Thursday, May 29, 2008

Business Updates


Videocon’s New Move:
Owing to increase in purchasing power Indian consumers are now consuming more and more. Venugopal Dhoot, chairman Videocon Group, does not want to be left behind. He has decided to foray into new markets in India like power, retail, DTH and telecom. How much success he gets only time will tell? One of the biggest ambitions of Videocon is to become one of the top five brands in the consumer electronics segment. The group is to face stiff competition from Sony, LG and Samsung.
  • Videocon (India): $2.74billion.

  • Sony (Japan): $52.87billion.

  • Samsung (South Korea): $63.4 billion.

  • LG (South Korea): $47. 45 billion.
Business of Steel
  • The demand for steel is growing very rapidly in India. It is estimated that by 2012 India will require 124 million tones of steel as against 50 million tones which is being consumed annually now.

  • ArcelorMittal, Tata Steel, BlueScope Steel and Essar Steel are planning to buy a stake in the PT Krakatau Steel of Indonesia.

  • ArcelorMittal, Luxembourg based world’s largest steel producer, sold 509.8 million shares (17.4%) of China Oriental to Deutsche Bank and ING Bank NV. The move was meant to ensure that the company remains listed in Hong Kong. It is mandatory for any company to make a quarter of their shares available to public to remain listed in Hong Kong.
Foreign Direct Investment For Financial Year 2007-08
  • India: $ 24.57 billion

  • China: $82.70 billion.

  • Brazil: $ 37.40 billion

  • Russia: $27.80 billion.
Microsoft vs. Yahoo
  • Microsoft gives up its plan to buy Yahoo.

  • Microsoft had offered to pay $47.5 billion i.e. $33 per share.

  • However Roy Bostock, Yahoo Chairman demanded $37 per share which Steve Ballmer, Chief Executive of Microsoft, refused.

Business of Banks (SBI)
  • Net profit of State bank of India (SBI) was Rs 6729 crore in the financial year 2007-08 as against last years Rs 4541 crore.

  • SBI declared a dividend of 215% for the year 2007-08.

  • Deposits in the year 2007-08 was Rs 5, 37,406 crore as against Rs 4, 35,521 crore in the year 2006-07.

  • The credit card business is a 60:40 JV between State Bank of India and GE.

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