| Rank | Name | Net Wort($ mil) |
| 1 | Mukesh Ambani | 22,600 |
| 2 | Lakshmi Mittal | 19,200 |
| 3 | Azim Premji | 13,000 |
| 4 | Shashi & Ravi Ruia | 10,200 |
| 5 | Savitri Jindal | 9,500 |
| 6 | Sunil Mittal | 8,800 |
| 7 | Gautam Adani | 8,200 |
| 8 | Kumar Birla | 7,700 |
| 9 | Pallonji Mistry | 7,600 |
| 10 | Adi Godrej | 6,800 |
| 11 | Dilip Shnghvi | 6,700 |
| 12 | Kushal Pal Singh | 6,500 |
| 13 | Anil Ambani | 5,900 |
| 14 | Shiv Nadar | 4,600 |
| 15 | Uday Kotak | 3,600 |
| 16 | Anil Agarwal | 3,500 |
| 17 | Malvinder & Shivinder Singh | 3,200 |
| 18 | Rahul Bajaj | 3,100 |
| 19 | Micky Jagtiani | 3,000 |
| 20 | Anand Burman | 2,900 |
Archive for the ‘Business’ Category
Richmens in India
On January - 19 - 2012
In the News-The Tokyo and Osaka stock exchanges
On January - 19 - 2012
The Tokyo and Osaka stock exchanges have agreed to merge in 2013 to create the world’s third-biggest bourse with listed stocks worth around $3.6 trillion. The combined value of stocks listed on exchanges would trail only NYSE Euronext at $12 trillion and NASDAQ OMX Group Inc at nearly $4 trillion.
Current Affairs Business
On January - 17 - 2012
Tata Motors global sales grows 27 percent in December
Tata Motors Monday reported a 27 percent rise in its global sales in December which accounted for 114,920 vehicles, driven by strong sales of passenger cars and luxury Jaguar Land Rover brand.
The company in a statement said sales of passenger cars stood at 61,066 vehicles and that of Jaguar Land Rover at 30,981 in the month.
The Tata group had bought Jaguar Land Rover in 2008.
According to a company statement, cumulative sales for the 2011-12 stood at 865,400, 12 percent higher when compared to the corresponding period last fiscal.
On a stand-alone basis, global sales of passenger cars and the distribution offtake of Fiat cars in India in the month under review grew by 45 percent at 30,085 units over the like period of December 2010.
Jaguar Land Rover global sales grew by 45 percent last month at 30,981 units.
Global sales of all commercial vehicles including Tata, Tata Daewoo and Tata Hispano Carrocera ranges grew by 12 percent in the month under review and stood at 53,854 units.
Business Current Affairs
On December - 29 - 2011
Jaxtr Inc., founded by Sabeer Bhatia and Yogesh Patel, has announced the launch of JaxtrSMS, a cross-platform, open-texting application to send SMSs to anyone in the world for free.
Reserve Bank of India deregulated non-resident external (NRE) deposits on 16 December 2011 allowing banks to offer higher interest rates to dollar-denominated accounts. Reserve Bank freed the rates on non-resident external accounts, offering interest as high as 9.6% per annum.
Following RBI’s deregulation five Indian banks, including HDFC Bank and Yes Bank on 23 December 2011 raised their interest rates on such deposits in order to lure foreign money.
The Tokyo and Osaka stock exchanges have agreed to merge in 2013 to create the world’s third-biggest bourse with listed stocks worth around $3.6 trillion. The combined value of stocks listed on exchanges would trail only NYSE Euronext at $12 trillion and NASDAQ OMX Group Inc at nearly $4 trillion.
Ravi Ruia decided to step down as Chairman of the London-listed Essar Energy
Ravi Ruia decided on 21 December 2011 to step down as chairman of the London-listed Essar Energy after a trial court admitted a criminal chargesheet filed by the investigating agency. The Central Bureau of Investigation (CBI) chargesheeted three Essar Group honchos, including Ravi Ruia, alleging violation of telecom industry guidelines.
Prashant Ruia, presently the vice chairman, will take over as interim chairman while Ravi Ruia will continue as a director of Essar Energy.
