Company News

Hyundai aims to overtake Maruti by decade’s end

Hyundai aims to overtake Maruti by decade’s end

The Indian arm of South Korean car manufacturer Hyundai has set an ambitious target to overtake Maruti Suzuki to grab leadership position in the country's compact car market by the end of current decade.

Hyundai Motor India, which is currently the second-largest carmaker in India, aims to overtake Maruti by launching news compact cars.

The company's chief coordinator, C H Han, said that South Korea-based parent firm had asked its Indian subsidiary to win leadership position and become the most-loved brand in India.

Financial Tech shares fall 24% on reports of likely ban on e-series contracts

Financial Tech shares fall 24% on reports of likely ban on e-series contracts

Shares of Financial Technologies Ltd slipped as much as 24 per cent in early morning trade on Tuesday, after media reports suggested that the government could put a ban on trading in e-series contracts on the National Spot Exchange Ltd (NSEL).

E-series contracts allow retail investors to purchase and sell commodities in demat form in smaller denominations. Any ban on this segment will hit the crisis-hit NSEL's business further.

Aviva reportedly preparing to sell its 26% stake in India JV

Aviva reportedly preparing to sell its 26% stake in India JV

Aviva Plc is reportedly in search of a buyer for its stake its stake in Aviva Life - an insurance joint venture with India's Dabur Group.

Aviva owns 26 per cent stake in Aviva Life, while the remaining 74 per cent stake in the insurance joint venture is owned by the Dabur Group.

At current price of Aviva Life shares, Aviva Plc's stake is worth more than $500 million.

Sources, with direct knowledge of Aviva Plc's plans, revealed that the company was in the process of appointing corporate advisers to find buyers for its stake.

Unilever falls short of plan to raise stake in HUL to 75%

Unilever falls short of plan to raise stake in HUL to 75%

Consumer goods giant Unilever Plc has confirmed that it fell short of its plan to raise its stake in its Indian subsidiary Hindustan Unilever Limited (HUL) to 75 per cent.

The Anglo-Dutch consumer goods maker said shareholders of Hindustan Unilever tendered a total of 319.7 million shares to its open offer, allowing it to raise its stake in the Indian subsidiary from 52.48 per cent to 67.28 per cent.

Mahindra & Mahindra still on learning curve

Mahindra & Mahindra still on learning curve

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.

Hero MotoCorp buys nearly 50% stake in U.S. motorcycle firm

Hero MotoCorp buys nearly 50% stake in U.S. motorcycle firm

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.

PepsiCo India President Manu Anand quits

PepsiCo India President Manu Anand quits

The Indian arm of beverages & snacks giant PepsiCo on Thursday confirmed the resignation of its president Manu Anand.

PepsiCo India said that its India region president Manu Anand had stepped down with immediate effect to join another company, and that the vacancy would be filled in due course.

The beverages giant said in a statement, “PepsiCo India region president Manu Anand has decided to join another company and is leaving PepsiCo. His successor will be announced in due course.”

Sebi auctioning government securities worth Rs 42,022cr

Sebi auctioning government securities worth Rs 42,022cr

Capital market regulator Securities & Exchange Board of India (Sebi) is conducting an auction of government securities worth Rs 42,022 crore for foreign institutional investors (FIIs).

The auction for grant of investment limits to foreign investors in government debt securities is scheduled to take place on a designated electronic exchange platform of Bombay stock Exchange (BSE) between 3.30 pm and 5.30 pm on Thursday.

Apollo Tyres shares shed 20% on $2.5bn Cooper Tire deal

Apollo Tyres shares shed 20% on $2.5bn Cooper Tire deal

Stock in Apollo Tyres slipped as much as 20 per cent in early trade on Thursday, a day after the manufacturer announced its decision to acquire American firm Cooper Tire & Rubber.

On Wednesday, Apollo Tyres announced that it had hit a $2.5 billion (Rs 14,500cr) deal to acquire the U. S.-based tyre maker.

The announcement of the deal dragged the stock down as many investors as well as some of the leading brokerages termed the deal as risky. The massive acquisition is even bigger than Tata's acquisition of Jaguar Land Rover.

Sahara investors flooding Sebi with refund claims

Sahara investors flooding Sebi with refund claims

Handling the huge volumes of Sahara investors' refund claims has become a big problem for market regulator Securities & Exchange Board of India (Sebi) as majority of the claims lacking required documents.

Sahara investors have been flooding Sebi with refund applications since the capital market regulator started the process of refunding last month.