Weekly News

Videocon forays into gen insurance

• Videocon is entering into financial services business through a general insurance company in partnership with US-based property and casualty insurer Liberty Mutual Group (LMG).

• The foreign partner will hold a maximum permissible 26 per cent stake in the JV with Videocon .

• The JV will primarily focus on personal non-life products like motor, health, homes and small commercial business solutions.

IPO limit for individual investor enhanced

• SEBI has doubled the limit for maximum application for individual investors from Rs 1 lakh to Rs 2 lakhs across all public issues.

• Once categorized as HNIs these investors had only 15 percent of the shares at their disposal, as against 35 percent reserved for the retail players.

• The remaining 50 percent is set aside for institutional investors.

Bajaj Auto arm raises KTM stake• Bajaj Auto International Holdings (BAIHBV), a

Netherlands-based wholly-owned subsidiary of Bajaj Auto, has raised its stake in KTM Power Sports .

• India’s second-largest motorcycle maker purchased 2.44 lakh shares in KTM, taking the total shareholding to 38.09% .

• Bajaj Auto is the second-largest shareholder in KTM. The largest shareholders — Stefan Pierer and Rudolf Knuenz hold more than 51%.

GE to double exports in 5 years; to focus on India

• GE is looking at doubling its overall exports in next five years.

• Scaling up of exports by GE would also benefit other countries as it would create jobs in the rest of the world, besides the US.

• India is a big market for engineering firms as there would be big focus on infrastructure development during the 12th Five year plan.

Maruti, Hyundai exports dip as cos shift focus on domestic mkt

• In the month, domestic market leader Maruti Suzuki India (MSI) witnessed its exports declining by 18.11 per cent to 11,353 units from 13,864 units in the year-ago period.

• Hyundai Motor India (HMIL) also saw its overseas sales going down by 25.32 per cent to 17,500 units from 23,434 units in the corresponding period last year.