Mahindra launches electric car e20 Nokia offers … to its two wheelers, while seeking support fro...
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CMYK CMYK 3 BIZ NEWS IN NUTSHELL Seoul, Samsung Electronics Co is developing a wearable digital device similar to a wrist watch, a source with direct knowledge of the matter said joining rival Apple Inc. in creating new products as growth of smartphone sales slows. The Samsung device will per for any of the tasks of a smartphone, the sources said, without giving further details. Samsung would not discuss its detailed product pipeline. We are constantly exploring new technologies and developing various from factors, said company Chenny Kim. Apple was experimenting with the design of a device similar to a wrist watch that would operate on the same platform as the iPhone and would be made with curved glass. Samsung shares dropped nearly 5 per cent or around $10 billion, in just two trading ses- sions after it launched its latest Galaxy 55 smartphones late on partly hit by concerns that its flagship product may not lie up to expectations. The Union Minister for Minority Affairs, Shri K Rahman Khan addressing the meeting on Online Scholarships Management System (OSMS) and direct benefit to Merit-cum-Means, Post Matric Scholarships Schemes, in New Delhi. Mahindra launches electric car e20 New Delhi, Three years after it ac- quired Bangalore-based electric car maker Reva, Mahindra group launched its first electric car e20 priced at Rs 5.96 lakh on road, Delhi, after state subsidy. The group also said it has plans to extend the electric mobility technol- ogy to its two wheelers, while seeking support fro the Central Government for pushing eco friendly ve- hicles. T h e launch of t h e Mahindra e20 marks an impor- tant mile- stone for the Mahindra Group. It ad- vances the groups efforts at redefining sustainable urbanization with the creation of an eco- system that includes mo- bility solutions along with other environment friendly innovations, Mahindra Group Chairman Anand Mahindra told. The two door, four seater car is powered by new generation lithium-ion batteries and a three phase induction electric motor. It has driving range of 100 kms per charge, which take 55 hours for one full charging. The fully automatic car is aimed for city driving. Asked if the g r o u p would extend the electric vehicle technology to two wheelers, Mr. Mahindra said, Yes, we do plan to take this technology to two wheelers. We have some exciting plans. He how- ever, did not share details. On commercial viability of the project, he said, clearly we are doing this because we think there is a mon- etary reward. It has also a host of fea- tures like GPS navigation system, keyless entry, start stop button, regen- erative breaking feature, which puts energy back into the cars batteries and charges them every times it is slowed down or brakes are applied. Commenting on the market expansion plans for the e20 mahindra & Mahindra President Auto- motive and Farm Equip- ment Sectors Pawan Goenka said, we will be launch- ing it in eight other cities over the next three to four weeks. The prices will vary as it would de- pend on how much subsidy state gov- ernments will give to the electric car. I n Delhi, the Government has given a total of 29 per cent subsidy on the elec- tric car as a result of which the company has been able to sell it at an on road prices of Rs 5.96 lakh, he said, adding it would be more expensive in other cities. Samsung to de- velop smartwatch Hiking duty expected reduce gold imports: Govt New Delhi, Various steps like raising customs duty could lead to a slow down in gold imports as higher demand of the commodity from foreign shores is putting pressure on current account deficit CAD, Minister of State for Finance Namo Narain Meena said. To reduce gold imports, the Government in January had raised the import duty on gold and platinum to six per cent from four per cent. It has also proposed to provide a link be- tween the Gold ETF and the Gold Deposits Scheme with an objective to unfreeze or re- lease a part of the gold physically held by mu- tual funds under the Gold ETF. It is hoped that these