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Hero MotoCorp becomes first auto firm to join government's ONDC Network

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New Delhi, May 13 (IANS) Strengthening the Digital India mission, two-wheeler giant Hero MotoCorp on Monday said that it has joined the government-run Open Network for Digital Commerce (ONDC) Network, becoming the first auto company in the country to join the network.

According to the company, this partnership will further improve the reach and convenience, providing an easily accessible digital mode to consumers.

“Now with ONDC Network, we have pioneered the automotive taxonomy for the auto industry, making it easier for customers to find vehicle parts and accessories to begin with,” Niranjan Gupta, CEO, Hero MotoCorp, said in a statement.

He further added that with this initiative, Hero MotoCorp is taking forward the government’s Digital India mission and “we will continue to bring in more innovation in this space”.

Initially, ONDC will offer two-wheeler parts, accessories and merchandise on its platform. Consumers can easily discover the two-wheeler giant’s genuine parts by using any buyer apps on the Network, such as Paytm and Mystore, among others, the company mentioned.

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“When brands like Hero MotoCorp embrace the Open Network, it reaffirms our vision of driving digital transformation in the country by creating a fair and efficient ecosystem for all kinds of businesses to thrive,” said T Koshy, MD & CEO of ONDC.

With ONDC Network, Hero MotoCorp said that it is all set to deliver a renewed purchasing experience to its over 115 million customers.

–IANS

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South Korea, UAE discuss enhancing bilateral economic ties

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Seoul, May 28 (IANS) Business leaders of South Korea and the United Arab Emirates (UAE) on Tuesday discussed ways to enhance economic cooperation and develop business partnerships in new industries, such as clean energy and ICT, a major business lobby here said.

The Korea-UAE Business Investment Forum, held in Seoul during the state visit of UAE President Mohamed bin Zayed Al Nahyan, brought together around 200 government officials and business leaders, including South Korean Trade Minister Cheong In-kyo and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, according to the Korea Chamber of Commerce and Industry (KCCI).

“The cooperation between our countries has evolved from developing plants and oil fields into that of a special strategic partnership, exemplified by the Barakah Nuclear Power Plant,” Cheong said in his welcoming remarks. “We will provide support so that the seeds of cooperation can grow,” he added.

The Barakah Nuclear Power Plant in Abu Dhabi, South Korea’s first overseas nuclear project, symbolizes the two nations’ collaboration, reports Yonhap news agency.

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Since establishing diplomatic ties in 1980, South Korea and the UAE have partnered in various sectors, particularly in those of energy and construction.

Bilateral trade between the countries reached $20.8 billion in 2023, a significant increase from $190 million in 1980, making the UAE South Korea’s 14th-largest trade partner.

“With the Comprehensive Economic Partnership Agreement (CEPA) signed in October last year, Korea and the UAE are expanding cooperation beyond traditional areas, like energy and infrastructure, into new industries,” KCCI Executive Vice Chairman Park Il-joon noted.

In discussion sessions, business leaders discussed ways to enhance cooperation in clean energy, ICT, communications, logistics, manufacturing and trade through the CEPA.

The KCCI said the UAE is the only Middle Eastern country with a special strategic partnership with South Korea, and expressed hope that the forum would deepen bilateral cooperation and expand exchanges in new industries.

–IANS

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Ex-Porsche engineer Manfred Harrer joins Hyundai in top role

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Seoul, May 28 (IANS) Hyundai Motor Group said on Tuesday it has hired a former Porsche engineer who led the development of the luxury sports car brand’s first electric vehicle (EV), Taycan, as it strives to further improve its vehicles’ performance.

The South Korean carmaker has appointed Manfred Harrer as executive vice president and head of the newly established Genesis & Performance Development Tech Unit, the group said in a statement.

The unit operates under the Research and Development (R&D) division of Hyundai Motor and Kia, two key affiliates of the automotive group. Harrer reports to Yang Heui-won, president of the Hyundai-Kia R&D Division, it said.

Harrer, 51, has worked on diverse projects, including chassis development, electronic systems, and software development, at leading carmakers such as Audi AG, BMW Group, and Porsche AG in the past 25 years, reports Yonhap news agency.

He also previously worked at Apple as senior director of product design engineering.

