Maruti Suzuki, India's largest car maker by sales, reported a 1.8 per cent increase in sales in June year-on-year. Total sales last month were 114,756 units compared with 112,773 in June 2014. Domestic sales grew by 1.6 per cent to 102,626 during the month from 100,964 a year ago. The company sold 86,630 passenger cars in June, an increase of 0.5 per cent. Exports rose 2.7 per cent to 12,130.
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India's largest IT services firm TCS said it will hire 60,000 people this fiscal year and impart training to its existing 100,000 employees in various digital technologies.The software exporter is also ramping up investments in the digital solutions space."Digital is a key stream for us going ahead. We are investing in training all our people. This year, we will be training 100,000 people in terms of various digital technologies," managing director and chief executive N. Chandrasekaran told the shareholders at the 20th AGM.The company had earlier said it was targeting to take revenues from the digital space, comprising social, mobile, analytics and cloud to $5 billion in a few years.Chandrasekaran, however, declined to give details on the progress on this target, citing the silent period ahead of the June quarter earnings.Chairman Cyrus Mistry said TCS will be hiring 60,000 people at the gross level this fiscal. It had hired 67,000 people last fiscal and had earlier said it would be hiring 35,000 freshers from campuses in FY16.Attrition RateOn the high attrition level of 14.9 per cent in the company, Mistry claimed that TCS' attrition level is lower than the industry, but was quick to add that a high attrition is a sign that the IT sector is doing well.TCS, which has over one lakh women employees among its total workforce of over 3.14 lakh, has a higher attrition of 15.4 per cent among women employees, Mistry said.To a question on retrenchments, the chairman said obsolescence is due to change in technology has not resulted in any job losses and added the "involuntary attrition", which had resulted in a controversy a few months back, was due to performance issues of the past.Mistry also said the involuntary attrition numbers are small and same as previous year.TCS, which receives only about 6.5 per cent of its revenues from the home market, hopes to benefit from the government's flagship initiatives like 'Make in India' and 'Digital India', which lay thrust on information technology.The Tata Group company is already the largest technology provider to the Central government, Mistry said, citing the work it does on projects like passport issuance and filing of tax returns. .On recent reports surrounding troubles it is facing in the US on the H1B visas, Chandrasekaran told reporters that such various audits happen on a regular basis and TCS is compliant with all the regulations.With the new Companies Act making it mandatory for companies to spend 2 per cent of their net profit on corporate social responsibility projects, Mistry said TCS will endeavour to achieve the targets and make sure it chooses the right projects, which will impact the society positively, adding that in fiscal year 2015, as many as 8 lakh people benefitted through its CSR spending.Answering the demand from many shareholders for bonus shares, as given by its rival Infosys, Mistry said it can be done only when the company is sure of having the right revenue streams where the capital can be utilised well.On the impending implosion in Greece, Mistry said the company does not have any significant exposure to the troubled Mediterranean island nation and will not be impacted by any eventualities there.However, for the company Europe is its second largest market after the US, which may impact in case Greece exits the Eurozone and the ECB hikes interest rates.Chandrasekaran said the Tata group company is building its own intellectual properties and cited the recent launch of the artificial intelligence solutions dealing with neuroscience as one such effort in the direction.The Mumbai-headquartered company, which had earlier this year said that it will be hiring 1,500 in the digital vertical, is also focusing on partnerships with research institutions and universities in this aspect, he added.Chandrasekaran conceded that TCS is facing headwinds in the Japanese market, where it has done a joint venture with Mitsubishi Corporation, but stressed that the investment is long-term."It is an investment we've made from a strategic point of view and with long-term growth in the Japanese market in mind. Japanese market has been very slow for the IT industry and we hope to grow there in the years to come," he said.(PTI)
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Quikr offer of $170 mn fall far below the $235 mn valuation and Housing investors may turn it down, says Vishal Krishna There are rumours that Quikr’s investors have agreed to buy Housing.com for $170 million, much less than the $235 million valuation that the company garnered in 2014. One of the main reasons behind the fall in valuation was the spat between CEO and founder, Rahul Yadav and the investors. Sources in Quikr say that the deal may not come through because Housing’s investors may not accept a lower valuation in an all-stock deal. The second question to ask is whether Housing.com should sell their business at all now that the CEO has quit? Is this an early warning that all real estate classifieds will have to merge or consolidate because investors predict a slowdown in the property market? Magicbricks, RealtyCompass, CommonFloor and 99Acres may be running their course and will eventually be acquired in two years time. According to real estate consulting firm JLL India, the rental market has seen a slight drop of 4 per cent in metros. However, if the Housing.com deal comes through, then investors will still benefit because they will get stock of Quikr, which has been valued higher than Housing. By strengthening its real estate portfolio, Quikr can then take on its