measures would lead to moderation in the quantity of gold imported into the country, and also help in narrowing the trade and current account deficit CAD in medium team, Minister of State for Finance Namo Narain Meena said in Rajya Sabha. Gold imports have increased in recent years and were valued at $42 billon in the April and January period of the current fiscal. In 2011-12 the import was $56.3 billon. High gold imports are putting pressure on the countrys CAD which touched a peak of 5.4 per net of the GDP in the July-September quarter of the current fiscal. Apollo Global plans stake sale in Dish TV Mumbai, US private equity firm Apollo Global Man- agement LLC is in talks to sell its 11 per cent stake in direct to home service operator Dish TV India Ltd. two sources with direct knowledge of the development. Apollo, which manages about $113 billion globally, had hired Swiss Bank UBS to manage the sale, the sources said. We have launched a formal process. But yet to decide how to proceed - whether to do it through secondary deals or sell it to a strategic buyer, said one of the sources. Apollo, which bought the even per cent stake in the company in 2009 for about $100 million was aiming to realize between $150 million and $200 million said done of the sources. Dish did not immediately respond to que- ries by Reuters while Apollo declined to com- ment. Apollo will join a group of private equity com- panies which have already sold stakes in In- dian companies to take advantage of a surge in share prices and revival of positive invest- ment sentiment towards the Asias third largest economy. TPG Capital sold part of its stake in Shriram Transport Finance for $305 million while Apax Partners made a partial exit from Apollo Hospi- tals Enterprises. Regd. Office : 212, New Cloth Market, O/s Raipur Gate, Ahmedabad-380 002. OMKAR OVERSEAS LIMITED (Rs. In Lacs) Statement of Consolidated Unaudited Results for the Quarter and half year Ended 31.12.2012 Year ended 31.12.2011 31.12.2012 31.12.2011 30.09.2012 31.12.2012 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 31.03.2012 B INVESTOR COMPLAINTS Quarter Ended 31.12.12 Pending at the beginning of the quarter NIL Received during the quarter 1 Disposed of during the quarter 1 Remaining unresolved at the end of the quarter NIL Particulars (Refer Notes Below) PART - I Quarter Ended Year to date 1 Income from Operations a) Net sales/income from operations 153.11 220.52 146.36 622.19 829.83 1036.96 (Net of excise duty) b) Other operating income 0.00 0.00 0.00 0.00 0.00 0.00 Total income from operations (net) 153.11 220.52 146.36 622.19 829.83 1036.96 2 Expenses a) Cost of materials consumed 0.00 0.00 0.00 0.00 0.00 0.00 b) Purchases of stock-in-trade 151.42 215.85 125.24 611.39 810.62 1016.32 c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00 18.44 0.00 0.00 0.00 d) Employee benefits expense 0.52 0.00 0.00 0.52 0.00 0.00 e) Depreciation and amortisation expense 0.00 0.00 0.00 0.00 0.00 0.00 f) Other expenses (Any item exceeding 0.89 1.64 0.15 2.92 2.17 8.99 10% of the total expenses relating to continuing opertions to be shown separately) Total Expenses 152.83 217.49 143.83 614.83 812.79 1025.31 3 Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2) 0.28 3.03 2.53 7.36 17.04 11.65 4 Other income 0.00 0.00 0.00 0.00 0.00 0.00 5 Profit / (Loss) from ordinary activities before 0.28 3.03 2.53 7.36 17.04 11.65 finance costs and exceptional items (3 + 4) 6 Finance costs 0.00 0.00 0.00 0.00 0.00 0.00 7 Profit / (Loss) from ordinary activities after 0.28 3.03 2.53 7.36 17.04 11.65 finance costs but befor exceptional items (5 +6) 8 Exeptional items 0.00 0.00 0.00 0.00 0.00 0.00 9 Profit / (Loss) from ordinary activities before tax (7 + 8) 0.28 3.03 2.53 7.36 17.04 11.65 10 Tax expense 0.00 0.26 0.00 0.00 0.00 2.50 11 Net Profit / (Loss) from ordinary activities 0.28 2.77 2.53 7.36 17.04 9.15 after tax (9 + 10) 12 Extraordinary items(net of tax expenseRs.Lakhs) 0.00 0.00 0.00 0.00 0.00 0.00 13 Net Profit / (Loss) for the period (11 + 12) 0.28 2.77 2.53 7.36 17.04 9.15 14 Share of profit / (loss) of associates* 0.00 0.00 0.00 0.00 0.00 0.00 15 Minority interest* 0.00 0.00 0.00 0.00 0.00 0.00 