BMW to hike prices by up to 5% across models from Aug 15

German luxury-car maker BMW Group on Monday said it will increase prices of its products across models, including the Mini, by up to 5 per cent amid higher import costs due to the declining rupee.

BMW Group India is announcing a price increase of up to 5 percent across the BMW and Mini product range effective August 15 2013, according to a company statement.

Also Read: BMW targets "meaningful" sales with electric i-series

"We are making price decisions with all due care and consideration, ensuring that they pay off in the long run," BMW Group India president Philipp von Sahr said. While the company did not specify the reasons for the price hike, industry experts have pointed out that import costs have gone up due to the falling rupee.

At present, BMW sells a range of vehicles in India, including sedans 3, 5, 6 and 7 Series, along with SUVs X1, X3, X5 and sports car M Series, which are priced between Rs 28.6 lakh and Rs 1.73 crore. The company's luxury compact car, the Mini series, is currently available between Rs 26.6 lakh and Rs 37.50 lakh. The company said the price hike is part of its strategy of "following a path of sustainable growth."

Mercedes-Benz India said it may also increase prices on account of the rupee's decline. "The weakening of the rupee is a concern and we have been monitoring the situation closely. However, we have not yet decided on a timeline or a quantum for increasing the prices, but it looks inevitable," Mercedes-Benz India managing director and CEO Eberhard Kern said.

German rival Audi hiked prices across models in India by up to 4 percent, a maximum of Rs 4.42 lakh on its R8 model, with effect from July 15 to offset the impact of rupee depreciation and rise in input costs.

08.11 | 0 komentar | Read More

India, US complete 3 rounds of negotiations for BIT

India and the US have completed three rounds of negotiations for the proposed Bilateral Investment Treaty (BIT) that would help in enhancing economic ties between the countries.

Also Read: Pfizer, Boeing, other US cos lobbying hard on Indian issues

"The bilateral investment agreement discussion with the US started on August 11, 2009 and as of now three rounds have been held on various elements of bilateral investment treaty text of the US," minister of state for commerce and industry D Purandeswari said in a written reply to the Lok Sabha.

She said the recent visit of commerce and industry minister Anand Sharma to Washington has helped reinvigorate the dialogue between the countries. "Both sides have agreed to convene next meeting of the India-US Trade Policy Forum, a bilateral mechanism to resolve and expand bilateral trade and investment relations, this year in India," she added.

In July, Sharma had said that India is ready for talks with the US on the proposed treaty, which New Delhi calls Bilateral Investment Protection Agreement (BIPA). India has signed BIPAs with 82 countries. However, it has put a freeze on these agreements following a spate of suits from companies.

The bilateral trade between the countries stood at USD 60.49 billion in 2012-13. India has received FDI worth USD 11.27 billion from the US during April 2000 and April 2013.

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Voda may have to sell $1bn Bharti stake under licence rules

Vodafone Group may be forced to sell its 4.4 percent stake in India's top telecom services provider Bharti Airtel - worth about USD 1 billion - after rules published on Friday outlawed crossholdings in rival telecom companies.

Also Read: Govt unveils new telecom licence norms

Under the rules, no carrier can own a direct or indirect equity stake in another operating in the same of any of India's 22 telecom service areas. Bharti and Vodafone provide services in all of them.

The telecoms ministry's new licensing rules also say that no stakeholder other than the government, banks and financial institutions, which owns 10 percent or more in a carrier will be allowed to own a stake in any other carrier.

Companies must comply with the rules within a year from the date of grant of new licences, the ministry said. Applications for the licences may take months to process.

Vodafone, which owns a majority stake in Vodafone India - India's No. 2 phone carrier, has owned its Bharti stake for years. At Bharti's stock price of about Rs 345, the stake is worth roughly USD 1 billion.

Bharti declined to comment and Vodafone did not reply to an email seeking comment.

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Infosys EGM approves Narayana Murthy as executive chairman

Moneycontrol Bureau

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

At the event, Murthy informed the shareholders that although outlook in its key market US was changing for better, it was too early to say whether tide is turning for IT sector.

Also read: Infosys may move to Rs 3300-3350: Rahul Mohindar

After several quarters of cautious commentaries, while announcing June quarter results Infosys' CEO SD Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Recovery in US markets and rupee depreciation is likely to improve earnings of IT companies going forward.

During the EGM, Murthy added that IT companies, which are adding 25 percent exports have more impetus to perform better.

After losing its bellwether position to Tata Consultancy Services ( TCS ), Infosys is hoping that Murthy's return will help the company to turn a new leaf.

08.11 | 0 komentar | Read More

Voda may have to sell $1bn Bharti stake under licence rules

Aug 03, 2013, 04.48 PM IST

Under the rules, no carrier can own a direct or indirect equity stake in another operating in the same of any of India's 22 telecom service areas. Bharti and Vodafone provide services in all of them.

