Indian Cos that Made Headlines in 2011
By siliconindia   |   Tuesday, 27 December 2011, 00:55 IST
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4. Maruti Suzuki:
Maruti Suzuki
Going through one of the worst moments in its history was Maruti Suzuki with a huge labour strike. The strike was so intense that went on for nearly six months and posted a fall of 60 percent in its net profit in its second quarter. It was the worst quarterly earnings for the company in more than a decade. Production was hit big time. making matters worse, the union labor leaders were paid huge sum to quit the company which disappointed long term investors of the company. The strike happened at a time when the Indian automobile sector was facing a sharp fall in demand due to rising interest rates, fuel and vehicle costs. Car sales in India fell in July in their first monthly decline in nearly three years. They continued to slide in August and September as reported by ET. 5. Tata Group:
Tata Group
Tata Group searching for a successor was a well known fact and it was the most anticipated corporate announcement of 2011. India's largest business corporation finally pronounced Cyrus Mistry as the successor after Ratan Tata. The youngest son of construction tycoon Pallonji Shapoorji Mistry, Cyrus comes from one of the affluent and richest Indian families with a net worth of $7.6 billion. Shapoorji Pallonji & Company is the single and the largest stake holder in Tata Sons with a stake of 18 percent. Cyrus Mistry has been managing director of Shapoorji Pallonji & Company, "The appointment of Cyrus P Mistry as deputy chairman of Tata Sons is a good and far- sighted choice. I have been impressed with the quality and calibre of his participation, his astute observations and his humility," said Ratan Tata while endorsing the appointment."He is intelligent and qualified to take on the responsibility being offered and I will be committed to working with him over the next year to give him the exposure, the involvement and the operating experience to equip him to undertake the full responsibility of the group on my retirement," Tata said. As per the group's retirement policy, he will retire in December 2012, as quoted by India Today.