16 Net Profit / (Loss) after taxes, minority 0.28 2.77 2.53 7.36 17.04 9.15 interest and share of profit / (Loss) of associates (13 + 14 + 15) * 17 Paid-up equity share capital 492.36 492.36 492.36 492.36 492.36 492.36 (Face Value of the Share shall be indicated) 18 Reserve excluding Revaluation Reserves as -9.65 -12.42 -9.12 -9.65 -9.12 -17.01 per balance sheet of previous accounting year 19i Earning per share(before extraordinary items) (of Rs.10/-each) (not annualised): (a) Basic 0.01 0.06 0.05 0.15 0.35 0.19 (b) Diluted 0.01 0.06 0.05 0.15 0.35 0.19 19ii Earning per share (after extraordinary items) (of Rs. 10/-each) (not annualised): (a) Basic 0.01 0.06 0.05 0.15 0.35 0.19 (b) Diluted 0.01 0.06 0.05 0.15 0.35 0.19 See accompanying note to the financial results PART ll : Select information for the Quarter Ended 31.12.2012 A PARTICULARS OF SHAREHOLDING 1 Public shareholding - Number of shares 4641654 4641654 4721483 4641654 4721483 4721483 - Percentage of shareholding 92.83 92.83 94.43 92.83 94.43 94.43 2 Promoter and Promoter Group Shareholding** a) Pledged / Encumbered - Number of shares 0 0 0 0 0 0 - Percentage of shares (as a % of the total 0.00 0.00 0.00 0.00 0.00 0.00 shareholding of promoter and promoter group) - Percentage of shares (as a % of the total 0 0 0 0 0 0 share capital of the company) b) Non - encumbered - Number of shares 358346 358346 278517 358346 278517 278517 - Percentage of shares (as a % of the total 100.00 100.00 100.00 100.00 100.00 100.00 shareholding of promoter and promoter group) - Percentage of shares (as a % of the total 7.17 7.17 5.57 7.17 5.57 5.57 share capital of the company) Notes : 1. The above results have been taken on record by the Board of Director in their meeting held on 14.02.2013. 2. Statutory Auditors of the Company have carried out a Limited Review of the Result for the Quarter ended as on 31.12.2012. 3. Company had received 1complaint from shareholder and the same was resolved during the Quarter ended on 31.12.2012. 4. The applicable Tax under the Provision of Income Tax Act.1961 to be computed by year end. For and on behalf of the board. OMKAR OVERSEAS LIMITED Sd/- (MANAGIND DIRECTOR) Place : Ahmedabad Date : 14.02.2013 WESTERN TIMES AHMEDABAD MONDAY, APRIL 8, 2013 New Delhi, Nokia, announced a partnership with public sector general insur- ance company New In- dia Assurance for offer- ing its mobile phone us- ers insurance against theft and damage of handsets. Mobile phones have emerged as the con- sumers most preferred personal device and us- ers are consistently in- creasing their invest- ment in new technologic. The NIA New India As- surance insurance plan is aimed at safeguarding Nokia consumers against the angst caused by loss, theft or damage of their devices, Nokia India Director Re- tail, Kanan Gopalakrishnan told re- porters. The service will be available with all new devices that are bought from Nokia branded re- tail store on payment of an insurance premium Nokia offers insurance with mobile purchases of Rs 50 or 1.25 per cent of the cost of the phone, whichever is higher at the time of purchase. Quoting a survey, Mr. Gopalakrishnan said about forty three per cent of Indians had their mobile phones lost or stolen in 2012. The Insurance would cover theft and burglary along with accidental physical damage, in- cluding liquid damage. However, it would not be applicable to regular wear and tear. Also, loss of phone when overseas or sim- ply misplacing the hand- set would not be cov- ered. Sony earmarks Rs 300 cr budget for mobile marketing Kolkata, Consumer electronics giant Sony India has earmarked a mobile marketing budget of Rs 300 crore for 2013 cal- endar yea to create space for tis Xperia brand of smartphones in the country. We will hard sell our Xepria brand of smartphones in the country for which a market- ing budget of Rs 300 crore has been marked, Sachin Thapar, head IT and mobile businesses of Sony India said. Sony, which had earlier tied up with Swedish firm Ericsson for getting a foothold in the Indian mobile market is giving a new push to position itself as a major smarpthone brand in the country.After the de parture of Ericsson, the brandcall of Sony phones