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Need to Know | TVS Motor Jan sales rise on back of exports

Need to Know | TVS Motor Jan sales rise on back of exports
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First Published: Sun, Feb 01 2009. 10 06 PM IST
Updated: Sun, Feb 01 2009. 10 05 PM IST
Mumbai: Two-wheeler maker TVS Motor Co. Ltd said sales gained last month, helped by a 7% rise in exports.
Sales of motorcycles and scooters rose to 93,729 units in January from 93,385 a year earlier, the Chennai-based company said in an emailed statement on Sunday. Exports rose to 14,000 units from 13,108.
Bloomberg
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Ashok Leyland sees 17% growth in FY09 exports
Davos: The global slowdown notwithstanding, Hinduja flagship company Ashok Leyland Ltd is expecting to clock a 15-17% increase in its commercial vehicles exports this financial as it opens a front in new markets such as Saudi Arabia, Nigeria and East Africa.
“Normally, our target is that our exports in commercial vehicles (CV) should contribute 20-25% of our total CV sales volumes. I think we should be able to sustain about 15-17% (growth) in the current fiscal,” Hinduja group chairman Gopichand Hinduja said here on the sidelines of the World Economic Forum.
PTI
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Ficci seeks tax holiday for automobile industry
New Delhi: Industry body Federation of Indian Chambers of Commerce and Industry (Ficci) has sought income-tax holidays, import duty concessions on machinery and incentivization of eco-cars to give a boost to the struggling Indian auto industry and help the sector double its contribution to the country’s gross dometic product from 5%.
Several developing countries such as Thailand, Brazil, China and Malaysia are providing liberal assistance and incentives to their automobile sectors to attract foreign investment and develop domestic production capacity, the industry body said.
“Thailand has been providing income -tax holidays to its automobile manufacturers for eight years,” it said, adding the Union government could consider providing such tax holidays for at least five years to projects worth at least Rs500 crore.
PTI
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India’s gold imports may decline by 90% in Jan
Mumbai: A sharp fall in demand may hit the country’s gold imports, bringing it down to between 1,200 and 1,800 kg in January as against 18,000 kg in the corresponding period last year, Bombay Bullion Association president Suresh Hundia said.
India has remained the leading gold importer for several years. However, gold imports in 2008 dipped by almost 47% to 402 tonnes. The rise in price has increased the selling interest of many retail investors—there are no buyers in the physical market.
PTI
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‘Fewer independent directors in PSU firms’
New Delhi: Public sector companies should have only one-third independent directors, against the Securities and Exchange Board of India (Sebi) norm of 50% as larger number becomes “unwieldy”, said Sarthak Behuria, chairman of the apex body of the Central government owned public sector enterprises.
“I think one-third independent directors are enough for the public sector units,” he said citing the presence of government nominees on PSU boards to balance executive directors.
Sebi has mandated the presence of at least 50% independent directors on board of any listed company with an executive chairman.
PTI
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Independent directors have limited liability: CII
New Delhi: To prevent professionals from shying away from shouldering responsibilities of independent directors following the Satyam debacle, industry body CII on Sunday suggested that their liabilities should be limited as they are not involved in day-to-day running of a company.
“Liabilities of independent directors be distinguished and made less onerous than liabilities of the executive and non-independent directors, as independent directors are not involved in the day-to-day management of the company,” CII said in a letter to a parliamentary standing committee.
PTI
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EC likely to issue fresh guidelines on exit polls
New Delhi: Fresh guidelines banning publication of exit and opinion polls before the coming Lok Sabha elections are likely to be issued by the Election Commission. The move comes against the backdrop of the Supreme Court leaving it to the discretion of EC to decide on laying down guidelines on the opinion and exit polls till the government frames regulation on the issue.
The commission a couple of years ago had banned the telecast, publication or broadcast of exit polls during polls till the final phase of voting but media houses had approached the apex court and got the order revoked.
PTI
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Oil marketing firms cut jet fuel prices by 4%
Mumbai: Oil marketing companies on Saturday announced an average 4% cut in the price of jet fuel, also known as aviation turbine fuel (ATF). Fuel expenses are about 40% of an airline’s operating costs. The cuts are effective form 1 February. Oil marketing companies—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd—have reduced prices of jet fuel to Rs31,176 per kl against the earlier Rs32,447 per kl.
Staff writer
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Tax holiday carrot for gas-producing firms
Mumbai: Petroleum minister Murli Deora said on Sunday the government is working on granting tax incentives for companies on production of natural gas from oil blocks awarded to them.
