the week that was
est paid Indian non-promoter CEO.
As a sign-on bonus, he got 2 million
warrants worth Rs 474 million
Ratan Tata’s successor by
The successor to Ratan Tata, chairman
of the $71 billion Tata Group, will be
selected by March 2011, a top Tata
Group official has said. The company
had formed a committee of five mem-
bers, including one from outside the
group, to steer the selection process,
reported Business Standard. The new
head will work with Ratan Tata for
about six to seven months.
India’s exports jump to
India’s merchandise exports posted a
30.4 percent growth in June at $17.75
billion, taking the first quarter shipments to over $50 billion, according to
government data. The June import bill
jumped to $28.29 billion.
Vaidyanathan bags a Rs
500 mn salary
V Vaidyanathan, former managing
director and chief executive office, ICICI
Prudential Life Insurance, has been
offered an annual salary of Rs 500 mil-
lion ($10.82 million) to shift to Future
Capital Holdings, making him the high-
Manufacturing rises in
India, falls in China
While there are signals of industrial
activity picking up in India, the output
growth in China, often referred to as the
world’s factory, is expected to slow down.
India’s manufacturing growth, as meas-
ured by the HSBC Purchasing Managers’
Index, accelerated to 57.6 in July.
Reliance to buy 60%
stake in US company
Petrol price may be hiked
Just a month after petrol prices were
freed from government control, resulting
in a Rs 3.50 (7 cents) per litre, the gov-
ernment may once again hike petrol
prices, this time by Re 1 (2 cents) a litre.
Driven by art
A worker sprays paint on a three-wheeler car in the shape of a handbag made with steel plates at a workshop in Hyderabad, August 4.
The handbag and shoe is part of a ladies series of creations by Indian car designer Sudhakar Yadav. The cars can run at a maximum
speed of 45 kmph (28 mph)
KRISHNENDU HALDER/REU TERS
With inflation at peak levels, a further rise in petrol prices
would again lead to higher prices.
Bharti Airtel number one telecom
Telecom service provider Aircel recorded the highest
growth of 37.2 per cent among operators in 2009-10,
while Bharti Airtel retained its leading position, according
to a survey by journal Voiceand Data. Bharti Airtel posted
a growth of 5 percent.
RBI wants super regulator status
The Reserve Bank of India has shown a red flag to the
finance ministry on the proposed Financial Stability and
Development Council. In a letter written to the ministry
last week, the RBI said the proposed FSDC should confine
itself to financial literacy and inclusion.
Indian IT firms top Europe survey
Indian information technology service providers
Cognizant, Tata Consultancy Services and Infosys have
topped the 2009-10 performance and satisfaction study by
Equa Terra, an IT advisory service provider. Cognizant has
captured the first position, while TCS and Infosys have
taken the third and fourth position, respectively. The sec-
ond place was taken by US company Compuctacenter.
Wipro to build criminal tracking
IT firm Wipro Infotech has bagged a project from the
Indian ministry of home affairs for developing the core
software for a crime and criminal tracking network sys-
tem. The CCTNS aims to create a nationwide, IT-enabled
criminal tracking system.