has increased substantially, he said. Launching the new generation Sony Xperia Z smartphones, Thapar said he size of the mobile smarpthone market in the country is 3.3 crore units per annum ut of which 15 lakh units are in West Bengal only. Mumbai, The Central Govern- ment has stated that com- panies will be allowed to invest in domestics tax free bonds where the ef- fective rate of returns is greater than the prevailing Bank, Rate, according Bank Rate, according to a circular from the Ministry of Corporate Affairs seen by Reuters. The circular clarifies a key provision that had been seen hampering company investments into tax free bonds, given the provision was interpreted as preventing companies from investing in debt where the rate of interest is lower than the Bank Rate. That had raised confu- sion because tax free bonds offer a lower inter- sect rate, ranging from Centre clarifies on company investments in tax free bonds 6.75 per cent to 7.50 per cent, but the returns are effectively higher since they are exempt from taxes. The circular clarifies that tax free bonds would not violate this provision in cases where the effective rate of return is greater than the Bank Rate. Reuters confirmed the ex- istence of the circular with three separate company sources, which declined to be identified because the Corporate Affairs Ministry has not publicized the cir- cular. The government has allowed Rs 50,000 crore worth tax free bonds to be issued in fiscal 2013-14, the majority of which is in- tended for retail investors. Companies can invest in upto ten per cent of that total amount or Rs 5000 crore.
Transcript of Mahindra launches electric car e20 Nokia offers … to its two wheelers, while seeking support fro...
CMYK
CMYK
3BIZ NEWS IN NUTSHELL
Seoul,Samsung Electronics Co is developing a wearable
digital device similar to a wrist watch, a source withdirect knowledge of the matter said joining rival AppleInc. in creating new products as growth of smartphonesales slows.
The Samsung device will per for any of the tasks ofa smartphone, the sources said, without giving furtherdetails.
Samsung would not discuss its detailed productpipeline. We are constantly exploring new technologiesand developing various from factors, said companyChenny Kim. Apple was experimenting with the designof a device similar to a wrist watch that would operateon the same platform as the iPhone and would be madewith curved glass. Samsung shares dropped nearly 5per cent or around $10 billion, in just two trading ses-sions after it launched its latest Galaxy 55 smartphoneslate on partly hit by concerns that its flagship productmay not lie up to expectations.
The Union Minister for Minority Affairs, Shri K Rahman Khan addressing the meeting on Online ScholarshipsManagement System (OSMS) and direct benefit to Merit-cum-Means, Post Matric Scholarships Schemes, inNew Delhi.
Mahindra launches electric car �‘e20�’New Delhi,
Three years after it ac-quired Bangalore-basedelectric car maker Reva,Mahindra group launchedits first electric car �‘e20�’priced at Rs 5.96 lakh onroad, Delhi, after statesubsidy.
The group also said ithas plans to extend theelectric mobility technol-ogy to its two wheelers,while seeking support frothe Central Governmentfor pushing ecofriendly ve-hicles.
T h elaunch oft h eMahindrae20 marksan impor-tant mile-stone for theM a h i n d r aGroup. It ad-vances the group�’sefforts at redefiningsustainable urbanizationwith the creation of an eco-system that includes mo-bility solutions along withother environment friendlyinnovations, MahindraGroup Chairman AnandMahindra told.
The two door, four
seater car is powered bynew generation lithium-ionbatteries and a threephase induction electricmotor. It has driving rangeof 100 kms per charge,which take 55 hours forone full charging. Thefully automatic caris aimed for citydriving.
Askedif the
g r o u pwould extend the electricvehicle technology to twowheelers, Mr. Mahindrasaid, Yes, we do plan totake this technology to twowheelers. We have some
exciting plans. He how-ever, did not share details.On commercial viability ofthe project, he said, clearlywe are doing this becausewe think there is a mon-etary reward.
