the week that was
Rupee hits new low
The Indian rupee June 20 plunged by a whopping 130
paise to hit a new low of 60 against the US dollar in early
trade on the Interbank Foreign Exchange.
Nasscom concerned over
curbs in US bill
India’s National Association of Software and Services
Companies has raised concerns over what it calls pro-
posed discriminatory restrictions in the draft US immi-
gration bill. Som Mittal, president, Nasscom, said, ‘Surely,
we have got huge concerns on the restrictions that are
being proposed in the Senate bill. There is discrimination
because it is based on visa-dependent companies versus
He added the restrictions would have a major impact on
US corporations served by Indian IT companies, because
of which the first impact would be on the US economy
and customers there. ‘So, it is the US corporations who
are actually batting for us,’ he said.
Ranbaxy Laboratories in Gurgaon, Haryana
ADNAN ABIDI/REU TERS
FDA warns RPG Life
The Food and Drug Administration has issued a warn-
ing letter to RPG Life Sciences for violation of Current
EU fines Ranbaxy
The European Commission imposed a fine of euro 146 million on nine pharma companies, including Ranbaxy
Laboratories, for delaying market entry of cheaper generic versions of citalopram, a blockbuster antidepressant.
Ranbaxy has been fined euro 10.32 million.
Mukesh Ambani’s ‘personal’ firms
ready for big boom
Mukesh Ambani’s personal companies, led by his power
and port ventures, are gearing up for a big business boom
by adding capacity to meet future demand. Bankers say
the unlisted Reliance Utilities & Power Ltd is expected to
spend close to Rs 10,000 crore ($1.7 billion) to add 2,600
megawatt of capacity over the next two years. The new
units will be set up in Jamnagar, Dahej and Hazira in
Gujarat, and take care of the increasing power require-
ments of RIL’s units.
Rebuilding Infosys will take three
Weeks after he was recalled and made executive chair-
man of Infosys, N R Narayana Murthy told
shareholders that rebuilding the company
would be ‘daunting’ and the task would
take about three years. Seeking their
‘understanding, support and encourage-
ment’, Murthy warned that there would be
some ‘tough decisions resulting in pain as
we move forward.’
AirAsia revs up for India
Budget airline AirAsia June 17 announced Tata Group
patriarch Ratan Tata as its chief adviser, and Tata
India’s gold import to
see sharp fall
After a sharp increase in April and May,
gold imports are expected to come down
significantly in June, due to the Reserve
Bank of India blocking the consignment
import route for the domestic market and
the federal government imposing a 2 per-
cent additional import duty.
Consultancy Services vice chairman S Ramadorai as its
chairman. AirAsia begins its India service
later this year.
Tatas looking at European
Tata Coffee, India’s second-largest producer
of instant coffee, is aggressively looking to
expand its business by acquiring companies.
It is scouting for suitable firms in Europe and
planning to close the deal some time this year.
The company is looking at acquisition as part
of its vision to become a Rs 1,000-crore ($170
million) company by 2015.
FDI in India dips to
Foreign direct investment in India
declined by 6 percent to $5.47 billion dur-
ing the January-March quarter of the cur-
rent financial year even as government is
making efforts to promote the country as
an investment destination.
FDI inflows were worth $5.84 billion in
January-March 2012. During the quarter,
highest FDI of $2.15 billion was received in
January, followed by $1.79 billion in
February, and $1.52 billion in March.
Apollo Managing Director Neeraj Kanwar speaks during a news conference in New Delhi June
14. Apollo Tyres lost a third of its market value in over two days as investors fretted over the
debt it will take on to fund its $2.5-billion acquisition of US-based Cooper Tire & Rubber.
ANINDITO MUKHERJEE/REU TERS
India records second-
highest growth in super-
While the world is home to 12 million mil-
lionaires with collective net worth reaching a
record high of $46.2 trillion, India clocked
the second-highest growth of 22.2 percent in
its High Net Worth Individual population
last year after Hong Kong, according to the
World Wealth Report. The growth in num-
ber of HNWIs in India was attributed to
positive trends in equity market capitaliza-
tion, gross national income, consumption
and real estate.