineers. The announcement was made by R Krishnan, Director HR, BHEL, who also mentioned that actual numbers could vary as per ‘prevailing business ambiance’ in the country.
Vodafone, Idea and Bharti Airtel mobile subscribers fall first time in 10 years
Over 2 crore subscribers were lost from the Indian mobile user base in July 2012.
While more than 99% of the drop was a result of RComm deactivating inactive numbers, it is believed that Vodafone, Idea, and Airtel witnessed a drop in subscriber base for the first time in a decade. Reports indicate that Vodafone lost around 10 lakh users while Idea and Bharti Airtel lost in the vicinity of 2 crore users each.
Sistema JSFC to acquire Aircel Communications for Rs. 16-17,000 crore
Russian conglomerate Sistema JSFC is set to buy Chennai headquartered Aircel Communications for $3 billion amounting to Rs. 16-17,000 crore.
The deal will reportedly be made with Malaysia based Maxis Communications, Aircel’s parent company. Sistema JSFC is headquartered in Moscow and has business operations in IT & Telecom, Banking, Insurance, Retail, Oil, and Media among other sectors.
Hindustan Construction Company (HCC) bags orders worth Rs. 1,534 crore
Mumbai based construction giant Hindustan Construction Company (HCC) announced that it had bagged two orders worth Rs. 1,534 crore. One of the orders was the construction of a 10.2 km railway tunnel in Jammu & Kashmir. When completed, it will be the second largest tunnel in India. HCC has also built India’s largest tunnel, the Pir Panjal Tunnel in J&K.
The second order involves expansion of a section of NH-8 between Surat and Vadodara in Gujarat.
Airbus delivers 176 aircraft to China in 2017
Airbus has delivered 176 aircraft to China in 2017, its eighth consecutive year of more than 100 deliveries, the company said.
American Express posts $1.2 billion loss due to new tax law
NEW YORK: Credit card company American Express posted a $1.2 billion loss in its latest quarter after booking large one-time charges related to the new tax law. The company also announced it would suspend its share buy-back program for six months to rebuild its capital following the charge.
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Article By Yash Jhanwar