New Delhi: French companies are committed to invest Euro 10 billion ($13.37 billion) in India by 2012, reports PTI quoting the country's minister of economy and finance Christine Lagarde.
“This is not just a figure (Euro 10 billion). It is the commitment by French companies between 2008 and 2012,” Ms Lagarde said while addressing India-France Business Forum organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
Adding that everything (business) worked on ‘give and take’ principle, she said, India has to reciprocate to its (France's) interests in the country.
She emphasised on opening up sectors like insurance and retail, particularly, multi-brand retail, so that French companies can invest in these sectors.
Ms Lagarde is accompanying the French president Nicolas Sarkozy, who is on a four-day visit to India.
Mr Sarkozy is leading a team of ministers and a high-level business delegation to strengthen bilateral ties in key areas.
Responding to the concern expressed by French minister, Indian Planning Commission deputy chairman Montek Singh Ahluwalia said removing foreign direct investment (FDI) cap on insurance and multi-brand retail was very much on the government agenda.
The government is in the process of amending the insurance legislation to pave the way for allowing 49% FDI in the sector, Mr Ahluwalia said.
For opening up FDI in retail, particularly the multi-brand retail, several ministries have supported the idea, but the decision has to be taken by the government, he said.
Hyundai to hike prices by up to 2% from Jan; Syndicate Bank hikes deposit rate to 8.5%; Motilal Oswal MF files offer document with SEBI to launch MOSt Shares Midcap ETF; Edelweiss MF revises fund name
Hyundai to hike prices by up to 2% from Jan
Hyundai Motor India Ltd (HMIL) said it will increase the prices of vehicles across models by up to 2% to offset rising input costs.
“We have been absorbing increase in input costs but now we have decided to pass it marginally to customers. From January onwards, there will be an increase in prices of vehicles by 1.5%-2%,” HMIL director sales and marketing Arvind Saxena.
HMIL sells hatchbacks such as Santro, i10 and i20 and sedans Accent, Verna Transform and Sonata Transform along with sports utility vehicle Santa Fe. The price of these vehicles ranges between Rs2.75 lakh and Rs22.95 lakh (ex-showroom Delhi).
Syndicate Bank hikes deposit rate to 8.5%
Syndicate Bank has raised its interest rate on term deposit above Rs1 crore, with maturity period between 3-5 years, by 75 basis points to 8.5%.
However, the interest rate on other maturity slabs is unchanged.
Other lenders like Punjab National Bank, Allahabad Bank, State Bank of Bikaner and Jaipur have also raised their deposit rates on select maturities to attract more resources.
Motilal Oswal MF files offer document with SEBI to launch MOSt Shares Midcap ETF
Motilal Oswal Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Motilal Oswal MOSt Shares Midcap ETF, an open-ended index exchange traded fund.
The investment objective of the scheme is to generate return that corresponds generally to the performance of the CNX Midcap Index (underlying index), subject to tracking error. The scheme would invest 95%-100% in securities constituting CNX Midcap Index. It would also invest up to 5% in debt and money market instruments and cash at call.
The scheme offers only growth option. The exit load would be nil. The minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore.
CNX Midcap Index would be the benchmark index. The scheme shall be managed by Rajnish Rastogi.
Edelweiss MF revises fund name
Edelweiss Mutual Fund has revised its scheme name—Edelweiss Short Term Bond Fund. The new name of the scheme is Edelweiss Ultra Short Term Bond Fund. All the other features of the scheme including nature, objective, asset allocation pattern and fundamental attributes shall remain unchanged. The scheme is managed by Kapil Punjabi and is benchmarked against CRISIL Liquid Fund Index.