Audi R8 LMX Launched; Features Laser Headlights

Audi India, today, launched its most powerful and fastest-road car, the R8 LMX, at Rs. 2.97 crore (ex-showroom, Delhi/Mumbai). Other than the massive power it unleashes, what makes it an even more special model is the fact that it is the first production car with laser high beam lighting in India. That said, the upcoming BMW i8, expected to be launched in the first quarter of CY 2015, will be the second car in India to feature laser head-lights. The company will sell only 99 units of the R8 LMX globally.

Powering the R8 LMX is a 5.2-litre V10 engine, that mated to a seven-speed S Tronic gearbox, churns out a whooping 570bhp and a peak torque of 540Nm . The car sprints 0-100kmph in just 3.4 seconds, while hitting the top-speed of 320km/h.

What better way to celebrate another record year at Audi than bringing in a car which denotes our claim of "Vorsprung durch Technik" - the new Audi R8 LMX. The combination of LED and laser high beam lighting was used for the first time on the new Audi R18 e tron quattro at the 24 Hours of Le Mans last year. Audi is thus continuing its tradition of using racing to test new technologies destined for production. 

The limited-edition Audi R8 LMX is the first production car in India to come equipped with laser high beam lighting, a particularly brilliant innovation integrated in a sports car. The Audi R8 LMX thrills with intelligent lightweight engineering, impressive design and breathtaking driving performance right from the word go. The Audi R8 LMX is beautiful to look at and marvelous to drive. We are positive that the Audi R8 LMX will excite Audi enthusiasts and add more fans into the ever-growing Audi fan base," said Mr. Joe King, Head, Audi India.

Audi has always been at the forefront in lighting technologies. Audi was the first luxury car manufacturer to bring LED headlights in India. Last year, we introduced Matrix Headlamps in our flagship model, Audi A8 L again a first by any luxury car manufacturer in the country direct evolution of Audi's signature LED headlights delivering a phenomenal 966,105,422 different illumination configurations. The introduction of the laser headlight to the Audi R8 LMX underscores our leading position in lighting technology," added Mr. King.

Hike Messenger app to introduce Voice Calling soon

When Hike acquired Zip Phone, a US-based company which allows users make calls over Wi-Fi, it was apparent that the Indian cross-platform instant messaging service is aiming to introduce the voice-calling feature. The images of the said feature have made their way to the web.

Hike Messenger's voice-calling feature could be soon to the app, within the next few days. The service will be optimized for 2G networks in India as well as trying to ensure minimum bandwidth usage so that data costs don't go through the roof. 

Hike's voice-calling, which will need internet access, shall be more data efficient and thus work well even on networks where internet connectivity is poor. The service will be available globally. 

The voice-calling feature on messaging apps is something people may hear a lot in 2015. Facebook-owned WhatsApp had revealed plans to launch the feature last year but that didn't happen. 

It was reported that one of the reasons for the delay was because WhatsApp was finding ways to implement voice calling services in areas where internet connectivity is poor because 3G services and Wi-Fi access is restricted in many parts of the world and consequently 2G services are still more important. 

There are also rumors with respect to WhatsApp playback and call-recording feature. What is unclear is whether these features on the app will be paid or whether users will have to start paying for WhatsApp once the new features are rolled out. Another report claimed that WhatsApp will integrate 'Call via Skype' feature to its app. 

Hike managed to cross 35 million users since its launch in December 2012 which is quite impressive for a new brand in a highly-competitive market.

Indian rupee gains past 62/dollar as RBI cuts repo rate

The Indian rupee gained past 62 a dollar in early trade on Thursday as the Reserve Bank of India (RBI) slashed repo rate by 25 basis points to 7.75 percent.

The currency appreciated by 30 paise to trade at 61.88 per dollar against previous day's closing value of 62.18 a dollar.

RBI kept cash reserve ratio (the amount of funds that every bank has to keep with the RBI) unchanged. Governor Raghuram Rajan says inflation may be below 6 percent by January 2016.

The dollar nurses losses, having retreated across the board after a surprisingly big fall in US retail sales pulled US yields sharply lower.

Also Read - RBI cuts repo rate by 25 basis points ahead of Feb 3 policy

Mohan Shenoi of Kotak Mahindra Bank said, "Global markets are swinging between risk-on and risk-off based on US data and growth/deflation scare. The dollar is showing mixed trends by holding stable against Euro while mildly losing ground to Yen and GBP. The USD-INR is expected to trade in a range of 62-62.30/dollar today."

Insurance agents, brokers now under same ambit

In the recently promulgated insurance ordinance, the government has brought corporate agents within the definition of ‘’insurance intermediary’’ in line with brokers thereby opening up the debate on whether banks can now act as brokers and seek partnership with multiple insurers.

