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Sensex, Nifty hit 14-month high on more reform hopes
Adidas slashes Reebok 2015 sales target after India fiasco
WTO cuts 2012 global trade growth forecast to 2.5 per cent
M&M triggers price war with Quanto SUV at
Rs 5.8 lakh
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Windows 8 AppFest: Developers take 70% of first $25k
One-stop mall for pre-owned trucks opens in Ludhiana
One-stop mall for pre-owned trucks opens in Ludhiana
M&M to ramp up two-wheeler biz
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Sensex, Nifty hit 14-month high on more reform hopes
New Delhi, September 21 Finance Minister P. Chidambaram said on Friday India would slash a tax on overseas borrowing by local companies and implement a scheme to attract retail investors into stocks, following up on the government's recent big ticket reforms. The announcement boosted infrastructure stocks such as Larsen & Toubro, which are expected to especially benefit from easier access to overseas funding markets. Financial companies with insurance units such as Reliance Capital surged on hopes foreign direct investment limits would be increased, while lenders such as State Bank of India gained on hopes additional measures would increase the prospect of interest rate cuts from the central bank. Dipen Shah, head of private client group research, Kotak Securities said Indian markets were the best-performing markets globally for the week. He added this was a result of the fiscal reforms announced last week and also in the current week. Shah said concerns about the stability of the UPA Government were also largely addressed. With political uncertainty addressed to a large extent markets are now hopeful of further reforms being announced in India. Kishor Ostwal, CMD of CNI Research, said that the markets reacted to SP support to the government and not to the reform measures. He said the reforms are half hearted as the Rajiv Gandhi scheme is addressed top 100 scrips from which retail investors are not benefited. Investors are growing hopeful the government will remain committed to a slew of big ticket reforms announced since last week, even after key ally Trinamool Congress withdrew its support to the ruling coalition over some of the measures. Infrastructure and capital good stocks were among the leading gainers after Chidambaram said the government would slash a tax on overseas borrowing by local companies to 5% from 20 %. Larsen & Toubro rose 4.2%, while BHEL surged 7.5%. Reliance Capital jumped 10.3%. Other financial companies with insurance units also gained. |
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Adidas slashes Reebok 2015 sales target after India fiasco
Frankfurt/Main, Sept 21 The German company, the world's second-largest sports apparel company behind Nike, bought Reebok in August 2005 for $3.8 billion. It enjoyed initial success with a range of toning shoes, but has since struggled to find its feet. Sales at Reebok slumped 26 percent in the second quarter and annual revenue is expected to fall from 2011's 1.96 billion euros. Its performance contrasts sharply with the rest of the Adidas group, which expects overall sales to rise nearly 10 percent in 2012. Adidas Chief Executive Herbert Hainer has said that Reebok needs to come up with new products and will focus on fitness categories such as keep-fit trend Crossfit, running, gym, yoga and dance. The company kept an overall target to increase group sales to 17 billion euros by 2015, with faster than expected growth at its Adidas brand and golf business offsetting the weakness at Reebok. Sales for the Adidas brand are now expected to reach 12.8 billion euros in 2015, up 5 percent from the previous target of 12.2 billion euros. Adidas shares, which have gained 30 percent this year as it takes market share from rivals, touched a record high of 65.76 euros on Wednesday. The company announced in April that it had uncovered commercial irregularities at Reebok India and replaced management there. It said the fraud and a subsequent restructuring of Indian operations would cost Adidas almost 200 million euros. The unit's two former managers were arrested on Thursday in India on suspicion of fraud. — Reuters |
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WTO cuts 2012 global trade growth forecast to 2.5 per cent
Singapore, September 21 "I see the risk more on the downside than the upside," WTO director general Pascal Lamy said at a news conference in Singapore. "What could be surprising is that you have a volume of trade that is lower than world (economic) growth." The WTO figures are based on world economic growth of 2.1% in 2012 and 2.4% 2013, which it said was a consensus estimate of economic forecasts. "The main reason for the growth slowdown is of course Europe," said Lamy, who will step down next year as head of the 157-member group that has so far failed to agree on major reforms of global trade rules. "We also know US growth is lower than expected, (and) Japan is not in great shape." The WTO now expects 1.5% growth in exports from developed economies this year, instead of the previous forecast of 2%. Those from developing countries are seen posting 3.5% growth, down from 5.6% previously. It sees developed nations more than doubling their export growth to 3.3% next year and developing countries exporting 5.7% more. The WTO said its 2013 estimates assumed current policy measures would be enough to avoid a breakup of the euro. — Reuters |
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M&M triggers price war with Quanto SUV at
Rs 5.8 lakh
