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Mukesh Ambani again tops list of richest Indians

September 30, 2010 Comments off

Reliance Industries chairman Mukesh Ambani has topped the latest Forbes’ India Rich List with a net worth of 27 billion dollars for the third consecutive time.

Steel tycoon Lakshmi Mittal remains at No. 2 with a net worth of 26.1 billion dollars.

Moving up to third position this year is IT outsourcer Wipro’s Azim Premji. His wealth increased to 17.6 billion dollars from 14.9 billion dollars last year amid an improving outlook for the sector.

Premji moves up to third place, displacing younger Ambani sibling Anil Ambani, who dropped to No. 6.

India’s rising stock market and a booming economy that’s expanding by 8.5 percent have boosted the net worth of richest people, according to Forbes’ India Rich List.

The combined net worth of India’s 100 richest people is 300 billion dollars, up from 276 billion dollars last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year.

Also improving on their previous ranking to No. 4 are brothers Shashi and Ravi Ruia with 15 billion dollars, more than their last year’s net worth of 13.6 billion dollars.

Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager of Forbes

magazine, said: “As we had predicted, the huge correction in Indian wealth which occurred in 2008 is fast becoming a distant memory. This year’s list illustrates the vibrancy and resilience of India’s economy.”

Twenty-six of the 35 who returned to the top 40 from last year are wealthier now. The biggest gainer in percentage terms was media baron Kalanithi Maran, who made a splash with his purchase of a big stake in low-cost airline SpiceJet. His net worth rose 74 percent, according to Forbes.

The top 10 richest in India are:

1) Mukesh Ambani; US$27 billion

2) Lakshmi Mittal; $26.1 billion

3) Azim Premji; $17.6 billion

4) Shashi & Ravi Ruia; $15 billion

5) Savitri Jindal; $14.4 billion

6) Anil Ambani; $13.3 billion

7) Gautam Adani; $10.7 billion

8) Kushal Pal Singh; $9.2 billion

9) Sunil Mittal; $8.6 billion

10) Kumar Birla; $8.5 billion

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Categories: Business

Pranab to visit B’desh today with USD 1 bn credit package

August 7, 2010 Comments off

Finance Minister Pranab Mukherjee will visit Dhaka on Saturday along with a billion-dollar credit package under which funds will be made available to Bangladesh for development of communications and other infrastructure facilities.

During the four-hour visit, Mukherjee will also call on Bangladesh Prime Minister Sheikh Hasina, his counterpart AMA Munith and Foreign Minister Dipu Moni and review the implementation of agreements reached between the two countries earlier, official sources said.

The agreement to provide a line of credit of USD 1 billion will be signed by the chief executive of EXIM Bank of India and Secretary, Economic Relations Division (ERD) of Bangladesh, at Dhaka in presence of Mukherjee.

The credit will be provided for development of a range of projects in communication, railway, and dredging in major rivers.

India had agreed to provide USD 1 billion line of credit of Bangaladesh during the talks between Hasina and Prime Minister Manmohan Singh in the capital in January.

Mukherjee is expected to review Indo-Bangla ties as well as decisions taken during the Hasina-Singh talks.

This would be the first visit by such a senior Indian leader since Hasina’s India visit in the beginning of the year.

Categories: Business

Noel Tata to be MD at Tata International

July 30, 2010 Comments off

53-year-old Noel Tata will be managing director at Tata International, which is a leather and engineering trading company having a presence in 10 African nations. The company is looking for increasing its revenue two fold to $1 billion in two years. Noel Tata grew the retail business more than 10-fold in less than a decade.
Ratan Tata, the 73-year-old chairman, on Thursday said, “we pledge to sustain his legacy.’ A senior Tata Sons executive on the move to appoint Noel to head Tata International said,” Africa is one of the largest markets and any business plan needs to be tested there to succeed,” Some analysts are seeing the assignment a test for Noel Tata to prove his mettle to get the top throne.

Tata’s increasing revenues from overseas markets and acquisitions of high profile companies like Jaguar-Land Rover have not yet given it a high profile status of are yet to an international commensurate. Ratan Tata told a conference in November,

“The successor, I would hope, would have integrity and our value systems in the forefront and hopefully would carry on the path that we have tried to set for the company’s growth,” While some believe that a professional will be more suitable to head the Tata empire, other feels that the surname of Tata will be more dedicated to the cause of the business.

