1. Car Sales: Maruti Suzuki, Tata Motors End FY18 with Double-Digit Growth
Maruti Suzuki and Tata Motors, the largest and fourth biggest player in domestic passenger vehicle (cars, vans and utility vehicles) market have closed the 2017-18 financial year with strong double-digit volume growth.
Maruti Suzuki, which commands 50% share of the market, has closed the year with 13.8% growth in passenger vehicles sales at a record 1.64 million units in domestic market. Its exports grew by less than 2% to 126,074 units. Overall volume growth for the year was 13.4% to 1.779 million units.
In March, the last month of the financial year, the Suzuki-owned company recorded a growth of over 15% in domestic passenger vehicle sales to 147,170 units. Exports grew at 2% to 12,016 units, giving a total volume growth of 14.9% to 160,598 vehicles.
(Source: Business Standard)
2. ED Initiates Enquiry in ICICI-Videocon Loan, Asks SEBI for Documents
The Enforcement Directorate (ED) has started an enquiry into the Rs 32.50-billion loan sanctioned to the Videocon group and others by ICICI Bank, which was part of a consortium of lenders.
According to sources, the agency has written to the Securities and Exchange Board of India (Sebi), seeking information on the Videocon group. The ED asked for details of investigation into the group’s activities in the past few years.
The enforcement agency will also approach the Reserve Bank of India for details on disclosures by ICICI Bank about its dealings with Videocon.
(Source: Business Standard)
3. Maharashtra to Keep Ready Reckoner Rates Unchanged In FY19
With property rates in Maharashtra going southward, the state government today decided to keep the ready reckoner rates unchanged across the state for the financial year 2018-19.
“Taking into consideration the slowdown in the real estate sector, there will be no hike in the ready reckoner rates for the year 2018-19. The 2017-18 rates will continue to be applicable this year across the state,” said Anil Kawade, inspector general of registration in Maharashtra said in a circular.
Ready reckoner rates are market values of properties determined by the government for a particular area for payment of stamp duty. These rates are published annually and impact the total cost of property.
(Source: BloombergQuint)
4. India May Tap Aamir Khan to Boost Trade with China
It’s Bollywood to the rescue in real life. India is considering appointing actor Aamir Khan as its brand ambassador to showcase its services sectors in China by cashing in on the star’s popularity in that country.
The idea is to boost services exports and narrow its trade deficit with China.
India has a $51 billion merchandise trade deficit and about $270 million services trade deficit with China that the Indian government has termed as “unsustainable”.
(Source: Livemint)
5. Petrol Price Hits 4-Year High in Delhi, Diesel at All-Time High
Petrol price on Sunday hit a four-year high of Rs 73.73 a litre while diesel rates touched an all-time high of Rs 64.58 in Delhi, renewing calls for the government to cut excise tax rates.
State-owned oil firms, which have been since June last year revising auto fuel prices daily, on Sunday raised petrol and diesel rates by 18 paise per litre each in Delhi, according to a price notification. Petrol in the national capital now costs Rs 73.73 a litre, the highest since 14 September 2014 when rates had hit Rs 76.06.
(Source: Livemint)
6. Vedanta Wins Bid To Buy Insolvent Electrosteel Steels
Metals-to-oil giant Vedanta Ltd won the bid to acquire debt-laden Electrosteel Steels through India’s new bankruptcy process, adding steel to billionaire Anil Agarwal’s sprawling empire.
Vedanta was declared as the successful resolution applicant by the lenders to Electrosteel Steels under the corporate insolvency resolution process, it said in a stock exchange filing. The company was issued a letter of intent by the Electrosteel creditors which it accepted, the filing added. Tata Steel Ltd too had bid for the steelmaker.
The transaction will be subject to regulatory requirements and final approval by the National Company Law Tribunal.
(Source: BloombergQuint)
7. Amul Dairy MD K Rathnam Resigns Amid Allegations of Rs 4.5 Bn Fraud
Dr K Rathnam, managing director of Kaira District Co-operative Milk Producers Union Ltd (KDCMPUL) popularly known as Amul Dairy, resigned on Saturday citing personal reasons. The board of the Amul Dairy accepted Rathnam resignation during a special board meeting.
According to reports, Rathnam's resignation comes amidst bitter internal politics and an alleged fraud worth Rs 4.5 billion (Rs 450 crore), that is being played in the iconic milk union for past few months. However, board members dismissed suggestions that the development comes in the backdrop of an allegation of alleged fraud, reports the Indian Express.
(Source: Business Standard)
8. India Is Now World's Second Largest Mobile Phone Producer: ICA
India is now the second largest mobile phone producer in the world after China, as per information shared by Indian Cellular Association with telecom minister Manoj Sinha and IT minister Ravi Shankar Prasad.
“We are happy to inform you that with the strenuous and calibrated efforts of government of India, ICA and FTTF, India has now emerged as the second largest producer of mobile handset by volume,” ICA national president Pankaj Mohindroo said in a letter to both the union ministers on 28 March.
Source: Business Standard )
9. Fearing Spike In Bad Loans, NBFCs And Mortgage Lenders Help Realtors Sell Better
Non-banking finance companies and mortgage lenders, which control the lion's share of developer loans, are using all the tricks in the marketing and finance trade books to help realtors still smarting from the pains inflicted by the note-ban, Rera and GST, to sell their inventory so that these lenders secure their monies.
According to a recent report, non-banking finance companies and pure-play mortgage lenders have an exposure of a whopping Rs 2.2 lakh crore of the Rs 4 lakh crore developer loans market, while commercial banks’ exposure is much lower at Rs 1.8 lakh crore only.
(Source: BloombergQuint)
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