Mahindra pulls the plug on electric car sales in UK

dra & Mahindra has stopped selling electric cars in the United Kingdom due to weak sales and is winding up sales operations there, according to a document seen by Reuters, in a new setback to the Indian automaker's global ambitions.
Mahindra's decision comes less than a year after it launched the e2o car in a market it considered a launchpad for selling electric cars in European countries like Norway, Sweden and the Netherlands.

Investors chase housing fin stocks at near lifetime highs

Most housing finance company stocks are near their life time highs as investors make a beeline for these companies against the backdrop of the massive housing demand in the world’s fastest growing large economy.
An analysis of returns given by stocks of top housing finance companies (HFCs) by market capitalisation shows year-to-date (YTD) returns of top HFCs to be in the range of 30 to 90 per cent. Their annual returns are even better, and in the range of 45 per cent to 125 per cent.

Affordable housing pushes growth in HFCs

As the government makes an all-out effort to ensure that the goals of ‘Affordable Housing for all by 2022’ are met, the housing finance sector is witnessing a big boost to its prospects. In addition, softening interest rates and correcting property prices are making investors bet big on housing finance companies.
With several housing finance companies (HFCs) focusing on the low income group customer segment, housing finance companies would benefit immensely from the scheme which would help accelerate their growth further.

Paytm may get $1.4b funding from SoftBank

SoftBank Group Corp is in talks to invest about $1.4 billion in India’s One97 Communications in a deal that would value the owner of the country’s largest digital-payments provider at about $7 billion, according to people familiar with the matter. The deal is not yet finalised and the terms may yet change, said the people, asking not to be identified because the matter is private. One97 Communications, whose Paytm unit has seen business surge ever since the government announced demonetisation last year, has also had discussions with two other investors, one of the people said.

Uber launches food delivery business UberEATS in Mumbai

Global ride-hailing platform Uber is now getting into the food delivery business in Mumbai, under UberEATS and has partnered over 200 restaurants.
“The introduction of UberEATS in India, with Mumbai as the first city to go live with its food delivery service is a major step in our global expansion strategy,” Bhavik Rathod, head of UberEATS India told PTI.
“We are looking to scale to other big cities including Delhi, Bengaluru, Chennai, Kolkata among others going forward, but we don’t have a timeline at present,” he added.

Modern breads to get a facelift

Private equity firms generally provide growth capital, handhold investee management (mainly in financial decisions) and exit the business at the right time.
However, PE firm Everstone Group has taken a different route – taking up a daunting task of reviving 52-year old Modern Foods brand that popularised breads in India.

Motown reports robust sales in April

India’s largest carmaker Maruti Suzuki India (MSI) posted a 19.5 per cent jump in total sales at 1,51,215 units in April, against 1,26,569 units in the same month last year.
Its domestic sales rose 23.4 per cent during the month to 1,44,492 units compared to 1,17,045 units in April 2016. Sales of mini segment cars, including Alto and WagonR, were up 21.9 per cent to 38,897 units from 31,906 units a year ago, MSI said in a statement.

Airtel, RJio clash over ads as telecom battle heats up

In a new face-off, telecom operator Reliance Jio has alleged that Bharti Airtel is violating tariff rules by issuing misleading offers and arbitrarily discriminating among its own customers subscribing to the same plan.
The Mukesh Ambani-led Reliance Jio has demanded highest penalty imposed on Sunil Bharti Mittal’s Bharti Airtel by telecom regulator Trai alleging that the two plans of Airtel – priced at Rs 293 and Rs 449 respectively – are being marketed in a misleading manner.

Extramarks Launches Test-Prep centres

Extramarks education launched its test-prep and coaching centres for preparing students for major entrance examinations like IIT - JEE, Medical, and Pre Foundation (Classes VI-X, all subjects). In first phase of launch, Extramarks has started full-fledged classroom coaching centers in Jaipur, Bhopal, Indore, Lucknow and Haldwani with plans to open centers in more than 50 locations by the end of this year.

Ola incurred Ra 2,311cr losses in 2015-16

The ad war with Uber is proving too costly for homegrown Ola. Locked in an intense battle with deep-pocketed, Uber for leadership for internet-based cab-hailing space, Ola has posted a consolidated loss of over Rs 2,311 crore for 2015-16 or Rs 6 crore a day.
ANI Technologies that runs Ola brand cabs in a filing with the ministry of corporate affairs said its losses widened from Rs 796.11 crore in 2014-15 to 2,311 in 2015-16.