NEWS ANALYSIS
RAJESH DESAI
AUTOMOBILES
M&M's auto sector registers 27% growth in April 2012
Mahindra & Mahindra (M&M), India's leading SUV manufacturer, has reported a 27% rise in its auto sales numbers, which stood at 40719 units during April 2012 as against 32090 units during April 2011.
The company's domestic sales stood at 39299 units during April 2012, as against 30349 units during April 2011, an increase of 29%. The Passenger Vehicles segment which includes the UVs and Verito has registered a growth of 33%, having sold 20558 units in April 2012, as against 15459 units during April 2011.
M&M operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
BANKING
Banks must pay vendors online
To give e-payments a big push, the Finance Ministry has directed all banks to pay vendors through online fund transfers. Banks have been directed to shift to the RTGS/NEFT payments. Finance Ministry also wants banks to take it up with customers that banks put in a condition that over time. The vendors will shift payment to their suppliers to the online mode. Besides, banks have also been asked to ensure that the vendors' transition to e-payment happens over a period of time, failing which banks could impose a penalty, if required. However, no time-frame has been given.
E-payments will reduce issuance of cheques, while also bringing down the cost of transactions and frauds. The entire exercise will also help banks leverage their investment in core banking solutions, as the online transactions will ride over the CBS network.
ING-Vysya Bank launches sale of gold coins
ING Vysya Bank has launched sale of 24-carat gold coins. The bank will offer gold coins in denominations of 5 grams, 8 grams and 10 grams with attractive discounts to select retail customer. Imported from Switzerland, the gold coins have 999.9 fineness, and are offered in tamper-proof packing, along with the assay-certification. The bank plans to use its branch network to distribute the yellow metal, with 149 branches now offering the product. Gold retailing is part of the bank's overall strategy to offer end-to-end investment products and services across all banking verticals. The bank will offer competitive rates for its gold coins based on international bullion rates.
Max Bupa to launch travel insurance this year
Max Bupa Health Insurance Company Ltd (Max Bupa) plans to launch a travel insurance product by the end of this year. Travel insurance is a natural fit for a health insurer such as Max Bupa, as a significant share (60 per cent) of the claims in such products the world over comes for health reasons. Max Bupa is looking to offer only an international travel insurance product and not one for domestic travel. It will sell its travel insurance online.
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
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CA. Rajesh Desai