Companies & Sectors
IndiaBulls Finance lends Rs450 crore to Sheth Developers

Sheth Developers said the funds from IndiaBulls would be used for completion of its Vivacity Mall in Thane and to pay off existing debt

Mumbai: In times of caution on the realty sector expressed by lenders, realty company Sheth Developers on Monday said it has received a debt funding of Rs450 crore from Indiabulls Finance for an upcoming mall, reports PTI.

The funds will be used for the completion of the mall project in the adjoining suburb of Thane and pay-off existing debt, the company said in a statement.

It said the entire space in the 1 million sq ft Vivacity Mall has been fully leased even before completion of the project and claimed that it has a waiting list of 30 brands vying to move in.

"The support extended by Indiabulls reiterates our strong business fundamentals and robustness of Vivacity's revenue model," Managing Director Ashwin Sheth was quoted as saying.

Due to stress in assets arising out of excess supply and mounting inventories, especially on the commercial side, lenders have been cautious on the sector.


Goa to raise health insurance cover for citizens to Rs2 lakh

The Swarnajayanti Arogya Bima Yojna provides universal medical insurance to entire population from Goa

Panaji: Goa government will rework the universal medical insurance scheme covering its population by raising the ceiling of the benefit to Rs2 lakh from Rs60,000, state Health Minister Laxmikant Parsekar said on Monday, reports PTI.

Parsekar told mediapersons that ICICI Lombard, which has won the contract to implement this scheme for entire Goa population, will be approached with the reworked rates.

"If ICICI Lombard is okay with the reworked rates, then we will continue the agreement with them or else we will have to re-bid it," Parsekar said.

The scheme 'Swarnajayanti Arogya Bima Yojna' was launched by erstwhile Digambar Kamat-led government last year.

It had the provision to empanel the private hospitals where cashless health insurance to the tune of Rs60,000 per family was provided for all kind of treatments.

Parsekar said the ceiling has been raised to Rs2 lakh so that all hospitals across the state could be empanelled.

Several private practitioners had expressed their unwillingness to endorse the scheme as it had prescribed a meagre amount for various ailments.

The health minister also said since the universal medical insurance scheme is being reworked, the existing mediclaim scheme implemented by the state government would be disbanded in a phased manner.

Under the Goa government's mediclaim scheme, patients were allowed reimbursement for various health treatments, including those who were admitted outside Goa.

"We can cover those patients who exceed Rs2 lakh level under government mediclaim scheme. In a phased manner, we will discontinue the government-run-scheme, as it won't be required," the minister added.

The state government has also decided that doctors attached to the government hospitals can be paid additional remuneration depending on the cases handled by them, once universal medical insurance scheme is implemented.

"If doctors are paid well in the government set up, they will not opt for private practice," he said, adding that the private hospitals employing government doctors will also be penalised, once the universal medical insurance scheme is reworked.


TVS Motors-BMW tie up in the works

In a bid to revive its flagging sales, falling market share and poor performance, TVS Motors is apparently it is in talks with luxury automotive major—BMW Motorrad—for a technological tie-up

TVS Motor Company (TVS) and BMW are in talks in a possible tie up to share technological know-how as TVS tries to battle intensive competition and to revive flagging sales. According to a filing with the Bombay Stock Exchange (BSE), TVS Motor Company is only in talks with German auto-maker BMW's motorcycle division-BMW Motorrad-for a technology tie up. However, nothing has been firmed up as yet.

This isn't the first time that TVS is in talks with an international player. In the past, it had a tie up with Suzuki for selling and marketing two-wheelers in India. After TVS and Suzuki parted ways, TVS continued to be successful and even used celebrities like Sachin Tendulkar and Mahendra Dhoni to help market its indigenously designed two-wheelers. However, intense competition and lack of competitive launches eroded its competitive advantage which kept its share price depressed. It sold 1,68,693 units in June 2012 against 1,82,456 units in June 2011, a fall of 7.54%. The company's quarterly cumulative, for the period April 2012 to June 2012, sales fell 3.17% at 5,19,160 units against 5,36,130 units recorded in the previous comparable period.
Honda is now the third largest player, after it divorced from Hero MotoCorp, having overtaken TVS Motor, with a market share of over 7%. TVS market share is seen hovering at 6% levels. Hero MotoCorp is the market leader at around 56% while Bajaj is around 25%. Bajaj Auto has a tie up with KTM, an Austrian motorbike manufacturer, where it owns 47%, to market its range of high-end motorbikes in India and acquire technological know-how.

BMW Motorrad is the motorbike division of the BMW Group, which makes high-end motorcycles using the BMW brand name. It also owns the well known Husqvarna motorbike brand. The latter manufacturers motorbikes used for uneven rugged terrain mostly found outside the cities (which could ideal for potholed roads, as well). It also manufactures dual-type used for street terrain as well. Both 2-stroke and 4-stroke are manufactured. At time of writing this piece, the TVS stock was up 8.47%, to Rs39.70.


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