New Delhi, May 11
Hyundai Motor India Limited (HMIL) today launched the new version of Verna, in both petrol and diesel options at an introductory price between Rs 6.99 lakh and Rs 10.75 lakh (ex-showroom Delhi).

The refurbished Verna with the addition of name Fluidic has been launched to strengthen its position in the upper mid-sized sedan segment.

“We are hoping to regain our market share this year with the help of new Verna. We are expecting to sell 45,000 units of this car in a year's time,” said HMIL Director (Marketing and Sales) Arvind Saxena. Globally, the company has invested about Rs 950 crore for developing the new variant, he added.

The car, which was first launched in India in 2006, will now come in 1.4 litre and 1.6 litre engine variants with both petrol and diesel options. It will be available in manual as well as automatic transmissions.

New Delhi, May 11
Finance Minister Pranab Mukherjee on Wednesday warned volatile commodity prices may drag down the country's annual economic growth to below an estimated 9 per cent in this fiscal year, a week after indicating further rises in oil prices could shave 1 percentage point off Asia's third-largest economy's growth.

Mukherjee also said inflation was likely to remain at elevated levels between 7-7.5 per cent during this period, at least a percentage point higher than the central bank's end-March 2012 projection of 6 per cent.

Oil prices rose to 32-month peaks in April due to tensions in the West Asia and North Africa, but a combination of a stronger dollar and signs of cooling in China has brought down prices.

ICE Brent crude futures were 39 cents lower at $117.24 a barrel by 1058 GMT, having earlier risen to as high as $118.43.

"Due to volatility in international commodity prices and other supply constraints, it may not be possible to achieve the growth rate of 9 percent, +/-0.25 percent, for the current fiscal," Mukherjee said in a statement.

While private economists are increasingly trimming their 2011/12 growth forecasts for India, citing high inflation, rising interest rates and high oil prices, the government has not yet officially revised down its growth forecast.

The RBI has forecast an annual economic growth of around 8 percent for this fiscal year on the assumption that crude oil prices would average $110 a barrel over the full year . — PTI

New Delhi, May 11
The Supreme Court today issued contempt notice to the Managing Director of Dharampal Satyapal group of companies, makers of two popular brands of tobacco, for allegedly defying its order banning use of plastic sachets for sale of their products.

A Bench of justices GS Singhvi and AK Ganguly also asked the Centre to ensure total compliance of its Dec 2010 order "in letter and spirit".

The Bench asked Solicitor-General Gopal Subramanium to file an affidavit on the compliance so far carried out by the states/Union Territories. The Bench passed the direction on a fresh application moved by an NGO, Centre for Public Interest Litigation , complaining that the manufacturers of the gutka pan masala - Rajnigandha and Tulsi - in brazen violation of the apex court order continue to sell the products in plastic sachets.

It sought contempt action against Rajeev Kumar, MD, Dharampal Satyapal group, for selling tobacco product in plastic cover in violation of the apex court order. Counsel Prashant Bhushan, appearing for the non-government organisation, alleged that the company was deliberately marking the sale as "only for export" though it is being sold within the country.— PTI

New Delhi, May 11
All high-value Merger & Acquisitions (M&As) with combined turnover of Rs 4,500 crore or more will require approval of competition watchdog CCI from June 1, with an object to safeguard interest of consumers and promote industrial growth.

"We have exempted routine merger and acquisition deals from seeking CCI nod. 95 per cent of the deals will be cleared within 30 days and the rest we will do in 180 calendar days," CCI Chairman Dhanendra Kumar said after notifying the regulations.

The regulation - Competition Commission of India (CCI) (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, will take into account only those deals which are triggered after June 1.

"All M&A deals prior to June 1 will be excluded and only those which are triggered post June 1 will require CCI nod," Kumar said.

The notification will provide legal certainty and clarity to corporate entities regarding mergers and acquisitions, he said, adding, it is "big positive".

