Japanese automobile major Nissan Motor Company and Hinduja Group's flagship Ashok Leyland are looking to fortify their management teams for Light Commercial Vehicle joint venture.
The combined market capitalisation of the top 873 family-owned companies was down 26.3 per cent year-on-year (YoY) to Rs 61.8 trillion at the end of trading on Tuesday. It had grown 6 per cent in FY19 and nearly 20 per cent in FY18.
Ashok Leyland, the Hinduja group flagship company and a leading manufacturer of commercial vehicles, on Friday said it would cut its proposed investment size and would undertake cost-cutting measures, including a 20 per cent reduction in wages, in view of the slowdown in the industry.Speaking to reporters, K Sridharan, chief financial officer, said the company's margin outlook is currently under pressure and it may continue like that till next month.
'But it is only now being detected more via a test that costs about Rs 15,000 to Rs 20,000.' 'The HMPV virus typically causes mild respiratory symptoms in most people, but can be more severe in young children, the elderly, and those with compromised immunity.'
The British teleco is bidding hard for cellular operator Hutchison Essar. At stake: the world's fastest growing mobile market-and Vodafone's reputation.
Ashok Leyland is likely to increase prices of its commercial vehicles across all models by April 2010 to offset rising input costs.
Ashok Leyland, which was producing vehicles all seven days in a week, had slashed production to three days at its all six manufacturing units in November 2008 in the wake of slackening demand. The company's decision to increase working days to five comes after it reported 33 per cent increase in the sales in February. Its sales in February stood at 3,245 units compared to 2,444 in January.
Hinduja Group flagship company Ashok Leyland on Tuesday announced a price hike of its entire range of commercial vehicles by up to Rs 50,000 on account of rising input costs with immediate effect.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
The one common theme across companies that have rewarded shareholders is consumption.
Serum Institute of India chief Adar Poonawalla will pay 138 million (about Rs 1,444 crore) for a Mayfair mansion in London in one of the city's most expensive home sales of the year
The company also unveiled ESSI 20, truck with emphasis on green and efficient transportation. Seshasayee said the truck embodies 20 innovative ideas that together deliver 20 per cent better fuel efficiency and correspondingly over 20 per cent reduction in CO2 emissions.
L&T is the largest single shareholder in Satyam holding a 12 per cent stake in the IT firm.
R N Rao, special director, sales and marketing, Ashok Leyland said the company is going ahead with its expansion of capacity despite a drop in sales during the current financial year owing to the economic slowdown in the country. The company is likely to close the current financial year ending March 2009 with a 30 per cent drop in its sales to around 60,000 units including exports compared to the last fiscal, he said.
Hinduja Group firm heavy commercial vehicle maker Ashok Leyland has drawn up a Rs 4,000 crore (Rs 40 billion) capital expenditure plan for building capacity, developing products and upgrading technology, a top official said.
The joint venture of Ashok Leyland and Nissan for manufacturing light commercial vehicles would become operational during the current financial year, executive vice-chairman of Hinduja Group India Subir Raha said.
The Hinduja Group-promoted business process outsourcing firm HTMT Global Solutions has set aside Rs 400 crore (Rs 4 billion) to close two acquisition deals in the US by the end of this year.
Mahindra & Mahindra (M&M), the country's largest tractor company, has acquired the controlling stake in Punjab Tractors Ltd (PTL), the fourth largest tractor firm, outbidding Hinduja group firm Ashok Leyland.
Hinduja Group flagship Ashok Leyland has lined up investment worth Rs 5,250 crore (Rs 52.5 billion) to enhance its production by 1,40,000 units over a period of next four to five years.
The Hinduja Group flagship firm Ashok Leyland is planning to set up a multi-million dollar plant in Iran for assembling CNG trucks and buses.
Gulf Oil Corporation Ltd, a Hinduja group entity, has set up a joint venture in Indonesia, named PT Gulf Oil Lubricants Indonesia with an investment of $6,12,000.
India's flagship motor show Auto Expo 2023 kicked off on Wednesday with the global unveiling of Suzuki Motor Corporation's concept electric SUV 'eVX' which is slated to hit the market by 2025. The company's Indian arm Maruti Suzuki India is among the major manufacturers participating in the show that has returned after three years. The Concept eVX is a mid-size electric SUV concept designed and developed by Suzuki Motor Corporation (SMC), Japan. It will be powered by a 60 kWh battery pack offering up to 550 km of driving range on single charge.
For the first quarter this fiscal, domestic sales went up by 8.7 per cent to 7,859 vehicles, the highest ever for the company.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
Practo has witnessed a 215% increase in total consultations related to cardiovascular health, with women in the age group of 25 to 34 contributing to the largest number of consultations.
Ashok Leyland's debt increased to Rs 5,500 crore as of June, from Rs 4,300 crore at the end of the March quarter, mainly due to higher working capital.
The NSE Nifty gained 77.85 points, or 0.71 per cent, to finish at 11,008.30. Intra-day, it shuttled between 10,821.55 and 11,035.65.
Independent valuers have given a liquidation value of up to Rs 13,000 crore for Reliance Capital, sources said. The Reliance Capital administrator, in the Committee of Creditors (CoC) meeting held on Wednesday, presented the valuation reports of the independent valuers - Duff & Phelps and RBSA, to the lenders. According to sources, independent valuers Dufff & Phelps and RBSA have given a liquidation value of around Rs 13,000 crore for Reliance Capital (RCAP).
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
Gautam Adani, India's and Asia's second-richest person, added $49 billion to his wealth last year - more than the net addition of wealth by the top three global billionaires Elon Musk, Jeff Bezos and Bernard Arnault, the 2022 M3M Hurun Global Rich List said on Wednesday. Mukesh Ambani, who runs the oil-to-retail conglomerate Reliance Industries, continues to be the richest Indian with a wealth of $103 billion, a 24 per cent rise year-on-year. Adani, the head of ports-to-energy conglomerate Adani Group, is a close second with his wealth surging 153 per cent to $81 billion.
India's cash-rich promoters are not the same as the wealthiest. For example, Mukesh Ambani is the richest Indian based on his stake in Reliance Industries, followed by Premji, the Adani family of the Adani group, and Radhakishan Damani of Avenue Supermarts.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
Over the years, a noticeable unpleasantness began to develop between senior and junior, Sorabjee and Salve. Salve gave credit, for his rise in the profession, to Nani Palkhivala, and not to Sorabjee. This hurt Sorabjee, though he never admitted it.
In the two-wheeler segment, Bajaj Auto reported 31 per cent jump in total sales at 357,883 units in February against 273,513 units in the same month last year.
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