India's car industry continued to suffer decline in sales in June as higher fuel costs and tougher economic conditions forced people to defer their plans to buy a car.
All major manufacturers, with sole exceptions of Honda Cars India and Ford India, reported decline in their sales in June.
Maruti Suzuki, the country's biggest car maker, reported a year-on-year fall of 7.8 per cent in sales at 77,002 units in June.
The Telecom Commission, the uppermost decision-making body in the union telecom ministry, on Tuesday approved the proposal to allow full foreign control telecom firms.
A senior telecom official announced that the Telecom Commission cleared the proposal to hike foreign direct investment (FDI) limit in the sector to 100 per cent. Currently, foreign investors can own a maximum stake of 74 per cent in a telecom firm.
Indian auto giant Mahindra & Mahindra (M&M) is still learning to become smarter and self-sufficient, Mahindra's automotive & farm business president Pawan Goenka said.
In March this year, technical glitches in the Mahindra XUV500 forced the company to recall as many as 20,000 units of the vehicle. The recall was announced after a number of XUV500 owners reported problems in the vehicle's fluid hose, left wiper-blade cover and front power-window units.
Two-wheeler giant Hero MotoCorp Ltd. has become the second-largest stakeholder in U. S.-based motorcycle firm Erik Buell Racing LLC by acquiring nearly half of the company's stake from its founder Erik Buell.
The India's largest motorcycle and scooter manufacturer announced on Monday that it had acquired a 49.2 per cent stake in East Troy, Wisconsin-based Erik Buell Racing LLC for $25 million.
The stake purchase by Hero MotoCorp is its first such investment, after the exit of Japan-based Honda Motor Co. from an erstwhile joint venture Hero Honda Motors Ltd.
AirAsia's Indian operations should start before the end of this year with three aircrafts for the southern region, AirAsia Group CEO Tony Fernandes said.
On his maiden visit to Chennai, Mr. Fernandes said that starting right was more important than the time of the start, but reiterated that the Indian operations would start in the final quarter of this year.
The Indian Space Research Organisation (ISRO) is all set to launch its navigational satellite IRNSS-1A using its Polar Synchronous Launch Vehicle C22 (PSLV-C22).
The PSLV-C22 will blast off from the Satish Dhawan Space Centre at Sriharikota at 11:41 pm on Monday night. This is going to be the first time that the Indian space agency will be launching a rocket in the dead of a night.
To pass on the impact of declining value of rupee, government-run fuel retailers on Friday hiked the prices of petrol for the third time in June.
Starting Friday midnight, petrol became costlier by Rs 1.82 per litre (excluding state taxes). The actual rise in the price of the fuel will be higher at petrol pumps because of incremental rise in state levies.
The Congress-led UPA government has plans to award projects worth Rs 150,000 crore in the next six months to provide a much-needed boost to the country's log-jammed infrastructure sector.
The target was set during a review meeting presided over by Prime Minister Manmohan Singh on Friday. Ministers and senior officials of six core ministries, viz. coal, power, roads, railways, shipping and civil aviation, participated in the meeting. Union Finance Minister P Chidambaram and Montek Singh Ahluwalia, the deputy chairman of Planning Commission, were also present at the meeting.
The New Delhi Municipal Council (NDMC), which owns the Taj Mansingh Hotel, on Thursday decided to seek the Solicitor General's opinion on how to advance with respect to the hotel's lease after the Ministry of Home Affairs told the council not to give the first right to refusal to Indian Hotels Company (IHCL).
Situated at the Mansingh Road in New Delhi, the Taj Mahal Hotel is operated by Tatas' IHCL but the building is owned by the NDMC.
Walmart International senior vice-president Ramnik Narsey will function as the interim CEO of Walmart India as CEO Raj Jain has quit the company.
While Walmart officials have claimed that Mr. Jain has left the company on his own volition, some people familiar with the development said he was shown the exit door. A source said unimpressive performance of the company led to Mr. Jain's departure.