It hasalso a host of fea-
tures like GPS navigationsystem, keyless entry,start stop button, regen-erative breaking feature,which puts energy backinto the cars batteries and
charges them every timesit is slowed down or brakesare applied.
Commenting on themarket expansion plansfor the e20 mahindra &Mahindra President Auto-motive and Farm Equip-
ment Sectors PawanGoenka said, we
will be launch-ing it in eightother citiesover the nextthree to fourweeks. Theprices willvary as itwould de-pend onhow muchs u b s i d ystate gov-ernmentswill give tothe electriccar.
I nDelhi, the
Governmenthas given a total of 29 percent subsidy on the elec-tric car as a result of whichthe company has beenable to sell it at an on roadprices of Rs 5.96 lakh, hesaid, adding it would bemore expensive in othercities.
Samsung to de-velop smartwatch Hiking duty expected reduce gold
imports: GovtNew Delhi,
Various steps like raising customs dutycould lead to a slow down in gold imports ashigher demand of the commodity from foreignshores is putting pressure on current accountdeficit CAD, Minister of State for FinanceNamo Narain Meena said.
To reduce gold imports, the Governmentin January had raised the import duty on goldand platinum to six per cent from four per cent.
It has also proposed to provide a link be-tween the Gold ETF and the Gold DepositsScheme with an objective to unfreeze or re-lease a part of the gold physically held by mu-tual funds under the Gold ETF.
It is hoped that these measures would leadto moderation in the quantity of gold importedinto the country, and also help in narrowingthe trade and current account deficit CAD inmedium team, Minister of State for FinanceNamo Narain Meena said in Rajya Sabha.
Gold imports have increased in recentyears and were valued at $42 billon in the Apriland January period of the current fiscal.
In 2011-12 the import was $56.3 billon.High gold imports are putting pressure on thecountry�’s CAD which touched a peak of 5.4per net of the GDP in the July-Septemberquarter of the current fiscal.
Apollo Global plans stake sale inDish TV
Mumbai,US private equity firm Apollo Global Man-
agement LLC is in talks to sell its 11 per centstake in direct to home service operator DishTV India Ltd. two sources with direct knowledgeof the development.
Apollo, which manages about $113 billionglobally, had hired Swiss Bank UBS to managethe sale, the sources said.
We have launched a formal process. But yetto decide how to proceed - whether to do itthrough secondary deals or sell it to a strategicbuyer, said one of the sources.
Apollo, which bought the even per cent stakein the company in 2009 for about $100 millionwas aiming to realize between $150 million and$200 million said done of the sources.
Dish did not immediately respond to que-ries by Reuters while Apollo declined to com-ment.
Apollo will join a group of private equity com-panies which have already sold stakes in In-dian companies to take advantage of a surgein share prices and revival of positive invest-ment sentiment towards the Asia�’s third largesteconomy.
TPG Capital sold part of its stake in ShriramTransport Finance for $305 million while ApaxPartners made a partial exit from Apollo Hospi-tals Enterprises.
Regd. Office : 212, New Cloth Market, O/s Raipur Gate, Ahmedabad-380 002.
