Major automobile manufacturers like Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors and Toyota Kirloskar on Tuesday reported decline in domestic passenger vehicle sales in May compared to the previous month as a spike in COVID-19 cases and lockdowns across various states hit production and dispatches. The country's largest carmaker Maruti Suzuki India (MSI), which shut production from May 1 to May 16 so as to divert oxygen from industrial use for medical purposes, reported domestic dispatches to dealers at 35,293 units last month, down 75 per cent from 142,454 units in April. The company said sales of its mini cars, comprising Alto and S-Presso, declined by 81 per cent to 4,760 units in May as against 25,041 units in April this year.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
Gold, forex assets, IT sector, pharma. Devangshu Datta explains why each of these is a good hedge against market shocks at this time.
Tata Motors plans to have 10 new battery electric vehicles (BEVs) in its domestic product portfolio by 2025 as it looks to drive its business model towards sustainable mobility going ahead, as per Tata Motors chairman N Chandrasekaran. In his message to the shareholders, he noted that the auto major aims to be amongst the world leaders in sustainable mobility solutions and as part of that it is also exploring tie-ups in cell and battery manufacturing to secure supplies for its portfolio of green vehicles. "In India, EV penetration in our portfolio has now doubled to 2 per cent this year and we expect penetration to increase exponentially in the coming years. "Tata Motors will lead this change in the Indian market. By 2025, Tata Motors will have 10 new BEV vehicles and as a Group, we will invest proactively to set up charging infrastructure across the country," Chandrasekaran informed shareholders in the company's Annual Report for 2020-21.
The move could affect thousands of people, including Australian cricketers currently playing in the Indian Premier League in India
So far, 1.1 crore doses of Covaxin have been administered. Out of which 93 lakh received the first dose and out of that 4,208 (0.04 per cent) people got the infection which is four per 10,000 individuals. About 17,37,178 people received the second dose of which only 695 (0.04 per cent) tested positive for COVID-19, Bhargava said.
The government's poor handling of the economic crisis where people currently endure long hours of power outages and scarcity of essentials has angered the public which planned country-wide protests on Sunday.
Thousands of Inter University Students' Federation (IUSF) students were seen sloganeering outside the Prime Minister's Residence in Wijerama Mawatha.
Gandhi and his Congress party have been asking the government to shelve its plans on the Central Vista project and give priority to improving the country's medical infrastructure amid the COVID-19 pandemic to save people's lives.
IMF said the repercussions from India's currency exchange initiative will likely persist through the first quarter of 2017.
Amid China's economic slowdown, the country's economic challenges may increase manifold and its economy may be hit harder in the wake of the Ukraine-Russia crisis.
Central pool of onions to be set up; offences under Essential Commodities Act to be made non-bailable.
Exports of 13 APIs - including paracetamol, tinidazole, metronidazole, vitamin B1, vitamin B6, vitamin B12, acyclovir, progesterone - along with formulations made from these APIs, would be restricted.
The Delhi high court on Tuesday said that economic interests cannot override human lives and in view of various hospitals in the national capital running low on oxygen, the Centre should immediately implement the ban on industrial use of oxygen instead of waiting till April 22.
The API of Paracetamol, a fever and pain medication, has grown 25 per cent from Rs 450-480 per kg in December 2020 to Rs 580-600 per kg in April. When compared to the pre-Covid prices of December 2019, the surge is much steeper -- around 140 per cent, reports Sohini Das.
British Prime Minister Boris Johnson on Monday confirmed the UK's first death from the Omicron variant of coronavirus, the first known fatality from the highly transmissible variant of Covid-19 in the world.
Auto sales, particularly of two-wheelers, may not bounce back immediately and may take another two months to come back on track even as car bookings have started seeing an initial uptick. Various states started Unlock 2.0 on Monday, following a fall in the number of Covid-19 cases. Auto sales were hit in May following the impact of Covid-led lockdowns.
According to the study, 'mixed' schedules of these vaccines induced high concentrations of antibodies against the SARS-CoV2 spike IgG protein when doses were administered four weeks apart.
Sidhu said there would be no need for Amarinder to go for power cuts or to regulate the office timings if the state acts "in the right direction".