Life Insurance Corporation (LIC) has announced its decision to open a special camp office in flood-hit Uttarakhand to settle claims at the earliest possible.
Thomas Mathew, acting chairman of LIC, also confirmed that the government-run corporation had decided to relax norms for speedy settlement of life insurance claims.
Announcing the decision, Mathew said, "LIC will be opening a special office in that area to attend to all the claimants and relax the usual requirements for claim settlement."
Telecom Minister Kapil Sibal has reportedly approved a hefty penalty of Rs 650 crore on Bharti Airtel - India's largest mobile phone operator.
The Department of Telecom (DoT) had proposed a penalty of Rs 50 crore for each circle 13 circles where Airtel violated subscriber local dialing or roaming norms between 2003 and 2005.
Revealing the development, a Telecom Ministry official said, "The Minister has approved penalty of Rs 650 crore on SLD (subscriber local dialing) matter... demand notice will be issued this week."
As part of its so-called ‘Horizonext’ strategy, India automobile giant Tata Motors introduced eight newly revamped models in five brands.
The revamped models include a CNG-fuelled version of Nano - the company’s inexpensive and the only car in the micro mini variant.
The list of new versions unveiled by Tata motors on Thursday also includes Safari edition (Storm) and CNG-fuelled versions of Indigo eCS, Sumo Gold and Indica.
A high-level committee headed by economic affairs secretary Arvind Mayaram has recommended hiking of foreign direct investment (FDI) cap to 74 per cent in multi-brand retail and to 100 per cent in telecom and aviation sectors.
The panel also recommended allowing full foreign ownership in internet service providers (ISPs), cable networks, mobile television, teleports private security agencies, satellite, ground handling operations, and direct-to-home (DTH) services.
Financial services provider Religare Enterprises Ltd on Tuesday announced that its founders plan to offload nearly a third of their stake so as to become eligible for a bank license.
Religare Group CEO Shachindra Nath said, “We have been working to meet the norms for new banking licenses since they were issued in February this year… and hope to submit our application before the July 1 deadline.”
Tata Group veteran S. Ramadorai has been appointed as the chairman of AirAsia India, Malaysia-based AirAsia’s Chairman Tony Fernandes confirmed on Monday.
S. Ramadorai is currently serving software giant Tata Consultancy Services (TCS) as vice chairman, where he was the chief executive from 1996 to 2009. He is currently also serving the country as an advisor to the Prime Minister in the National Council on Skill Development.
India’s trade deficit jumped to a 7-month high of more than $20 billion in May as gold and silver imports surged nearly 90 per cent year-on-year in the month, provisional data revealed on Monday.
The steep rise in gold and silver imports pushed the country’s trade deficit to $20.14 billion in May, from $17.8 billion in April. The annual rate of gold imports increase in May was however slower than the 138 per cent rise in April.
Mahindra Group shares scored considerable gains in early trade on Monday after the tractor & utility vehicle giant announced a stake sale and purchase deal with Spanish auto parts maker CIE Automotive.
Mahindra announced that CIE Automotive would acquire 46-52 per cent stakes in its automotive component businesses - Mahindra Systech - through its Brazilian subsidiary Autometal for $116 million (nearly Rs 766 crore).
Mahindra Group will also acquire 13.5 per cent stake in CIE Automotive, becoming the second-largest stakeholder in the Spanish auto parts maker.
Jet Airways’ shares slipped 10 per cent in early trade on Monday after the government’s Foreign Investment Promotion Board (FIPB) postponed a decision on Jet-Etihad deal.
In April, Gulf carrier Etihad Airways agreed to acquire a 24 per cent stake in Jet Airways for $370 million. While the deal will allow Etihad to enter the fast-growing Indian civil aviation market, proceeds from the deal will help the Indian carrier cut its debt and get a stronger foothold in the market.
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