Volvo-Eicher JV rides infrastructure, e-commerce boom Posted on 23rd February 2018 |
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| The facilities of VE Commercial Vehicles (VECV), a joint venture between the Volvo Group and Eicher Motors, are running at near-full capacity, thanks to the strong demand for commercial vehicles due to rising infrastructure activity and delivery of e-commerce shipments by leaders like Flipkart and Amazon. To address this, the company is planning to expand capacity in the coming fiscal. Shyam Maller, executive V-P, sales and marketing, VECV, says the industry’s recovery after September has been remarkable: “Most of us were unprepared whether the industry will bounce back so quickly. So, I think we are all more than rushing back to the drawing boards, to ensure how we don’t lose out on the opportunity.” The company’s manufacturing plants are currently working in three shifts, and their utilisation is almost touching 100%. While the company produced 6,000 units, across its model range, in January, it is targeting 7,000 units in February. One of the drivers of demand is the e-commerce sector. The firm told FE that e-commerce firms have started placing bulk orders and generally require trucks ranging from light to heavy, which has resulted in better volumes. To cater to the segment’s specific needs, VECV has launched variants of its existing line-up that maintain the payload, or the weight a truck can carry, but increase the overall volume or space provided to carry goods. This is done by widening the body and providing a longer wheelbase. The demand is also expected to rise because of the country’s transition to the GST. The firm has also launched existing products with slightly higher payloads in its portfolio, to help transporters overcome overloading restrictions placed in various states in the country. However, Maller says despite the rising growth in sales, the high discounts on trucks may continue. “I can call it a disease. It is something for which each OEM blames the other. It is a vicious circle that we are all stuck in,” he said. |
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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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