Companies & Sectors
Budget impact: Car prices go up
Chennai : Promptly passing on the "infrastructure cess" proposed in the union budget 2016-17 to car buyers, several manufacturers have hiked the prices of their models effective March 1.
 
Honda Cars India Ltd on Friday said it has revised the prices of its various models effective from March 1 onwards after the levy of infrastructure cess.
 
The price hike by Honda Cars ranges from Rs.4,000-6,000 on its Brio model to Rs.66,500-79,000 on its CR-V model.
 
The price hike on Jazz model ranges between Rs.5,000-19,500 while for Mobilio, it is Rs.21,800-37,700.
 
India's second largest car maker Hyundai Motor India Ltd also hiked the prices of all its models.
 
"The new levies in Union Budget 2016 have led to price increase across the models ranging from Rs.2,889 to Rs.82,906. Today's customers are discerning on net off value offerings. The change in price value equations could alter the overall demand, from with-in the segment to across the segments and fuel types," its senior vice president, sales and marketing, Rakesh Srivastava, was quoted as saying in a statement.
 
Mahindra & Mahindra Ltd too hiked the prices of its passenger cars ranging between Rs.5,500-Rs.47,000 depending on the model.
 
On Thursday Maruti Suzuki India Ltd increased prices of its models would go up in the range of Rs.1,441 to Rs.34,494 across its models.
 
Tata Motors too increased the prices of its models in the range Rs.2,000-35,000 depending on the model.
 
The central government had announced levy of one-four percent infrastructure cess on cars depending on the fuel on which they are powered and their engine capacity.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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More trouble for 'Freedom 251,' Adcom to sue Ringing Bells
New Delhi : In a yet another blow to Noida-based startup Ringing Bells Pvt. Ltd. that last month launched with much fanfare the world's cheapest Rs.251 (less that $4) smartphone, domestic feature phone brand Advantage Computers' (Adcom) on Friday announced it would take legal action against Ringing Bells.
 
During the launch last month in the presence of veteran Bharatiya Janata Party (BJP) leader Murli Manohar Joshi in the capital, Ringing Bells unveiled “Freedom 251” and distributed some “prototypes” to the media which turned out to be Adcom handsets, Adcom's founder and chairman Sanjeev Bhatia said.
 
Later, Ringing Bells president Ashok Chadha told IANS that they only gave Adome handsets as “samples” to a section of the media and the real “Freedom 251” will be a new product with all promised features.
 
“We are deeply grieved by this incident where our mobile phone has been presented to masses for Rs.251, and therefore, would not hesitate from taking any legal actions against the company, in case the entire fiasco impacts Adcom's brand name or subsequently we face any other kind of losses," Bhatia said in a statement on Friday.
 
"Yes, it is true that although we sold the handsets to Ringing Bells earlier, like we sell Adcom mobiles to lakhs of users, we were absolutely unaware of the reselling plans of the company in question," he added.
 
"Furthermore, we still haven't been able to evaluate their pricing policy as we sold the handsets at Rs.3,600 per unit (to Ringing Bells),” Bhatia said.
 
Earlier, the Noida offices of Ringing Bells were found shut on Thursday over land ownership issues with Noida Authority.
 
Ringing Bells issued a statement on Friday that they should not be dragged in any controversy over this issue.
 
“While speculation is rife regarding the legitimacy of our occupying the premises we operate from, i.e. our corporate office at B-44, Sector 63, NOIDA 201301 in Uttar Pradesh, we wish to make it clear that the current dispute regarding the nature of business conducted at the property is between NOIDA authority and our landlord,” the company said.
 
The Enforcement Directorate (ED) also questioned Mohit Goel, CEO of Ringing Bells, this week over the pricing of the smartphone.
 
Ringing Bells has also claimed to have paid back the money it generated from the first 30,000 pre-booking orders on the first day of the sale this month.
 
Chadha had announced that the Rs.251 (less than $4) "Freedom 251" smartphone customers will be required to make payment only when the smartphone is delivered to them.
 
"The company has decided that we will, henceforth, offer 'cash on delivery' mode of payments for those who have placed an order for the 'Freedom 251' smartphone. This will ensure further transparency and clear any misgivings," Chadha said.
 
The company plans to give 25 lakh handsets in the first phase before June 30.
 
Taking the world by surprise, Ringing Bells launched "Freedom 251" smartphone that, it said, has been developed "with immense support" from the government.
 
As the makers of the smartphone went to town with claim of being part of Prime Minister Narendra Modi's "Make in India" and "Digital India" initiatives in the last few days, a top government official clarified on Thursday that the government has nothing to do with the "Freedom 251" smartphone.
 
"This is not a government project. 'Make in India' team has nothing to do with this," wrote Amitabh Kant, secretary of the department of industrial policy and promotion (DIPP), in a Twitter post.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Bhaichung, Shukla, Saradha scam accused in Trinamool list
Kolkata : Within an hour after the election schedule was announced for West Bengal, the ruling Trinamool Congress on Friday released its list of candidates for all 294 assembly seats, re-nominating Saradha ponzi scam accused Madan Mitra.
 
Mitra, now behind bars in connection with the multi-billion rupee scandal, will contest from his old constituency Kamarhati in North 24 Parganas district, Chief Minister and Trinamool supremo Mamata Banerjee announced.
 
Former India cricketer Laxmi Ratan Shukla will fight his maiden electoral battle from Howrah North.
 
Late cricket administrator Jagmohan Dalmiya's daughter Vaishali Dalmiya will contest from Bally in Howrah district while leading Bengali film actor Sohom bagged the Trinamool ticket from Barjora in Bankura district.
 
Soccer legend Bhaichung Bhutia, who lost the Lok Sabha polls two years back, will try his luck for a second time from Siliguri. Another renowned footballer, Syed Rahim Nabi, is the candidate from Pandua in Hooghly.
 
Banerjee said the party had nominated 45 women candidates, up from 31 in 2011. The number of Muslim candidates has risen from 38 five years ago to 57.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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