Business & Economy
India is first choice for world
retail leader's expansion
What is India News Service, Saturday, 23 April 2005, 1600 hrs IST

While the government is still debating whether to allow 26% or 49% foreign direct investment (FDI) in retail, the world’s largest corporation $288 billion Wal-Mart Stores Inc has declared India as its first choice for expansion. 

Elaborating on the company’s international expansion plans on Friday, chief executive of Wal-Mart Stores Inc H Lee Scott said he saw India ahead of all other markets, including Russia and Turkey. He also indicated that in markets where Wal-Mart was not present, it would like to enter a ‘little bit early’. 

“It’s going to be a great retail market. When the time is right, we are going to do it,” Mr Scott said in reference to the retail major’s plans to enter India, according to Bloomberg. He was talking at a conference of retailers in Istanbul.

Concerns fade, IT is back in running: Fears of a slowdown in the IT sector sparked by IBM’s results and supported by the slower growth in Infosys’ quarterly earnings and guidance caused a big sell-off in technology stocks.

Easier commodity hedging rules soon: Importers can rebook a forward contract maturing in more than a year after cancellation. 

Hindujas thought local, acted global: Long before any other Indian group, the Hindujas were silently planting their flag across the globe.

Dividend makes Premji richer by Rs 292 cr: A 250-per cent cash dividend on par value of Rs 2 per share would make Wipro Ltd's promoter, Mr Azim Premji, richer by some Rs 292 crore. Mr Premji has an 83.11-per cent equity stake in Wipro.

NSE's F&O list: Inclusion criteria shocks brokers: The National Stock Exchange's decision to introduce more securities for futures & options (F&O) trading has not found favour with many stockbrokers as they think the exchange has included many illiquid stocks and left out some liquid. 

India makes cheap anti-AIDS drugs, but not for its patients: India may have the second largest number of HIV/AIDS patients in the world, but access to anti-retroviral (ARV) drugs is still very limited. 

India pays, be it the CV or salary: Indian corporate honchos are no longer inclined towards a foreign posting or job with non-rupee salaries.

45 cos seek RBI nod to raise money abroad: Reliance Industries, Indo Rama Synthetics and LML are among 45 companies that have sought permission from Reserve Bank of India to raise foreign funds in March.

India Inc faces excise red-tape: Firms may have to submit weekly output data.



Business papers 


Business Standard
Economic Times
Business Line
Financial Express