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Wednesday, July 11, 2018

Hero MotoCorp stretches lead over HMSI in first quarter
Two-wheeler market leader Hero MotoCorp has increased its lead over rival Honda Motorcycle and Scooter India (HMSI) in the first quarter of the current fiscal. According to data released by the Society of Indian Automobile Manufacturers (SIAM), Hero MotoCorp sold 20,60,342 bikes and scooters in the April-June period as compared to 16,90,423 units sold by HMSI, a gap of 3,69,919. In the April-June quarter of last fiscal, Hero had sold 18,11,343 units as compared to 14,78,478 units of HMSI, a gap of 3,32,865 units. Both the companies, however, have lost respective market shares during the first quarter of the current fiscal. Hero's market share stood at 37.67 per cent, down from 38.5 per cent in the April-June period of 2017-18. Similarly, HMSI's market share declined to 30.9 per cent in the first quarter from 31.43 per cent in the same period of the previous fiscal. Bajaj Auto, on the other hand, saw its market share increase to 10.86 per cent from 9.06 per cent in the first quarter of the last financial year.

HDFC Ergo launches title insurance cover
Private sector general insurer HDFC Ergo today launched a title insurance policy, a first in the private insurance segment, under which it will offer cover to property developers.  This specialty cover provides indemnity to property developers and the subsequent owners of the property against losses and risks related to defects in property titles arising out of third-party challenges not discovered prior to the commencement of the policy due to different ownership, the non-life insurer said in a statement. The product has been developed stemming from the requirement of the Real Estate (Regulation and Development) Act, 2016 (Rera), which mandates the purchase of title insurance for all new and ongoing property developments registered with the regulatory body. This title insurance policy will be beneficial to real estate developers, property investors and housing finance companies.

Tata Motors picks up 26% stake in TruckEasy
Tata Motors said that it has bought 26 per cent stake in TruckEasy, a tech-based freight aggregator, marking its first investment in a start-up. It did not disclose the deal value. The investment is being done through Tata Motors Finance Holdings, a wholly-owned subsidiary of the company, Tata Motors said in a statement. TruckEasy, which is owned by Bangalore-based logistics company Loginomics Technologies Solutions Ltd, was formed in 2015 providing service for transporting needs of businesses within the city. The start-up will use this investment to expand it footprint to additional cities. Tata Motors said the investment is part of its continued endeavour to bring smart solutions to enable the Trucking Community to have better lives and improve their livelihood.

Andhra Pradesh tops ease of doing business ranking
Andhra Pradesh has topped the ease of doing annual business ranking of states and Union Territories by the World Bank and Department of Industrial Policy and Promotion (DIPP). Telangana and Haryana are at the second and third positions, respectively, according to a statement issued by DIPP. Others in the top ten are Jharkhand (4), Gujarat (5), Chhattisgarh (6), Madhya Pradesh (7), Karnataka (8), Rajasthan (9) and West Bengal (10). Meghalaya was ranked last at 36th position. DIPP in collaboration with the World Bank conducts an annual reform exercise for all States/UTs under the Business Reform Action Plan (BRAP).  "A large number of states have made significant progress in reforms suggested in BRAP 2017," it said.

Gold plunges Rs 280 on weak global cues
Gold prices tumbled by Rs 280 per 10 grams at the bullion market here today, in line with a weak trend overseas and easing demand from local jewellers. Silver followed suit by declining Rs 555 to Rs 39,105 per kg on poor offtake by industrial units. Standard gold (99.5 purity) fell by Rs 280 to end at Rs 30,370 per 10 grams from Monday's level of Rs 30,650. Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 30,520 per 10 grams as compared to Rs 30,800 previously. Silver (.999 fineness) dropped by Rs 555 per kg to finish at Rs 39,105 as against Rs 39,660. Globally, gold headed lower, weighed down by a stronger dollar, and may re-test a seven-month low after a failed attempt to break higher in the previous session. Spot gold was down 0.3 per cent at USD 1,253.60 an ounce at early trade.

TCS Q1 net profit jumps 23% to Rs 7,340 crore
The country's largest software exporter TCS today posted a 23.4 per cent rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, 2018.
The company had reported a net profit of Rs 5,945 crore in the same period previous fiscal, TCS said in a regulatory filing. The Tata Group company -- which accounts for a lion's share of the group's overall profit -- saw its income from operations grow at 15.8 per cent to Rs 34,261 crore for the first three months of the current financial year, up from Rs 29,584 crore a year earlier. "We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum," TCS CEO and MD Rajesh Gopinathan said in statement. Gopinathan exuded confidence that the company is poised "well for the future" given a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand. The company said it is seeing strong demand in areas like cloud transformation, cyber-security, data privacy, and automation.

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