Major Business Stories in Brief

Tesco ties up with Tata, to invest $115 mn

UK's largest retailer Tesco Plc on Tuesday announced plans to enter the wholesale cash-and-carry business in India with an initial investment of up to 60 million pounds in the first two years. The company has also entered into an exclusive franchise agreement with Tata group's retail venture Trent, which will help in driving the latter's hypermarket format Star Bazaar. Tesco plans to develop new wholesale outlets, which will offer a range of food, grocery and non-food products to small retailers, restaurants, kirana stores and other businesses.

HSBC launches 'HSBC Direct' for SMEs

Foreign lender Hongkong and Shanghai Banking Co (HSBC) on Tuesday said that it has launched a new current account 'HSBC Direct', targeting small and medium enterprises. Promising a host of services for holders of the new account, the bank said it is optimistic of gaining more customer base in this segment.

Industrial growth in June slips to 5.4%

A slowdown in the manufacturing sector pulled down India's industrial growth in June to 5.4 per cent from 8.9 per cent a year ago, but consumer sector nursed its way back to health growing 10 per cent. Growth in manufacturing sector, which accounts for over two-third of the Index of Industrial Production, fell drastically to 5.9 per cent from 9.7 per cent a year ago. Manufacturing exhibited a similar trend in the first quarter as well, growing by a poor 5.6 per cent compared with 11.1 per cent last year.