14 September, 2013

NRI retail king Yusuffali eyes stake in South Indian Bank

Founder of Lulu hypermarket chain Yusuffali M A is evaluating buying stake in South Indian Bank — an old private sector bank with origins steeped in pre-independence history — signalling the increasing investment interest of the Kerala-born NRI tycoon in his home state.

The head of the $5.5-billion Lulu Group, who made his fortunes in the Gulf, has set his eyes on South Indian Bank for a potential investment, said a person briefed on the matter. If the deal goes through, it would strengthen Yusuffali's holding in top Kerala banks — he already owns shares of Federal Bank and Catholic Syrian Bank.

South Indian Bank, established some 80 years ago, has the third largest branch network (756 branches) among private sector banks in India. As of March 31, it had an asset base of Rs 49,795 crore and recorded a net profit of Rs 502 crore.

PM panel pegs FY14 GDP growth at 5.3%

The Economic Advisory Council to Prime Minister Manmohan Singh on Monday slashed its growth forecast for 2013-14 but signalled that the economy may pick up pace in the second half on the back of a rebound in the farm sector and impact of reform measures.

The council headed by former RBI governor C Rangarajan said the economy is expected to grow 5.3% in 2013-14, sharply below the previous estimate of 6.4%. He said the recent expansion of the automobile sector and pick-up in exports would have a positive impact on the manufacturing sector. "Taking these factors into account, the forecast growth rate appears reasonable," said Rangarajan, adding that the farm sector would post a 4.9% growth, which would aid overall expansion. The Indian economy, Asia's third-largest, grew 4.4% in the June quarter, prompting several economists and brokerages to downgrade their growth forecast.

2 chip units to bring Rs 51k cr investment

Jaiprakash Associates has tied up with IBM and Israel's Tower Jazz, while Hindustan Semiconductor Manufacturing Corporation (HSMC) has tied up with ST Microelectronics and Malaysia's Siltera to set up two chip-making facilities, the government said on Friday.

Jaiprakash-IBM facility, with an investment of Rs 26,300 crore, will come up in Greater Noida and the HSMC-led consortium will invest over Rs 25,000 crore in Gandhinagar, Gujarat.

A day after the Cabinet cleared a package to boost chip-making in India, communications and IT minister Kapil Sibal said the government will offer tax breaks and interest-free loans. He said the manufacturers can avail of benefit under the I-T Act where their capital investment can be set off against profits. And, the government will give interest-free loan, with a provision to convert a part of the loan to equity in the venture, subject to a cap of 11% stake in the same.

Ashok Leyland introduces intermediate commercial vehicle Boss

Hinduja group flagship Ashok Leyland has commercially launched the Boss, an intermediate commercial vehicle (ICV), that combines the ruggedness of a truck with the comfort of a car.

Manufactured at the company's largest plant in Pantnagar, Uttarakhand, the Boss is available in LE and LX variants. It is being launched in the haulage segment with 9.6 tonne, 11.9 tonne and 12.9 tonne GVW.

"Manufactured on a modern and efficient chassis line and a state-of-the-art cab line using robotic processes and with unmatched comfort-features, we have made every investment to ensure that the Boss delivers on quality, durability and reliability. We are confident of making significant headway in the fast-growing ICV market with the new Boss," said Vinod K Dasari, MD, Ashok Leyland. "Specifically engineered to meet evolving customer expectations in the areas of performance, comfort and reliability, the Boss promises to make our customers more profitable by offering them a tailor-made product solution to meet their needs and certainly will be a game-changer for them,

Hinduja group flagship Ashok Leyland has commercially launched the Boss, an intermediate commercial vehicle (ICV), that combines the ruggedness of a truck with the comfort of a car.

Manufactured at the company's largest plant in Pantnagar, Uttarakhand, the Boss is available in LE and LX variants. It is being launched in the haulage segment with 9.6 tonne, 11.9 tonne and 12.9 tonne GVW.

"Manufactured on a modern and efficient chassis line and a state-of-the-art cab line using robotic processes and with unmatched comfort-features, we have made every investment to ensure that the Boss delivers on quality, durability and reliability. We are confident of making significant headway in the fast-growing ICV market with the new Boss," said Vinod K Dasari, MD, Ashok Leyland. "Specifically engineered to meet evolving customer expectations in the areas of performance, comfort and reliability, the Boss promises to make our customers more profitable by offering them a tailor-made product solution to meet their needs and certainly will be a game-changer for them,