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The group expects his expertise and leadership capabilities to expedite its electrification transition, securing top-tier leadership in the upcoming EV era and enhancing the marketability of Hyundai Motor and Kia’s products.

Harrer said he is dedicated to playing a pivotal role in the future evolution of luxury Genesis models as well as Hyundai and Kia’s high-performance vehicles.

–IANS

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Govt bonds worth Rs 29,000 crore coming up for auction on May 31

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New Delhi, May 27 (IANS) The Finance Ministry on Monday announced the sale of government bonds worth Rs 29,000 crore in three lots through auctions to be conducted by the Reserve Bank of India in Mumbai on May 31.

The first lot comprises “New Government Security 2029” for a notified amount of 12,000 crore through a yield-based auction using multiple price methods. The second lot of “New GOI SGrB 2034” worth 6,000 crore will also be auctioned through a yield-based auction using multiple price method while the third set of 7.34 per cent Government Security 2064 worth 11,000 crore will be auctioned through price based auction using multiple price method.

The government will have the option to retain additional subscriptions up to 2,000 crore against each of the three securities. Up to five per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

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Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 31, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

The result of the auctions will be announced on May 31, 2024 (Friday) and payment by successful bidders will be on June 03, 2024 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the RBI guidelines.

–IANS

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Delhi HC upholds order directing SpiceJet to return aircraft to TWC Aviation

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New Delhi, May 27 (IANS) The Delhi High Court on Monday declined to intervene in a single judge bench’s order directing airline SpiceJet to return two Boeing aircraft with engines to TWC Aviation over unpaid dues.

A division bench of Justices Rajiv Shakdher and Amit Bansal has directed SpiceJet to comply with the order by June 17.

Previously, the single judge had mandated that SpiceJet hand over the aircraft, engines, and all relevant technical records to TWC Aviation by May 28.

This decision came after senior advocate Amit Sibal, representing SpiceJet, agreed to the bench’s suggestion to extend the compliance deadline if SpiceJet withdrew its appeal.

SpiceJet accepted the proposal and withdrew the appeal.

TWC Aviation, the owner of the aircraft and engines, initiated a lawsuit seeking a permanent injunction against SpiceJet. The suit alleged that the aircraft were leased to SpiceJet for 12 months at a monthly rent of $180,000. SpiceJet, however, failed to pay the lease rentals, prompting the creation of amendment agreements to accommodate payment difficulties due to the Covid-19 pandemic.

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Despite these adjustments, SpiceJet breached the agreements.

TWC Aviation sought enforcement of a UK court’s order directing SpiceJet to return the aircraft immediately.

The single-judge bench observed that the separate use of aircraft frames and engines by SpiceJet would significantly reduce their value for TWC Aviation and noted the airline’s failure to pay the dues. Ruling in favour of TWC Aviation, it stressed that SpiceJet could not continue to use the aircraft and engines without fulfilling its payment obligations given the acknowledged dues.

–IANS

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LIC Q4 net profit at Rs 13,763 crore, declares dividend of Rs 6 per share

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New Delhi May 27 (IANS) Life Insurance Corporation of India (LIC) on Monday reported a 2.5 per cent increase in net profit at Rs 13,763 crore for the January-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 13,421 crore in the same period last year.

The country’s largest announced an interim dividend of Rs 6 per share.

The insurance behemoth also reported an improvement in its asset quality as gross non-performing assets (GNPA) fell to 2.01 per cent from 2.56 per cent in the year-ago period.

The value of new business of the company rose by 4.66 per cent to Rs 9,583 crore with the margin increasing by 0.6 per cent to 16.8 per cent.

The insurance giant sold a total of 2.03 crore policies in the individual segments compared to 2.04 crore policies sold in FY23.

In the fourth quarter, LIC witnessed an uptick in its Annual Premium Equivalent (APE), recording a 10.7 per cent increase to Rs 21,180 crore compared to Rs 19,137 crore in the previous year.

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The company’s Assets Under Management (AUM) increased to Rs 51.21 lakh crore as on March 2024 as compared to Rs 43.97 lakh crore on March 31st, 2023 registering an increase of 16.48 percent year on year.

The solvency ratio of the insurer was at 1.98 per cent up from 1.87 per cent last year.

–IANS

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