1. Top IT Firms Likely to Log Worst Q4 in Years-ET
India’s top technology firms are expected to post their worst fourth-quarter results since 2010, hurt by currency volatility that some analysts warned could hinder growth in the coming quarters and dampen discretionary spending by clients.
2. ‘Make in India’ Saves Agusta Bid-FE
The Defence Ministry has allowed AugustaWestland, an Italian company that is being investigated by the CBI regarding a major graft case, to participate in a bid for a $2 billion helicopter contract, reports the Financial Express.
The company has got a lifeline on the grounds of a ministry of defence provision under which AgustaWestland and its parent company, Finmeccanica, can bid for defence business, not as prime contractors but as partners or sub-contractors to principal vendors.
3. Alibaba Close to Buying Strategic Stake in Meru-BS
Bombay-based Meru Cabs has confirmed that it is in talks with Chinese e-commerce giant, Alibaba, over a strategic investment deal, and that further detailed talks are expected to take place when Alibaba founder, Jack Ma visits India at the end of April, according to the Business Standard.
4. Manufacturing Activity at 4-month High in March-ET
Manufacturing activity in March grew at the fastest pace in four months, driven by a rise in output and new orders, a private survey showed.
The increase in production was broad-based, led by consumer goods production. The manufacturing sector is estimated to post 6.8% growth in 2014-15, compared with 5.3% in the previous fiscal year.
5. Indirect Tax Collection Exceeds Revised Estimate by Rs 4,000 cr-BS
Indirect tax collection which includes taxes from customs duty, excise duty, and service tax, exceeded government estimates by Rs. 4000 crore. This is seen to be a slight relief for the government which is struggling to control its fiscal deficit to 4.1% of GDP, according to the Business Standard.
6. Investor Payback: State to Auction NSEL Properties-DNA
Investors who put their money into the scam-hit National Spot Exchange Limited (NSEL) may soon recover their lost money, with plans to recover Rs. 6,200 crore from auctioning real estate, including some 10 flats in Mumbai as well as properties in Thane, Navi Mumbai and Pune from just four individuals.
7. FIIs see Bonds Outperforming Stocks as India Moves Towards Softer Rates-ET
Due to expectations of an interest rate cut by the RBI, Foreign Institutional Investors are increasing their investments in the Indian debt market and see bonds outperforming equities in the next 12-15 months, says the Economic Times.
Foreign institutional investors (FIIs) have invested $6.85 billion in bonds versus $5.90 billion investments in equities so far this year. Last year, FIIs invested $26.24 billion in bonds compared to $16.11 billion in equities.
8.Mercedes Regains India Crown-BS
Mercedes has re-emerged as the top luxury car company in terms of car sales, after a period of more than six years, overtaking Audi which had maintained the top spot for a considerable period of time. Mercedes had originally been ousted by BMW in 2009 and had been struggling to make a comeback ever since, according to the Business Standard.
9. Diageo to Buy Vijay Mallya’s Remaining 50% in Africa Firm for $36 mn-FE
Diageo on Thursday said it will acquire the remaining 50% stake in Vijay Mallya’s traditional sorghum beer company in South Africa, making it a wholly owned subsidiary. Diageo said it will acquire the stake from Pestello Investments, a firm affiliated to Mallya, for an initial payment of $22 million and a potential earn-out payment (of $14 million).
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