Companies & Sectors
Honda to recall vehicles to replace airbag inflators
New Delhi : Automobile major Honda Cars India (HCIL) on Friday announced a voluntary recall of 57,676 vehicles of previous generation models of City, Jazz and Civic.
 
According to the company, the exercise is being carried out as part of Honda's preventive global recall campaign concerning air bag inflators. 
 
The company elaborated that it will voluntarily replace the driver side airbag inflators of 57,676 vehicles of previous generation of City, Jazz and Civic.
 
"The replacement would be carried out free of cost at HCIL dealerships across India in a phased manner, starting from 20th February 2016, and the company will communicate with customers directly," the automobile manufacturer said in a statement.
 
"Customers can also check whether their car will be covered under this campaign by submitting their 17 character alpha-numeric vehicle identification number (VIN) on the special microsite which has been created on the company's website."
 
The company disclosed that it will replace the driver side airbag inflators of 49,572 units of its sedan City which were manufactured between January 2012 and June 2013.
 
Apart from City, the company will replace the inflators in 7,504 units of its hatchback Jazz manufactured from February 2012 to February 2013. 
 
In addition, driver side airbag inflators of 600 units of luxury sedan Civic which have been manufactured between January 2012 and August 2012, will be replaced.
 
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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Nifty, Sensex will struggle to head higher – Weekly closing report
Nifty may try to head towards 7,400
 
We had mentioned in our last week’s closing report that Nifty, Sensex would struggle and that the indices were showing no strength and would struggle to come out of the doldrums. After the sharp market corrections of the recent past, the major indices of the Indian stock markets have been slowly recovering. On Friday, the major indices made small gain of about 0.25% over Thursday’s close. However, the market has not regained its levels prior to the sharp correction of last week. The trends of the major indices over the week are given in the table below:
 
 
Short-covering, coupled with value buying and positive global indices buoyed the Indian equity markets on Monday. The gains at the bellwether indices of the Indian equity markets came a week after they had plunged by more than 6.50% each. The massive corrections made prices attractive and triggered value buying. Initially, both indices opened on a positive note, following a major rise in the Japanese Nikkei and healthy gains recorded at the US markets on last Friday. Moreover, investors' confidence was restored after Finance Minister Arun Jaitley made comments on the upcoming budgetary announcements and expected banking sector reforms. The BSE market breadth favoured the bulls -- with 1,985 advances and only 673 declines.
 
Meanwhile, data on the index of industrial production (IIP) last week showed India's factory output declined again in December by 1.3%. There was a growth of 3.6% in December 2014. Although the December output growth continued to be in the negative as compared to 3.6% growth in December 2014, it was somewhat better than the 3.42% decline registered in the month before. December IIP was dragged lower by a 2.4% drop in manufacturing activity. 
 
Also, official data on Monday showed that India's annual wholesale rate of inflation declined marginally to (-)0.90% for January from (-)0.73% for the month before. It was the 15th straight month since November 2014 that deflationary pressure persisted and wholesale inflation has remained in the negative zone.
Profit-booking, coupled with doubts over the central government's ability to push through key economic legislations during the upcoming parliament session, dragged the Indian equity markets lower on Tuesday. The weak exports figures for January 2016 and the dwindling rupee value also subdued investors' sentiments. The BSE market breadth favoured the bears -- with 1,967 declines and only 569 advances. Initially, both the indices of the Indian equity markets opened on a positive note, in-sync with their Asian peers and Monday's sharp gains. However, profit booking on the back of gains made on last Friday and Monday dragged the markets lower. Moreover, investors' confidence was eroded due to continuing conflict between the ruling NDA (National Democratic Alliance) and the opposition, which is seen as having a bearing on some key economic legislations. The upcoming session of Parliament assumes significance as major economic legislations like bankruptcy code and Goods and Services Tax (GST) Bill will be taken up for approval by the Rajya Sabha. In addition, dwindling exports numbers and a weak rupee dented the equity markets. The Indian rupee opened on a weak note, down seven paise to 68.14 against a US dollar from its previous close of 68.06-07 to a greenback. On the exports front, Monday's late evening macro data release showed a slump of 13.6% in January in dollar terms over the same month a year ago. Chinese shares surged on Tuesday and regained the 2,800-point mark, joining a rebound across global capital markets. The benchmark Shanghai Composite Index gained 3.29% to close at 2,836.57 points while the smaller Shenzhen index surged 3.89% at 10,045.37 points, Xinhua reported. 
 
The Supreme court on Tuesday asked the Reserve Bank of India to furnish a list of the companies which are in default of loans by the banks and financial institutions in access of Rs500 crore or whose loans have been restructured under corporate debts restructuring scheme.
 
Positive European indices, steep rise in crude oil prices and value-buying buoyed the Indian equity markets on Wednesday. The late surge in the markets came after panic selling and the dwindling rupee value had depressed investor sentiments during most of the day's trade. Initially, both the indices of the Indian equity markets opened on a positive note, as a result of healthy gains made in the US markets on Tuesday. Notwithstanding the rise, caution on the back of rising non-performing assets (NPAs) levels of the banking sector dragged the markets lower. The BSE market breadth favoured the bears -- with 1,778 declines and only 612 advances.
 
In addition, a weak rupee dented the equity markets. The Indian rupee opened on a weak note, down 14 paise to 68.52 against a US dollar from its previous close of 68.37-38 to a greenback. During the intra-day trade, the Indian rupee touched its lowest level since late August-early September 2013 at 68.67-level on spot.
 
