Tata group could see Rs 1,18,000 crore in writedowns: Cyrus Misry

Says Indian Hotels, Tata Motors' passenger cars, Tata Steel UK, telecom biz and Mundra UMPP are legacy hotspots

Group companies in the salt-to-software Tata Sons conglomerate faces potential writedowns to the tune of close to $18 billion (about Rs 1,18,000 crore) due to investments in unprofitable businesses, according to an internal letter that ousted Chairman Cyrus Mistry sent to the company's board.

Mistry was shunted out of the company on Monday by the Tata Sons board for reasons not officially made public by the group, however, sources told Reuters that Mistry had lost favor with family patriarch Ratan Tata and the powerful trusts, which own two-thirds of the group.

Mistry said in the letter that Indian Hotels Co, passenger-vehicle operations of Tata Motors Ltd, the loss-making European steel operations of Tata Steel, its telecom venture and the Mundra ultra mega power plant of Tata Power are "legacy hotspots" of the company.

"A realistic assessment of the fair value (of) these businesses could potentially result in a write down over time of about Rs118,000 crores ($18 billion)," said Mistry in an e-mail seen by Reuters.

A spokesman for Tata Sons declined to comment. A spokeswoman for Cyrus Mistry declined to comment.

Article Source : Business Standard

Trai nod to Jio free offer till December 3

Trai nod to Jio free offer till December 3

The Telecom Regulatory Authority of India (Trai) on Thursday said Reliance Jio can offer its free promotional offer till December 3, also clarifying that tariffs offered by the Mukesh Ambani-led firm were not predatory or discriminatory.

This means new customers won’t be able to avail the offer after December 3 and Jio subscribers would have to pay as per the tariffs announced by the company. Customers who have subscribed before December 3 will enjoy benefits till December 31.

In its quarterly results, Jio said it might extend the period of free services in case its subscribers were unable to get adequate experience of seamless connectivity across the network because of interconnection congestion and the quality of service parameters are not as per the benchmarks desired by the Jio management.

Jio had launched the commercial services on September 5 and also announced it would provide all voice and data services free till December 31. The incumbent telcos objected, claiming such offers could not be provided for more than 90 days. Read More

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Intas buys Teva assets for Rs 5,100 cr

Ahmedabad-based firm beats domestic rival Aurobindo, global giants Mylan and Novartis

In one of the largest overseas acquisitions by an India pharmaceutical company, Ahmedabad-based Intas Pharmaceuticals acquired the generics business of Actavis in the UK and Ireland from global generics giant Teva for an enterprise value of £600 million (Rs 5,100 crore) in an all-cash deal.

This is a big leap for the unlisted Indian company, which had annual revenue of Rs 6,569 crore, an earnings before interest, tax, depreciation and amortisation (Ebitda) margin of 22 per cent and net profit of Rs 882.5 crore in 2015-16.

Teva sold these assets after the European Commission's (EU) anti-trust divesture requirements arising from its acquisition of Actavis Generics.

The revenue of Teva's UK and Ireland stood at £250 million (Rs 2,100 crore) in 2015.

Intas paid 2.4 times Teva UK's revenue for the acquisition.

"This transaction represents a unique opportunity for Intas to build scale in the UK and in Ireland. It will add to our market-leading hospital franchise and create a strong platform for further European expansion," said Binish Chudgar, vice-chairman and managing director of Intas. Read More

Infosys unveils modular e-commerce platform

Infosys unveils modular e-commerce platform

Software major Infosys Ltd on Wednesday unveiled a mobile first and modular platform to drive e-commerce programmes across retail channels.

The platform has been developed by Skava, a Silicon Valley-based e-commerce start-up that the IT major acquired in June 2015 for $120 million, to enable businesses leverage cloud-based micro-services and white label applications to launch new offerings and improve conversion rates of digital channels.

"The platform can integrate into present technologies, while providing a future-ready architecture for next-generation shopping experiences leveraging artificial intelligence (AI) and machine learning, natural language processing and virtual reality (VR)," the IT major said.

The platform also has a mobile-first responsive web store and native mobile shopping applications that can be managed by non-technical business users through its studio, an intuitive web-based experience management tool. (more)

Hero launches new Achiever 150 priced up to Rs 62,800

Hero launches new Achiever 150 priced up to Rs 62,800

Country's largest two wheeler maker Hero MotoCorp on Monday launched an updated version of its premium segment bike Hero Achiever 150, priced up to Rs 62,800 (ex-showroom Delhi), as it looks to enhance presence in premium segment.

The variant with drum brakes is priced at Rs 61,800 while the one with disc brakes is at Rs 62,800.

