Consumer Issues
Ola, Uber suspends surge pricing after Kejriwal warning

Kejriwal warned of strict action against online cab aggregators, specially Ola and Uber, over arbitrary surge pricing, a technique used by the cab aggregators to hike the fares owing to higher demand

 

Online cab service providers Uber and Ola on Monday suspended their surge pricing after Delhi Chief Minister Arvind Kejriwal threatened "strict action" against over-charging cabs.
 
"Given the threat to the livelihood of our partners, at the expense of reliability, we are temporarily suspending surge with immediate effect," Uber tweeted.
 
Uber did not specify if the surge pricing would resume after the second phase of the odd-even traffic scheme ends on April 30.
 
It also pledged to work with the Delhi government to provide reliable mobility solutions to people in the city, "especially at a time when the citizens need us the most".
 
Ola cab services also announced rollback of "peak pricing" in Delhi NCR. 
 
"To make the govenment's odd-even initiative a success, Ola has temporarily pulled out Peak Pricing in Delhi NCR," its business head (north) Deep Singh said in a statement.
 
Kejriwal warned of strict action against online cab aggregators, specially Ola and Uber, over arbitrary surge pricing, a technique used by the cab aggregators to hike the fares owing to higher demand.
 
The Delhi government on Monday directed the impounding of taxis charging exorbitant fare from the public.
 
Delhi Transport Minister Gopal Rai had said that apart from impounding taxis, they would also seize the licences of the taxi drivers and cancel their permit.
 
He said the order was applicable to all kinds of cab services including online aggregators as well as private taxis, radio taxis and black-and-yellow taxis.
 
The demand for taxis has shot up on account of the odd-even traffic scheme that started on April 15 and will run till April 30.
 
Under the scheme, aimed at battling pollution, diesel and petrol driven private vehicles with odd registration numbers can ply only on odd dates and those with even registration numbers on even dates.
 
Passengers complained that taxis were over-charging taking advantage of the scheme.
 
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

Param

10 months ago

this is just dumb!
fact is ola/uber have a different pricing model that uses distance + time at different rates. in effect their rate structure is different from the regular auto/taxi rates prescribed by RTO - which only charges waiting time if speed is below a threshold.
there is no point in fixing an upper limit on per/km rate for ola/uber as they can well compensate it by increasing per/min rate.
fact is, ola/uber is just another transport option. one is free to avoid them altogether & use auto/taxi.
by pushing a pricing model down the throat of a businesses, all we are ensuring is a shortage of supply.
if we have come to a point where travel in a/c vehicle is a birthright, something is really wrong with our sense of entitlement...

Nifty, Sensex in a strong uptrend – Monday closing report
Nifty will reverse only if it closes below 7,827
 
We had mentioned in Friday’s closing report that the Nifty, Sensex were on an uptrend and that Nifty would head higher, if it stays above 7,700. The optimism among Indian investors in the stock markets continued from last week and there were further gains of over 0.70% over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
 
Expectations of healthy quarterly results, along with better-than-expected macro-economic data and forecast of above-average monsoon rains, buoyed the Indian equity markets on Monday. Weak Asian market could not dent the bullishness. The BSE market breadth was tilted in favour of bulls -- with 1,442 advances and 1,179 declines. Investors were also cheered after software major Infosys came out with healthy fourth quarter numbers. Besides, positive macro-economic data released on Monday showed that India's annual wholesale inflation remained in the negative zone for the 17th straight month. The data cheered investors and supported share prices.
 
As prices of pulses continued to remain firm, India's annual wholesale inflation rose a tad to (-)0.85%  for March from (-)0.91% in the month before, while remaining in the negative zone for the 17th straight month, official data showed on Monday. As per data on official wholesale price index (WPI) released by the Commerce and Industry Ministry, annual inflation in pulses was 34.45% in the month under review, as the result of which the rise in food article index over the like period was well above the general index at 3.73%. But prices of onions were down 17.65% and vegetables in general lower by 2.26%. Thanks to a significant fall in prices of transport fuels -- 9.87 for petrol and 9.79 for diesel -- the index for fuel and power was also down by 8.30%. And the index for the other major group of manufactured products was down 0.13 in March. The Reserve Bank of India expects that retail inflation will rule at around 5% by the end of this fiscal.
 
