MakeMyTrip Limited Announces Details of Annual Meeting of Shareholders - MarketWatch (press release)
MMYT -1.03% (the "Company"), India's largest online travel company1 and the parent company of MakeMyTrip (India) Private Limited, MakeMyTrip.com Inc. and Luxury Tours & Travel Pte Ltd, announced today that the annual meeting of its shareholders will be held on Friday, September 30, 2011, beginning at 5:00 pm, Indian local time, at Ground Floor, Tower A, Plot No. 243, Udyog Vihar, Phase 1, Gurgaon -- 122016, India. The Company's notice of annual meeting and form of proxy were issued on September 6, 2011.
The Company's annual report on Form 20-F for the financial year ended March 31, 2011 (the "Annual Report"), containing its annual consolidated financial statements for the financial year ended March 31, 2011 and the auditors' report thereon, was filed with the Securities and Exchange Commission on September 2, 2011.
The Company's Annual Report, notice of the annual meeting, form of proxy and annual unconsolidated financial statements for the financial year ended March 31, 2011 are available on the Company's investor relations website at http://investors.makemytrip.com . Shareholders may also obtain a copy of these documents, free of charge, by sending a request by email to jonathan.huang@makemytrip.com.
MakeMyTrip Limited, the parent company of MakeMyTrip (India) Private Limited, MakeMyTrip.com Inc. and Luxury Tours & Travel Pte Ltd, is India's largest online travel company1. The company's services and products include air tickets, customized holiday packages, hotels, rail tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary website, www.makemytrip.com , and other technology-enhanced platforms, the company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 4,700 hotels in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.
MakeMyTrip Limited Announces Details of Annual Meeting of Shareholders - MarketWatch (press release)
Comprehensive insurance covers car occupants and pillion riders - Business Standard
Insurance companies have been capitalising on the misperception that a comprehensive motor insurance policy (CIP) does not cover persons travelling in a car or sitting astride the pillion of two-wheelers. Most consumers believe the policy only covers loss or damage to the vehicle and third party accident claims.
When vehicle owners want passengers to be insured, the insurer charges an additional premium, although they get covered, by default, under a CIP. There have been instances when the vehicle owner has been personally held liable to pay compensation to the injured passengers. This because the insurer misled the courts about the scope of a CIP.
This deceit got exposed when the Delhi High Court looked into a judgement passed by Justice JR Midha in the case of Yashpal Luthra & Anr versus United India Insurance Co Ltd & Anr.
Vinod Luthra, 24, was sitting astride the pillion of a motorcycle being driven by his friend, Umed Singh Mateyee. Their bike got hit by an unknown vehicle. Luthra fell down, suffered fatal injuries and died. The bike was covered under a CIP issued by United India Insurance. Luthra's parents and widow filed a claim before the Motor Accident Claims Tribunal (MACT) against the insurer and the vehicle owner.
Comprehensive insurance covers car occupants and pillion riders - Business Standard
To keep growing, India needs reform update - The National
The country, caught for decades in a socialist time warp, began easing key government controls in favour of neo-liberal reforms, unshackling private-sector enterprises from its labyrinthine bureaucracy.
Several key sectors including telecommunications, retail, and insurance were opened up to foreign investors. Many policies that stifled growth were gradually reversed: the government reduced export subsidies and import barriers to enable free trade; scrapped the industrial licensing regime; and did away with multiple permits and the accompanying red tape that gave rise to a cumbersome system derisively referred to as the "licence raj".
The policy shift ended the dark days of the lumbering "Hindu rate" of growth - a derogatory expression commonly used for the low annual growth rate of the socialist economy - and catapulted India on to what Goldman Sachs described as the "growth expressway", with an average 8 per cent GDP.
With sky-high inflation, falling industrial production and renewed warnings of a double-dip recession across the US and Europe, India's economy faces the prospect of a sharp slowdown. Observers say there is only one way to arrest the slowdown: reforms, reforms and more reforms.