OMKAR OVERSEAS LIMITED(Rs. In Lacs)
Statement of Consolidated Unaudited Results for the Quarter and half year Ended 31.12.2012Year ended
31.12.2011 31.12.2012 31.12.201130.09.201231.12.2012(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
31.03.2012
B INVESTOR COMPLAINTS Quarter Ended 31.12.12Pending at the beginning of the quarter NILReceived during the quarter 1Disposed of during the quarter 1Remaining unresolved at the end of the quarter NIL
Particulars(Refer Notes Below)
PART - I
Quarter Ended Year to date
1 Income from Operationsa) Net sales/income from operations 153.11 220.52 146.36 622.19 829.83 1036.96
(Net of excise duty)b) Other operating income 0.00 0.00 0.00 0.00 0.00 0.00Total income from operations (net) 153.11 220.52 146.36 622.19 829.83 1036.96
2 Expensesa) Cost of materials consumed 0.00 0.00 0.00 0.00 0.00 0.00b) Purchases of stock-in-trade 151.42 215.85 125.24 611.39 810.62 1016.32c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade 0.00 0.00 18.44 0.00 0.00 0.00d) Employee benefits expense 0.52 0.00 0.00 0.52 0.00 0.00e) Depreciation and amortisation expense 0.00 0.00 0.00 0.00 0.00 0.00f) Other expenses (Any item exceeding 0.89 1.64 0.15 2.92 2.17 8.99
10% of the total expenses relating tocontinuing opertions to be shown separately)
Total Expenses 152.83 217.49 143.83 614.83 812.79 1025.313 Profit / (Loss) from operations
before other income, financecosts and exceptional items (1-2) 0.28 3.03 2.53 7.36 17.04 11.65
4 Other income 0.00 0.00 0.00 0.00 0.00 0.005 Profit / (Loss) from ordinary activities before 0.28 3.03 2.53 7.36 17.04 11.65
finance costs and exceptional items (3 + 4)6 Finance costs 0.00 0.00 0.00 0.00 0.00 0.007 Profit / (Loss) from ordinary activities after 0.28 3.03 2.53 7.36 17.04 11.65
finance costs but befor exceptional items (5+6)8 Exeptional items 0.00 0.00 0.00 0.00 0.00 0.009 Profit / (Loss) from ordinary activities
before tax (7 + 8) 0.28 3.03 2.53 7.36 17.04 11.6510 Tax expense 0.00 0.26 0.00 0.00 0.00 2.5011 Net Profit / (Loss) from ordinary activities 0.28 2.77 2.53 7.36 17.04 9.15
after tax (9 + 10)12 Extraordinary items(net of tax expenseRs.Lakhs) 0.00 0.00 0.00 0.00 0.00 0.0013 Net Profit / (Loss) for the period (11 + 12) 0.28 2.77 2.53 7.36 17.04 9.1514 Share of profit / (loss) of associates* 0.00 0.00 0.00 0.00 0.00 0.0015 Minority interest* 0.00 0.00 0.00 0.00 0.00 0.0016 Net Profit / (Loss) after taxes, minority 0.28 2.77 2.53 7.36 17.04 9.15
interest and share of profit / (Loss) ofassociates (13 + 14 + 15) *
17 Paid-up equity share capital 492.36 492.36 492.36 492.36 492.36 492.36(Face Value of the Share shall be indicated)
18 Reserve excluding Revaluation Reserves as -9.65 -12.42 -9.12 -9.65 -9.12 -17.01per balance sheet of previous accounting year
19i Earning per share(before extraordinary items)(of Rs.10/-each) (not annualised):(a) Basic 0.01 0.06 0.05 0.15 0.35 0.19(b) Diluted 0.01 0.06 0.05 0.15 0.35 0.19
19ii Earning per share (after extraordinary items)(of Rs. 10/-each) (not annualised):(a) Basic 0.01 0.06 0.05 0.15 0.35 0.19(b) Diluted 0.01 0.06 0.05 0.15 0.35 0.19
See accompanying note to the financial results
PART ll : Select information for the Quarter Ended 31.12.2012A PARTICULARS OF SHAREHOLDING1 Public shareholding
- Number of shares 4641654 4641654 4721483 4641654 4721483 4721483- Percentage of shareholding 92.83 92.83 94.43 92.83 94.43 94.43
2 Promoter and Promoter Group Shareholding**a) Pledged / Encumbered- Number of shares 0 0 0 0 0 0- Percentage of shares (as a % of the total 0.00 0.00 0.00 0.00 0.00 0.00 shareholding of promoter and promoter group)- Percentage of shares (as a % of the total 0 0 0 0 0 0
share capital of the company)b) Non - encumbered- Number of shares 358346 358346 278517 358346 278517 278517- Percentage of shares (as a % of the total 100.00 100.00 100.00 100.00 100.00 100.00 shareholding of promoter and promoter group)- Percentage of shares (as a % of the total 7.17 7.17 5.57 7.17 5.57 5.57
share capital of the company)
Notes :1. The above results have been taken on record by the Board of Director in their meeting held on 14.02.2013.2. Statutory Auditors of the Company have carried out a Limited Review of the Result for the Quarter ended as on 31.12.2012.3. Company had received 1complaint from shareholder and the same was resolved during the Quarter ended on 31.12.2012.4. The applicable Tax under the Provision of Income Tax Act.1961 to be computed by year end.
