Atos Worldline India to establish merchant establishment network for IndusInd Bank
IndusInd Bank has signed an agreement with Atos Worldline India (Venture Infotek) for Point of Sales (PoS) acquiring solutions. Under this agreement, Atos Worldline India will be setting up MasterCard and Visa PoS acquiring network for IndusInd Bank across India. Atos Worldline India will also help IndusInd Bank to establish a merchant establishment network.
With this agreement, Atos Worldline India will help merchants to open accounts with IndusInd Bank. IndusInd Bank will promote PoS acquiring business amongst its existing customer base and newly acquired customers whereas Atos Worldline India will provide the necessary support to the merchants to encourage and improve usage of PoS terminals deployed at merchant establishments of IndusInd Bank.
On Thursday, IndusInd Bank ended 4.24% up at Rs23.35 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.05% to 18,384.90.
GAIL will hold 26% equity in the company, while KSIIDC will have 24%. The balance 50% equity will be held by financial institutions, investors and strategic partners
Karnataka State Industrial & Infrastructure Development Corporation Ltd (KSIIDC) and GAIL (India) Ltd have signed a joint venture agreement to pursue various natural gas related business activities in Karnataka.
The joint venture agreement will lead to the formation of a joint venture company which will have an authorised share capital of Rs100 crore. GAIL will hold 26% equity in the company, while KSIIDC will have 24%. The balance 50% equity will be held by financial institutions, investors and strategic partners.
The joint venture company will focus on setting up of natural gas infrastructure in industrial estates/areas/clusters, city gas distribution (CGD) networks, distributed power generation projects in industrial areas and gas distribution infrastructure downstream of trunk lines in Karnataka. CGD networks cater to the requirement of piped gas for homes, CNG for vehicles and fuel for commercial/industrial loads in any city in Karnataka
GAIL is implementing the 1,413 km Dabhol (Maharashtra)-Bengaluru (Karnataka) pipeline at an investment of Rs5,000 crore with a design capacity of 16mmscmd. GAIL is also implementing the 1,114 km Kochi–Koottanad–Mangalore–Bengaluru pipeline, at an investment of Rs3,300 crore with a design capacity of 16mmscmd. Both these pipelines are scheduled to be completed by FY12-13.
On Thursday, GAIL ended 0.43% up at Rs445.05 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.05% to 18,384.90.
"Issues like higher interest rates, non-availability of finance, rising fuel prices and higher prices of vehicles contributed to the decline in sales. The sentiment in the market is not very positive and next month, we expect this to reflect in the sales numbers,” SIAM senior director Sugato Sen said
New Delhi: Domestic passenger car sales posted the slowest growth in 24 months in May this year at 7% as rising fuel prices and interest rates discouraged customers from new purchases, reports PTI.
According to figures released by the Society of Indian Automobile Manufacturers (SIAM) today, car sales in the country stood at 1,58,817 units in May, 2011, as against 1,48,425 units in the same month last year.
“This is the slowest growth rate since May 2009, when the increase was just 2.77%,” SIAM senior director Sugato Sen told reporters here.
The last time that car sales grew by just single digit was in June 2009, at 8.23%, and since then, the industry has been witnessing healthy double-digit growth, he added.
“In retail sales, there are some bottlenecks like higher interest rates, non-availability of finance, rising fuel prices and higher prices of vehicles. The sentiment in the market is not very positive and next month, we expect this to reflect in the sales numbers,” Mr Sen said.
Under these circumstances, he said, it is unlikely that the passenger car sales forecast for the fiscal would be achieved.
“... But we have not reviewed it yet. The review will be done next month when we will complete the first quarter of this fiscal,” Mr Sen added.
SIAM had projected a growth of 16%-18% in passenger car sales for the 2011-12 fiscal, while the overall industry was expected to grow by 12.15%.
“One of the biggest worries is that the Reserve Bank of India (RBI) has changed the specification of non-banking finance companies (NBFCs). Now NBFCs cannot provide loans for purchasing non-transport vehicles, which are personal vehicles. They won’t get the re-finance from banks. This will hurt the industry severely,” he said.
During the month, Maruti Suzuki India posted just a 0.99% increase in domestic car sales to 76,874 units, while that of rival Hyundai Motor India was 14.18% at 31,001. Tata Motors saw a decline of 12.56% in sales to 16,280 units during the month.
According to SIAM, total two-wheeler sales, however, increased by 14.49% last month to 10,72,287 units from 9,36,555 units in May, 2010.
Motorcycle sales grew by 14.33% during the month to 8,29,255 units from 7,25,311 units in the corresponding month last year.
Hero Honda continued its impressive performance with a 13.54% increase in sales to 4,55,662 units. Rival Bajaj Auto also posted a 13.87% increase to 2,18,321 units during the month, while Honda Motorcycle and Scooter India (HMSI) saw its bike sales grow by 10.2% to 60,733 units.
Chennai-based TVS Motor Co saw its motorcycle sales increase by 5.42% to 55,154 units during the month.
The scooters segment witnessed a growth of 11.21% in sales during May this year to 1,75,160 units from 1,57,509 units in the same month last year.
HMSI’s scooter sales during the month were down 2.56% to 75,012 units, while that of TVS Motor Co grew by 17.13% at 35,803 units. Hero Honda’s scooter sales during the month grew by 24.10% to 29,460 units.
Three-wheeler sales during May grew by 8.6% to 35,991 units, as against 33,140 in the same month last year.
Sales of commercial vehicles (CVs) jumped by 16.16% to 56,314 units from 48,479 units in the year-ago period.
“In the CV segment, light commercial vehicles (LCVs) are having good growth. But medium and heavy commercial vehicles (M&HCVs) have slowed down and this is a worry area, as it shows slowing down of the economy,” Mr Sen said.
Light commercial vehicles sales grew by 22.9% to 31,451 units from 25,590 units last year. M&HCV sales stood at 24,863 units as against 22,889 units in May last year, up 8.62%.
Total sales of vehicles across categories registered a growth of 13.40% to 13,70,786 units in May, as against 12,08,820 units in the same month last year, it added.