Adidas, the German sportswear and equipment maker, is set to launch a shoe costing one dollar a pair in India. The shoe will be sold in villages through a distribution network.
British Sky Broadcasting Group PLC, James Murdoch re-elected as Chairman of the Group
British Sky Broadcasting Group PLC chairman James Murdoch was re-elected on 29 November 2011 in the company’s annual general meeting. He was re-elected to the position of chairman though he faced a powerful protest vote from the satellite-TV company’s independent shareholders. News Corp., run by James’s father, Rupert Murdoch, owns 39.1% of BSkyB.
British Sky Broadcasting Group comprises film and television production as well as newspaper publishing and other activities.
California-based mobile video service provider, Vuclip, has launched India’s first independent mobile movie portal — Starlight Cinema. This would offer users the options of watching shortened feature films, movie clips, songs, reviews and trailers.
Cyrus Mistry-the new Chairman of the Tata group
On December - 29 - 2011
Cyrus Mistry, the younger son of construction tycoon Pallonji Shapoorji Mistry, has been chosen to succeed Rattan Tata as the Chairman of the Tata group. He will take over in December 2012. He will be the sixth and youngest chairman of the Tata group, and only the second non-Tata after Sir Nowroji Saklatvala to head the group.
SEBI-What do you know about SEBI
On August - 24 - 2011
The government of India created the Securities and Exchange Board of India (SEBI) with a view to control and regulate the foreign investment in the capital markets, new issues of capital brought out by the companies and grievances of the companies and the investors. In addition, SEBI has been created with the broader aim of protecting the interests of the investors in securities and promoting and regulating the securities markets in the country.
Based in Mumbai, SEBI has eight divisions and departments which look after several functions to achieve the above mentioned broad objective. The Depositors and Custodians Division looks after the work of registration of depository participants/custodians, as well as their renewal of registration or cancellation of registration. Foreign Institutional Investors Division, on the other hand, deals with registration/renewal of registration of such investors. FII Division looks after the FIPB proposals and the government correspondence connecting with this function.
While Collective Investment Schemes Division deals with registration and renewal of the registration for collective investment schemes, Secondary Market Department is the major department of SEBI which carries out the functions like registration and renewal of registration of the credit rating agencies in the country, in addition to the registration of the brokers and sub-brokers, registration under the Stock Lending Scheme and deposit of various fees by the brokers and refund of fees to them.
With a view to protect the interests of the investors, Investors Grievances and Guidance Division has been set up which carries out the registration of the Investors’ Associations, looks into the grievances of such associations and other investors and carries out the tasks of guiding the investors through the registered Associations or otherwise.
Mutual Fund and Venture Capital Division of the SEBI looks into the tasks like registration of trustees for Mutual Funds, processes the applications for foreign securities, ADRs/GDRs, allow changes from closed ended to open ended schemes, observations on offer documents etc. Primary Market Department is also an important department of SEBI and deals with the matters like fresh registration/cancellation of intermediaries, observations on the offer documents and list-related matters pertaining to the new issues.
The complete control and regulation by the SEBI has enhanced the confidence of the general public in the securities market of the country.
GM India Launches Chevrolet Beat Diesel
On July - 25 - 2011
General Motors India launched the much-awaited diesel version of its dynamic and elegant Chevrolet Beat today at a ceremony presided over by GM India Vice President P Balendran. The all-new Beat Diesel sports the 1.0 XSDE SMARTECH engine developed specifically for India by the GM Technical Centre in Bangalore in collaboration with GM Power-train Europe.
“Offering a diesel engine developed for Indian consumers in our most popular model is a momentous achievement for GM India,” said Mr. Balendran during today’s launch. “We are confident that with its best-in-segment design, performance and safety, the Beat Diesel will set a new industry benchmark and be a winner with local car buyers.”
The Beat Diesel’s three-cylinder DOHC engine features state-of-the-art Common Rail Fuel Injection technology for outstanding emission performance and fuel economy. Its electrically controlled throttle body further reduces carbon emissions.