The IT major, Infosys, reported a robust growth of over 9% in 2015-16 and projected higher revenue growth for 2016-17. Buoyed by robust growth of over 9% in 2015-16, global software major Infosys Ltd on Friday projected higher revenue growth of 12.8% (average) in dollar terms for 2016-17, as 97% of its earnings are from exports worldwide. "Our consolidated annual revenue outlook for 2016-17 is 11.8%-13.8% (12.8% average) growth in dollar terms on the exchange rate of March 2016 and 11.5%-13.5% in constant currency," it said in a statement. In rupee terms, revenue growth for this fiscal is, however, projected to be lower at 12.7%-14.7% on March exchange rate of Rs.66.26 per dollar, as against 17% growth achieved in fiscal 2016. "Our guidance is based on visibility, adoption of innovation and clients embracing digital technologies. Automation and artificial intelligence (AI) will enable us to deliver faster and more for less, as pricing and billing rates have been steadily coming down," Infosys chief executive Vishal Sikka told reporters. He, however, hinted at revisiting the revenue guidance based on new wins or deals and growth prospects, as automation and innovation had started showing results in the organic growth of client relationships and our win rates in large deals. "As digital technologies reshape the world, our endeavour will be to create more value for every business through solutions built on AI technology, open and cloud platforms," Sikka said. The firm reported Rs.3,597 crore consolidated net profit for fourth quarter of the fiscal under review, registering 16.2% year-on-year growth and 3.8% quarterly in rupee terms. In a regulatory filing to the stock exchange BSE, the company reported that its consolidated revenue grew 23.4% over last year and 4.1% quarterly to Rs16,550 crore in the quarter under review. With an interim dividend of Rs.10 per share or 200% for each share of Rs.5 at par for first six months, the total dividend for fiscal under review is Rs24.25 per share or a whopping 485%.Infosys shares closed at Rs1,238.80, up 5.70% on the BSE.
 
A special court on Monday issued a non-bailable arrest warrant against liquor baron Vijay Mallya, official sources said. On April 15, the Enforcement Directorate had moved the special court handling cases under the Prevention of Money Laundering Act, seeking the warrant against Mallya who is currently outside India. On at least three occasions, Mallya failed to honour ED summons for questioning in various cases pertaining to his loans of over Rs.9,000 crore and allegations of money laundering. After he failed to appear in person on March 18, April 2 and April 9, he sought time till May to come to the ED, as he is abroad since March 2. The ED move came soon after the central government suspended Mallya's diplomatic passport on April 15. With the banks approaching the courts for legal remedy, NPAs will gradually come down and the stock markets are also likely to improve for the banks.
 
India's top IT company Tata Consultancy Services on Monday reported a 23% jump in its net profits for 2015-16, at Rs.24,215 crore. The company's revenues for the year, based on global accounting norms, was up 14.8% at Rs.108,646 crore. The company, which faces a $940 million fine in the US in a software case, said its net profits for the last quarter of 2015-16 were up as much as 64.4% at Rs.6,341 crore (year-on-year) and revenues jumped 17.5% to Rs.28,449 crore. On a sequential (quarter-on-quarter) basis, the fourth quarter revenues were up 3.8% and net profits were up 3.8%. The results came after the close of trading hours on Indian bourses. The company's scrip had ended with a marginal fall of Rs.0.75 or 0.03% at Rs.2,522.40 on the BSE. The robust results come just a few days after the Indian IT bellwether was fined $940-million by a US Federal Court in Wisconsin for allegedly stealing software information. Tata Consultancy has since denied any wrong-doing and says it intends to appeal against the verdict in higher courts. The share price of TCS closed at Rs2,522.40, down 0.03% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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Non-bailable arrest warrant issued against Mallya
Mumbai : A special court here on Monday issued a non-bailable arrest warrant against liquor baron Vijay Mallya, official sources said.
 
On April 15, the Enforcement Directorate had moved the special court handling cases under the Prevention of Money Laundering Act, seeking the warrant against Mallya who is currently outside India.
 
On at least three occasions, Mallya failed to honour ED summons for questioning in various cases pertaining to his loans of over Rs.9,000 crore and allegations of money laundering.
 
After he failed to appear in person on March 18, April 2 and April 9, he sought time till May to come to the ED, as he is abroad since March 2.
 
The ED move came soon after the central government suspended Mallya's diplomatic passport on April 15.
 
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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