Yes Bank, Indiabulls Secs to offer services to customers

Indiabulls Securities and Yes Bank entered into a mutually beneficial cross-selling alliance to offer premium security and capital market services to the customers of Yes Bank and complete banking services to the customers of Indiabulls Securities.
 

Leading securities broking firm Indiabulls Securities and mid-sized private lender Yes Bank entered into a mutually beneficial cross-selling alliance to offer premium security and capital market services to the customers of Yes Bank and complete banking services to the customers of Indiabulls Securities. This two-way referral arrangement will benefit customers through its superior services and will have multiple options for trading in equity shares, online or off-line, an IndiaBulls statement said.

 

 

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Tata Motors, dealer pays Rs6.45 lakh to aggrieved customer for faulty car

Tata Motors and its authorised dealer, following directions from the state consumer commission, had to pay the compensation to an aggrieved customer from Ahmedabad for a faulty Indigo car

Tata Motors, the country's largest vehicle maker and its authorised dealer Cargo Motors Pvt Ltd have paid Rs6.45 lakh, including interest to Ahmedabad-based Ashit Shah as full refund for a faulty Indigo car.

Mr Shah bought a Tata Indigo car for Rs4.59 lakh on 14 May 2004. However, on the very first drive after the purchase, the car broke down midway and Mr Shah had to take it to a nearby garage, which incidentally was authorised service centre of Tata Motors.

According to Mr Shah, the car showed defects right from the day of purchase and had to be garaged for repairs twenty times within seven months. “Within the first three months, they changed many important parts of the car, including the fuel pumps, AC fittings, coils and power steering provided by the original equipment manufacturers (OEM) such as Lucas TVS, Rane and others. But the manufacturing defects remained undetected,” he said in a release.

In 2005, Mr Shah and Consumer Education and Research Society (CERS) filed a complaint to the Ahmedabad District Consumer Disputes Redressal Forum stating that soon after the purchase, the car had revealed manufacturing defects. They had claimed either replacement of the car or a full refund.

The forum gave its verdict in July 2006 in favour of Mr Shah and CERS. However, both Tata Motors and Cargo Motors appealed to the State Consumer Disputes Redressal Commission against the forum’s judgment. However, the state commission dismissed the appeal and upheld the forum’s judgment on 18 April 2011.

The commission directed both the companies to replace Mr Shah’s old Tata Indigo car with a new one of the same make and model in a month, failing to which the companies should pay original cost with 9% interest from the date of filing of the complaint, Rs5,000 for Mr Shah's mental agony and Rs2,000 towards cost.

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COMMENTS

Chetan Bordawekar

5 years ago

I have been a loyal Tata Customer since 2002 when I bought my first car, Indica V2 Lxi (Petrol). On very third day its Trottle Body Aseembly stopped working & Tata Authorized Service Station in Mumbai, had to replace the said spare part of Rs.12000/-. Since then I had been spending atleast Rs.20000 monthly on my car apart from fuel cost. I tried each & every service station in Mumbai, but all were in same boat. so at last I approached tata authorized service station in Maada Ind.Estate, Worli, where, u won't believe, I used to go twice a week for repairing my car. I had no option but to write Bombay House for my grienvance. To my surprise, after thorough verification of my complaint, Tata Motors refunded me Rs.21000 spent on repairs at their own workshop in Worli. But plus point of Indiac V2 was stability at very high speed & its pick up. So in 2009 again I bought Indica Vista Quadrajet Aura. As my Indica used remain idle bcoz of Vista, it started rusting, so I had no option but to sell it off. Now my Indica Vista Quadrajet Aura, which I have since 2009, is zero maintenace car. In last two years, I have spent money only regular servicing like Oil Change & all. No extra Maintenance Cost, Milage is around 17 kmpl in city with excellent pick-up & superb stability on road at even higher speed. There is no doubt that Tata's Authorized Service Stations are always behind charging more & more by giving poor quality of service. This is because When I used to take my Indica V2 to Tata's Own Workshop at Worli, I had noticed that these Service advisers used to write somet code on top of Job Card. Then I learnt that it was related to their incentive on that given job of customer. Similarly they used to do such a pathatic work that customer should turn up to them within a week under any circumstance. Whether its changing horn twice a week or filling water in place of coolent. Once when I didn't turned up for two week, I got a call from their Service Advisor, inquiring, Why didn't I brought car to them since long time. Such things are common in these so called Authorized Workshops. I thank Moneylife for bringing this news story for readers.

p k

5 years ago

well. I had almost decided to buy new TATA indica vista-sedan...more legspace etc..but after a lot of thought and the fact that it may become a mini-truck i did not buy it..purchased 6000 km run I10..quite happy with it.

i have never seen any of TATA cars in Middle east, but we do see trucks, mini-truck..car NEVER..i wonder why. all other brands -kia/suzuki/huyndaietc are there.

