Business News

India needs inclusive growth: Azim Premji

India needs inclusive growth: Azim Premji

While various political parties and business organizations have centered their focus on achieving economic growth ahead of imminent general elections, Wipro chairman Azim Premji has stressed on the need of inclusive growth.

Addressing a gathering at 13th graduation day of Indian School of Business (ISB) on Sunday, Mr. Premji said that India doesn't need just growth; rather it needs inclusive growth.

He said there was a need to be conscious of the reality of extraordinary inequality, deprivation and injustice prevalent across the country.

Sun Pharma to acquire Ranbaxy in $3.2 billion all-share deal

Sun Pharma to acquire Ranbaxy in $3.2 billion all-share deal

Mumbai-based Sun Pharmaceutical Industries Ltd has confirmed that it will acquire beleaguered Ranbaxy Laboratories Ltd in a $3.2 billion all-stock deal.

Following its merger with Ranbaxy, Sun Pharma will become India's biggest pharmaceutical firm and the world's fifth biggest generic drugs maker.

Summoning Samsung chief will hurt India’s investment climate: Anand Sharma

Summoning Samsung chief will hurt India’s investment climate: Anand Sharma

Supreme Court's order directing South Korea-based electronic giant Samsung's chief to appear before a Ghaziabad court in a cheating case would definitely adversely affect India's investment climate, Commerce & Industry Minister Anand Sharma said.

The apex court passed the order on an appeal filed by Samsung Chairman Kun-hee Lee, in which he challenged the Allahabad High Court's ruling that dismissed his plea to set aside arrest warrant issued against him.

RBI to start using CPI-based inflation for valuing rupee

RBI to start using CPI-based inflation for valuing rupee

The Reserve Bank of India (RBI) will start using consumer prices as the inflation benchmark for valuing the rupee against other currencies. Currently, it values the domestic currency on basis of wholesale prices.

The move is expected to make the central bank less tolerant of appreciation by the domestic currency.

London-listed UCP in talks to sell stakes in 6 Indian projects

London-listed UCP in talks to sell stakes in 6 Indian projects

Unitech Corporate Parks (UCP), a London-listed subsidiary of Unitech Group, has confirmed that it is pursuing talks to offload its majority stake in six IT SEZ/Park projects in India.

Two of the six Indian IT SEZ/Park projects are in Gurgaon, while Kolkata and Noida host one and three projects, respectively. The London-listed firm is developing the projects in partnership with the realty major.

March car sales remain feeble

March car sales remain feeble

Heavy year-end discounts and price cuts failed to boost car sales in month of March, with almost all car manufacturers reporting decline in their sales numbers.

Maruti Suzuki, the country's leading carmaker, suffered a decline of 5.2 per cent in domestic sales during final month of the recently concluded financial year. The company sold 102,269 units in March 2014, considerably down from 107,890 units in March 2013. Sales of mini segment cars, such as M800 and Alto, slipped 11 per cent, from 45,047 units to 40,085 units.

SC appoints Australian ex-chief justice as arbitrator in KG-D6 gas dispute

SC appoints Australian ex-chief justice as arbitrator in KG-D6 gas dispute

The Supreme Court of India on Monday appointed a former Australian chief justice as an arbitrator for resolution of the dispute between Reliance Industries Ltd (RIL) and the Indian government over issues related to KG basin gas field.

James Spigelman, former Chief Justice of New South Wales in Australia, is going to be the third arbitrator and the chairman of the arbitral tribunal that will try to settle the dispute between RIL and the government over recovery of cost for developing key natural gas field in KG basin.

Indian fund managers becoming more vocal

Indian fund managers becoming more vocal

The particular episode of Indian fund managers forcing carmaker Maruti Suzuki India Ltd to backpedal on its contentious production deal with its Japanese parent firm Suzuki Motor Corp is being seen as a sign of Indian fund industry's growing activism.

In emerging markets like India, unhappy shareholders usually express their discontent by selling their shares in a company. But in this case, a number of fund managers and institutional investors joined forces and openly criticized the controversial deal.

Sebi now has authority to act against ponzi schemes

Sebi now has authority to act against ponzi schemes

India’s capital market regulator, the Securities and Exchange Board of India (Sebi) has said that it now has the authority to act against ponzi schemes, illegal deposit schemes and also access call data records in securities-related offences.

India’s external debt jumps to $426 billion in December 2013

India’s external debt jumps to $426 billion in December 2013

India's external debt increased by $21.1 billion over the March 2013 level to $426 billion at the end of December 2013, particularly due to increase in NRI deposits, according to data released by the Finance Ministry.

While external debt increased, sovereign external debt slipped from $81.7 billion at end of March to $76.4 billion at the end of December last year.