These are the top five business stories fo the day.
These are the top five business stories of the day.
1) Diesel car ban blow to 'confidence in India': Toyota Kirloskar
The lingering uncertainty on sale of high-end diesel vehicles in the national capital region has come as a big blow to Japanese auto major Toyota's "confidence in India", forcing its domestic unit to rework its plans.
"Toyota Motor's confidence in India has taken a big knock after the Supreme Court ban since mid-December last on sale of high-end diesel cars and SUVs, and the continuing uncertainty... is only adding to it. But it is our job at Toyota Kirloskar Motor to reinstate that confidence," TKM Vice-Chairman Shekhar Vishwanathan said here over the weekend. Read more here.
2) Delhi diesel car ban affected 5,000 jobs: SIAM
The ban imposed on diesel cars and SUVs of engine capacity 2,000cc and above in Delhi-NCR by the Supreme Court has impacted about 5,000 jobs in the automobile sector, according to the industry body Siam.
It also said the ban, which is in effect since December 16, has resulted in production loss of around 11,000 units.
"... production loss due to the ban of these vehicles in NCR from December 16, 2015 to April 30, 2016 has resulted in 11,000 vehicles, which translates to impact on approximately 5,000 jobs in the industry," Society of Indian Automobile Manufacturers (Siam) said in a written submission to the Supreme Court. Read more here.
3) New home launches in Delhi-NCR up 62% in Jan-Mar
Launches of new homes increased by 62% to 4,600 units in Delhi-NCR during January-March period despite sluggish demand and huge unsold stocks, according to property consultant Cushman & Wakefield.
Of the total launches, over 40% were seen in the affordable housing segment.
Average ticket price in the affordable housing segment (below Rs 40 lakh) have fallen by 10% in last two years with developers reducing the basic selling price and also cut in launch rates.
In its report for residential segment for the first quarter of this calendar year, the consultant said the launches of new homes increased to 4,600 units from 2,800 in the same period last year. Read more here.
4) Mauritius treaty amendment: Don't see any depletion in FDI inflows, FM Jaitley says
Investors must pay taxes on money they earn in India and the domestic economy is now strong enough to depend on any "tax-incentivised route" to attract foreign investments, Finance Minister Arun Jaitley said.
He said there was no "serious apprehension" of investors shifting base to other tax havens and he sees no depletion in FDI flows due to re-drawing of decades-old tax treaty with Mauritius -- the biggest source of foreign investments into India.
The amendment would also help check round-tripping of funds and boost the domestic consumption, Jaitley added. Read more here.
5) Monsoon to be delayed by six days: Met department
The Met department has predicted a six-day delay in the onset of monsoon which was scheduled to strike Kerala on June 1.
"Forecast suggests that monsoon onset over Kerala this year is likely to be slightly delayed. The Southwest monsoon is likely to set over Kerala on June 7 with a model error of plus or minus four days," the India Metereological Department (IMD) said in its forecast released here.
June 1 is the official onset date of monsoon in India when it hits Kerala. Read more here.
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