GM India Launches Chevrolet Beat Diesel
The engine’s Fixed Geometry Turbocharger with vacuum operated wastegate ensures efficient operation. Combined with Advanced Insta-Torque Boost (AIB), it provides added torque when overtaking. Despite its high efficiency, the engine’s power per litre (62.5 PS/L) and torque per litre (160.3 Nm/L) are best in class in India’s diesel mini-hatchback market.
As an added benefit, the engine is the quietest powerplant in its segment and provides outstanding performance in stop-and-go traffic conditions. It also incorporates an advanced technology maintenance free timing chain drive system and added anti-corrosion protection. The engine oil only needs to be changed every 15,000 km or 1.5 years, for lower maintenance costs.
Business News and Affairs to know
On May - 29 - 2011
Mahindra & Mahindra (M&M) has renamed its Logan car as Verito.
Anup Bagchi has taken over as the MD and CEO of ICICI Securities.
Veteran banker K.V. Kamath has been appointed as the Chairman of Infosys, in place of founder N.R. Narayana Murthy. S.D. Shibulal has been elevated as the CEO and MD.
Ashok Soota, the ousted chairman of the Bangalore-based software major MindTree, has launched a new company by the name of Happiest Minds Technologies Pvt Ltd with a mission to “creating the happiest customers and the happiest team”.
Italian luxury sports car maker Maserati has announced its foray into the Indian market with its complete range of cars.
The latest Nielson corporate image monitor has rated Tata Steel as the best in a list of Indian firms, followed by Tata Motors and Aditya Birla Nuvo. Wipro retained the fourth rank and Bharti Airtel was ranked fifth.
The Union Ministry of Defence has signed a Rs 1,904-crore contract with Tata Power’s Strategic Electronics Division (Tata Power SED) for modernising 30 Indian Air Force airbases across India. The project is officially called Modernization of Airfield Infrastructure (MAFI)
Leading global consumer goods firm Reckitt Benckiser Group plc. has appointed India-born Rakesh Kapoor as its global CEO.
India Union Budget 2011-2012-Key Highlights
On March - 6 - 2011
· I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh .
· Exemption for senior citizens raised to Rs 2.5 lakh
· Tax under women slab unchanged.
· Tax exemption raised to Rs 5 lakh for senior citizens of 80 years.
· To increase service tax on air travel
· Excise and customs duty proposals to result in the net gain of Rs 7,300 crore.
· Export duty rates on iron ore unified and kept at 20% ad valorem.
· Basic customs duty on agricultural machinery reduced to 4.5% from 5%
· Basic customs duty on raw silk reduced from 30 to 5 per cent
· Excise and customs duty proposals to result in the net gain of Rs 7,300 crore
· Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
· Peak rate of customs duty maintained at 10% in view of the global economic situation.
· Customs duty exemptions for hybrid auto parts.
· Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
· Standard rate of central exercise duty maintained at 10%.
· Central government debt in proportion to GDP will be 44.2% in 2011-12.
· 20% export duty on all grades of iron ore.
· Basic customs duty reduced on certain textile products
· No change in service tax rate of 10%.
· No change in central excise duty.
· Plan to levy 1% on 130 consumer items.
· Revenue deficit fixed at 2.3 per cent in revised estimates of 2010—11 and 1.8 per cent in 2011—12,
· Total plan expenditure will go up 100 per cent in nominal terms in the next year
· 15% tax on dividend for Indian cos from foreign unit.
· Direct Tax proposals result in expenditure of Rs 11,500 cr.
· To reduce surcharge on domestic companies to 5% from 7.5%
· MAT rate hiked to 18.5% from 18%.
· MAT on developers in SEZs to be levied.
· Fiscal deficit revised to 5.1% from 5.5% for FY’11
· Total expenditure raised by 13.4% at Rs 12.57 lakh cr over budget estimates
· Gross tax receipts estimated at 9.32 lakh cr for FY 2011-12
· Bill to amend India Stamp Act soon.
· Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce
· Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500
· Health allocation up by 20% to R 27,600 cr.
· Rs 9- lakh ex-gratia for defence personnel for 100% disability fighting Left-wing extremism.
· To set up 15 more mega food parks.
· Remuneration of anganwadi workers raised from Rs 1,500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750
· Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.
· Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.
· Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.
· Rs 200 cr for environmental remediation programme.
· Age for pension eligibility reduced from 65 years to 60 years under Indira Gandhi Yojana scheme
· To move insurance, pension and banking bills in Parliament
· Rs 500-cr for National Development Fund.
· Rs 400-cr as one-time grant for IIT-Kharagpur.
· Move to set up State Innovation Councils underway.
· Allocation to education sector raised to Rs 52,000 cr
· Scholarship scheme for SC/ST students in classes iX, X.
· Increase in allocation to higher education
· Increase in remuneration for Anganwadi workers from Rs 1,500 to Rs 3,000 per month.
· Plan 17% increase in social sector spending.
· To introduce Food Security Bill
· Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.
· Fertiliser industry to be included under infrastructure category.
· New companies bill to be introduced.
· GoM to be set up to deal with corruption
· Five-fold strategy to deal with black money.
· Mega cluster for leather products to be introduced.
· Existing interest subvention scheme on short term farm loans at 7 % interest to continue.
· Self-assessment in customs to be introduced.
· Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crore.
· Constitution Amendment Bill for introduction of GST in this session.
· Goods and Services Tax Bill this year.
· Direct Taxes Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
· Public Debt Management Agency Bill in the next fiscal.
· Indian mutual funds to get direct access to foreign markets; FIIs to be allowed to invest in MFs.
· To liberalise FDI policy further.
· To extend infra tax breaks to fertiliser sector.
· To set up microfinance equity fund.
· Government to move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 for BPL in view of large diversion.
· 3% interest subvention to farmers who repay in time.
· Nabard capital base to be increased by infusing Rs 10,000 cr
· Rural housing fund increased to Rs 3,000 cr
· Banks asked to step up lending to agriculture.
· Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.
· Budget proposes to raise housing loan limit from Rs 20 lakh to Rs 25 lakh for priority sector lending.
· Allocation for farm development hiked to Rs 7,860 cr.
· Rs 300 cr proposed to promote production of cereals.
· Indian micro-finance equity with SIDBI to be formed at Rs 100 crore.
· Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms
· RBI to bring in new guidelines for banking licences.
· Aiming Fiscal deficit of 3% by fiscal 2014
· Central electronic registry to reduce fraud cases.
· FII investment limit for infra corporate bonds hiked to $40 billion.
· Discussions on to further liberalise FDI policy.
· Preparation of GST rollout in final stages.
· Microfinance equity fund of Rs 100 cr proposed.
· Govt committed to hold 51% in PSUs.
· Rs 3,000 cr to Nabard for handloom societies.
· Women self-help group development fund to be set up.
· Direct transfer of subsidy for kerosene.
· Goods and Services Tax Bill to be introduced in Parliament this year.
· Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
· Disinvestment target at Rs 40,000 cr.
· Direct Tax Code from April 2012.
· SEBI-registered MFs to be allowed direct access to foreign funds.
· Expect RBI to moderate inflation.
· Public Debt Management Agency Bill to be introduced next financial year.
· Current account deficit and average inflation in 2011-12 likely to be less than current year.
· FDI policy review done in Sept 2010.
· Economic growth in 2011-12 likely to be 9 per cent.
· Admits large-scale diversion of kerosene.
· Introduction of DTC will be a watershed moment.
· Debt managment bill to be introduced.
· Constitutional Amendment Bill on GST to be introduced.
· Expect agri sector to grow at 5.4% in 2011.
· Growth in 2010-11 broad-based.
· Economy resilient to shocks.
· RBI measures will further moderate inflation.
· GDP estimated growth at 8.6% in real terms.
· New dynamism in rural economy.
· Core inflation in check.
· Current account deficit is at 2009-10 levels, and is a matter of concern.
· Huge difference in wholesale and retail prices not acceptable.
· Total food inflation down from 20.2 per cent last year to 9.3 per cent in January 2011
·Revival in private investment should be sustainable.
Wipro’s new CEO
On March - 1 - 2011
Wipro Chairman Azim Premji has done away with the dual helmsman-ship model and appointed T.K. Kurien as Wipro’s new CEO.
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