competitor OLX by adding more customers. Quikr is already a leading classified platform and adding Housing.com’s real estate classified data, in to its portfolio, is a natural extension to the business. Like all dotcoms Quikr claims more than 30 million monthly users, which is number also quoted by Housing.com. However, estimating the gross merchandise value of both these companies is anyone’s guess. We at BW|Businessworld say that only 15 per cent of that 30 million are regular customers as of now. The one thing that is in favour of these startup 3.0 firms is that the potential in India is huge and still unpredictable. It is a matter of time before many users move online.Housing.com has technology synergies that can enable Quikr to ramp up its operations. Housing’s in-house data team is trying to enable metrics for local real estate consumption. It has recently acquired a data analytics firm called Realty Business Intelligence to shore up the analytics team for an undisclosed sum. It also has 3D technology integrated on its site to help home buyers view their future homes virtually. A few months ago, when Softbank invested $100 million in Housing.com, in December 2014, it was a celebration. The founders became the poster boys, overnight, in the property dotcom market. But then the honeymoon period lasted less than a month. It soon turned into a nightmare for everyone, the CEO Rahul Yadav and the investors included. Everyone loves gossip in India and Rahul Yadav, the former CEO of Housing, gave them a taste of it. Only this time he began attacking founders of other companies and investors. He would not specify any particular reason for his diatribe against them. Media reports add that he would call them “unethical”. He would also call them “dull” and intellectually “incapable”. However, he eventually apologised to his company’s investors and got away with it. By doing so he had become the media’s new rebel and investor activist. Hopefully after resigning he will find some time to take on the investors or partner with them to create a new company.
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Top no-frills carrier IndiGo on Tuesday (30 June) approached capital markets regulator Sebi with Initial Public Offer (IPO) plans to raise an estimated Rs 2,500 crore (Rs 25 billion) from the public investors. InterGlobe Aviation Limited, which runs the country's biggest airline by market share under 'IndiGo' brand, has offered to issue fresh shares worth Rs 1,272 crore (Rs 12.72 billion), an equivalent amount can be raised through sale of up to 3.01 crore shares by its existing shareholders. The company said it has filed a Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (Sebi) for its proposed IPO, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations. "The issue will consist of a fresh issue aggregating up to Rs 12,722 million and an offer for sale of up to 30,146,000 equity shares by certain selling shareholders of the company. "The equity shares offered through the issue are proposed to be listed on the BSE and the National Stock Exchange," it added. The global coordinator and book running lead managers of the issue are Citigroup Global Markets India, JP Morgan India and Morgan Stanley India Company Private Limited. The Book Running Lead Managers to the issue are Barclays Bank, Kotak Mahindra Capital Company and UBS Securities India. IndiGo is one of the two profit-making domestic airlines. The already listed airlines in the country include Jet Airways and Spicejet, while trading in long-grounded Kingfisher Airlines is suspended for a long time due to penal reasons. The carrier would be joining a raft of companies that are gearing up to tap the IPO route for raising funds amid stabilising market trends. IndiGo flew 27.69 lakh passengers in May, accounting for more than a third of the total traffic. Last month, all Indian carriers together ferried a total of 71.27 lakh passengers. The only other profitable airline in the country is GoAir. Earlier this month, Sydney-based aviation think-tank 'Centre for Asia Pacific Aviation' (CAPA) said IndiGo is estimated to have recorded a profit of $150-175 million in fiscal 2015. The low-cost model using a single type of narrow-body planes is one of the contributing factors for IndiGo's profitability. IndiGo was founded in 2006 by travel entrepreneur Rahul Bhatia and US Airways former chief executive Rakesh Gangwal. (PTI)
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Greece crisis may have negative impact on banking sector, writes Paramita ChatterjeeThe Greece crisis is unlikely to have a major negative impact on the Indian bourses, even as sentiments across the world remained weak because of continued concerns about a possible debt default by the nation. “In a macro-economic level, the unfolding events in Greece will not have a substantial influence on India as our exposure to the Euro is negligible,” said Tarun Sisodia, Director & Head of Research, Anand Rathi Financial Services. On the earnings based on euro, there may be a short-term volatility, he added. Currently, about 25 per cent of the aggregate forex held by all central banks is Euro denominated. Indian shares rose on Tuesday with the Sensex closing at 27,780.83, up 135.68 or 0.49 per cent. On the other hand, the broader Nifty rose 0.6 per cent. The bailout programme for Greece is ending today and it seems unlikely that the country will repay a 1.6 billion euro ($1.8 billion) to the International Monetary Fund. This is definitely looming large on the world markets, including India. In terms of an impact on the industry, the banking sector will stand affected. Banks are most sensitive to any macro issues and the ones which have taken exposure to the Greece will have to take a hit. Finally, from the corporate point of view, certain stocks in IT, pharma and auto anciliaries that have significant exposure to Euro will underperform the market. However, their performances alone are also unlikely to bring down the market.
