NEW DELHI: With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector. The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates. "There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks," said a consultant who is helping local firm scout for a foreign partner. The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures. In recent times, there has been a spate of actions … [Read more...] about Audit firms eye global tie-ups to upgrade skills, build bandwidth
Industry growth
Auto companies may go slow on light vehicle production: IHS Markit
NEW DELHI: The growth forecast for light vehicle production (sub six-tonne vehicles) in India has been revised downwards to 5-5.5% for 2017, from the earlier 7-8%, by IHS Markit, a global consulting firm that specialises in automobile and aerospace sectors. This is in the wake of the government’s decision to demonetise high-value currency notes which has made cash extremely scarce, and which in turn has affected consumer sentiment. “Consumer sentiment is weak and is expected to remain so in the first quarter of 2017. This is likely to impact production volumes to the tune of 100,000-120,000 units. We have revised downwards production growth numbers by 2-3%,” said Mark Fulthorpe, director (global light vehicle production forecast), IHS Markit Automotive, Light vehicles include all passenger vehicles as well as small commercial vehicles. He said sales should follow similar trends, with exports on the upside. As per data available with IHS Markit, light vehicle … [Read more...] about Auto companies may go slow on light vehicle production: IHS Markit
Jio says its rates still cheapest despite Airtel, Vodafone Idea move to remove offnet call limits
MUMBAI: Reliance Jio Infocomm (Jio) said its 350 million plus customers have more than sufficient unlimited call timing before its off net charges kick in. The telco’s stance that it remains the operator with cheaper tariffs on the back of Airtel and Vodafone Idea removing their limits on off net calls, is a sign wars have not abated and Jio remains the threat . Jio is yet to take any such step. “Entitlement for off net calls in Jio’s "All in One Plans" is more than 5 times of what an average customer uses as per industry data and consequently, an average Jio customer is unlikely to have to ever pay for off net calls. We reiterate that Jio plans offer upto 25% higher value than comparable plans of other operators,” said a spokesperson. Bharti Airtel and Vodafone Idea have removed limits on off net calls over last weekend, a reaction to rival Reliance Jio’s latest tariff plans which are up to 25% cheaper than theirs. Off net calls can be used as a … [Read more...] about Jio says its rates still cheapest despite Airtel, Vodafone Idea move to remove offnet call limits
Schneider, Eaton frontrunners to buy L&T’s electrical business
NEW DELHI/MUMBAI: Schneider Electric SE, the French industrial multinational and Eaton Corp have emerged as the top contenders to acquire Larsen & Toubro’ electric and automation division for Rs 15,000-Rs 17,000 crore as India’s largest engineering group looks to prune its portfolio and exit non-core areas, said three officials aware of the ongoing developments. Schneider Electric has teamed up with Temasek, the Singapore's state investment company for the buyout, while Eaton has re-engaged after their 2011 bilateral discussions with L&T, fell through. It is not clear yet if it will also form a consortium with a financial sponsor. Binding offers are expected by next month. The two are believed to be far more serious than other potential suitors that included Siemens AG, Swedish- Swiss multinational ABB, Hitachi, Honeywell and few global buyout funds. According to one of the sources, Schneider is the more aggressive of the two and have given an indicative offer of … [Read more...] about Schneider, Eaton frontrunners to buy L&T’s electrical business
Average customer unlikely to pay for outgoing calls, says Jio
NEW DELHI: Telecom operator Reliance Jio has claimed that it is offering five times more free outgoing calls limit on other networks than an average customer requires and they are unlikely to pay for the calls. The Mukesh Ambani-led telecom operator added that its new plan are offering up to 25 per cent more value than that of rivals. Reaction from Reliance Jio came after Bharti Airtel and Vodafone Idea removed cap on outgoing calls limit outside their network with effect from December 6, the day Reliance Jio rolled out mobile call and data plans priced up to 40 per cent compared to previous offerings. "Entitlement for off-net calls in Jio's 'All in One Plans' is more than 5 times of what an average customer uses as per industry data and consequently, an average Jio customer is unlikely to have to ever pay for off net calls. We reiterate that Jio plans offer up to 25 per cent higher value than comparable plans of other operators," Reliance Jio said in a statement. The company is … [Read more...] about Average customer unlikely to pay for outgoing calls, says Jio
