Kumar Rakesh, Associate Director, Equity Research, BNP Paribas says one should expect a much weaker set of auto sales numbers in September as half of the month came under the inauspicious Pitru Paksha where new purchases are nor made. Within that, the passenger vehicle industry has been moving towards low single-digit, flattish, sort of a … Read more
New Delhi: The Society of Indian Automobile Manufacturers (SIAM) and big auto players have hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country. The Rs 10,900 crore scheme will support 2,479,000 electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses, along with 88,500 EV charging sites. Shailesh Chandra, … Read more
Prime Minister Narendra Modi on Tuesday asked the automotive industry to bring global best practices to India, while working on green and clean mobility. In a written address to the annual convention of the Society of Indian Automobile Manufacturers (SIAM), Modi said the automotive industry will drive even higher economic growth and in turn, thrive … Read more
Bank of Baroda is likely to raise up to Rs 5,000 crore through the issuance of infrastructure bonds in coming days, as the state-owned lender looks to garner long-term funds amidst firm demand for credit. The bank may conduct the debt sale on September 6, with the issuance likely to have a base size of … Read more
The country’s largest carmaker Maruti Suzuki Monday said it is reducing prices of select variants of small cars Alto K10 and S-Presso by up to Rs 6,500 ahead of the festive season. While the company has slashed price of S-Presso LXI petrol by Rs 2,000, Alto K10 VXI petrol is now cheaper by Rs 6,500. … Read more
Gold softened on Friday as the dollar and Treasury yields firmed after U.S. inflation data matched expectations, but the bullion is set for weekly and monthly gains as a September interest rate cut by the U.S. Federal Reserve remains in play. Spot gold was down 0.2% at $2,515.99 per ounce, as of 9:52 a.m. ET … Read more
Brokerage Bernstein has initiated coverage on seven retail and restaurant companies — Avenue Supermarts, Trent, Aditya Birla Fashion & Retail, Jubilant FoodWorks, Westlife Foodworld, Devyani International and Sapphire Foods India. The firm has ‘outperform’ rating on Avenue Supermarts, Trent, Jubilant FoodWorks and Devyani and ‘underweight’ on Aditya Birla and Westlife World. Bernstein said that as … Read more
Rakesh Gangwal, co-founder of InterGlobe Aviation, is looking to sell up to $804 million in the company through a block deal, ET Now reported. The floor price for the same may be Rs 4,593 per share, which is 5.5% discount to the current market price. Gangwal, the co-founder of India’s largest carrier, had said that … Read more
Rising inventory across sales channels and lack of competitively priced new models that can attract buyers are beginning to weigh on the wholesale volumes (dispatches to dealers) of the passenger car industry. For the first time in 30 months, the volume of the passenger car industry is expected to decline 2.5-3% on a year-on-year basis … Read more
The chorus at India’s interest rate-setting panel appears to have grown louder with two outgoing external members — Ashima Goyal and J R Varma — underscoring the risks a ‘higher-for-longer’ approach poses for broader economic growth, the latest minutes of the meeting of the Monetary Policy Committee (MPC) review showed. “Excess monetary tightening can trigger … Read more