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Xolo has launched Xolo Cube 5.0 with rich viewing experience, crafted in a stunning ID to make a style statement right out of the box. The display on Cube 5.0 comes alive with 85 per cent NTSC display technology. This device, therefore displays even those shades of Red, Green & Blue that are beyond the capabilities of a normal display.Running on the latest Android v5.0, Lollipop, XOLO Cube 5.0 is powered with 1.3GHz Quad-Core processor, supported by 2 GB RAM and 8GB of built-in storage (expandable upto 32 GB). The 8MP rear camera in XOLO Cube 5.0 is capable of full HD video recording as well as capturing delightful moments. The 5 MP camera on the front compliments the imaging experience for selfie lovers.Cube 5.0 is defined with straight lines and sharp edges, offering a breath of fresh air from the curve and rounded designs available in this segment. The device stands for purity of design and offers the most comfortable and convenient grip for a single-handed operation. Stylish and compact, Cube 5.0 is only 6.9 mm thin and is teamed with a 5-inch HD IPS display with One Glass solution technology and for a brighter, better, vivid and smarter visual experience. Adding to the display excellence is 294 ppi which makes the device one of the best in this segment. The display is protected by the damage resistant Dragontrail for durability. Fullerton India Raises Rs 450 Cr Funding From IFCFullerton India, a non-banking financial companies, has raised Rs 450 crore from International Finance Corporation (IFC), part of the World Bank Group. These funds are raised through the subscription of secured non-convertible debentures (NCDs), with an average maturity period of 5 years. These NCD’s are rated, listed and tradable on the National Stock Exchange.Fullerton India is committed to support the initiatives towards financial inclusion and has taken consistent strides towards environmentally sustainable lending and job creation. Given Fullerton India’s increased focus on lending to the underserved sections including both rural and urban micro lending, this additional funding will enable the company to cater to the further growth and expansion of the SME and MSME business.Shantanu Mitra, Managing Director & CEO, Fullerton India said, “Credit availability for the micro and small and medium enterprises segment in India has always been a challenge. We at Fullerton India strongly believe in the immense growth potential of the SME and MSME segment and are well equipped to extend our lending services by way of our wide network of 443 branches. This funding will further aid in expanding our business and diversification of our portfolio to cater to this segment”Brazil’s Public Universities Make The Smart Move To Better Wi-Fi With Ruckus WirelessRuckus Wireless announced its Smart Wi-Fi products and technology have been selected and deployed across nearly one-third of all public (aka federal) universities in Brazil. Thousands of Ruckus ZoneFlex™ access points (APs) are being used for Ruckus Smart Wi-Fi networks at these higher education institutions across Brazil to deliver high performance, reliable wireless connectivity to tens of thousands of students, faculty and staff.The bring-your-own-device (BYOD) trend sweeping through education markets around the world is changing the face of teaching and learning, as more students use their own devices both at home and in school. As is the case everywhere, reliable, consistent WiFi availability is becoming increasingly important for students and teachers in Brazil. Users need faster and more stable access to Internet-delivered coursework, e-books, video and other digital curriculum tools that enrich their educational experience.Educational institutions thus face the rapidly increasing challenge to deliver the WiFi density, connectivity and coverage required to adequately accommodate a growing population of sophisticated users, who are now armed with multiple WiFi-enabled mobile devices such as smartphones and tablets.Racold Thermo Launches Stylish New Range Of Instant Water HeatersRacold Thermo, manufacturers and sellers of water heaters in India, announced the launch of their new stylish range of instant water heaters ‘Pronto Neo’ and ‘Pronto Stylo’, in Kochi, today. Available in 1, 3 and 6 Litres, these products have an elegant Italian design and have the ability to heat water quickly for today’s instant age. Pronto Neo and Pronoto Stylo MRP start with Rs 3290 and Rs 3430 respectively.Mathew Job, Managing Director at Racold Thermo, said, “We are confident that the unique blend of all these benefits will be liked and appreciated by our consumers.” Explaining the company perspective, he further added, “These launches are a further testament to Racold’s industry leading position and to our ability to constantly