Corporate Business News

JP Morgan loss a risk management failure: Geithner

Wed, 16 May 2012 09:58:29 GMT

The $2 billion loss by JP Morgan Chase is a failure of risk management, the US treasury secretary Timothy Geithner said, as the FBI launched an investigation into the issue.

Airtel, Axis tie-up for mobile banking services

Wed, 16 May 2012 09:12:10 GMT

Bharti Airtel customers will now be able to open no-frills savings account in Axis Bank through their mobiles and will be able to carry out transactions such as cash deposits, transfers and withdrawals.

Unitech Q4 net profit plunges 98%

Wed, 16 May 2012 07:39:34 GMT

Unitech Ltd, the country's third largest real estate developer by market value, today reported 97.79% dip in consolidated net profit at Rs 2.26 crore for the quarter ended March 31, 2012 on lower sales.

Piramal Healthcare to acquire US firm for $635 mn

Wed, 16 May 2012 07:28:15 GMT

Piramal Healthcare today said it will acquire US-based firm Decision Resources Group for a consideration of nearly $635 million (Rs 3,400 crore) to boost research and development.

Facebook hikes IPO range, valuation may cross $100 bn

Tue, 15 May 2012 16:24:46 GMT

Facebook has raised the price range in Silicon Valley's biggest-ever public issue to between $34 and $38 per share in view of strong demand. The company announced this in a filing with the US Securities and Exchange Commission on Tuesday.

Panasonic aims to double sales

Tue, 15 May 2012 16:14:29 GMT

Japanese technology major Panasonic is betting on the flat-panel television market to drive its aggressive sales plan over the next year.

Mercedes to script turnaround in India

Tue, 15 May 2012 16:11:17 GMT

Having lost its crown to BMW in 2010 and on the verge of being displaced further by Audi this year, German luxury car maker Mercedes Benz on Tuesday said it will script a turnaround through a gamut of new products and retain its hold in the market.

JP Morgan CIO retires, Obama says proves reform case

Tue, 15 May 2012 03:27:06 GMT

The leader of JPMorgan Chase & Co's hedging unit is retiring after trading losses that could end up exceeding $3 billion, a shortfall that President Barack Obama said might have led the government to step in had such losses struck a smaller bank.

JPMorgan CIO goes, becomes first casualty of bad trade

Mon, 14 May 2012 16:30:19 GMT

The chief investment officer at JPMorgan Chase, one of the highest-ranking women on Wall Street, will retire, the company said Monday. She becomes the first casualty of the bank’s $2 billion trading blunder.

NIIT Tech eyes buyouts amid slump in West

Mon, 14 May 2012 16:20:26 GMT

The company is looking to buy IT firms abroad that serve travel, insurance and banking clients.

Moody's downgrades RIL to credit negative on dip in gas output

Mon, 14 May 2012 16:20:01 GMT

Global credit rating agency Moody's has downgraded Reliance Industries Ltd (RIL) as credit negative following the downward revision in the company's assessment of natural gas reserve.

Credit woes: Moody’s downgrades LIC, three private banks

Mon, 14 May 2012 09:39:45 GMT

Moody's cut its rating for state-run Life Insurance Corp of India (LIC) two weeks after it put the country's largest portfolio investor under review for a downgrade over its high exposure to sovereign debt and lack of revenue sources outside of India.

Resume scandal: Yahoo CEO Scott Thompson steps down

Sun, 13 May 2012 20:47:49 GMT

Yahoo! announced on Sunday that Ross Levinsohn will temporarily replace chief executive Scott Thompson, who has stepped down in the face of controversy about his allegedly inflated resume.

DCM Shriram Q4 Net up 78% at Rs 34.69 cr

Sat, 12 May 2012 08:05:07 GMT

DCM Shriram Consolidated Ltd (DSCL) has posted 78% rise in net profit at Rs 34.69 crore for the quarter ended March 31, 2012, on the back of growth in fertiliser, cement, sugar and chloro-vinyl segments.

Adidas seeks criminal probe into Reebok India irregularities

Sat, 12 May 2012 06:38:24 GMT

German sportswear giant Adidas has petitioned the Indian law enforcement authorities to open a criminal investigation into alleged financial irregularities uncovered in its Indian arm Reebok India.

JPMorgan $2 billion loss hits shares, credit, image

Sat, 12 May 2012 04:45:54 GMT

JPMorgan Chase & Co lost $15 billion in market value and a notch in its credit ratings while a chorus of regulators and politicians reacted to its surprise $2 billion trading loss by demanding stiffer oversight for the banking industry.

JP Morgan loses $2 bn in trading

Fri, 11 May 2012 17:07:58 GMT

JPMorgan Chase & Co’s shock trading loss of at least $2 billion from a failed hedging strategy knocked financial stocks across the globe on Friday, as well as the reputation of the biggest US bank by assets and its CEO Jamie Dimon.

Cipla net up 36% on sales

Thu, 10 May 2012 17:19:53 GMT

Drug major Cipla on Thursday announced 36% increase in net profit at Rs. 292 crore for the fourth quarter ended March 31, 2012 from Rs. 214 crore in the previous fiscal backed by robust sales in domestic and international market.

Jubilant food Q4 net up 52%

Thu, 10 May 2012 17:17:24 GMT

Jubilant Foodworks Limited (JFL) has registered strong growth in Jan-March fourth quarter. It's net profit rose 52% year-on-year at Rs. 29.3 crore and total income went up by 46% to Rs. 283.2 crore.

Lupin net dips 30%, sales rise

Thu, 10 May 2012 17:09:22 GMT

Drug maker Lupin on Thursday announced 30% year-on-year decline in net profit at Rs. 161 crore for the fourth quarter ended March 31, 2012 compared to Rs. 229 crore a year earlier on higher tax expenses.

Top slots go vacant at Tata Motors

Thu, 10 May 2012 15:54:54 GMT

While it's a dream run for Tata Motors in terms of sales, profits and business expansion for the last 2-3 years, but India's largest automobile company is facing critical management issues -- certain key posts at the top are lying vacant.

What is Mukesh Ambani doing with Rs. 70,000 cr of cash?

Thu, 10 May 2012 15:15:17 GMT

Despite facing operational challenges that includes shrinking refining margins and a massive decline in gas output from the company's offshore fields, the financial managers at Mukesh Ambani-led Reliance Industries Ltd (RIL) are more than making up to meet these challenges, reports Anupama Airy. Big numbers

'India not top investment priority for ArcelorMittal'

Thu, 10 May 2012 14:18:14 GMT

India does not figure among ArcelorMittal's top investment priorities as its $30 bn steel projects face long delays, chairman LN Mittal said today.
India plans 'stalled' for years: Mittal

CCI may probe TV channels

Wed, 09 May 2012 17:40:47 GMT

The Competition Commission of India may launch an investigation against major television channels to find out if they have abused their dominance or formed cartels against consumer interest in programming advertising slots. Mahua Venkatesh reports. Commercial compulsions | The Stakes

Split wide open: telcos, TRAI at war

Wed, 09 May 2012 17:37:50 GMT

A new tariff war has begun in the telecom sector, this time between the telecom companies and the regulator. Manoj Gairola reports. Who’s talking sense?