"The launch of the next generation Achiever 150 is a reiteration of our strong focus on developing new, technologically superior and youthful products across segments for our customers in India and across the globe," Hero MotoCorp Chairman, MD and CEO Pawan Munjal told reporters here. read more

Jaguar launches new XF at Rs 49.5 lakh

New Jaguar XF Launched In India; Price Starts At Rs. 49.50 Lakh

Tata Motors-owned British brand Jaguar XF on Wednesday launched the all-new XF luxury saloon with prices starting at Rs 49.5 lakh (ex-showroom, Delhi).

Deliveries of XF are scheduled to begin from the end of September and customers can book one through any of the 23 authorised Jaguar Retailers located near them.

With the introduction of the Ingenium Diesel engine, the XF becomes the first Jaguar in India to get this power-train. The car is launched in three diesel and two petrol variants with the top end costing Rs 61.85 lakh.

The Jaguar XF will take on Mercedes-Benz E Class, AudiA6 and BMW 5 Series. The E-Class is the highest selling model for Mercedes-Benz, which is India's largest selling luxury car maker. Read More

Fans cheer, but Asia gives iPhone 7 subdued welcome

Fans cheer, but Asia gives iPhone 7 subdued welcome

Apple Inc fans from Sydney to Shanghai, the first customers worldwide to snap the new iPhone 7 off the shelves, cheered as they left stores on Friday brandishing their purchases, flanked by applauding sales staff.

But underneath the usual fanfare, the crowds of enthusiasts and overnight campers were smaller than in past years. Some customers complained after the larger version and models with the new jet-black colour sold out.

In part, online pre-ordering has made queues unnecessary for all but diehard fans, and in Chinese stores only those who had ordered in advance were queueing to collect.

Yet in markets like China, online interest in the new phone has also been muted compared to past launches, as cheaper local brands amp up their features, design and marketing.

Wu Ting, a 28-year-old from Nanjing, was surprised to find herself first in line at a downtown Apple store in Shanghai on Friday, a holiday in China.

"I found last year that there were crowds of people, but this year almost no one. I came an hour early thinking I'd have to wait a long time before getting seen," Wu said. Read More

Volvo launches India's first plug-in hybrid SUV at Rs 1.25 cr

Volvo launches India's first plug-in hybrid SUV at Rs 1.25 cr

Swedish auto major Volvo today launched its first plug-in hybrid sports utility vehicle (SUV) in the Indian market at Rs 1.25 crore (ex-showroom, Delhi). The seven seater vehicle, XC90 T8 can run for 40 km on being fully charged and can be driven for city use without any emission.

It will be the first Indian car to use radar enabled safety features to avoid accidents and minimise impact through warning system. The company claims to have fifty bookings in the Indian market and aims to deliver at least 25 vehicles in next few months.

When in use for long distances, the vehicle can be run on a hybrid mode or a power mode where petrol will be consumed. Read More

How to get Jio SIM & 3-month free data offer

How to get Jio SIM & 3-month free data offer

With free voice calls - for both local and roaming - and cheap data plans, Reliance Jio has unleashed a price war in the telecom sector. But how do you go about getting one, how do you install one, what devices are compatible, what is VoLTE... Read on to know all about Jio...

Reliance Industries caused a stir in the telecom industry when it made an announcement on September 1, during the company’s annual general meeting in Mumbai, offering free voice calls - both local and roaming - and data at cheap prices of Rs 25-50 per gigabyte (GB) through Reliance Jio Infocomm. On September 5, the fourth-generation mobile phone service was launched for public subscription.

The Mukesh Ambani-promoted company promised consumers voice calls on Jio would always be free. It announced 10 data tariff plans, starting at Rs 19 a day for occasional users, to Rs 4,999 a month for heavy data users. The most popular is the Rs 149 a month plan for low-data users. At an average data price of Rs 50 per GB, the data plans are touted to be amongst the lowest in the world.

Also read:

• Supporting device

Currently, the company has 1.5 million test users on its network.

Jio started offering free SIM cards with LYF smartphone purchase through its sister unit RelianceDigital, Digital Mini & partner LYF smartphone dealers under early-access Jio Preview Offer (JPO). Just before the commercial launch, Jio also extended JPO to some high-end and mid-range Samsung smartphones.

SIM cards availed through LYF smartphone purchases are locked in with the device. A user would not be able to avail unlimited data, calling and Jio apps, if the SIM is inserted into a different 4G phone.

Under the partner preview, a Jio SIM can be used with any of the over 160 4G handsets authorised by the company.

• How to get a Jio connection?

Read More

Apple sets stage for iPhone 7, many already waiting for 8

Apple sets stage for iPhone 7, many already waiting for 8

The iPhone 7 is expected to make its global debut on Wednesday, but many consumers and investors are already setting their sights on Apple Inc's 2017 version of the popular gadget, hoping for more significant advances.

At its annual product launch in San Francisco on Wednesday, the world's most valuable publicly traded company is expected by blogs and analysts to reveal an iPhone 7 launch without a headphone jack, paving the way for wireless headphones, a touch-sensitive home button that vibrates, double-lens cameras for the larger 'Plus' edition and other incremental improvements.