bring pioneering innovations to the market.”Last year, Racold Thermo had launched a premium product range in storage water heaters. The portfolio launched includes Velis - the slimmest water heater in India, Altro2 Plus and Eterno Swift.The new products will be available in leading electric and sanitary ware stores, across the country.TicTac Launches A Digital Dance Contest 'TicTac 2 Vegas'Tic Tac, the refreshment brand from Ferrero India, has come up with a fun digital dance contest called ‘TicTac2Vegas’ which will be live for almost a month. The contest is a result of Tic Tac’s association with the upcoming dance movie ABCD2. Apart from India, the movie is shot in Las Vegas where the final dance off takes place.To bond strongly with the storyline of the movie, Tic tac chose Las Vegas as the gratification to the winning group and hence the name of the contest.ABCD2, the film directed by Remo D’Souza and produced by Siddharth Roy Kapoor and Disney Pictures will star big names such as Varun Dhawan, Shraddha Kapoor and Prabhu Deva in lead roles. The film is scheduled to be released on 19th June and brand Tic Tac has an in-film integration in the movie.Emanuele Fiordalisi, Vice President, Marketing, Ferrero India, said, “Tic Tac has all the attributes of a youth brand and it stands for fun, sharing and friendship. The movie ABCD2 is a natural fit for our brand these attributes have been brought out well through these brilliant actors.”
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Haider Ali Khan, writes on Hib vaccine trial by Hilleman LabsHilleman Laboratories has published a scientific report in the journal, Vaccine, based on the successful pre-clinical trial for Haemophilus influenzae type b (Hib) vaccine. Speaking on this new achievement, Dr Davinder Gill, CEO of Hilleman Laboratories said, “Capsular polysaccharide conjugates of HIB are important components of several mono-or multivalent vaccines for children. However, the access to needy people is limited due to the relative high cost of the Hib vaccine. This new formulation will be a step towards developing a cost-effective and a more immunogenic vaccine. It is an encouraging breakthrough in bridging the gap and making Hib vaccine accessible and affordable.” Hib is a deadly bacterium that causes severe diseases like pneumonia and meningitis, which are the leading causes of child deaths in India, accounting for nearly 20 per cent of the global death figures. This vaccine will play a vital role in national immunization programs and also forms a main part of the pentavalent vaccine. It will not only bring down the cost of the vaccine, but will also provide a platform for commercial manufacturing.
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Jharkhand Chief Minister Raghubar Das on Tuesday (30 June) inaugurated a 11-km long Western corridor, constructed here by Tata Steel. The Western Corridor has been constructed to provide a safe, smooth and uninterrupted connectivity to the Jamshedpur city with the existing network of primary highways (NH & SH). It will also serve as a city bypass road.Shri Raghubar Das, Hon’ble Chief Minister, Jharkhand said ‘The Western Corridor is a giant leap towards industrial and infrastructural development of the State of Jharkhand. Tata Steel, guided by the vision of its Founder J N Tata has always believed and worked towards the development of community and prosperity of the state".The Western Corridor will decongest the heavily populated residential area in the western side of the town. It starts from T junction at river pump house (leading to Mango Bridge) and follows the marine drive peripheral route all along the river banks of both Kharkai and Subarnarekha rivers up-to Betia Park/ATBCL Bridge. T.V. Narendran, MD, Tata Steel, India and SEA, said ‘As part of the endeavor to develop the city infrastructure, the Western Corridor has been constructed in the steel city to help improve connectivity and address the traffic-related hassles. The Company will continue to give shape to such projects in future’. Jamshedpur, over a period of time, has grown into urban agglomerate by virtue of its strong socio-economic base. It has registered rapid growth of population compounded with rapid development of trade & industries and it is poised to grow into a populous industrialized city necessitating development of suitable road infrastructure to support its growth. The Western Corridor, constructed by Tata Steel will help in answering this urgent need of the city.Besides, Das laid the foundation stone of Elevated Road (HSM Flyover Project) on Tuesday. This is a Flyover from Tata Steel Works to Truck Parking area of Burmamines. It will help ease congestion of traffic on Kalimati Road. All heavy vehicles from the Steel Plant will be using this Flyover.
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