Under the regulations, if the joint asset and turnover of the merging entities exceed Rs 1,500 crore and Rs 4,500 crore respectively, the companies will have to seek approval of the CCI.— PTI

Chandigarh, May 11
With India emerging as one of the largest market for remittances, Western Union Money Transfer is not just concentrating on reaching out it 11 million customers here. It has started appointing ethnic individuals as its agents at locations in the US and Canada. This is expected to encourage Indians to use these stores to transfer their money to India.

For getting maximum remittances from the Gulf countries, the company is tying up with money exchange companies and appointing them as agents.

Anil Kapur, MD, South and South East Asia, Western Union Money Transfer, said that these steps have been taken as 38 per cent of total remittances in India come from North America and over 25 per cent from the Gulf countries.

"Since we are growing very strongly in India, we have initiated these steps to serve our customers there by going in for ethnic agents and money exchangers as our representatives. Within India, we have 70,000 branches spread over 7000 towns and cities," he said.

He said that with Western Union Money Transfer's revenues in India growing at 5 per cent, and transactions growing by 4 per cent (in year 2010), the company is also concentrating on spreading its presence.

Chandigarh, May 11
The recent decision by RBI to hike savings interest rate to 4 per cent will hit the Net Interest Margin (NIM) of Punjab National Bank by almost 15 basis points.Executive Director, MV Tanksale, said this on the sidelines of the State Level Bankers Committee meeting for Punjab and Haryana, today. He said around one third of the bank’s total deposits were in savings.

NIM represents difference between yield on loans and the interest paid on deposits. A fall in NIM adversly impacts a bank’s profitability. PNB’s net interest margin was 3.96 per cent in 2010-11.

However, this hike in interest rates will help the bank in maintaining its present level of current and saving account (CASA).

Tanksale also said that the bank will now focus more on third party products like mutual funds and insurance, and strengthen this business during the current fiscal.

He also said that the bank was eyeing deposit growth of 19-20 per cent and growth in advances was expected in the rage of 21-22 per cent.

Meanwhile, the meet revealed that banks in Haryana have given loans worth Rs 19785 crore between April 2010 to March 2011, with an increase of 27.8 per cent over last year.

The bank’s deposits grew by Rs 16,601 crore, during the same period. In Punjab, banks have extended loans worth Rs 22,518 crore between April 2010 and March 2011.— PTI

New Delhi, May 11
The board of Jubilant Industries has approved the scheme of arrangement to restructure its business and foray into the mall-cum hypermarket format.Hari S Bhartia, chairman of Jubilant Industries said that the foray into mall cum hypermarket format is a strategic initiative that will enable the company to grow faster and deliver better value to all its stakeholders.

He said it will also facilitate better utilization of the resources to be deployed in the high growth mall cum hypermarket business which has huge untapped potential.

Bhartia said that the Jubilant Bhartia Group has nurtured this business over a decade and this move will enable both the businesses to grow to the next level and create a better value proposition. — TNS

BRIEFLY

IBM launches virtual desktop
New Delhi: IBM on Wednesday launched the virtual desktop in India that offers anytime, anywhere access to personal desktops from mobile devices including tablets, net books, laptops and thin clients. The IBM Virtual Desktop allows Windows or Linux desktops to be hosted and managed centrally, thus lowering the cost and complexity of managing PC environments through deployment of new applications. — PTI

MTS cuts call rates to US, Canada
Mumbai: Sistema Shyam TeleServices Ltd (SSTL), which operates under the brand MTS in the country, on Wednesday slashed calling rates to the US, Canada and UK to Rs 3.99 per minute from Rs 6.4 per minute. The rates are effective May 15. — PTI

Rajaratnam found guilty on all 14 counts
New York: Raj Rajaratnam, the main accused in the largest hedge fund insider trading case in the US history was on Wednesday found guilty on all 14 counts of securities fraud and conspiracy. — PTI

Agilyst Consulting in Chandigarh
CHANDIGARH: Analytical and technical support provider to American cable and broadband industry, Agilyst Consulting has set up its office at the Rajiv Gandhi Chandigarh Technology Park. The company is also looking to set up a facility in Pune or in the national capital region. — TNS

All India SBI Federation gets new chief
Chandigarh: Sanjeev K Bandlish has been elected president of the All India State Bank of India Staff Federation. — TNS