1. Korea's Kia Motors to Pump in $1.1 bn For India Ride
Korean small carmaker Kia Motors has finally announced it will be entering the Indian car market, with an investment of 1.1 billion dollars (about Rs 7,000 crore).
It will set up a manufacturing unit in Andhra Pradesh, with an annual capacity of 3,00,000 units. The agreement was signed on Thursday with the state government for a factory in Anantapur district. The Andhra plant is expected to start car production in 2019.
Kia’s parent company is Hyundai, India’s second-biggest carmaker, with a 17 percent market share. Kia plans to produce a compact sedan and compact sport utility vehicle (SUV) for the Indian market.
(Source: Business Standard)
2. Pay Rs 1,500 Crore By 15 June Or Go Back To Jail, Supreme Court Warns Subrata Roy
Sahara Group chief Subrata Roy, who appeared before the Supreme Court on Thursday, offered to deposit Rs 1,500 crore by 15 June with the Securities and Exchange Board of India (SEBI). The apex court warned Roy that it will proceed with the auction of the Aamby Valley property and send him back to jail, if he fails to make the payment by that date.
Roy on Thursday deposited one post-dated cheque for an equivalent amount in court, and promised to pay Rs 2,000 crore by 15 July and Rs 5,000 crore by October, respectively.
The next hearing in the matter has been scheduled for 15 June, when Roy has again been asked to be present.
(Source: BloombergQuint)
3. Brezza, Baleno Drive 16% Jump in Maruti Q4 Profit
Boosted by higher sales of premium models Brezza and Baleno, the country’s largest car maker, Maruti Suzuki India Ltd, on Thursday reported a 16 percent increase in its net profit for the fourth quarter ended 31 March .
Net profit rose to Rs 1,709 crore during the quarter against Rs 1,476 crore in the same quarter last year. Total income during the quarter also rose to Rs 21,196 crore, up 19 percent, against Rs 17,775 crore in the year-ago period.
However, profit margins were slightly below analysts’ expectations, and market experts said this was due to the higher material cost.
For the entire year (2016-17), Maruti posted a net profit of Rs 7,511 crore (Rs 5,497 crore), a jump of 37 percent. Net sales were also up 18 percent at Rs 66,909 crore, over 2015-16.
(Source: The Hindu BusinessLine)
4. “Reasonable Amount”of New Notes Were Kept Ready Prior to Demonetisation: Urjit Patel To Parliamentary Committee
The Reserve Bank of India (RBI) had “kept ready” a reasonable stock of new Rs 500 and Rs 2,000 notes before the announcement of demonetisation on 8 November by Prime Minister Narendra Modi.
However, no records of discussion between the RBI and the government on demonetisation were maintained because of secrecy, RBI governor Urjit Patel has told a Parliamentary Standing Committee on Finance.
While keeping the “secrecy in mind”, the RBI did all it could to make the transition process to replace the invalid currency least disruptive and to see that the inconvenience to the public is addressed as far as possible, he said.
(Source: PTI)
5. SEBI Issues Final Show-Cause Notice in NSEL Scam Case to Five Big Brokers
Market regulator Securities and Exchange Board of India (SEBI) has established lapses at five broking firms in the National Spot Exchange Limited (NSEL) scam. As per an audit finding, the brokers failed to meet the “fit and proper” criteria and were also found to be in violation of certain securities regulations.
Based on the third-party audit report, the market regulator has issued final show-cause notice to five brokerages. These include- Anand Rathi Commodities, India Infoline Commodities (IIFL), Geofin Comtrade, Motilal Oswal Commodities, and Phillip Commodities. SEBI has given the brokers 21 days to submit their reply to the notice.
(Source: Business Standard)
6. Coca-Cola India Boss Venkatesh Kini Likely to Move Out of Current Role
Venkatesh Kini, president of Coca-Cola India and South West Asia, is likely to move out from his current role, according to three people familiar with the development.
A formal announcement is likely in the next few days. When contacted, Kini refused to talk on the issue. Coca-Cola did not respond to queries till press time.
Kini, who moved to India in October 2013 as senior vice-president, from the company’s global juice business, went on to become the boss of the Indian arm of the American beverages giant on 1 July 2013 after his predecessor Atul Singh moved to a global role. It could not be confirmed if Kini will quit Coca-Cola or take up a new role in the company.
(Source: Livemint)
7. Jio Opposes Special Tariff Offers by Airtel, Vodafone; Supports Trai's Call on Tariff Regulations
The newest 4G entrant Reliance Jio Infocomm's fight with incumbent carriers has spilled over from the market with the Mukesh Ambani-led company backing the telecom regulator's concerns regarding lack of transparency in tariff offers and accusing rivals of making surreptitious personalised offers to select consumers in violation of extant rules.
Jio had alleged that some telcos are offering special tariff plans to select customers "under the garb of usage and retention," adding that some of these offers were being communicated to consumers through 10-digit mobile numbers, in complete violation of the present regulatory framework.
Jio has, in fact, urged the sector regulator to "take strict action against such operators" saying these "personalised offers" to some customers were not being "published publicly".
(Source: The Economic Times)
8. 8.65 Percent EPF Interest Rate Approved by Government For 2016-17
The government has ratified 8.65 percent rate of interest on EPF deposits for 2016-17 which would now be credited into the accounts of members of the retirement fund body EPFO. The Employees Provident Fund Organisation (EPF) has asked its field formation to credit 8.65 percent rate of interest into the accounts of subscribers after the Labour Ministry informed the body about approval in this regard by the central government, a senior official said.
Earlier this month Labour Minister Bandaru Dattatreya had said that the Finance Ministry had approved 8.65 percent rate of interest on EPF deposits for 2016-17. There were apprehensions among formal sector workers that they would get a lower rate of interest than the 8.65 percent approved by the EPFO trustees in December last year.
(Source: PTI)
9. Rs 10,000 Crore Worth Investment Planned by Paytm in Banking And Finacial Services
Alibaba-backed Paytm on Thursday said it will invest Rs 10,000 crore over the next three years to ramp up its banking and financial services business.
The Noida-based company, which will soon offer payments bank services in the country, claims to have already pumped in over Rs 3,200 crore in the last two years for its operations.
"We will invest Rs 10,000 crore in our banking and financial services in the next three years. We hope to get the final approval for our payments bank operations soon so that we can roll out services," Paytm founder and CEO Vijay Shekhar Sharma told reporters here.
(Source: PTI)
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