Electricity to be costlier by 24.15% in Delhi from July 1
Electricity will cost more in Delhi from July one with power regulator DERC today raising domestic tariff by 24.15 % for the year 2012-13.
The Delhi Electricity Regulatory Commission (DERC) Chairman P D Sudhakar said the average hike is 20.87 % in all categories and domestic tariff has been hiked by 24.15 %.
All the three power distribution companies, BSES Rajdhani Power Ltd, BSES Yamuna Power Ltd and Tata Power Delhi Distribution Ltd have been pushing for a hefty hike citing their "severe" financial condition.
(Sources: Hindu Business Line, Economic Times, Worldnews, Moneycontrol)
Last day: Pranab Mukherjee clears $ 351 million FDI proposals
Though the FM had stopped signing files for two weeks ever since his name was nominated as the UPA's candidate for the president's post, on Tuesday the finance ministry announced setting up of a monitoring cell for investment tracking of major private sector and PPP projects.
The ministry also approved nine FDI proposals. A major proposal worth $ 351 million was approved and recommended for consideration of the Cabinet Committee on Economic Affairs (CCEA). It is mandatory to obtain CCEA approval for any FDI proposal above $ 351 million.
(Sources: Times of India, IBNLive, Economic Times, Worldnews, Moneycontrol)
Maruti to launch new 800cc car by Diwali
Maruti Suzuki India is gearing up to introduce by the end of this year a new 800cc car that is likely to be more fuel efficient, but also more expensive, than its existing best selling model Alto.
According to sources close to the development, the company will start commercial production of the car at its Gurgaon facility from July or August and will launch it by Diwali.
(Sources: Economic Times, Business Today, India Today, Livemint)
Honda Motorcycle & Scooter's to bring in more mass market models, reach ruler market
Honda Motorcycle & Scooter India (HMSI) is now working towards spreading its wings to far-flung towns as it aims to grow its market share in India.
The heart of the strategy is to bring in more mass market models and penetrate deeper by setting up 10 zonal offices across the country to be closer to the customer and react faster. Experts say HMSI is taking all the steps in right direction, right from R&D to branding. However, managing competitive pricing and spreading the distribution network in quick time will be the biggest challenges.
Honda has already made it known that India will contribute 30% of its global volumes by 2020, more than twice the current 13%.
(Sources: Hindu Business Line, Economic Times, Worldnews, Indiatimes)
Nomura cuts India GDP forecast to 5.8 pct
Noting that India's monetary and fiscal policies are at loggerheads, global financial services firm Nomura has lowered the country's growth forecast for this fiscal to 5.8%, from 6.7% earlier.
Nomura has also cut its India GDP forecast for 2013-14 to 6.6% form the earlier 6.9%.The global firm said India's monetary and fiscal policies are at "loggerheads" and in "deadlock".
(Sources: Reuters India, Business Standard, Economic Times, Hindustan Times)
Delhi to spend $ 77.43 million on roads, afforestation
The Delhi government on Tuesday approved 23 projects worth $ 77.43 million, of which a lion's share of $ 58.25 million will be spent on the public works department's (PWD) battered roads.
Of the 23 projects, 20 are of the PWD and the rest are of the departments of forest, social welfare and irrigation and flood.
Besides roads, the rest of the amount has been earmarked for works such as tree plantation, afforestation and construction of homes for the mentally challenged.
(Sources: Newyork Daily News, Economic Times, Worldnews)
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