Weekly News:Weekly News:1717thth Oct – 24 Oct – 24thth Oct, 2010 Oct, 2010

Compiled by:Compiled by:

Taranpreet KaurTaranpreet Kaur

Mba-2(A)Mba-2(A)

B M Munjal family retains rights B M Munjal family retains rights to Hero Groupto Hero Group

The family led by B M Munjal and his sons, owners of the The family led by B M Munjal and his sons, owners of the Indian promoter's stake in Hero Honda, will be officially Indian promoter's stake in Hero Honda, will be officially known as the Hero Group, following the division of the known as the Hero Group, following the division of the $4.2 billion group. $4.2 billion group.

In June, the diversified group was divided on a simple In June, the diversified group was divided on a simple principle of ending the numerous cross holdings between principle of ending the numerous cross holdings between the families of B M Munjal and his three brothers - O P the families of B M Munjal and his three brothers - O P Munjal, Satyanand Munjal and Late Dayanand Munjal. Munjal, Satyanand Munjal and Late Dayanand Munjal.

According to sources, as part of a family settlement, the According to sources, as part of a family settlement, the rights of the Hero Group went to the B M Munjal family. rights of the Hero Group went to the B M Munjal family. However, existing businesses belonging to the families of However, existing businesses belonging to the families of his three brothers would be allowed to retain the Hero his three brothers would be allowed to retain the Hero brand. brand.

After the settlement, Hero Honda, Hero Corporate After the settlement, Hero Honda, Hero Corporate Services , Rockman Cycles Industries , Hero Mindmine Services , Rockman Cycles Industries , Hero Mindmine Institute, Easy Bill and Hero Management Service have Institute, Easy Bill and Hero Management Service have gone to family of B M Munjal. gone to family of B M Munjal.

While other entities such as Hero Cycles, Hero Motors While other entities such as Hero Cycles, Hero Motors and Munjal Sales Corporation went to O P Munjal, the and Munjal Sales Corporation went to O P Munjal, the members of late Dayanand Munjal, represented by his members of late Dayanand Munjal, represented by his son Vijay Munjal are now the owners of Hero Exports, son Vijay Munjal are now the owners of Hero Exports, Hero Electric, Hero Cycles (Unit II) and Sunbeam Auto. Hero Electric, Hero Cycles (Unit II) and Sunbeam Auto.

Satyanand Munjal's family got Munjal Showa, Munjal Satyanand Munjal's family got Munjal Showa, Munjal Auto, Highway Industries, Majestic Auto and Satyam Auto, Highway Industries, Majestic Auto and Satyam Autotech. Autotech.

Barack and Michelle's Mumbai Barack and Michelle's Mumbai darshan plansdarshan plans

US President Barack Obama and First Lady Michelle US President Barack Obama and First Lady Michelle landing on November 6 for a two day India visit landing on November 6 for a two day India visit would be visiting the 26/11 memorial on Marine would be visiting the 26/11 memorial on Marine Drive, the National Centre for Performing Arts Drive, the National Centre for Performing Arts (NCPA), Mani Bhawan and other locations in south (NCPA), Mani Bhawan and other locations in south Mumbai.Mumbai.

The Obamas will stay at the Taj Mahal Hotel, and his The Obamas will stay at the Taj Mahal Hotel, and his itinerary practically means Marine Drive will be shut itinerary practically means Marine Drive will be shut for vehicular traffic on the day of the President’s for vehicular traffic on the day of the President’s visit, while buildings flanking it will be sanitised with visit, while buildings flanking it will be sanitised with security personnel manning them until Obama has security personnel manning them until Obama has left the place. left the place.

Errors in prospectus: Coal India gives Errors in prospectus: Coal India gives investors exit option until Oct 25investors exit option until Oct 25

Coal India, whose $3.5 billion IPO was more Coal India, whose $3.5 billion IPO was more than 15 times subscribed, has been asked by than 15 times subscribed, has been asked by the capital markets regulator to offer investors the capital markets regulator to offer investors an exit option until October 25.an exit option until October 25.

