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Lack of good economists impacting policy-making: Raghuram Rajan</br><br> Flagging the issue of lack of enough economists in the country, Reserve Bank India (RBI) Governor Raghuram Rajan has said that the inability to get quality talent may be hurting policy-making. "In our country, there is a tremendous need for capable economists. I see that everyday in my work. There is a need in Delhi, in Mumbai and all over the country. We have lost a generation of economists," Rajan said.
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M&M launches AT variant of Scorpio priced up to Rs 14.33 lakh</br><br> Mahindra & Mahindra has launched automatic transmission variant of the new generation Scorpio priced between Rs 13.13 lakh and Rs 14.33 lakh (ex-showroom Delhi). The automatic transmission (AT) variant will be available on the top-end S10 variant of the SUV Scorpio. While the two-wheel drive AT variant will be priced at Rs 13.13 lakh, the four-wheel drive option is tagged at Rs 14.33 lakh (ex-showroom Delhi).
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Sebi cancels Sahara Mutual Fund's licence</br><br> Sebi has cancelled the registration of Sahara Mutual Fund saying it was no longer 'fit and proper' to carry out this business and ordered transfer of its operations to another fund house. Sahara group has been engaged in a long-running regulatory and legal battle with Sebi ever since the regulator ordered refund of a massive amount of over Rs 24,000 crore by two Sahara entities. Recently, Sebi had also cancelled the Portfolio Management licence of a Sahara firm. Sebi also directed Sahara Mutual Fund and Sahara Asset Management Company to stop accepting subscription from its existing or new investors with immediate effect.
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CCI fines Hyundai Rs 420 cr; Reva, Premier also face flak</br><br> Coming down hard on carmakers found to be restricting sale of spare parts in open market, fair trade regulator CCI today imposed a penalty of Rs 420.26 crore on Hyundai Motor India and asked two others — Reva and Premier — to 'cease and desist' from anti-competitive practices. This follows penalties totaling Rs 2,544.64 crore imposed on 14 other car makers in August last year in the same case. Those companies included Honda Siel, Fiat, Volkswagen, BMW, Ford, General Motors, Hindustan Motors, M&M, Maruti Suzuki, Mercedes-Benz, Nissan Motors, Skoda, Tata Motors and Toyota Kirloskar Motors.
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India Inc mourns demise of former President APJ Abdul Kalam</br><br> Indian industry condoled the demise of former President A P J Abdul Kalam describing him as a "visionary guide and mentor", whose death is an "irreparable loss to the nation". "APJ Abdul Kalam was a great motivator, a constant inspiration, and a unique mentor for India and Indian industry. His vision for a developed and technologically superior India motivated industry's engagement in leveraging technology for competitiveness," CII President Sumit Mazumder said. Expressing similar views, PHD Chamber President Alok B Shriram said: "His death is an irreparable loss to the nation as he has left a big void difficult to fill."
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Mahindra Reva unveils 'Mahindra e2o' </br><br> Mahindra Reva Electric Vehicles Pvt Ltd, a part of the $16.9 billion Mahindra Group, unveiled its all-electric, fully automatic, zero-emission car 'Mahindra e2o' priced at Rs 5.59 lakh (ex-showroom Hyderabad for premium variant) including the Government's FAME Demand Incentive. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme envisages providing demand incentives to electric and hybrid vehicles — from two-wheeler to buses – in range of Rs 1,800 to Rs 66 lakh. In addition, the customer has to pay a fixed monthly e2o care protection plan of Rs 2,999 for 5 years which is valid for 50,000 kms.
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Maruti Suzuki posted 11.7 per cent decline in net profit to Rs 1,133.6 crore for the fourth quarter ended March 31. (Photo: Reuters)
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Standard Life to raise stake in life co to 35%: Deepak Parekh</br><br> HDFC Chairman Deepak Parekh has said the Scottish partner in its life insurance arm is keen to hike its stake to 35 per cent from the current 26 per cent following the new insurance law that raised foreign holding cap to 49 per cent. The company may look at coming out with a share sale for the remaining 14 per cent stake in the 15-year-old HDFC Standard Life, Parekh said.
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HDFC Q1 Net up 18% on healthy loan growth</br><br> The country's largest mortgage lender has reported an 18 per cent growth in consolidated net profit at Rs 2,204 crore on the back of a healthy 19 per cent loan growth in the three months to June. Its consolidated net profit during the April-June quarter of the previous fiscal was at Rs 1,872.90 crore. The growth in bottomline was, however, limited by a deferred dividend payout by HDFC Bank worth Rs 315 crore, which has been pushed to the second quarter.
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Kotak Mahindra International sells 3.51% stake in Ceat </br><br> Kotak Mahindra (International) Ltd offloaded 3.51 per cent stake in tyre maker Ceat for an estimated Rs 113 crore through an open market transaction. The shares were purchased by Ambit Wealth Advisors. According to information available with the BSE, Kotak Mahindra (International) sold a total of 14,21,375 shares or 3.51 per cent stake, of Ceat through block deal. The shares were shed on an average price of Rs 795 valuing the transaction at over Rs 113 crore. As on June quarter, Kotak held over 28.54 lakh shares, amounting to 7.06 per cent stake, of the tyre maker.
Perplexity CEO Aravind Srinivas congratulates Sridhar Vembu as Arattai jumps from 3,000 to 350,000 sign-ups within days of its launch
