Companies and Markets

Companies & Markets

Suzuki to set up third plant, lithium ion battery unit in Gujarat

Japan's Suzuki Motor Corp on Thursday announced fresh investments of around Rs 3,800 crore in Gujarat to add a third car production plant.

The company along with its partners Toshiba and Denso will also invest around Rs 1,150 crore for a new unit to produce lithium ion batteries.

The new investment in enhancing capacity of the Hansalpur plant will take the company's total investment in the facility to around Rs 13,400 crore, where it has already put in Rs 9,600 crore on two plants along with another engine and transmission production unit.

Sand shortage and floods force cement makers to cut prices in northern markets

Cement makers are forced to cut prices by Rs 2-3 per 50-kg bag every week in north India due to lower demand, specially in flood-prone states like Uttar Pradesh, Bihar and West Bengal amid an acute shortage of sand, industry sources said.

"Currently, the wholesale price of one bag is Rs 295 for top brands like Ambuja, ACC and UltraTech in Uttar Pradesh and near-by areas, including Delhi. While the tier-2 companies like Shree Cement, JK Lakshmi Cement are selling the same bag at Rs 25 less," a marketing professional told TickerNews on condition of anonymity.

Price regulation may return to oil sector

Price regulation may come back to the oil sector.

According to sources, the Centre may once again use its influence on public sector oil marketing companies to temporarily hold back any further increase in auto fuel prices, even if it means incurring losses on sale of petrol and diesel.

At a meeting of PSU oil companies with oil minister Dharmendra Pradhan, this suggestion came up strongly to prevent a consumer backlash over fuel price rise despite international crude oil price being less than half of the levels prevailing in 2014.

Cooking oil prices zoom to fresh highs in festive season

At the height of the festive season, which began with Ganesh puja to be followed by Dussehra and Diwali, prices of cooking oils have started flaring.

Palm oil and soybean oil have shot up by about 10 per cent in a month.

According to industry data, prices of RBD palmolein has increased to $735 a tonne (C&F Mumbai) as of September 8 from $672 a tonne a month earlier, up by 9.4 per cent.

Similarly, crude palm oil has increased to $730 a tonne (C&F Mumbai) as of September 8 from $667 a tonne a month earlier, up by 9.5 per cent.

Ericsson files insolvency case against RCom

Ericsson’s Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday.

The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide network, is seeking a total of Rs 11.55 billion  ($180 million) from the three companies, the filing said.

Global metal prices surge on manufacturing growth

International metal prices have shot up in recent months on the back of a strong pick up in global manufacturing activity, a weaker dollar and production disruption leading to prices of steel, copper, alumina and zinc gaining by 25-35 per cent during the year.

The Goldman Sachs Commodity Index (GSCI), LME (London Metal Exchange) and GSCI Industrial Metals Index have appreciated by 28-35 per cent over the past one year.

Floods may cost South Asia $215b a year by 2030

As global attention focused on hurricanes Harvey and Irma, more than 41 million people across South Asia battled floods and displacement.

From Afghanistan in the west to Bangladesh in the east, floods could cost South Asia —home to a fourth of the world’s people — as much as $215 billion each year by 2030, according to the World Resources Institute’s global flood analyzer launched in 2015.

SBI Life plans India’s first billion-dollar IPO in 7 years

SBI Life Insurance will launch next week what will be India’s first billion-dollar initial public offering since 2010, paving the way for a record-setting year for IPOs in the country. SBI Life, a unit of top Indian lender State Bank of India (SBI), will open the share sale to the public on September 20 and close it on September 22, according to a filing.