ICICI Securities Ltd, an integrated financial services firm in India and Collins Stewart Hawkpoint, UK-based independent financial advisory group, has announced a broad alliance to co-operate with each other in growing their business franchises. The alliance covers a wide range of investment banking and institutional sales activities, including corporate advisory services, research-led agency securities trading and capital markets advice.
The opportunities to be explored jointly will include advisory services, private equity transactions, debt-advisory services and other corporate finance advice. In addition, the alliance will cover introductions of Indian companies to the London securities markets; the distribution into the UK and Europe of the offerings and placements of Indian or dual-listed securities; and the joint publication and distribution into the UK and Europe of research on over 100 Indian listed companies and the facilitation of secondary trading, through ICICI Securities, of securities of Indian listed companies.
Anup Bagchi, managing director & CEO of ICICI Securities said: “Over the years, corporate clients have been seeking opportunities to enhance their presence in the UK and Europe to gain access to their technologies and markets. At the same time, investors are keen to participate in Indian investments—both primary as well as secondary. ICICI Securities corporate clients as well as institutional investor clients will immensely benefit from the partnership with Collins Stewart Hawkpoint.”
Mark Brown, chief executive of Collins Stewart Hawkpoint, said: “India presents Collins Stewart Hawkpoint with a wide range of opportunities in corporate advisory activities and capital markets and this arrangement plays to the strengths of our investment banking activities. We are particularly pleased to be working with ICICI Securities, one of the major first class Indian investment banking and securities firms.”
RBI panel on customer services has also recommended that pensioners be allowed to submit annual life certificate at any branch of the bank
The Reserve Bank of India-appointed committee on bank customer services has recommended prioritised services for senior citizens and physically handicapped persons through effective crowd management.
According to the report of the committee that was submitted on Wednesday, pensioners should be allowed to submit their annual life certificate at any of the bank branches and not necessarily at the home branch and all such certificates ought to be maintained in a centralised database.
"The data relating to individual pensioners, the monthly certificates that pensioners would desire, should be available in a secure domain for immediate retrieval and usage," the report says.
The committee was headed by M Damodaran, former chairman of the Securities and Exchange Board of India. The recommendations, if implemented, will be a relief for senior citizens who otherwise have to travel long distances to get to the bank head office for such matters.
Moneylife has highlighted these issues regularly and recently reported that the committee was working on such pro-consumer steps. (Read, "RBI report on customer services expected to be pro-consumer")
Another important suggestion by the committee is that banks should make arrangements to deliver pensions to sick and disabled pensioners at their doorstep. It has also said that "there should be uniformity among banks as to the age for consideration of the longevity, based on which a pensioner's loan is calculated."
On the contentious issue of 'either' or 'survivor', the committee says that "on the demise of the pensioner, the existing 'either or survivor' pension account should become a single account in the name of the 'survivor' and the family pension should automatically be credited to such accounts. Similarly, all joint accounts with 'either or survivor' clause should become single accounts of the 'survivor' after the demise of the other joint account holder."
The committee also recommended that there should be an SMS alert service on the balance in accounts, to be sent at periodic intervals, as well as about due dates for submission of important documents. It also suggested that the customers list in the senior citizens category should be automatically updated based on the date of birth.
Other recommendations include the streamlining and fine-tuning of the functioning of Banks' Centralised Pension Processing Centres to ensure timely disbursal of pension, commencement of family pension on time and error-free calculation of pensions. It also said that "in line with the RBI Guidelines and Board approved Policies, there must be hassle-free settlement of amount dues to the nominee/legal heir, as and when required."
The company’s diesel engine plant at Manesar currently produces 2.8 lakh engines per annum but it needs about four lakh units for the Indian market
Looking to hit back at competitors with the new version of its premium hatchback Swift, Maruti Suzuki India (MSI) today said it will drastically cut exports of diesel engines to Hungary to concentrate on the Indian market.
The company, which has seen increased competition from new entrants likes Ford Figo, Toyota Liva and Volkswagen Polo, said it will increase production of the Swift to up to 18,000 units a month to reduce the waiting period. Honda’s upcoming Brio is also expected to add to the competition.
“We are reducing export of diesel engines significantly to cater to the domestic demand. Currently we export about 35,000 to 45,000 units every year to Hungary. We will reduce it to almost negligible levels in the next six months,” said Maruti Suzuki India (MSI), managing executive officer (Marketing and Sales) Mayank Pareek.
“The additional engine that we get (after cutting exports) will go for the Swift in India,” Pareek said.
With petrol prices going up, demand for diesel engine cars have soared. Most of the companies, which offer petrol and diesel variants of a car model are now witnessing demand in the ratio of 70:30 in favour of diesel cars.
MSI has invested over Rs550 crore on the development of the new Swift. It will be manufactured on an all-new platform.
“Production of Swift will be increased to about 17,000-18,000 units per month, from an earlier 10,000-11,000 units. Thus, the waiting period will come down to 2-3 months from 3-4 months earlier,” he said.
On the expected sales, Mr Pareek said it will be around 18,000 per month “but we will try to push for 20,000 per month.” Current sales of the Swift are around 12,000 units a month.
So far, the company has received bookings for over 30,000 units, he said, adding since its launch in 2005, Swift has clocked over 6 lakh units.
The new Swift will be powered by 1.2 litre petrol engines and 1.3 litre diesel engines.
Mr Pareek did not disclose the price saying it will be announced at the formal launch on 17th August, but sources said it will be about Rs30,000 more than the existing ones, which starts at Rs4.09 lakh and goes up to Rs5.38 lakh (ex-showroom Delhi).
The car will be produced at MSI’s Manesar plant, where unit ‘B’ will start operations in September with the production of the new Swift.
Maruti’s shares were trading at Rs1,200.75 (down 1.19%) during closing trade on the Bombay Stock Exchange.