Connect with us


GST is our ‘economic freedom’, says Anil Ambani



Mumbai, June 29 : Reliance Group Chairman Anil Ambani on Thursday described  the Goods and Services Tax (GST) as “economic freedom” by adding its not just another piece of reform or transform.

“GST is not just another piece of reform or transform, however significant. GST is the liberation of our economic imagination. It is our economic freedom,” Ambani said while addressing an event of the Association of Mutual Funds in India here.

“The real promise of GST is that promise of economic liberation. The promise of `One Nation. One Tax. One market’,” Ambani added.

“From insolvency code to NPA (non-performing assets) resolution, the present government has undertaken a fundamental overhaul of India’s financial infrastructure while consolidating and strengthening the banking sector.”

He said presently India is in the mid of a biggest digital revolution, which was allowing young ambitious entrepreneurs to think big and execute bigger.

The spectacular rise of e-commerce and related businesses in recent years was a testimony to what technology can help achieve, he said.

“It is time to learn from that experience. If e-commerce can exploit the power of technology to reach out to India’s hinterlands and create better consumer experience, so can India’s financial sector,” Ambani added.

Speaking on the mutual fund industry, Ambani said the industry started off with UTI in 1964 and for the next 30 years there was no private player in the market.

“And it is fitting that the man who is widely regarded as the father of Capital markets and the equity cult in India — my late visionary father, Dhirubhai Ambani — was among the first to sense the potential that lay ahead.

“We at Reliance, together with my late brother-in-law, Shyam Kothari, shared the exclusive privilege of launching India’s first-ever private sector mutual fund in 1993 — Kothari Pioneer Mutual Fund. Our own offering followed soon afterwards with the launch of Reliance Mutual Fund in 1995,” Ambani said.

He said while nine out of ten Indians have a mobile connection and three out of ten a smart phone, only one in 25 Indians had an investment in a mutual fund.

Addressing Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi, who was also present at the event, Ambani said the industry needs to further simplify the on-boarding process for new investors.

“Make mutual fund investment even simpler. Allow anyone with a legitimate Bank Account to invest in financial products since their Bank KYC is already in place. Ensure better utilisation of technology to improve penetration and facilitate faster”transactions.”

He urged SEBI chairman to simplify advertising norms to help communicate the value proposition of mutual funds better.

“In five years’ time, India will celebrate 75 years of Independence. There can be no better gift from our mutual fund industry to the nation than an increase in the number of individual investor folios from the current 6 crore to 60 crore,” Ambani added.



Automobile manufacturers to hike vehicle prices

According to Tata Motors, it will increase prices of its entire passenger vehicles range by up to Rs 60,000 due to rising input costs. The new prices will be effective from April 1, 2018.



Car Brand Names

Mumbai, March 20 : Automobile manufacturers have announced that they will hike vehicle prices, effective April 1, 2018 due to rising input costs.

According to Tata Motors, it will increase prices of its entire passenger vehicles range by up to Rs 60,000 due to rising input costs. The new prices will be effective from April 1, 2018.

“The rising input costs, changing market conditions and various external economic factors have compelled us to consider the price increase but we are optimistic on maintaining our growth trajectory in the coming year on the back of our robust product portfolio like Tiago, Hexa, Tigor and Nexon,” said Mayank Pareek, President, Passenger Vehicle Business, Tata Motors on Tuesday.

In addition, Nissan India also announced that prices of Nissan and of Datsun vehicles will be increased by up to 2 per cent across all available models.

Nissan currently offers the Micra, Sunny and the Terrano and Datsun offers the Datsun GO, GO+ and redi-GO in India.

“Due to rising input costs, we will be increasing the price of our Nissan and Datsun cars with effect from 1st April, 2018,” said Nissan Motor India’s Managing Director
Jerome Saigot.

“We are confident that our cars will continue to offer excellent value and choice to our customers.”

Continue Reading


RInfra moves Delhi HC seeking arbitration award from DMRC



New Delhi, March 20: Reliance Infrastructure’s (RInfra) subsidiary Delhi Airport Metro Express Private (DAMEPL) has moved the Delhi High Court seeking execution of the arbitration award of Rs 5,200 crore it had won against Delhi Metro Rail Corporation (DMRC).

According to a company statement issued on Tuesday: “In its petition filed under section 36 of the Arbitration and Conciliation Act in the division bench headed by Chief Justice of Delhi HC, DAMEPL has sought an order for the execution of the award dated May 11, 2017 passed by the Arbitral Tribunal and direct DMRC to pay Rs 5,200 crore.”

The claim includes principal amount of Rs 2,945.54 crore along with interest as on date.

The development comes after Delhi High Court on March 6, 2018 upheld the arbitration award as compensation along with interest to DAMEPL by a three-member arbitration tribunal.

Rinfra was awarded the compensation by the arbitration tribunal in a unanimous decision after 68 sittings over four years on the basis of termination provisions of the ‘Concession Agreement’.

DAMEPL had terminated the agreement with DMRC to run the ‘Airport Express Line’ in January 2013.

In June 2013, the project was handed over to DMRC and in the following September a three-member arbitration tribunal was appointed from a panel proposed by DMRC to resolve the dispute.

The ‘Airport Express Line’ was commissioned in February 2011.


Continue Reading


Equities close volatile trade session in green




Mumbai, March 20: Amid volatility, the key Indian equity indices on Tuesday provisionally closed in the green with healthy buying in IT, Teck (technology, media and entertainment) and auto stocks.

According to market observers, some caution prevailed ahead of the US Federal Reserve’s meeting slated to begin later in the evening.

The wider Nifty50 of the National Stock Exchange (NSE) edged higher by 30.10 points or 0.30 per cent to provisionally close at 10,124.35 points (at 3.30 p.m.).

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,876.48 points, closed at 32,996.76 points — up 73.64 points or 0.22 per cent from the previous session’s close.

The Sensex reclaimed the 33,000-mark during the intra-day trade to touch a high of 33,102.74 points.

However, the BSE market breadth was bearish with 1,594 declines and 1,099 advances.

On Monday, the benchmark indices hit their lowest levels since December 6, 2017, as India’s widening Current Account Deficit (CAD), along with weak global cues ahead of the US Federal Reserve March 20-21 meeting, dented investors’ risk-taking appetite.

The NSE Nifty50 declined by 100.90 points or 0.99 per cent to close at 10,094.25 points, while the BSE Sensex closed at 32,923.12 points — down 252.88 points or 0.76 per cent from its previous close.


Continue Reading

Most Popular