Spear Logistics to invest Rs 300 cr over three years

Spear Logistics, a subsidiary of the French firm FM Logistic, a major player in warehousing, transportation and co-packaging business, is investing Rs 300 crore over the next three years and targetting over Rs 270 crore sales turnover in three years in Asia’s third biggest economy.
The Pune-headquartered firm, operating in the contract logistics segment offering long-term inventory and warehousing management business, clocked revenues of Rs 134 crore last fiscal, a year-on-year growth of 35 per cent. It was over five times since the 2009 fiscal.

Toyota, Suzuki in partnership talks

Rival Japanese automakers Toyota and Suzuki have started formal talks on a wide-ranging strategic partnership. Auto analysts say a deal could speed up introducing new green cars, reduce cost and protect and increase their respective market share in India, Asia’s third biggest but fiercely competitive car market.
They plan to trade expertise in parts supplies and R&D, in an agreement that will aid expansion in emerging markets, including India.

Compact UVs drive PV sales as demand drops for cars: Ind-Ra

Robust demand for compact utility vehicles like Maruti's Vitara Brezza and Hyundai Creta is driving up overall passenger vehicle sales in India even as those of cars continue to be in a slow lane.
According to a report by India Ratings and Research (Ind-Ra), during the April to December period of current fiscal, UV volumes grew by 33 per cent as compared with a mere 2.5 per cent for cars, while the overall growth rate for passenger vehicles (PVs) stood at 8.6 per cent.

Micromax sets up $75m fund to invest in consumer internet companies

Handset maker Micromax is setting up a $ 75-million independent fund that will focus on investing in domestic and international consumer internet companies.
In the last two years, Micromax has already invested in about 10 startups, including ixigo, Gaana, HealthifyMe and Scandid.
The fund -- Orbis Capital -- aims to raise $ 75 million in the next 12-18 months. Backed by Micromax as an investor and strategic partner, the fund will focus on investing in consumer internet companies both locally and internationally.

Carmakers cheer good sales

Major car manufacturers in Asia’s third biggest car market such as Maruti Suzuki, Hyundai, Tata Motors, Toyota Kirloskar Motor, Ford, Volkswagen and Nissan have reported pick-up in demand for their brands in January after a temporary slump due to demonetisation in early November. The only dampener was Mahindra and Mahindra, India’s biggest utility vehicle maker by sales, and Japanese Honda Cars. Sales of both the brands fell 9 per cent each last month.

Marans discharged in Aircel-Maxis cases

A special court on Thursday discharged former telecom minister Dayanidhi Maran, his brother Kalanithi Maran and other accused in the Aircel-Maxis cases of CBI and ED. The court said the charges were based on “misreading of official files”, speculation and surmises of the complainant.

Ashok Leyland opens new assembly plant in Bangladesh

Hinduja Group flagship Ashok Leyland today opened a new assembly plant in Bangladesh as it aims to make further inroads into the neighbouring country.
Built over a period of 15 months in Dhaka, the plant is spread over an area of 37 acres and is a joint collaboration between Ashok Leyland and IFAD Autos Limited, Bangladesh.

TVS Motor sales dip marginally to 2,07,059 units in Jan

TVS Motor Company today reported marginal decline in total sales at 2,07,059 units in January.
The Chennai-based company had sold 2,08,485 units in the same month last year.
Total two-wheeler sales during the month grew marginally to 2,02,209 units from 2,01,233 units in January, 2016.
Exports during the month were at 34,110 units as against 34,823 in January 2016, a decline of 2.04 per cent.

Samsung eyes bigger play in Indian gaming industry

Eyeing a bigger play in the niche Indian gaming market, Samsung today launched its 'curved' gaming monitor, priced at Rs 35,000 onwards.
"Gamers are demanding advanced display technologies in monitors in order to experience every nuance of the game. There is a need for better monitors for enhanced gaming experience in the country," Samsung India Director (CE B2B Business) Puneet Sethi told reporters here.
He said the launch of the curved gaming monitor is a step in that direction.

Reliance Jio, demonetisation led to revenue drop: Vodafone

Britain's leading telecom major Vodafone today said competitive pressures in India with free services offered by new entrant Reliance Jio and the impact of demonetisation on prepaid top-ups led to a nearly two per cent drop in its service revenue from the country.
The company also confirmed merger talks with the Aditya Birla Group's Idea Cellular as part of its third-quarter results for the period that ended on December 31, 2016.