The company has also set a target of achieving Rs 5,000 crore in the next four years, while for the current fiscal the company expect around 15-18 per cent growth in revenue.
The prime minister appealed to people not to panic, saying thronging shops will pose the risk of spread of COVID-19. 'There is absolutely no need to panic; the Centre and states will work together to ensure availability of essential commodities, medicines, etc,' he said.
The Carens is a warning for cars such as the Tata Safari, Hyundai Alcazar, Maruti Ertiga, Toyota Innova Crista and Mahindra XUV 700, because Kia punches much harder than others in its weight category.
The two key messages of Modi's over 20 minute-long address was, however, to virtually rule out any immediate nationwide lockdown, a move that had triggered a massive migration of workers from big cities last year and hit the economy hard, and to reach out to migrants.
IOC chief said he believed more than 80 per cent of residents of the Olympic Village would be vaccinated or booked for vaccination ahead of the Games
A statement issued by the presidential media division on Friday said an extremist group was behind the unrest near President Rajapaksa's residence in Mirihana.
Hundreds of pilots are staring at a long wait to get the job of their dreams after completing the course, the cost of which runs to Rs 1 crore.
Moody's Investors Service on Tuesday slashed India's growth forecast for the current financial year to 9.3 per cent saying that the second wave of coronavirus infections hampers economic recovery and increases risk of longer-term scarring. Moody's, which has a 'Baa3' rating on India with a negative outlook, said obstacles to economic growth, high debt and weak financial system contrain sovereign credit profile. The US-based rating agency had in February forecast a 13.7 per cent economic growth for the current fiscal (April 2021-March 2022).
Even as the semiconductor shortage has limited the demand for new cars, the pre-owned car segment is seeing a surge. A preference for personal mobility, availability of multiple organised online platforms, including e-commerce channels, aggregators, and classifieds, have been fuelling growth. The growth rate of the pre-owned car market is expected to be 1.5x that of the new car market over the next five years.
'90 per cent of the food and grocery business is still with the kiranas.' 'If kiranas are not allowed to operate, it becomes a serious issue.'
Although the pact would focus mainly on the Pacific and the South China Sea region, any action designed to deter China with or without New Delhi's active participation is a welcome move, notes Commodore Venugopal Menon (retd).
Many countries advised the return the high-denomination notes to the central bank for destruction, but these continued to be legal tender. This and the introduction of a new Rs 2,000 note in India are the two major differences between Indian demonetisation and those of other countries.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
Infosys was the top gainer in the Sensex pack, jumping over 4 per cent, followed by Tech Mahindra, Tata Steel, ICICI Bank, ITC, Maruti, SBI and Axis Bank. On the other hand, HCL Tech, M&M, Dr Reddy's, Asian Paints, Bajaj Auto and Bharti Airtel were among the laggards.
China's GDP grew by 4.9 per cent in the third quarter, down from 7.9 per cent in the second, confirming the slowdown of the world's second-largest economy which was under pressure from the crisis-hit property sector, curbs on energy and tardy recovery from the Covid-19 pandemic.
Vegetables tend to get damaged faster during summers.
Automobile dealers' body FADA on Thursday said passenger vehicle (PV) retail sales in March witnessed a year-on-year growth of 28.39 per cent to 279,745 units, as compared to the year-ago period which saw disruptions in the market due to COVID-19 led lockdown. According to the Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,277 out of the 1,482 regional transport offices (RTOs), PV sales stood at 217,879 units in March 2020. Two-wheeler sales, however, declined 35.26 per cent to 11,95,445 units last month, as compared to 18,46,613 units in March 2020. Commercial vehicle sales also declined 42.2 per cent to 67,372 units, as against 116,559 units a year ago.
Rolex has been masterful at playing the demand-supply game, limiting its issue of coveted and in-demand watches to only one or two pieces per dealership.
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
'Now you see a patient, 10 minutes later the patient is dead.' 'The second wave is definitely much more dangerous, brutal and fatal than the first wave.' 'The number of deaths and infections in India today are very, very, high; the actual numbers are not being reported.'
Beijing's health officials on Monday announced 29 fresh cases taking the total cases to 70 in the city.
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