In the ordinance, approved by the government on December 24 and signed by the President on December 26, the Centre expanded the definition of “intermediary” by bringing corporate agents within its ambit. “Insurance intermediary includes insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors and such other entities as may be notified from time to time by the authority,” said the Insurance Ordinance in its definition of intermediary.

In the earlier definition, corporate agents were not defined as intermediary and the Insurance Act had mandated exclusive distribution arrangement only for agents including corporate agents.

The email and messages sent to the Irda chairman on Monday, asking the impact of the same, went unanswered until late Tuesday.

Former Irda chairman, J Hari Narayan, however, said that an agent is an agent and a broker is a broker, their roles are defined. “Going forward, Irda will have to come out with a regulation with regard to corporate agents and will have to specify their reporting mechanism,” said Hari Narayan.

Within the industry, while some feel that by bringing them under the common head of ‘intermediary’, the government intends banks to also act as brokers and sell products of various insurers in a bid to increase penetration, there are others who feel that they continue to be defined individually as brokers and agents and Irda will have to clarify the same.

A senior official with a private sector insurer said, “By bringing both under the definition of intermediary, the government set the ground for opening up Bancassurance that will allow banks to sell products of multiple insurers. The Irda will now have to come out with a guideline relating to the same. However there are some who do not entirely agree with this and say that they would wait for Irda’s guidelines.”

“We will have to wait for IRDA to define who will act as what. However, the change in ordinance as of now means that while earlier the insurer was answerable for the errors and omissions of corporate agents, now they themselves will be answerable for the same,”said the head of an insurance company who did not wish to be identified.

The CEO of another private sector general insurance company said, “The power now rests with the regulator and Irda will have to come out with a guideline clarifying the scope of brokers, corporate agents and agents.”

In August 2013, Irda had come out with a notification allowing banks to get licensed as insurance brokers making it possible for banks to migrate from a corporate agency structure to broking but despite the enabling regulations, no bank has till date migrated.

Sensex holds 28000 amid pressure; Sun TV, SpiceJet in focus

10:30am Piramal Enterprises in News

Piramal Enterprises (PEL) gained 2 percent today as the Piramal Group company has been considering the acquisition of UK-based company.

"Piramal Enterprises is in final stages of discussion with the University of Kentucky for the potential acquisition of Coldstream Laboratories for a total consideration of USD 30.65 million," said the company in its filing to the exchange.

Of the total amount, USD 5.65 million would be towards the Coldstream facility on the Research Park Campus of the University, while the rest would be towards purchase of the company’s shares, it added.

This potential transaction is subject to corporate approvals and is expected to be completed by the end of this week. However, the transaction is not subject to any regulatory approvals. No related party of PEL has any interest in Coldstream, said the Piramal Group company.

10:00am Market Check

Equity benchmarks entered into consolidation mode after the yesterday's rally priced in all events like surprise rate cut by RBI, fall in trade deficit etc. The frontline indices were marginally in red on profit booking.

The Sensex fell 42.23 points to 28033.32 and the Nifty declined 12.15 points to 8482. However, the broader markets outperformed benchmarks marginally with the BSE Midcap and Smallcap indices rising 0.2-0.5 percent.

About 1073 shares have advanced, 786 shares declined, and 276 shares are unchanged on the Bombay Stock Exchange.

“With sharply lower commodity prices, favourable macro indicators like inflation, CAD & fiscal deficit and now rate cuts, we believe conditions are ripe for economic recovery to take shape,” says Rakesh Arora, Macquarie.

According to him, the government sustaining its policy momentum and delivering on reforms would be key. “Markets will closely watch the upcoming Budget session in late February.  In our view, any market weakness should be seen as an opportunity to buy,” says Arora.

TCS fell nearly 2 percent on reporting lackluster results. Dollar revenue growth was flat and constant currency growth at 2.5 percent was lower than that of Infosys. CLSA lowered FY16/17 earnings per share by 2/3 percent due to deeper cross-currencies and lower than expected revenue acceleration and cut target price to Rs 3100/share.

Bharti Airtel dropped nearly 3 percent. Media report suggested that Bharti Airtel, Idea Cellular, Reliance Communications and Vodafone may collectively bid Rs 74,000 crore as per HSBC report.

Shares of ICICI Bank, SBI, ITC, Bharti Airtel, Tata Motors, Tata Steel, Maruti Suzuki, Hero Motocorp and GAIL fell 0.6-1.3 percent while HDFC Bank, HUL, Cipla, Coal India and Sesa Sterlite bucked the trend, up 1.5-2 percent.

Shares of SpiceJet jumped 10 percent as investors queued up for buying shares of the low-cost carrier after Ajay Singh decided to take complete control of the company which has been struggling with financial problems. Sun TV Network gained 9 percent as brokerages believe the SpiceJet deal removed a major overhang on the stock.