Deora said the petroleum ministry is trying to get a seven-year tax holiday on gas production from oil blocks that would be awarded to bidding firms under the soon-to-be- commenced New Exploration Licensing Policy VIII.
“It is very important that companies get tax incentives on gas. We are working with the finance ministry and the revenue department for a tax holiday on gas,” Deora said.
PTI
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SC to hear case on debt issue by banks on 9 Feb
New Delhi: Three private banks—ICICI Bank Ltd, Kotak Mahindra Bank Ltd and Standard Chartered Bank—have moved the Supreme Court challenging the Gujarat high court verdict that banned trading in debts.
The apex court will hear the case on buying and selling debts by the banks on 9 February .
The banking industry, which has been realising its debts by assigning a value, says the practice is being followed in the international market. The high court on 12 January held that assigning debts by banks was not permissible under the Banking Regulation Act, 1949.
PTI
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Capital flow to emerging nations may fall in 2009
New Delhi: With recession tightening its grip over most of the developed economies, private capital flows to emerging nations, including India, are likely to fall to $165 billion (Rs8 trillion) this year—just one-third of the last year’s figure, says a study.
According to Institute of International Finance , a global association of financial institutions, the estimate for capital flows in 2009 is unambiguously weak compared with $466 billion net flows estimated for 2008.
PTI
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Indian companies on US indices shed $7 bn in Jan
New York: The total valuation of Indian shares trading on American bourses plunged $7 billion (Rs34,300 crore) in January, with scam-hit Satyam Computer Services Ltd accounting for nearly one-third of the losses, as gloomy economic data greeted global markets during the month. Satyam alone shed $2.3 billion last month.
Among the 16 companies trading as American Depository Receipts (ADRs), private sector lender HDFC Bank Ltd saw a significant fall in market value, shedding $2 billion during the same period.
PTI
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Promoters to disclose pledged shares in 7 days
New Delhi: The Securities and Exchange Board of India has asked all listed companies to make disclosures on shares pledged by promoters within seven days and has amended the relevant regulations on this.
Following its decision at a board meeting held on 21 January, the regulator has outlined the norms for disclosure about pledged promoter shares in an amendment to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
The regulator has said details of pledging and release or sale of pledged shares should be made to the company, which in turn would inform the public about it through the stock exchanges.
The new regulations came into force with their publication in the Government of India Gazette on 28 January.
PTI
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Centre cracks whip on illegal property deals
New Delhi: The Centre on Sunday asked the state governments to keep an eye on the foreign nationals acquiring immovable properties illegally in India.
“It has come to the notice of the Central government that foreign nationals are buying immovable property illegally in some parts of the country, particularly in Goa, which has raised concerns,” the ministry of finance said in a statement.
The Centre has also advised state governments to be “extra vigilant” in matters of acquisition and transfer of immovable properties by a person, who is not a resident of India, and satisfy themselves about the eligibility under Foreign Exchange Management Act.
PTI
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Assets of ministers, kin exempt from RTI: PMO
New Delhi: The Prime Minister’s Office has decided to keep the assets of ministers and their relatives under wraps and said information in this regard is exempted from the Right to Information Act.
In a reply to an application by Subhash Chandra Agrawal, PMO has termed the information as exempt under Section 8 of the RTI Act and refused to divulge it for the same.
Agrawal had filed an RTI application last year seeking seeking details of assets of Union ministers and their relatives for the last two years from cabinet secretariat.
PTI
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I-T dept rejects Coke’s plea for lower tax rate
New Delhi: The income-tax (I-T) department has rejected a request by beverages company Coca Cola India Inc. (CCII) for levying a lower rate of tax on its income of at least Rs100 crore earned by providing services to three sister concerns in the country.
The department also accused Coke entities in India of re-entering into similar deals with same entities “only to take advantage of new tax regimes”.
“The appeal made by Coca Cola India Inc. to tax its income from the three sister concerns at 2.01% has been rejected. It has been asked to pay taxes at the rate of 30%, 20% and 20% on income from its three sister concerns for the assessment year 2009-10,” said a senior tax official.
CCII operates in India through its branch office and provides services to three concerns Coca Cola India Pvt. Ltd, Hindustan Coca Cola Beverages Pvt. Ltd and Hindustan Coca Cola Marketing Co. Pvt. Ltd.
PTI
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First Published: Sun, Feb 01 2009. 10 06 PM IST
More Topics: TVS | Ashok Leyland | Ficci | Pranab Mukherjee | Gold |