Categories: Business

Maruti Suzuki India posted 20 % lower net profit

July 26, 2010 Comments off

With the sentiment depressed on reports of 20.25% decline in net profit for the quarter ended June 30, share price of. Maruti Suzuki India (MSI) on Monday plunged more than 11% in the early trade. The company has recorded all round disappointing performance when the stock exchange as a whole also was reported to be flat due to lack of encouraging news.

The country’s largest car maker’s Shares fell 11.47% to touch a one-month low of Rs 1,202.40 on Bombay Stock Exchange. On the National Stock Exchange also, the company’s shares fell 17.03% to touch a year’s low of Rs 1,126.85. CNI Research CMD Kishore P Ostwal said. “I feel the results are not bad and the market is just overreacting. The stock should recover in a couple of days.” The 30-share benchmark Sensex was trading flat at 18,140.08, up 0.05%.

Maruti on Saturday had recorded 20.25% fall in net profit at Rs 465.36 crore for the quarter ended June 30. Net profit of the company was Rs 583.54 crore in the corresponding period last fiscal. But MSI’s total income from operations surged by 26.78% to Rs 8,231.53 crore in the first quarter, which was at Rs 6,493 crore in the year-ago period.

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Wipro net up 31 percent in first quarter

July 23, 2010 Comments off

Wipro Ltd posted net profit of Rs.13.19 billion (Rs.1,319 crore) for the first quarter (April-June) of this fiscal (2010-11), registering 31 percent year-on-year (YoY) growth.

In a regulatory filing Friday, the IT bellwether said its total revenue for the quarter under review (Q1) grew 16.6 percent YoY to Rs.72.36 crore (Rs.7,236 billion).

Under the International Financial Reporting Standards (IFRS), net income for the quarter is $284 million and total revenue $1.56 billion.

Revenue from its global IT services business grew 16.6 percent YoY to $1.2 billion under IFRS and Rs.55 billion in rupee terms.

Categories: Business

People in Delhi to get diesel cheaper by Rs 2.37 from July 20

July 16, 2010 Comments off

On Friday, the government announced that the prices of Diesel are expected to reduce by Rs 2.37 per litre in Delhi from July 20. Delhi

Chief Minister Sheila Dikshit said, “We have decided to decrease the VAT on diesel from 20 percent to 12.5 percent from July 20. This is likely to bring down the prices of the fuel in the capital.”

The VAT on diesel was increased in March from 12.5 percent to 20 percent to meet the increased expenditure on infrastructural projects related to Commonwealth Games 2010.

Currently diesel costs Rs 40.10 per litre in Delhi which will now be available for Rs 37.73 per litre.

She added, “It was necessary to reduce the VAT on diesel as petrol pump owners were facing losses.”

Well there is a sigh of relief for Delhi resides.

Categories: Business

Prices remain high but India’s food inflation drops a tad

June 17, 2010 Comments off

India’s annual food inflation fell slightly to 16.12 percent for the week ended June 5 from 16.55 percent for the week before even as prices of milk, lentils and some other commodities remained sharply costlier over a 52-week period.

The drop in the inflation rate was mainly because of a 1.1 percent decline sub-index for food articles over the week under review in the overall official wholesale price index, according to data released Thursday by the commerce and industry ministry.

In fact, the index for primary articles remained significantly higher at 16.86 percent as the sub-index for non-food items logged a relatively faster jump of 18.25 percent.

Following is the rise and fall in prices of some of the main commodities that form the sub-index for food articles over the past 52 weeks:

Cereals: 5.41

Rice: 6.76

Wheat: 3.97

Pulses: 34.40

Vegetables: (-)1.03

Potatoes: (-)34.96

Onions: (-)17.84

Fruits: (-)13.67

Milk: 21.12

Planning Commission Deputy Chairman Montek Singh Ahluwalia said Wednesday India’s annual food inflation may rise over the next few weeks because of the base effect of last fiscal but will fall eventually as the situation was within control.

“But there is no reason to worry. As you see the weeks go by, food inflation would come down again.”

Finance Minister Pranab Mukherjee had also expressed worry over rising food prices but said there were signs of easing off. “With the expectation of good monsoon and crop, I think moderating influence will be there from the middle of July onwards.”

Key policymakers admitted that inflation was getting broad-based, with a consensus emerging for the central bank to hike interest rates soon and not wait for the review of its monetary policy stance in July.

“I think the picture is clear. Inflationary pressures are stronger,” said C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council and a former governor of the central bank. “Some action will be called for by RBI in terms of policy tightening.”

Categories: Business