Like this story, share it with millions of investors on M3

Voda may have to sell $1bn Bharti stake under licence rules

Under the rules, no carrier can own a direct or indirect equity stake in another operating in the same of any of India's 22 telecom service areas. Bharti and Vodafone provide services in all of them.

Like this story, share it with millions of investors on M3

Voda may have to sell $1bn Bharti stake under licence rules

Under the rules, no carrier can own a direct or indirect equity stake in another operating in the same of any of India's 22 telecom service areas. Bharti and Vodafone provide services in all of them.

Share  .  Email  .  Print  .  A+A-

Vodafone Group may be forced to sell its 4.4 percent stake in India's top telecom services provider Bharti Airtel - worth about USD 1 billion - after rules published on Friday outlawed crossholdings in rival telecom companies.

Also Read: Govt unveils new telecom licence norms

Under the rules, no carrier can own a direct or indirect equity stake in another operating in the same of any of India's 22 telecom service areas. Bharti and Vodafone provide services in all of them.

The telecoms ministry's new licensing rules also say that no stakeholder other than the government, banks and financial institutions, which owns 10 percent or more in a carrier will be allowed to own a stake in any other carrier.

Companies must comply with the rules within a year from the date of grant of new licences, the ministry said. Applications for the licences may take months to process.

Vodafone, which owns a majority stake in Vodafone India - India's No. 2 phone carrier, has owned its Bharti stake for years. At Bharti's stock price of about Rs 345, the stake is worth roughly USD 1 billion.

Bharti declined to comment and Vodafone did not reply to an email seeking comment.

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

08.11 | 0 komentar | Read More

Infosys EGM approves Narayana Murthy as executive chairman

Aug 03, 2013, 06.55 PM IST

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

Like this story, share it with millions of investors on M3

Infosys EGM approves Narayana Murthy as executive chairman

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

Like this story, share it with millions of investors on M3

Infosys EGM approves Narayana Murthy as executive chairman

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

Share  .  Email  .  Print  .  A+A-

Moneycontrol Bureau

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

At the event, Murthy informed the shareholders that although outlook in its key market US was changing for better, it was too early to say whether tide is turning for IT sector.

Also read: Infosys may move to Rs 3300-3350: Rahul Mohindar

After several quarters of cautious commentaries, while announcing June quarter results Infosys' CEO SD Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Recovery in US markets and rupee depreciation is likely to improve earnings of IT companies going forward.

During the EGM, Murthy added that IT companies, which are adding 25 percent exports have more impetus to perform better.

After losing its bellwether position to Tata Consultancy Services ( TCS ), Infosys is hoping that Murthy's return will help the company to turn a new leaf.

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

08.11 | 0 komentar | Read More

EPFO wants default on PF remittance under economic offences

Retirement fund body EPFO wants defaults on PF remittance by companies to come under economic offences, a top official said today. "This (default in PF remittance) is one of the most serious economic offences and we are in talks with the Economic Offences Wing to include it in the list of economic offences so that defaulting companies face severe consequences..", EPFO's Central Provident Fund Commissioner K K Jalan said at a conference organised by ASSOCHAM here.
  
He also said EPFO is planning to clear 90 per cent of claims withing 15 days of filing, instead of the present 3-day period.  Employees Provident Fund Organisation (EPFO) is aiming to achieve this November 30, 2013. "The number of claims is humongous, to the tune of about 1.2 crore claims a year and more than 80 per cent of this we are clearing within 30 days. This year we will reduce the 30 day deadline to 15 per cent..", he said.
  
He said the EPFO had proposed an amendment to the EPF Act for having multiple tribunals as a few members had complained about having one EPF tribunal only. "As such we have proposed that we should have multiple tribunals as there should be tribunal in every region or every zone so that cases are resolved much quicker..", he said.

08.12 | 0 komentar | Read More

Tatas to take final call on Orient-Express Hotels: Mistry

The Tata group hospitality firm Indian Hotels Company , which runs the Taj brand of hotels and resorts, today said it would soon take a final call on its relationship with Orient-Express Hotels.

Indian Hotels holds a 6.9 per cent stake in the luxury US hotel chain, which spurned a $1.86 billion acquisition bid by the Tata group company in late 2011.

"We are exploring different ways of working together," Indian Hotels Chairman Cyrus P Mistry told shareholders at the 112th annual general meeting here. "Our board will review this again in the short term to see if there is any opportunity to continue."

"When we acquired shareholding in Orient-Express, the board had considered it as a strategic investment," he added.

In October 2011, Indian Hotels made the USD 1.86 billion bid to acquire all outstanding class A shares of Orient-Express Hotels, which termed the offer "unsolicited."