Vinita Deshmukh

5 years ago

We had the worst experience with the Tata Indica vista which we bought in 2008. The fuel tank was faulty - giving only about 7kms per litre. My husband who is extremely systematic provided a day to day data of the erratic consumption of fuel and patiently did so for two months long to ensure that he does not falter while accusing the dealer/company. Despite going to the highest authorities in TATA Motors we were treated like non-entities - as if to say that the customer ceases to exist after the company gets money from him. The dealer refused to do anything. We thought of going to the Consumer Court but since it would take a long time and we couldn't have afforded to keep the car, we sold and lost 1.5 lakh rupees. I can never forgive TATA Motors for this damage as they did not pay heed to a complaint with proper homework done by a honest citizen of this country. In fact, earlier we had a TATA Indica which we had bought for patriotic reasons - we were proud of TATA's achievement. After this treatment, we have decided - forget patriotism and the past glory of TATAs - if you cannot deliver, then let it be your end

Prakash

5 years ago

On one hand I have always appreciated the efforts of Tata Motors to come out with an indigenous car in competition with foreign cars, BUT what would have been more appreciative is their taking responsibility for faulty parts, design, etc. and readily accepting the same and replacing it rather than fighting against it. There have been number of cases in the past where Tata Motors have been less co-operative with the customer inspite of the faults with their cars right from the beginning as in this case.

Which is why, I would never buy a Tata car.

Prakash

5 years ago

Though it is laudable for such a judgement, the downside is the time it took to arrive at it... 7 long years. Mr Shah must have been forced to put up with or use such a defective car for this long. Such cases should be cleared as soon as possible. Unfortunately there are too many cases pending due to lack of judges. Kudos to Mr Shah for his patience and perseverance.

The January Effect

Many try to predict what the market will do based on something that may have happened some time in the past. Market prediction is one of the most difficult things to do because every year and situation is different. However, it is interesting to take a look at these patterns

Here we look at the famed “first five days of January indicator”. The story goes like this, if the market is up in the first five trading days of a new year, it results in positive returns for the entire year. Over the last 20 years, there have been 12 occasions where the Sensex has closed in the positive in the first five days of the calendar year. Out of these 12 occasions, the year itself was up 67% of the time. However, the other times when the first five days were negative, the year closed positive 63% of the time. Thus there is no significant pattern to say how the year would perform seeing the performance of the first five days of the year.

In the US, the pattern of trading in the opening week of the year is based on the assumption that money from pension funds, etc, is ready to flood the market and raise prices. For the Dow index, of the 38 most recent years that the first five days resulted in a gain, the year, itself, was up 86.8% of the time. The pattern is a bit less successful when the first five days are down.

Art Cashin, UBS head of trading at the New York Stock Exchange, in his piece on “Roller Coaster Commuting And Early 2012 Trading Patterns” takes a look at these patterns in the US. He mentions Jim Brown, a sharp-eyed investor who noted in this Premier Investor Newsletter, “Of the last 15 years there have been an almost even number of up days and down days (8-7) on the first trading day of the year. It is hard to see a trend there. If we extend it to cover the first week it remains a dead heat. However, if we look at the end of January compared to the first day of the year, the Dow is down 10 times and up only five. Looking even closer there was a significant sell-off in January 12 out of 15 years. In some cases they lasted only a week or so but they were normally significant program-driven declines. Once the year-end money was invested, a sharp sell-off appeared to capture profits. I speculate the hedge funds were invested ahead of the retirement fund pop for mutual funds and the hedge funds took profits when it was over. The pattern is very well defined.”

But is this case similar for India? Out of the last 20 years the Sensex has been down for the month of January, 11 times, so there isn’t much of similarity in the pattern with that of the US. However, we noticed some other patterns, during the first five days of the year when the Sensex closed negative, the month closed negative on 75% of the time. Out of the 12 times the Sensex has closed positive in the first five of days trade, the first month has closed positive on just 58% of the time.

Another pattern that we noticed is that when the Sensex closed negative for a year, the index was up 67% of the time in the first five days of the following year. When the Sensex has been up for the year, it has been able to post a gain in the first five days of the following year on just 57% of the time. In 2011 the Sensex closed negative, if it follows a pattern of the previous years, chances are we may see the index up by the end of this week from the start of the year.

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