To keep growing, India needs reform update - The National
Pay high premium for your red hot car - Business Standard
Young and driving a red car? Get ready to fork out more on your car insurance! Aided by sophisticated research data, car insurers are designing products based on the colour of the car and the age, profile and gender of the driver.
For instance, younger car owners in the age group of 18-25, who are seen as more of a risk by insurers, could be charged higher premiums. Similarly, Red is the favourite colour among the youth, hence, could attract higher premiums.
Taking a leaf out of the concept of customer-based risk pricing in foreign countries, Indian private insurers have introduced some segmentation based on the type of fuel, model of the car and geography.
Taking a leaf out of the concept of customer-based risk pricing in foreign countries, Indian private insurers have introduced some segmentation based on the type of fuel, model of the car and geography. “We have observed the person who buys a red colour car often is the one who is aggressive and energetic than the other lot. He is also one who lives a fast-paced life. There have been many instances where a red car is involved in an accident,” said Sudipta K Sen, regional director, south east Asia CEO & MD, SAS Institute (India). SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market.
Pay high premium for your red hot car - Business Standard
Pretty dough-eyed - Times of India
When Tulsi Khemka of Bangalore says her salary has shot up 20 times in the last five years, she's just stating a fact - with a little trace of pride but no boast, really. The 30-year-old senior executive in a multinational retail company is on a roll, like the growing horde of women in India with more earning power and wider disposable incomes than ever before.
Women today not only live well, they make no apologies for it. Marwah has seen her salary jump 20-25% every year in the last 12-13 years. She's brand conscious and passionate about cars. "We have two. I am planning to buy a third," she gushes.
Advocate Sejal Chacha who lives in a Bandra suburb admits her income has gone up in the last five years. "I don't earn a fixed sum. I would once charge Rs 10,000 for filing a case, now it is Rs 20,000-25,000." Husband Nilesh is a theatre artiste and together they make between Rs 50,000-1,00,000 a month. And despite increasing expenditure - "Rs 100 barely fetches two apples" - she maintains a well-furnished house. She has two maids and a chauffeur.
In the last three years alone, MMTC's sale of gold has increased from 137mt to 245mt, says Ved Prakash, director, marketing, precious metals division. "Women prefer to buy 50gm and 100gm gold bars. Their sustained demand has made our company start neighbourhood exhibitions in Delhi/NCR and Tier-2 towns. They also regularly buy 5, 6, 10, 20gm coins for conversion into jewellery. This trend is expected to continue despite the rising prices." P P Jose, COO of Joyalukkas India Ltd, adds that the selection of jewellery designs is usually made by women independently, while pricing is a joint family decision. The love of gold will always remain an Indian obsession. Most women, says Tehmasp Printer , MD of International Gemological Institute , prefer to wear it. "A share certificate can't be worn around the neck but gold can." Even diamonds are an investment and the market is growing at 25% annually, he says.
Pretty dough-eyed - Times of India
BharatBenz in 2012 for commercial vehicles sees prelude in Daimler Financial … - Rush Lane
In a bid to increase potential and boost growth prospects in India, Mercedes Benz Insurance and Bajaj Allianz have come together. From 1st July onwards, Daimler Financial Services India decided to offer Bajaj Allianz car insurance policies through their dealers. This was decided after calling for tenders to the effect.
CEO of Allianz Global Automotive, Karsten Crede had this to say, "Awarding the Indian car insurance business to Allianz is an important milestone for the further extension of our strategic partnership with Daimler." "Our collaboration thus far has shown that both companies are a perfect fit for each other.
Furthermore, the co-operation allows us to continue to significantly enhance our position on the booming Indian market" Offering car insurance business to Bajaj Allianz would ensure benefits for both companies and also develop their (Bajaj Allianz) status in the Indian auto sector which is fast flourishing.
According to Dr. Hanns Martin Schindewolf, CEO of Daimler Insurance Services, Allianz have a good standing in the insurance market especially in India. Daimler Insurance Services have had successful co-operations in parts of Europe, Russia, Netherlands and Australia. Specific car insurance which comes along with finance makes it convenient and less time consuming.
