Volvo bets big on India reforms
Posted on 18th August 2017 |
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| STOCKHOLM: Swedish auto giant Volvo is betting on economic reforms of the Narendra Modi government, including the recently introduced goods and services tax, for growth in India, adding that there is scope to improve the flexibility of hiring and firing labourers in the country. “The Narendra Modi government is driving the development agenda. The number of reforms, including GST, will work as an engine in developing a modern India,” Martin Lundstedt, President of the Volvo Group, told ET. Pointing out that GST has not only facilitated business between states, Lundstedt said the new tax regime will continue to bring in growth for both the company as well as the country. The Volvo Group, however, said there is room for the government to further liberalise its labour regime. “We are working in extremely volatile times and hence there needs to be reasonable flexibility to up and down our workforce volumes,” Lundstedt said. The Volvo Group has been in India for almost 20 years and has set up three production bases in the country to manufacture trucks, buses and construction equipment. The company, in association with Eicher, expects to double its turnover in India to $4 billion by 2020 from present levels. Highlighting that the rollout of GST has resulted in 30% faster logistics, Kamal Bali, president of Volvo Group India, said the group is extremely bullish on the massive socio, economic and political transformation in India. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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