Forayed: Into organised retail, the Mahindra Group’s fullyowned subsidiary, Mahindra Intertrade, under the brand name Mahindra Retail. It will roll out a chain of multi-format lifestyle stores across the country within the next year and operate in the premium lifestyle segment, selling international and private labels.
Bought: By Lupin Laboratories, the Rs 247-crore Kyowa Pharmaceutical Industry, one of the Top 10 generic pharmaceutical companies in Japan, which is the second-largest pharmaceutical market in the world after the US, with a market size of $60 billion.
Unveiled: By SEBI, draft regulations for bringing investment advisers in the country under its regulatory control. The regulations define investment advice: as advice rendered for sale or purchase of securities for a consideration, which could also be a non-cash consideration. The regulations also prescribe a certification process for each investment adviser, their general obligations and disclosure requirements to clients.
Received: By Morgan Stanley, a licence to operate as a merchant banker in India, from SEBI. The company can now undertake advisory and underwriting services. The Wall Street giant had applied for the licence after the formal termination of its seven-year-old joint venture with Nimesh Kampani's JM Financial Group earlier this year. Morgan Stanley has more than 600 offices in 32 countries.
Plans to delist: From Indian stock exchanges, iGate Global Solutions, a mid-sized software services company. CEO Phaneesh Murthy says it is an effort by the company’s USbased parent iGate Corp. to clean up the “capital structure” of the company. Institutional investors such as DSP Merrill Lynch and Citigroup hold shares in iGate Global.
Named: By Asiamoney magazine, Ratan Tata, Chairman of the Tata Group, as the most influential businessman in the Asia-Pacific.
Tata topped the list of 100 most influential businessmen in the region. Reliance Chairman Mukesh Ambani was in #4 position.