BMW under probe for5bn duty evasion charge
BMW reportedly been under probe by the Special Investigation Branch of Customs for alleged evasion of duty to the tune of over Rs.5bn.
According to reports, BMW was importing luxury cars in semi-knocked down conditions though the company had declared that it had brought them only in completely knocked down conditions, thereby evading tax.
While refusing to say when the actual probe began and whether BMW would be served with a show-cause notice, officials said they had not made any seizure so far, though they had visited the BMW plant recently.
BMW imported engines, gear boxes and transmission unit, and got them assembled at its facility, reports added.
Tata Motors may raise S$300-400mn via Singapore debt mkt: Reports
Tata Motors is planning to raise S$300-400mn via Singapore debt market, according to reports.
Reports said that the company is in talks with merchant bankers for the issue and it is in the process of appointing lead managers.
The issue may be priced at close to 350-400 basis points above LIBOR, media report said.
There are reports that Tata Motors is raising funds for overseas capex for Jaguar-Land Rover.
Mahindra launches new Bolero Maxi Truck Plus
Mahindra & Mahindra Ltd., the leader in the Indian pick up segment announced the launch of the 'Bolero Maxi Truck Plus (BMT Plus), the 'Perfectly Styled City Pick-up' at a price of Rs. 4.33 Lac (BS3) ex-showroom Thane and Rs. 4.43 Lac (BS4), ex-showroom Mumbaj excluding Octroi, The Bolero Maxi Truck Plus has been developed on Mahindra's rugged Bolero Pick-up platform and is conceptualized to cater to the needs of urban goods transportation. It is powered by Mahindra's proven 2523 cc fuel efficient common-rail engine, which delivers 17.7 km per litre mileage.
To cater to the challenges of transportation in urban areas, the Bolero Maxi Truck Plus has been designed to easily manoeuver through heavy traffic, narrow city lanes and numerous flyovers and still gives a oest in class fuel economy. This is enhanced by a higher load carrying capacity and improved safety measures for customers, which Mahindra focuses on as a customer centric organization. Read more...
Shriram Transport Q4 net profit up 17%
The Board Meeting of Shriram Transport Finance Company Limited (STFC), the largest asset financing NBFC in the country, was held to consider the audited financial results for the fourth quarter ended 31st March, 2013.
Fourth quarter ended 31st March, 2013:
The Net interest income for the fourth quarter ended 31st March, 2013 increased by 12.76% to Rs. 952.10 crores as against Rs. 844.34 crores in the same period of the previous year. The profit after tax surged by 16.63% to Rs. 383.46 crores as against Rs. 328.77 crores recorded in the same period of the previous year. The earning per share (basic) also surged by 16.31% to Rs. 16.90 as against Rs. 14.53 recorded in the same period of the previous year. Read more...
Refreshed variants of Honda Brio launched
Honda Cars India Ltd. (HCIL), leading manufacturer of premium cars in India, introduced new variants of Honda Brio with key upgrades to make the car more convenient, comfortable and pleasurable to drive for its customers. The upgrades include a Driver Seat Height Adjuster to enhance the overall driving comfort and a Rear Windshield Defogger as an additional safety feature. Both these features were found to be amongst the most desirable features in the Brio based on the customer’s feedback.
The new Driver Seat Height Adjuster helps the customer find his own comfortable seating position while driving and the new Rear Windshield Defogger enhances the visibility from the rear making it further safe while driving.
The complete range of the Honda Brio has been feature adjusted as per customer’s feedback and will now be available as the following 6 variants - EMT, EXMT, SMT, VMT, VXMT and VXAT. Read more...
Deepak Tiwary new CEO at CEBBCO
Commercial Engineers & Body Builders Co. Ltd. (CEBBCO), India’s leading company for design & manufacture of bodies for commercial vehicles, has announced the appointment of Deepak Tiwary as CEO effective May 1, 2013 as per the resolution passed in the board meeting dated 25th April, 2013.
Tiwary takes over the role & responsibilities of Ajay Gupta, the earlier Whole Time Director who was acting as CEO. Ajay Gupta has resigned recently from the company to pursue his personal ambitions.
Before this appointment, Tiwary spearheaded Essar Steel’s operations in Middle East and served the organisation for the last 10 years in various capacities and in different locations. Prior to that Tiwary was CEO, JBM Sungwoo Ltd., a TACO JV and successfully led the operations to efficiently yield increased shareholder value. He started his career with NOCIL where he gained extensive experience in operations’ budgeting & control, investment & pricing decision support to top management. Read more...
Daimler Trucks Asian strategy set to roll
Daimler India Commercial Vehicles (DICV), a 100% wholly owned subsidiary of Daimler AG, Stuttgart, Germany announced that the “Asian Strategy” of Daimler Trucks under its forward-looking programme named DT#1 (Daimler Trucks No. 1), is operational. The first result of this programme is its upcoming launch of the new robust truck portfolio from FUSO ‘Made in India’ by DICV. Having strongly established its brand ‘BharatBenz’ in India, DICV is now well on its way to realize its export potential.
The “Future Focus Markets” are already a reality for Daimler’s Commercial Vehicles Division, and Daimler Trucks has already set the course for further growth in the promising markets in Asia and Africa with its integrated business model “Asia Business Model”. This model provides for stronger bundling and optimization of Daimler’s business operations and the associated systematic expansion of its presence, primarily in the region of Asia. Read more...
Chevrolet Enjoy to be launched on May 9
General Motors India is planning to launch Chevrolet Enjoy, the Multi-Purpose Vehicle (MPV) on May 9, media reports said.
According to reports, the price of the car is expected between Rs. 6.75 lakh and Rs. 9 lakh.
The car will be powered by a 1.3-litre multi-jet engine from FIAT and will also feature 175/65 R14 tyres, made for the Indian roads.