Apple typically gives its main product, which accounts for more than half of its revenue, a big makeover every other year and the last major redesign was the iPhone 6, in 2014. The modest updates suggest that this cycle will be three years.

"It looks like part of the reason they are keeping the design the same this year is there are bigger changes they are working on for next year," said analyst Jan Dawson of Jackdaw Research. Read More

Reliance Jio to launch on Sept 5: Top 10 things to know

Reliance Jio to launch on Sept 5: Top 10 things to know

The mega telecom disruption is finally here. Reliance Industries Ltd (RIL) chairman Mukesh Ambani announced at the 42nd AGM that Jio will be launched on September 5, offering customers free domestic voice calls and zero roaming charges.

"Jio will out an end to voice call charges in India. No Reliance Jio customer will ever have to pay for voice calls again," Ambani said during the AGM.

Data tariff plans will begin from Rs 149 for 0.3 GB to Rs 4,999 for 75 GB. All data plans, except for the 0.3 GB plan, will also provide unlimited 4G data at night.

"These are the simplest and the most attractive tariff plans in the market, with the lowest data rates anywhere in the world," Ambani said. Read Full Story

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UK government needs stronger response to VW emissions scandal: Committee

UK government needs stronger response to VW emissions scandal: Committee

The British government should take a tougher stance against Volkswagen (VW) after its emissions fraud, as well as increase the use of electric cars and reduce air pollution from transport, a parliamentary environment committee said on Thursday.

Almost a year after US regulators found that VW had cheated in diesel emissions tests, the British government has yet to decide what action to take against Europe's largest automaker, even though it faces criminal investigations in the United States, South Korea and elsewhere.

The worldwide scandal, dubbed "Dieselgate", has hurt VW's reputation and business, and already cost it billions of dollars. VW last September admitted to using a sophisticated secret software in cars to cheat on exhaust emissions tests.

The Environmental Audit Committee, whose conclusions are not binding on the government, said VW had only just started to recall cars in Britain and UK authorities have yet to decide whether to take legal action against the company.

"There's been a worrying inertia from ministers in tackling the VW scandal and they should decide whether to take legal action," Mary Creagh, chair of the committee, said in a statement.Read More

Fiat launches Jeep Wrangler, Cherokee models in India

Fiat launches Jeep Wrangler, Cherokee models in India

Italian car maker Fiat on Tuesday announced the India launch of two sports utility vehicles under the Chrysler-owned Jeep brand.

Prices of the Jeep Wrangler start at Rs 71.59 lakh while that of Jeep Grand Cherokee start at Rs 93.64 lakh (prices are ex-showroom, Delhi).

Both SUVs will come in as completely built units form. A third premium SUV will be made in India next year at Fiat's Ranjangaon plant, near Pune where it makes the Grande Punto, Linea and Avventura.

The legendary Jeep Wrangler comes to Indian customers with four-door, single trim version called Jeep Wrangler Unlimited.

The Jeep Grand Cherokee line-up will include the aggressive, fast and athletic Grand Cherokee SRT, the luxurious Grand Cherokee Summit and the classy and refined Grand Cherokee Limited.

Fiat Chrysler India to open 10 new distribution outlets in nine cities by the end of this calendar year to sell Jeep products here. Read Full Story>>>

Flipkart finally launches own digital wallet

Flipkart finally launches own digital wallet

Flipkart, the country’s largest e-commerce entity, has launched its own digital wallet, PhonePe.

This plugs a crucial gap in its payments game against rivals Snadeal and Paytm, backed by Chinese giant Alibaba.

Flipkart says it hopes for over $1 billion (Rs 6,600 crore) in transactions by the year-end from this move. PhonePe is integrated with the new Unified Payment Interface (UPI), allowing users to directly transact from their bank account and not store funds in their mobile wallet.

Flipkart had actually acquired PhonePe in April and then adopted UPI, which aims to make individual wallets irrelevant. Since then, it has redesigned the product and entered into a strategic tie-up with YES Bank, to convert PhonePe into a bank-backed wallet that allows users to do peer to peer transactions, buy goods or pay bills.

“We have some very very aggressive plans right now,” said Sameer Nigam, chief executive officer of PhonePe, in a telephonic interview. “As a measure, we’re looking to get to about 10 million active customers by the end of the year and probably 25-30 mn registered users in the same time.”

Flipkart has been late to the payments game after its initial experiments failed. While rival Snapdeal acquired mobile recharge from Freecharge in April 2015 for $400 mn. Since then, Snapdeal brought former Airtel Money chief executive Govind Rajan to run the business, shifted its technology team to Bengaluru, focused on faster transaction time and forged partnerships with both YES Bank and MasterCard. It also expanded partnerships with retailers and business partners to reach out to more consumers. Read More