India Mfg Sector PMI Stagnates In July; Nears Contraction
India’s manufacturing sector activity managed to remain fractionally above the crucial 50 mark in July below which indicates contraction as there was a significant decline in new business orders, an HSBC survey said today. The HSBC/Markit purchasing managers index for the manufacturing industry stood at 50.1 in July, slightly lower rpt lower than 50.3 in June, indicating a broad stagnation of manufacturing operating conditions in India.
TCS Gets Top Rank For Customer Satisfaction
IT services major Tata Consultancy Services today said it has been ranked number one for customer satisfaction in a major survey conducted by Whitelane Research in the UK. The research, which surveyed more than 200 of the UK’s top IT spending organisations, evaluated over 700 IT contracts with TCS and 23 other leading service providers, to determine performance and levels of satisfaction, it said in a release.
Open Offers At Record High Of Over Rs 29,000 Cr In June
Open offers by listed firms to public shareholders touched all-time high of Rs 29,242 crore in June, almost entirely because of a mega open offer made by UK-based consumer goods giant Unilever for shares of its Indian unit HUL, latest data by market regulator Sebi shows.
As per Sebi’s latest monthly report, the market regulator approved a total of 8 open offers for shares worth Rs 29,242 crore in June 2013. This is the highest amount for open offers made for a month in over a decade.
Honda Cars’ Sales Grow At 156% In July
Honda Cars India Ltd. (HCIL), leading manufacturer of premium cars in India reported a sales growth of 156% during July 2013 by selling 11,223 units as against 4,386 units sold during the corresponding month in 2012. The company sold 40,350 units and posted a cumulative growth of 65% during April - July 2013 as against 24,462 units sold during the same period last year. HCIL also exported total volume of756 units during July 2013.
MF Distributors’ Commissions Soar
Commission earned by mutual fund distributors surged by 26% to Rs 2,367 crore in 2012-13, driven by improved market conditions, even as their number fell during the year. According to latest data available with Association of Mutual Funds in India (AMFI), the total commissions earned by 332 distributors stood at Rs 2,367 crore in 2012-13, while banks such as Citibank, HDFC Bank and HSBC Bank topped the chart with highest commissions. This was 26% higher than the total commission of Rs 1,883 crore given by the fund houses to their 373 distributors during the fiscal year 2011-12.
High-Power Committee May Consider New MoU Norms
A High-Power Committee, headed by Cabinet Secretary Ajit Kumar Seth, may take a final call this month on proposed new norms to provide greater operational flexibility to PSUs in achieving their annual targets. The Department of Public Enterprises (DPE) has prepared the draft Memorandum of Understanding (MoU) norms based on the recommendations of a Working Group on MoU norms for Central Public Sector Enterprises (CPSEs), which was headed by P G Mankad.