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Business Briefs

Exports top target

New Delhi, Oct. 14: The depreciating rupee has failed to dent exports, which exceeded the target of $160 billion for 2007-08 by about $3 billion.“Exports reached $162.9 billion during 2007-08, a growth rate of 29.02 per cent over the same period last year,” an official release said. The rupee appreciated by about eight per cent during the period, eroding the profit margins of exporters.

Jet layoff

Mumbai, Oct. 14: Saddled with mounting losses, Jet Airways today laid off more than 600 cabin crew and customer care executives to “service” its expansion plan. The move comes a day after the airline entered into a strategic tie-up with Kingfisher Airlines.

R-Money stake

Mumbai, Oct. 14: Reliance Money (R-Money) has acquired a 15 per cent stake in Hong Kong Mercantile Exchange for $7.5 million. The acquisition will help R-Money leverage on growth potential of commodity trading in Asia, company CEO Sudip Bandyopadhyay said.

Hero Honda

New Delhi, Oct. 14: Work has resumed at Hero Honda’s plant at Dharuhera after the company shut operations yesterday following a strike of 4,500 workers demanding regularisation of employees.

GMR deal

Mumbai, Oct. 14: GMR Infrastructure has acquired a 50 per cent stake in the Netherlands-based power generation company InterGen N.V. for $954 million (nearly Rs 4,573 crore). InterGen N.V. has ownership interest in 12 power plants with a total net capacity of 12,766 MW, the company said.

JSW delay

Mumbai, Oct. 14: JSW Steel has delayed the expansion of its plant at Bellary in Karnataka because of the present industry slowdown.

DLF buyback

Mumbai, Oct. 14: DLF has announced that its Rs 1,100-crore buyback offer, scheduled to begin tomorrow, will now commence from Friday. The company rescheduled the offer in compliance with observations issued by Sebi, DLF said in a filing to the Bombay Stock Exchange.

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