Because errors were pointed out in its Because errors were pointed out in its prospectus, the state-run company's chairman prospectus, the state-run company's chairman said. Partha Bhattacharyya said figures were said. Partha Bhattacharyya said figures were "interchanged" in two places and termed them "interchanged" in two places and termed them as "typographical errors". as "typographical errors".

India, Brazil to gain most from G-20: USIndia, Brazil to gain most from G-20: US

The US has said countries like India and Brazil have The US has said countries like India and Brazil have the most to gain from G-20 and they should ensure the most to gain from G-20 and they should ensure that the grouping emerges as the premier platform for that the grouping emerges as the premier platform for multilateral economic cooperation. multilateral economic cooperation.

The official said the G-20 needs to grapple with a set The official said the G-20 needs to grapple with a set of economic challenges facing the global economy in of economic challenges facing the global economy in a way that results in a stronger framework for a way that results in a stronger framework for cooperative action. He said the role of emerging cooperative action. He said the role of emerging markets in global economic affairs is being markets in global economic affairs is being recognised by their inclusion in the G-20. recognised by their inclusion in the G-20.

Business confidence slips on Business confidence slips on inflation, low demandinflation, low demand

Inflationary pressures and slackening consumer Inflationary pressures and slackening consumer demand have lowered corporate India’s business demand have lowered corporate India’s business confidence for the current quarter ending December, confidence for the current quarter ending December, said a survey conducted by business chamber said a survey conducted by business chamber Confederation of Indian Industry . Confederation of Indian Industry .

Besides inflation and slowing demand, the survey Besides inflation and slowing demand, the survey said factors such as availability of labour and high said factors such as availability of labour and high interest rates are also worrying corporate India. interest rates are also worrying corporate India.

Ratan Tata shortlisted for Fortune Ratan Tata shortlisted for Fortune 'Business Person of the Year' honour'Business Person of the Year' honour Tata Group Chairman Ratan Tata is among eight business Tata Group Chairman Ratan Tata is among eight business

leaders from across the world shortlisted by the prestigious leaders from across the world shortlisted by the prestigious Fortune magazine for its 'Business Person of the Year', Fortune magazine for its 'Business Person of the Year', leader who made the "biggest mark" in business in 2010. leader who made the "biggest mark" in business in 2010.

Fortune magazine will name its 'Business Person of the Fortune magazine will name its 'Business Person of the Year' on November 18. Year' on November 18.

The other business honchos in the fray are billionaire The other business honchos in the fray are billionaire Warren Buffett , Apple Chief Steve Jobs , Ford Motor CEO Warren Buffett , Apple Chief Steve Jobs , Ford Motor CEO Alan Mulally, Google CEO Eric Schmidt, DuPont CEO Alan Mulally, Google CEO Eric Schmidt, DuPont CEO Ellen Kullman, McDonald's CEO James Skinner and Ellen Kullman, McDonald's CEO James Skinner and Netflix CEO Reed Hastings. Netflix CEO Reed Hastings.

TCS, Infosys step up hiring plans TCS, Infosys step up hiring plans after demand revivalafter demand revival

With double-digit revenue growth returning to the With double-digit revenue growth returning to the $60 billion Indian IT-ITeS sector , top IT players, $60 billion Indian IT-ITeS sector , top IT players, including TCS and Infosys, are stepping up their including TCS and Infosys, are stepping up their hiring plans for the next few quarters to meet the hiring plans for the next few quarters to meet the reviving demand in the US and European markets. reviving demand in the US and European markets.

Country's largest software firm Country's largest software firm Tata Consultancy ServicesTata Consultancy Services (TCS) has revised its (TCS) has revised its hiring plans to add 50,000 people this fiscal against hiring plans to add 50,000 people this fiscal against earlier target of 30,000 persons. earlier target of 30,000 persons.

Similarly, rival Infosys has also announced plans of Similarly, rival Infosys has also announced plans of hiring 40,000 new employees in the ongoing fiscal, hiring 40,000 new employees in the ongoing fiscal, up from the earlier projection of 36,000. up from the earlier projection of 36,000.