German luxury car manufacturer is quite positive about India and said it is considering making big investments for introduction of new versions and entering the second-hand car segment, besides establishing a financial services arm. BMW India president Peter Kronschnabl said, “We will invest $50 million over the next 24 months for developing the financial services… Read More »
Leading car makers in the country hiked the central excise duty to 10% in response to the government’s decision to increase the excise duty. This hike is likely to push up the car prices by up to Rs. 25,000. The country’s biggest car manufacturer, MarutiSuzuki India (MSI), said its car price will rise by 2%.… Read More »
Pranab Mukherjee’s decision to allow companies and NBFCs to set up private banks in the country has raised the hopes of many like ADAG and Aditya Birla Nuvo. But RBI has expressed its reluctance to ease its norms. Last time RBI has permitted new private banks was in 2002 to Kotak Mahindra Bank and Rabo… Read More »
Jyotivardhan Jaipuria, who is MD & head of India research, Bank of America-Merrill Lynch said that he thinks the banking sector will be an outperformer this year. As the sector is dependent on the economy, it will gain from higher growth. The 3 main factors affecting this sector are credit expansion, lower non-performing loans and… Read More »
Maruti Suzuki Chairman R C Bhargava has accepted the company had erred by not informing the press about the recall of 100,000 A-Star cars, which started last December. Bhargava said: “We slipped up and will be calling a press conference in the next two-three days to explain things. On hindsight, we should have informed the… Read More »
Banks will required to lend at least Rs 1,68,000 crore in less than 50 days to reach the 16% increase in credit set by RBI for the present fiscal. As year on year credit expansion up to February 12 is just 9.9% compared to the targeted 16%, it is quite doubtful that banks will achieve… Read More »
Indicating toughening of interest rates in the industry, India’s biggest private sector lender ICICI Bank on Thursday increased deposit rates in certain tenures by up to 0.50% with immediate effect. After this, the rate on deposits for 390 days goes up to 6.75% as against 6.5% previously, ICICI Bank spokesperson said. Interest rates on deposits… Read More »
Pushed by robust volumes of the Pulsar and Discover, Bajaj Auto, India’2nd biggest two-wheeler maker, has reported a 112% increase in motorcycle sales in January to 2.33 lakh units, as against 1.09 units a year back. Total sales of 2 and 3 wheelers doubled to 2.7 lakh units, while exports went up by 33% to… Read More »
Mahindra & Mahindra (M&M) is believed to be in talks with Italian and British two-wheeler manufacturers to build premium bikes for the Indian market. Top officials aware of the development said Triumph and Moto Guzzi are few of the companies that M&M has conducted discussions with.
Gujarat has now become an auto center. After Tata Nano, now it is the turn of Hero Honda. The world’s biggest two-wheeler manufacturer Hero Honda is looking for a place to establish a production plant in the state. Sanand, which is also the home for Tata Nano, may be the location for Hero Honda’s 4th… Read More »