For and on behalf of the board.OMKAR OVERSEAS LIMITED
Sd/-(MANAGIND DIRECTOR)
Place : AhmedabadDate : 14.02.2013
WESTERN TIMES AHMEDABADMONDAY, APRIL 8, 2013
New Delhi,Nokia, announced a
partnership with publicsector general insur-ance company New In-dia Assurance for offer-ing its mobile phone us-ers insurance againstthef t and damage ofhandsets.
Mobile phones haveemerged as the con-sumers most preferredpersonal device and us-ers are consistently in-creasing their invest-ment in new technologic.The NIA New India As-surance insurance planis aimed at safeguardingNokia consumersagainst the angstcaused by loss, theft ordamage of their devices,Nokia India Director Re-ta i l , KananGopalakrishnan told re-porters.
The service will beavailable with all newdevices that are boughtfrom Nokia branded re-tail store on payment ofan insurance premium
Nokia offers insurancewith mobile purchases
of Rs 50 or 1.25 per centof the cost of the phone,whichever is higher atthe time of purchase.
Quoting a survey, Mr.Gopalakr ishnan sa idabout forty three percent of Indians had theirmobile phones lost orstolen in 2012.
The Insurance wouldcover theft and burglaryalong with accidentalphysical damage, in-cluding liquid damage.However, it would not beappl icable to regularwear and tear.
Also, loss of phonewhen overseas or sim-ply misplacing the hand-set would not be cov-ered.
Sony earmarks Rs 300 crbudget for mobile marketing
Kolkata,Consumer electronics giant Sony India has earmarked
a mobile marketing budget of Rs 300 crore for 2013 cal-endar yea to create space for tis Xperia brand ofsmartphones in the country. We will hard sell our Xepriabrand of smartphones in the country for which a market-ing budget of Rs 300 crore has been marked, SachinThapar, head IT and mobile businesses of Sony Indiasaid. Sony, which had earlier tied up with Swedish firmEricsson for getting a foothold in the Indian mobile marketis giving a new push to position itself as a majorsmarpthone brand in the country.After the de parture ofEricsson, the brandcall of Sony phones has increasedsubstantially, he said. Launching the new generation SonyXperia Z smartphones, Thapar said he size of the mobilesmarpthone market in the country is 3.3 crore units perannum ut of which 15 lakh units are in West Bengal only.
Mumbai,The Central Govern-
ment has stated that com-panies will be allowed toinvest in domestics taxfree bonds where the ef-fective rate of returns isgreater than the prevailingBank, Rate, accordingBank Rate, according to acircular from the Ministryof Corporate Affairs seenby Reuters.
The circular clarifies akey provision that hadbeen seen hamperingcompany investments intotax free bonds, given theprovision was interpretedas preventing companiesfrom investing in debtwhere the rate of interestis lower than the BankRate.
That had raised confu-sion because tax freebonds offer a lower inter-sect rate, ranging from
Centre clarifies on companyinvestments in tax free bonds
6.75 per cent to 7.50 percent, but the returns areeffectively higher sincethey are exempt fromtaxes.
The circular clarifiesthat tax free bonds wouldnot violate this provision incases where the effectiverate of return is greaterthan the Bank Rate.Reuters confirmed the ex-istence of the circular withthree separate companysources, which declined tobe identified because theCorporate Affairs Ministryhas not publicized the cir-cular. The government hasallowed Rs 50,000 croreworth tax free bonds to beissued in fiscal 2013-14,the majority of which is in-tended for retail investors.Companies can invest inupto ten per cent of thattotal amount or Rs 5000crore.
