Maruti Suzuki hikes car prices by Rs2,500 to Rs5,250

The average hike in the price across models is around 1% or between Rs2,500 and Rs5,250, Maruti Suzuki  said

New Delhi: The country's largest car maker Maruti Suzuki India on Wednesday said it has hiked prices of its all variants by up to Rs5,250 with immediate effect to offset adverse impact of foreign exchange fluctuation and rising input costs, reports PTI.
"The average hike in the price across models is around 1% and the range will be between Rs2,500 and Rs5,250," a company spokesperson said.
The price increase will take place with immediate effect, he added.
The company sells a range of models starting with the small car M800 to the luxury sedan Kizashi, which are priced between Rs2.04 lakh and Rs17.5 lakh (ex-showroom Delhi).
Last month, Maruti Suzuki India Chief Operating Officer (Marketing and Sales) Mayank Pareek had said the company would hike prices of its vehicles due to various factors.
"There is a lot of pressure on our margins due to the foreign exchange fluctuation and rising input costs," he had said.
The company had said that in order to counter the impact of adverse currency movement, it is targeting to reduce its forex exposure by nearly 65% to $600 million by March 2015 for which it is working with its vendors to reduce imports.
Besides, the company is looking out for new markets to increase exports of its products to mitigate impact of unfavourable foreign exchange fluctuation.
Other car makers including Honda Cars, General Motors and Audi India have either raised the prices of their vehicles or in the process to do so.
Honda Cars India raised the prices of its three models -- Brio, Jazz and City -- by up to 2.6% with effect from 1st October.
General Motors India had said it would increase the prices of all its models from 1st October to offset the impact of rising input costs and currency fluctuation.
Luxury car maker Audi had hiked the prices of its sports utility vehicle Q3 by up to two per cent, translating into an increase of Rs50,000, from this month.
However, Tata Motors on Tuesday cut the prices of its compact car Indica eV2 by Rs23,000 with the launch of a refreshed version.


IndiaFirst Life launches MagicBoard to simplify sales process

IndiaFirst Life's MagibBoard offers instant, practical business intelligence for real-time decisions for customers, agents support and cost control

Mumbai: Private insurer IndiaFirst Life Insurance on Wednesday launched 'MagicBoard', an integrated portable device - which it claims will simplify sales processes, reports PTI.
MagicBoard automates, simplifies the sales processes at the customer end and connects them with the distributor, employees and insurance organisation in a 360 degree integration where every stakeholder has a single page view in his hand held tablet PC for real-time information, intelligence and intervention, company's managing director and CEO P Nandagopal said in a release issued.
MagicBoard is a first-of-its kind approach to have a standardised sales process across the country, integrating all processes - B2B, B2C and C2B into one single platform.
It also offers instant, practical business intelligence for real-time decisions for customers, agents support and cost control.
IndiaFirst is a joint venture between two of public sector banks - Bank of Baroda and Andhra Bank and UK's leading risk, wealth and investment company Legal & General.


Petrol price may be cut by Rs1.6 a litre later this month

Oil companies are earning a profit of Rs1.60 per litre on petrol since 1st October, but want this trend to continue for some more days before announcing a price cut

New Delhi: Petrol price may be cut by about Rs1.60 per litre later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel, reports PTI.


Indian rupee appreciated to five-month high since the government announced allowing foreign direct investment (FDI) in multi-brand retailing. This has eased the cost of imports for oil firms, helping them make profit on sale of petrol.


"Yes, there is about Rs1.60 per litre profit on petrol since 1st October. But we want this trend to stabilise before we think of cutting retail prices," a senior executive at one of the three state-owned fuel retailers said.


Petrol price was last revised on 24th July when it was raised by 70 paise to Rs68.48 per litre in Delhi. It was last cut on 3rd June when rates were reduced by Rs2.02 per litre.


The current profit is mainly on account of strengthening of rupee -- from Rs55.58 to a US dollar averages in the second half of August to Rs54.12 last fortnight.


Also, the prices of international gasoline, against which the domestic retail prices are benchmarked, have eased from $126.11 per barrel to $122.31.


Together, these have helped oil firms, which lost about Rs6,000 crore in revenue on selling petrol below cost this fiscal, make profits.


Rupee has further appreciated to Rs52.28, which would further give then scope for a price cut.


"We are committed to passing on any gains that we make but all we want to ensure is that this is not a temporary trend which can reverse in near future," the executive said.


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