Tata Consultancy Services wins Chinese bank contract

Tata Consultancy Services has received a contract from Shanghai Rural Commercial Bank for deploying TCS’ BaNCS Core Banking solution

IT major Tata Consultancy Services (TCS) said it has received a contract from Shanghai Rural Commercial Bank for deploying TCS' BaNCS Core Banking solution. No financial details were provided.

Shanghai Rural Commercial Bank selected TCS BaNCS Core Banking to swiftly introduce new products to market and efficiently manage transformation across its overall business lines, TCS said in a statement.

The solution will cover the organisation's core banking, deposits, loans, payments and card modules, it added.

On Friday, TCS ended 2.26% up at Rs1,118.20 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.

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Tata Motors manufactures 1 lakh commercial vehicles in financial year

Tata Motors has become the first Indian company to produce 1 lakh commercial vehicles in a financial year

Tata Motors said it has become the first Indian company producing 1 lakh commercial vehicles in a financial year.

"It is really a proud moment for the company as Tata Motors has become the country's first automobile company to produce one lakh commercial vehicles in a financial year," Ravi Pisharody, president, commercial vehicle business unit (CVBU), Tata Motors, said.

Mr Pisharody said he hopes the growth rate of commercial vehicle sector would depend on the interest rate though it has not affected the sector as yet.
The interest rate has to be maintained to achieve the growth rate, which was registered at 20% to 22% this fiscal, he said adding that the growth rate in the next fiscal is likely to be 10% to 15%.

On the performance of the Tata Motors World Truck, the company official said the sale has been increasing significantly in the last few months.

The response for the world truck, which had started its production in the first quarter of the current fiscal, was good and would further improve in view of the increasing demand as well as the improving road condition in the country.

Presently, we are producing two models of the world truck at Jamshedpur plant and likely to introduce two more models soon, he said, adding, the company was expecting to produce around 6-8 models by the next fiscal-end.

Mr Pisharody expressed confidence that the company would utilise the maximum capacity of the world truck (55,000 per annum) in next five years in view of its increasing demand.

On Friday, Tata Motors ended 2.28% up at Rs1,181.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.

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FM: No “off-the-cuff” decision on allowing FDI in multi-brand retail

Pranab Mukherjee tells Lok Sabha opinion is being collected on this complex issue and that states will also be involved before a decision is taken

New Delhi: The government will not take an "off-the-cuff" decision on the complex issue of allowing foreign direct investment (FDI) in multi-brand retail, finance minister Pranab Mukherjee told the Lok Sabha today.

Responding to a calling attention motion on the matter, Mr Mukherjee said the issue was complex and the states would have to be involved to arrive at a larger consensus before taking a decision, reports PTI.

He noted that of 109 respondents representing various interests before an official committee on FDI in multi-brand retail, 73 had expressed their opposition to the concept. Among those who were opposed to FDI were farmers and small traders, he said.

Mr Mukherjee said an UNCTAD report had suggested that job losses in the informal sector far outweighed the benefits of allowing FDI in multi-brand retail. "The government has not taken any decision in this regard," the finance minister said in a statement, in response to the issue raised by Gurudas Dasgupta (CPI) and Nishikant Dubey (BJP).
Mr Dasgupta and Mr Dubey expressed their opposition to allowing FDI in multi-brand retail, saying that it would be a disaster for the over eight crore traders in the country.
The minister said that an inter-ministerial committee had been constituted to examine the comments received on a discussion paper. The committee was headed by the senior economic advisor in the Department of Consumer Affairs.

The committee had submitted its report to the government, but did not make any recommendation relating to FDI in multi-brand retail trading. It has analysed the responses received to the discussion paper, collated and summarised them, Mr Mukherjee said.

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