BharatBenz in 2012 for commercial vehicles sees prelude in Daimler Financial ... - Rush Lane
Suzuki may raise Maruti stake by 5%: report - MarketWatch
MUMBAI (MarketWatch) -- Suzuki Motor Corp. (7269.TO) is considering a plan to raise its stake in Maruti Suzuki India Ltd. (532500.BY) by 5% through open-market purchases, the Business Line newspaper reported Wednesday, citing banking sources.
The Japanese parent of India's largest car maker by sales is looking to buy the shares over a year, the report said without naming the sources.
Moscow (left) is a playground for the well-heeled, while Japan and Switzerland, unsurprisingly, place two cities each in the top 10. But No. 1 is a bit of a shocker.
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Suzuki may raise Maruti stake by 5%: report - MarketWatch
Diesel for petrol? - Business Standard (blog)
Fiat India has kick-started a unique proposition, one that is designed to prep up footfalls in the Fiat section of Tata-Fiat showrooms and hopefully lead to improved sales in the coming months.
The idea is that if you win their lucky draw, then your diesel car will be available for the price of a petrol car (i.e. the corresponding trim). If you buy a Linea T-Jet, you get Rs 100,000 off on the ex-showroom price. There's more: all Fiat buyers in July will get three months of free fuel (with some riders), a discount on the first year of insurance and 50 months roadside assistance for free.
All of this may sound enticing to some, but it brings us down to the moot point – is the auto industry reeling under immense pressure? It seems to be the case if one witnesses the plunge in sales for the month of June for a large section of auto manufacturers. The trend was first witnessed in May, but the fear is that this could be something long-term. A few factors are possibly responsible for this – one is the increasing interest rates as the government tries to curb runaway inflation. The other is the spike in petrol prices, which may not be so much in percentage terms, but it's playing with people's minds psychologically.
Fiat India's marketing strategy at such a time is a brave move. But what would have been braver if this wasn't a lucky-draw. If it were the real deal – that would have really shaken-up the car market. Think about it, Fiat needs to make an impression on the car market as far as marketshare/volumes are concerned. What better than to offer a diesel car for the price of petrol variant, irrespective of what the scratch card or lucky-draw coupon has to say. It's exactly the kind of initiative needed to kick-start an industry staring in the face of a slowdown until the industry develops some momentum.
Diesel for petrol? - Business Standard (blog)
Admiral Group staff share £1.6m bonus pot - Employee Benefits
The payout is made up of dividends from the car insurance group’s approved share plan and a bonus linked to staff holdings in its discretionary free share scheme (DFSS).
The bonus is calculated with reference to the recent dividend paid to shareholders, and equates to 35.5p multiplied by the number of shares held within the DFSS.
Staff also received the dividend on shares held within the share incentive plan (Sip) after the group announced in May that it was paying a dividend of 35.5p on the back of record results for 2010.
The majority of the bonus, around £1.3 million, is being shared between Admiral Group staff in its offices in Cardiff, Swansea and Newport, although some employees in its offices in Spain, Italy, France, the US and India have also benefited.
Admiral Group staff share £1.6m bonus pot - Employee Benefits
DEAR MARGARET: My insurer won’t pay £1500 claim for horror holiday… - Daily Mail
Last November I went to India for my last, long-distance holiday dream — I am a 70-year-old widow. I paid £179.04 for a single-trip travel insurance policy with Columbus Direct.
The holiday went badly wrong. Our luggage was delayed for two days and we arrived in Kerala without clothes, medication and, importantly, insect repellent.
I was bitten and my leg began to swell. The hotel called a doctor who told me it was infected and I must keep off it as much as possible. He also advised that on my return journey I must travel with my legs stretched out and elevated.
The rep from Emirates, the airline we travelled with, sorted this out for us. I had to pay £1,464.52, including fees, for new seats for me and my sister-in-law, my travelling companion.
DEAR MARGARET: My insurer won't pay £1500 claim for horror holiday... - Daily Mail