Honda developing 100% Indian product
NEW DELHI, 12 JUNE: Honda is developing a completely new two-wheeler in India that could hit the market within a year, as part of strategy to strengthen its position in the country. A joint team of about 200 engineers of the company’s two arms ~ Honda Motorcycle & Scooter India (HMSI) and Honda Research & Development India ~ is currently working on the project. “Yes, there is work going on to produce a 100 per cent locally-developed product in India,” HMSI president and CEO Keita Muramatsu told reporters here. pti
MMTC divestment
NEW DELHI, 12 JUNE: The government has decided to sell 9.33 per cent stake in MMTC tomorrow and has fixed the floor price at Rs 60 a share, which will fetch the exchequer about Rs 600 crore. “We will divest 9.33 per cent in MMTC tomorrow through offer for sale (OFS) route,” disinvestment secretary Mr Ravi Mathur told reporters here. pti
Retail inflation down
NEW DELHI, 12 JUNE: Falling for the third straight month, retail inflation stood at 9.31 per cent in May due to easing of prices of edible oil and protein-based items, even as vegetable prices inched up sharply. The consumer price index (CPI)-based inflation stood at 9.39 per cent in April. It was 10.39 per cent in March. pti
SC on cement penalty
NEW DELHI, 12 JUNE: The Supreme Court today declined to interfere with the order of the competition tribunal directing 10 cement firms to deposit 10 per cent of the penalty of Rs 6,300 crore imposed on them for allegedly indulging in cartelisation. The apex court, however, slightly modified the order of the Competition Appellate Tribunal by extending the deadline of 16 June to 24 June for depositing the amount with the tribunal. pti
HSCL CMD
NEW DELHI, 12 JUNE: The appointments committee of the Cabinet has cleared the name of Mr Moyukh Bhaduri for the post of chairman and managing director of the Kolkata-based Hindustan Steelworks Construction Ltd, a source said. HSCL, which is into the construction of steel plant and building infrastructure, had been without a full-time CMD since July 2012 following incumbent Mr Malay Chatterjee’s appointment as CMD of Kudremukh Iron Ore Company Ltd. pti
Patent infringement fine
NEW DELHI, 12 JUNE: India’s Sun Pharmaceuticals and Israel’s Teva will pay a sum of $2.15 billion to Pfizer and Takeda as part of patent infringement settlement for acid reflux medicine Protonix in the USA, Pfizer said in a statement. pti