New Delhi, September 21 The Quanto, the smallest utility vehicle in the M&M portfolio, could prove to be another game changer for M&M and will take on the likes of Maruti Suzuki’s Ertiga and Renault’s Duster that have taken the market by storm in recent months. While the Ertiga is priced upwards of Rs 5.89 lakh, the Duster kicks off at Rs 7.19 lakh in Delhi. Launching the Quanto, Pawan Goenka, president, Automotive & Farm Equipment Sectors, Mahindra & Mahindra, stated: “The launch of the Quanto, our first compact SUV, is another defining moment in our automotive journey. I’m confident the new model will create a new category within the SUV segment “. The Quanto is a sub-four metre vehicle and offers Mahindra & Mahindra the benefits of lower taxation. It is powered by a state-of-the-art 1.5 litre mCR100 CRDe engine, which is fitted with a twin stage turbo, the first of its kind in India. The new vehicle boasts of an impressive mileage of 17.2 km/litre. Between April and August this financial year sales of utility vehicles have grown by a whopping 57.03% to 207,651 units despite the bleak market sentiment. Honda’s first diesel car in India by FY14
Lagging behind in sales as a result of the absence of diesel engines Japanese auto major Honda Motor ,which recently decided to go it alone in India, has said it would bring in an all-new diesel engine by the end of the next fiscal. Honda Motor global CEO Takanobu Ito said in Tokyo on Friday: “In India, an all-new diesel engine will be adopted sequentially to new models starting in fiscal 2013-14”. |
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Windows 8 AppFest: Developers take 70% of first $25k
Bangalore, September 21 The successful developers – who would pay a fee ranging from Rs 2500 to Rs 4500 to sell their apps through the Windows 8 store – would get a commission of up to 70% for sales to the tune of US $25,000 and 80% for sales crossing that mark. There is also provision for getting 100% returns by the app developer. Speaking at the event, Jon DeVaan, corporate vice-president of Windows Development, Microsoft, said: “Developers are at the centre of Microsoft’s success and India is home to some of the world’s most talented developers. We’re focused on enabling developers to succeed as they build the next generation of apps. I can’t wait to see some of these apps being built at the Windows Appfest.” Bhaskar Pramanik, chairman of Microsoft India, said Microsoft was making significant investments in India. “The company is working with over 1,000 independent software vendors and more than 2,000 system integrators to empower them with the tools, technologies and training required to develop high end skills and compete in a global marketplace”, he stated. “The Windows AppFest will encourage budding developers, technology enthusiasts and entrepreneurs to innovate on next generation Windows technology, crucial for the development of the Local Software Ecosystem and the long-term economic growth of India’s IT industry”, Pramanik added. Guinness World Records officials are also in attendance at the event to ascertain whether it was world’s largest gathering of app developers . |
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One-stop mall for pre-owned trucks opens in Ludhiana
Ludhiana, September 21 The company’s managing director, U.G.Revankar, said:"Automall, the first of its kind concept in Ludhiana, will provide a major boost to truck owners across India. The facility will house hundreds of pre-owned vehicles both in as-is-where-is and in refurbished condition”. Automall also houses Shriram One Stop, a computerized touch screen kiosk that provides real time information about used commercial vehicles available for sale. — TNS |
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One-stop mall for pre-owned trucks opens in Ludhiana
Ludhiana, September 21 The company’s managing director, U.G.Revankar, said:"Automall, the first of its kind concept in Ludhiana, will provide a major boost to truck owners across India. The facility will house hundreds of pre-owned vehicles both in as-is-where-is and in refurbished condition”. Automall also houses Shriram One Stop, a computerized touch screen kiosk that provides real time information about used commercial vehicles available for sale. — TNS |
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M&M to ramp up two-wheeler biz
Chandigarh, September 21 After the company acquired all assets of Kinetic Motor’s auto division three years ago, it has launched six scooter models , though one was withdrawn from the market. Looking forward, Mahindra 2 Wheelers is aiming to launch three new models of motorcycles by the end of this fiscal. Executive VP Viren Popli, said the firm will launch a new motorcycle next month. “Besides, we will launch another model, Mojo, early next year. The third model, too, will be launched before end-March. We’ll be expanding production over this year and build up volumes,” he said. As of date, the company is manufacturing 10,000 to 12,000 motorcycles a month at its plant in Indore. The company will also be launching new models of scooters in a phased manner. “We’ve already launched two new models this year, and will be launching segment specific scooters in the future, catering to the emerging needs of consumers. With the launch of the new models, the firm hopes to raise market share of its scooters from over 6% to a double digit figure by March,” said Popli. |
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The Sensex rose 2.2%, or 403.58 points, to 18,752.83 points, marking its highest close since July 25, 2011, gaining 1.6% for the week. The 50-share Nifty rose 2.46%, or 136.90 points, to 5,691.15 pts and added 2% for the week.
During the event, developers will design, build, test and submit apps. Microsoft's staff are available to assist the developers participating in the event to brush up their apps for eventual submission to the Windows 8 Store.