Indian Hotels, along with Charme II Funds founded by the family of Ferrari Chairman Luca Montezemolo, had offered $12.63 per share in cash to acquire the outstanding 93.1 per cent stake in Orient-Express.

The takeover bid was the second by Indian Hotels, after an attempt in 2007 to increase its stake failed due to stiff opposition from the then Orient-Hotels management.

On the controversy over the Taj Mansingh Hotel in New Delhi, Mistry said the group has invested Rs 140 crore in hotel and it is in talks with the government to resolve the lease renewal issue.

It can be noted that the New Delhi Municipal Council (NDMC) in June deferred the public auction of Taj Mansingh after the Union home ministry wrote to the civic body to cancel ICHL's first right of refusal as it may result in lower bids in the public auction.

Following this, NMDC had sought the opinion of the solicitor general on the future of Taj Mansingh.

The 33-year lease agreement between NMDC and IHCL ended in October 2011, after which the civic body decided to opt for a public auction, instead of renewing the lease as it would maximise the annual licence fee.

Commenting on overseas assets, Mistry said the company has made long-term strategic investments either directly or through its overseas subsidiaries and some of these investments have witnessed a decline in the fair value and consequent erosion in networth on account of the global recessionary conditions.

"The company will continue to monitor the performance of these assets on a periodic basis," he said.

On the rupee depreciation, Mistry said it will not help the company much as company quotes the room rates in rupee and does not has any plans to quote it in dollar terms.

The company's foreign exchange revenue will grow in the future, he said. The company continue to pursue the completion of on-going projects in the time bound manner both in the domestic and international markets, he said, adding the performance will improve once we see economy takes a turnaround.

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Search for new RBI Governor has begun: Chidambaram

The government has started search for a new Reserve Bank of India governor as the incumbent, D Subbarao, who battled inflation through tight money policy during his tenure, is set to exit in five weeks.

"The governor met me about 6 or 7 weeks ago... He (Subbarao) said that he would like to move on and he would not like to be considered for another extension. "So I accepted that... That is where the conversation ended. We are now in a search cum selection mode of the new governor," finance minister P Chidambaram said at a press conference in New Delhi.

Subbarao, an IAS officer and finance ministry veteran was appointed the 22nd Governor of the RBI in September, 2008, for a three-year term. In August 2011, Prime Minister Manmohan Singh gave a two-year extension to him. On Tuesday's monetary policy announcements was most likely Subbarao's last major initiative.

His term of as RBI chief ends on  September 4, 2013, while the next mid-quarter policy review is due on September 18. It has been a roller-coaster ride for Subbarao who, in his five year tenure, battled the impact of global financial crisis, followed by high inflation, declining growth and now the weakening rupee. He played a key role in steering the country out of the global financial meltdown following the fall of America's iconic investment banker Lehman Brothers in 2008.

He also resisted the pressure from the government as well as the industry to reduce interest rates while according precedence to controlling inflation over promoting growth.

With his hawkish policy measures, he helped bring down inflation to below 5 per cent from the double digit level, while possibly sacrificing growth, which touched a decade-low of 5 percent in 2012-13.

Under his governorship, RBI had doubled the frequency of monetary policy reviews from every quarter to eight times a year with a view to bring down the need for off-cycle  rate moves.

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Natural gas production to touch 183 mmscmd by FY20: ICRA

Domestic natural gas production , which has steadily declined in the last two years, is expected to increase from 111 mmscmd in FY13 to around 183 mmscmd by FY20 on the back of future discoveries, rating agency Icra said on Wednesday.

"We expect the domestic natural gas production to increase from 111 mmscmd last fiscal to around 125 mmscmd by FY16, from existing or already discovered fields. This could further increase to around 183 mmscmd by FY20," it said in a report.

"Domestic natural gas production has steadily declined over the last two years to 111 mmscmd in FY13 from 143 mmscmd in FY11 primarily due to fall in production of KG-D6 block from 56 mmscmd in FY11 to 26 mmscmd in FY13. "Factoring in certain production from future discoveries, we estimate domestic production could increase to about 200 mmscmd by FY25 notwithstanding the fall in the production from existing fields," it added.

The report further said the demand potential for natural gas is expected to significantly rise from 250 mmscmd at present to 360 mmscmd by FY20. "While the demand potential for natural gas is high, the actual offtake could critically depend upon the price competitiveness of gas against alternative fuels and timely commissioning of the proposed transmission pipeline infrastructure," it said.

The report also said it sees gas demand rising to 435 mmscmd by FY25. It is to be noted that actual consumption of gas was around 140 mmscmd in FY13, which dipped over the last two years from 177 mmscmd in FY11 due to constrained gas availability.

The study pointed out that despite increase in natural gas production, it is expected to be lower than the demand, which would prompt consumers to look at re-gasified  liquefied natural gas (R-LNG).

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