Mahindra & Mahindra (M&M) announced revised prices of its vehicles pursuant to the implementation of GST, with immediate effect. The announcement was made after market hours yesterday, 4 July 2017. The prices of vehicles for end-customers on large utility vehicles (UVs) and sports utility vehicles (SUVs) have been reduced by an average of 6.9%, while those that come under small car segment have been reduced by an average of 1.4%. Similarly, end-customer prices have been reduced by an average of 1.1% for small commercial vehicles and 0.5% for LCVs and HCVs.
Since the GST rates on hybrid vehicles are significantly higher than that in the pre-GST regime, the prices for the end-customers of hybrid vehicles have been increased marginally. These price changes to end-customers will vary across states or even cities within a state, due to the differing levels of pre-GST local taxes.
The effect of the imposition of GST for tractors, which were not levied an excise duty, should be neutral given the input tax credits that would be available to original equipment manufacturers. Hence there will be no change for end-customer prices for tractors, the company said.
Shares of Timken India and ABC Bearings will be watched. The board of Timken India on 4 July 2017, approved the amalgamation of ABC Bearings with the company. As per the proposed scheme, Timken India will issue 5 equity shares for every 8 equity shares held in ABC Bearings. The transaction is expected to close in the quarter ended 31 March 2018, subject to the receipt of all approvals. The announcement was made after market hours yesterday, 4 July 2017.
ICICI Prudential Life Insurance Company, India's only listed life insurance company, has confirmed its interest in buying the beleaguered Sahara Life's insurance business. The company confirmed that it has expressed its interest to evaluate taking over policyholders' liabilities and assets of Sahara Life. The last reported policyholders' liabilities of Sahara Life is about Rs 900 crore, which is less than 1% of the company's balance sheet size. The announcement was made after market hours yesterday, 4 July 2017.
Mcnally Bharat Engineering Company said it received an order for construction of entry/exit structure of Elamkulam Station and balance works in the main station building at Elamkulam from Delhi Metro Rail Corporation for Rs 43.49 crore (approximately). The announcement was made after market hours yesterday, 4 July 2017.
Reliance Communications (RCom) will not pay outstanding interest until December 2017, on its bonds held by LIC of India, the country's largest insurer, as the telco seeks to shed Rs 25000 crore of debt as part of a financial restructuring. The announcement was made after market hours yesterday, 4 July 2017.
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