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CCI orders probe against Tata Motors for alleged unfair biz practices

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of its dominant position with respect to dealership agreements. The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services and Tata Motors Finance (opposite parties). The CCI observed that the complainants are primarily aggrieved that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position in contravention of the provisions of Section 4 of the Competition Act. Section 4 pertains to abuse of dominant position.

Tata Steel back with a bang in March quarter; shows Rs 6,644-crore PAT

Tata Steel reported a higher-than-expected consolidated net profit, attributable to owners of the company, at Rs 6,644 crore in the March quarter (Q4) of FY21, against a net loss of Rs 1,481 crore in the corresponding period last year. The company’s performance was best-ever across metrics such as revenue, Ebitda (earnings before interest, taxes, depreciation, and amortisation), and net profit (excluding exceptional items). Revenue from operations jumped 39 per cent year-on-year (YoY) to Rs 49,977 crore on the back of higher steel prices and strong volumes, leading to strong operational gains.

Ceat posts three-fold jump in standalone net profit in March quarter

Tyre maker Ceat Ltd on Wednesday reported a nearly three-fold increase in standalone net profit to Rs 141.84 crore in the March quarter of the previous fiscal. The company had posted a standalone net profit of Rs 50.12 crore in Q4 FY20. Revenue from operations rose by 46 per cent to Rs 2,279.03 crore during the quarter compared to Rs 1,564.53 crore in the March quarter of FY 2019-20, Ceat said in a statement

As part of strategic disinvestment, govt, LIC to sell stakes in IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has approved strategic disinvestment along with transferring management control in IDBI Bank, paving the way for both the government and Life Insurance Corporation (LIC) to reduce their shareholding in the lender. LIC’s board has passed a resolution to reduce its shareholding, along with that of the government, in the bank “with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policyholders”, said a statement by the government

Second Covid-19 wave: Maruti Suzuki's production dips 7% in April

The country's largest carmaker Maruti Suzuki India (MSI) on Wednesday said its total production in April 2021 stood at 1,59,955 units, down 7 per cent from March this year. The company had produced a total of 1,72,433 units in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing. Production of mini cars comprising Alto and S-Presso models stood at 29,056 units last month as against 28,519 units in March. However, manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno and Dzire, declined to 83,432 units last month as against 95,186 units in March 2021, MSI said.

Parekh brings Infosys back to a position where it is bagging large deals

It has been a little over three years since Salil Parekh, CEO of Infosys, unveiled his strategic review and came out with a strategy that had four core focus areas: Agile Digital Business, Energise the core, Reskilling and Localisation. Take any of the parameters, since Parekh took over, all have improved and brought the company back to a position where it is bagging large deals.

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