The Week That Was(12th Apr - 19th Apr)

Sunday, April 19, 2009 , Posted by Silent Observer at Sunday, April 19, 2009

Indian ADRs drop $523 mn in past week; Infosys loses $996 mn
With IT bellwether Infosys seeing a value erosion of nearly USD 1 billion, over all market capitalisations of 16 Indian firms trading on American bourses declined by USD 523 million for the week ended April 17

Inflation inches down to 0.18%
Inflation for the week ended April 4 declined to 0.18 per cent from 0.26 per cent in the previous week. The wholesale price index for all commodities stood at 228.2, up 0.4 per cent on a week-on-week basis.

Daimler Buys Hero's Stake In Truck JV For $21.2 Million
Daimler will pay 16 million euros ($21.2 million) for the remaining 40 percent in its Indian heavy truck joint venture after dwindling finances forced local partner Hero Group to focus on its core business of motorcycles.
Referring to the significance of India as "a key to a completely new generation of products," Daimler Trucks said on Wednesday it would invest more than 700 million euros over four years to enter and eventually use the subcontinent as a bridgehead to other emerging markets. The two partners had originally planned to divide the investment in proportion to the size of their stakes.

Goldman Makes $1.81 Billion Profits In Q1; Plans To Repay TARP Money
In a move to pay back the government bailout money it received last year, Goldman Sachs said it plans to raise $5 billion by selling new common shares to investors. The investment bank also recorded $1.81 billion in earnings in the first quarter of 2009, boosting its financial confidence.

Naina Lal Kidwai : HSBC's India New Chairwoman
In a top level shake up of Hongkong and Shangai Banking Corp's (HSBC) India operations, the current country head Naina Lal Kidwai has been promoted to take on the role of chairwoman. The bank is moving its Australian CEO Stuart Davis to take charge of the operations in India as CEO

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