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Friday, April 12, 2019

Vedanta-led Cairn India CEO, CFO quit firm
Cairn India chief executive Sudhir Mathur has resigned from the company, the fourth CEO to quit the firm since it was taken over by mining billionaire Anil Agarwal-led Vedanta Group seven years back. Along with Mathur, Pankaj Kalra, the chief financial officer of Cairn India, which is now a part of Vedanta Ltd after its merger with the parent, has also resigned, sources privy to the development said. Mathur resigned about a month back and his resignation was made public only last week, the sources said. He is currently serving notice period which is technically up to May-end, but may leave the company by the end of April. Kalra quit a couple of months back.

Tata Tele merger: DoT seeks Rs 7,200 cr bank guarantee from Airtel
The Department of Telecom has given approval for the merger of Tata Teleservices (TTSL) with Bharti Airtel, subject to the condition that the Sunil Bharti Mittal-led firm furnishes Rs 7,200 crore worth bank guarantee, a government official said. On April 9, telecom minister Manoj Sinha gave a conditional nod for the merger, the official said. Subsequent to the minister's approval, the official told PTI, that DoT has asked Airtel to furnish bank guarantee totalling Rs 7,200 crore. "Both companies also need to submit undertaking on matter related to court cases before merger is taken on record," the official said.

Maruti adds safety features in Alto K10:; price goes up
The country's largest carmaker Maruti Suzuki India (MSI) yesterday said it has upgraded its hatchback Alto K10 with various safety features leading to a price increase of the model by up to Rs 23,000 in Delhi/NCR. The model now comes with various safety features like ABS (anti-lock braking system) with EBD (electronic brake force distribution), driver airbag, reverse parking sensor, seed alert system, driver and co-driver seat belt reminder. "This will result in price increase in all variants of Alto K 10 model," MSI said in a regulatory filing.

RBL Bank ties up with CreditVidya to improve customer experience
RBL Bank yesterday said it has partnered with credit profiler CreditVidya to improve the lender's customer experience. Through this partnership, the private sector lender will be able to gain significant insights into its customer base, it said in a release. This in turn will allow it to improve user experience and build customised offerings for over 15 lakh customers, the bank said. "RBL Bank will leverage CreditVidya's big data underwriting platform across its credit card and mobile banking apps," the lender said. By acquiring richer customer insights, RBL will be able to segment its customers better, offer them relevant credit products and build custom scorecards.    

Porsche drives in latest 911 range in India priced at Rs 1.82 cr
Luxury sports car maker Porsche yesterday launched the all new 911 range in India with price starting at Rs 1.82 crore (ex-showroom). The 911 Carrera S is priced at Rs 1.82 crore while the 911 Carrera S Cabriolet is tagged at Rs 1.99 crore. The rear-engine model range has been redesigned to have a muscular look. "Just like the first generation, the latest 911 is a sports car for the new era. Our icon has once again evolved and is now more powerful, more emotional, and more efficient than its predecessors," Porsche India Director Pavan Shetty said.

Google Pay launches gold buying, partners MMTC-PAMP India
Tech giant Google yesterday said it has partnered with bullion refiner MMTC-PAMP India to allow Google Pay users to buy and sell gold through the app, a service that is already offered by the likes of Paytm, Mobikwik and PhonePe. Through this partnership with India's only LBMA accredited gold refinery, Google Pay users will be able to buy 99.99% 24-karat gold, Google said in a statement. "Gold is core to Indian culture and tradition, making India the world's second largest consumer of gold. Indians buy gold to mark auspicious occasions each year be it Akshaya Tritiya, Dhanteras or Diwali," Google Pay India Director Product Management Ambarish Kenghe said.

Rail Vikas Nigam shares make tepid debut; end flat
Shares of Rail Vikas Nigam Ltd (RVNL) made a tepid market debut yesterday and closed flat against the issue price of Rs 19. The scrip had opened the day flat at Rs 19 on BSE. Intra-day, it touched a high of Rs 19.75, up 3.94% from the issue price. It had also hit a low of Rs 18.60, 2.10% lower in intra-day trading. Shares of the company finally ended at Rs 19.05, up 0.26%. At NSE also, shares closed at Rs 19.05. On the traded volume front, 111.52 lakh shares were traded on BSE and over 8 crore shares on NSE during the day. The company's market valuation stood at Rs 3,971.96 crore on BSE.

Icra expects domestic tyre demand to grow 7-9% between FY'19-FY'23
The domestic tyre demand is expected to grow in the range of 7-9% over the five year period between 2018-19 to 2022-23, rating agency Icra said yesterday. The market would also continue to witness investments over the period of next three years, it added. "Icra expects the domestic tyre demand to grow by 7-9 over the next five years (2018-19 to 2022-23)," ICRA Vice President and Co-Head, Corporate Ratings K Srikumar said in a statement.

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