On Thursday, after the sharp corrections of the recent past, the stock markets rallied in line with global cues and good buying was observed in capital goods, healthcare, IT and TECK sectors. US agency Moody's Investors Service on Thursday forecast for India a "stable GDP growth at around 7.5% in 2016 and 2017", saying the country is relatively less exposed to external headwinds, like the Chinese slowdown, and will benefit from lower commodity prices. India is relatively less exposed to external factors, including China slowdown and global capital flows. Instead, the economic outlook will be primarily determined by domestic factors, Moody's said in its report "Global Macro Outlook 2016-17 - Global growth faces rising risks at time of policy constraint". "Together with Turkey and China among the G20 emerging markets, India benefits from lower commodity prices: In 2014, net commodity imports amounted to 5.9% of India's GDP, compared with net exports worth 1.3%, 3.3% and 4.3% for South Africa, Brazil and Indonesia respectively," it said on Thursday. "In the five years to the end of the decade, we expect GDP per capita (at market exchange rates) to increase by 34% in real terms in India, compared with only 3.6% in the G20 emerging markets, excluding China and India," the report added. Moody's said overall growth will fail to pick up steam over the next two years as the slowdown in China, lower commodity prices and tighter financing in some countries weigh on the economy.
 
On Friday, the market was listless and traded largely in the red. Short-cover aided a small rally in the afternoon. Absence of any fresh triggers has further subdued investors' sentiments. 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

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COMMENTS

LALIT SHAH

10 months ago

Those who are debtors of banks are biggest funder's of all political parties so government tring to save defaulter's
And fresh funding to banks by government is from honest tax payers money
It's call transperant and good governance.
In case of NSEL AND FINANCIAL TECHNOLOGY MERGER CASE MCA IS OVER RULLING COMPANY LOW AND IT'S INJUSTICE OF THOSE SMALL INVESTORS. WHO WILL FIGHT FOR SMALL INVESTORS ?
IN SAME CASE DEFAULTER'S OF NSEL ARE ENJOYING WITH DUPED MONEY

Bad run continues for 'Freedom 251', website down again on second day
New Delhi : A day after promising to restore its online pre-order services for the Indian masses to book the world's cheapest "Make in India" smartphone, the "Freedom 251" website continued its poor run on Friday as people faced trouble in pre-ordering the Rs.251 (less that $4) device.
 
Already mired in controversy over its similarity to Apple iPhone design and appearance and now the Indian government keeping a close watch on its four-day booking offer that started from 6 a.m. on Thursday, the Noida-based startup Ringing Bells Pvt Ltd claimed to have received 30,000 confirmed orders and over six lakh hits per second on its website on the first day.
 
But hours later, the firm stopped taking orders after its servers crashed owing to a huge rush to book the device online on www.freedom251.com.
 
However, their were some lucky people who managed to pre-book the smartphone early in the morning when the website was up.
 
"I kept on trying for about an hour to book the smartphone. I had to refresh multiple times, fill in my details over and over again. Finally I got it booked but I am yet to make a payment," said Kashi Nath Nandi who works in a private firm in Noida.
 
After placing the order, the page returned with a message: "Thank you for placing the order. We will email you the link for payment within 48 hours to your registered unique email id to complete your purchase." 
 
The acknowledgment also shows order number and mentions "One unit per user".
 
Ringing Bells is also charging a shipping charge of Rs.40, taking the total price of the phone to Rs.291. The company promises to deliver the device after four month by June 30.
 
Sanju, a parking attendant in Kirti Nagar in West Delhi also booked the ultra-cheap smartphone in the wee hours on Friday. "I woke up at 4 a.m. to get one phone booked, finally," he told IANS. 
 
Meanwhile, another Noida resident Pankaj said he was trying to book a phone but later decided to suspend his efforts owing to website issues.
 
The much-hyped launch of the world's cheapest smartphone "Freedom 251" was thrown into disarray on Thursday as there was utter chaos at the company's Noida-based head office besides reports of copyright infringements.
 
Amid the company's claims that it has got 30,000 orders on the first day, the calls to the executives went unanswered on Friday as well.
 
The Indian Cellular Association has written to the telecom ministry, urging the government to get to the bottom of the issue as selling a smartphone this cheap is well-nigh impossible.
 
Earlier, the photos of the smartphone in newspaper advertisements released by the firm showed that all the icons of the built-in app were almost a replica of Apple's iOS icons.
 
According to the information available on Apple website, "You may not use the Apple Logo or any other Apple-owned graphic symbol, logo, or icon on or in connection with web sites, products, packaging, manuals, promotional/advertising materials, or for any other purpose except pursuant to an express written trademark license from Apple, such as a reseller agreement".
 
Several attempts to speak to senior Ringing Bell executives on this controversy also went in vain.
 
"Freedom 251" claims to have an Android 5.1 operating system, a 4-inch qHD IPS display, a 3.2-megapixel primary and a 0.3-megapixel front camera.
 
The device also claims to have 3G connectivity, 1.3GHz quad-core processor, 1GB RAM and 8GB internal memory and supports external memory cards of up to 32GB.
 
To power "Freedom 251", the company has put a 1,450mAh battery and claims to have a service network of 650 centres across India.
 
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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COMMENTS

Subramani P K

10 months ago

Electronic gadgets are really cheap & big MNCs exploit the people with their ads & sales promotional activities. If Reliance could introduce a cell phone for Rs. 500/- in the beginning why not a smart phone for Rs. 251/- when the market is flooded with components for any electronic equipment and if an assy. line is established anything can be made. If this cheap phone is successful the big corporates will have to close down their shops & hence they will try ways & means to stop the manufacture of "freedom 251" smart phone. Govt. should help the company in all possible way to popularise the product & help common man.

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