BUSINESS
Change old approaches, practices: PM Modi to auto industry
In a letter addressed to SIAM President and Maruti Suzuki Managing Director & CEO Kenichi Ayukawa on the occasion of the 61st SIAM Annual Convention, PM Modi said that these rapid changes warrant old approaches and old practices to change. "It is also crucial to protect our environment, resources and raw materials. For this reason, India is not only emphasising on exploring new possibilities, but also encouraging a circular economy."
R&D investment for electric mobility, exports key for auto sector growth: Niti Aayog CEO
Speaking at the Annual Conference of Society of Indian Automobile Manufacturers (SIAM), Kant said that focus on small format mobility and establishing massive charging infrastructure would also be key growth drivers for the sector. The Chairman of TVS Motor Company, Venu Srinivasan observed that the auto sector is moving towards importing, assembling and making in India.
New India on hiring drive, uncertainty continues for other 3 non-life PSUs
The Mumbai based listed New India has decided to hire 300 officers in the generalists category. The number of posts under the economically weaker section (EWS) and unreserved are 30 and 121 respectively. "All the four public sector general insurers are expected to see a large number of employees retiring in a couple of years. The New India, a listed company has been hiring but not the other three companies," K. Govindan, General Secretary, General Insurance Employees' All India Association (GIEAIA) told IANS.
Auto industry's long-term growth slides drastically: SIAM President
Speaking at the 61st SIAM Annual Convention, Ayukawa highlighted: "And, Covid has further caused negative growth for the industry. It has pushed industry volume back by many years," Ayukawa said at the Special Plenary Session. Besides, he cited that the industry is facing many immediate and medium-term challenges.
Ayukawa said the immediate short-term concerns for the industry were pandemic related uncertainties, global shortage of semiconductors and rising commodity prices amongst others.
Banks to have nationwide credit outreach programme this year: FM
Addressing the media in Mumbai, she said that banks will go about to exhibit loan offerings in every district of the country in a bid to enhance the credit demand. A similar outreach programme was undertaken by the public sector banks in which some private sector banks also participated to boost credit offtake in the face of an economic slowdown.
FY21 capex of listed cos remained resilient compared to investment rate
An ICICI Securities report noted that in the pre-pandemic period of FY20, 'nominal investment rate' dipped to 28.8 per cent while the share of 'non-financial corporations' in the overall GFCF (Gross fixed capital formation) was relatively weak at 46 per cent as compared to the 5-year average (FY15-20) of 48.3 per cent.
Petrol, diesel prices remain static on Wednesday
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel for Rs 88.92 a litre. Across the country as well fuel prices remained unchanged on Wednesday. Global crude oil prices have fallen on past few days but has again firmed up over $70 a barrel now. With more barrels set to enter the markets next month and demand conditions remain fluctuating, there may be downward pressure on crude again.
Delhivery acquires Spoton as Samara Capital, Xponentia exit
Spoton Logistics is a leading multimodal express logistics and supply chain solutions company in the country. "Over 10 years, Delhivery has established a leading position in B2C logistics and now by combining our part truckload business with Spoton's, we will be on the path to the same position in B2B express as well," said Sahil Barua, CEO, Delhivery.
TECNO unveils its 1st exclusive retail outlet in New Delhi
Located in East Delhi at the TECNO branded Laxmi Nagar Metro Station, which is also close to one of the busiest mobile cluster markets in Delhi. "Brand TECNO's first ever exclusive retail store is an addition to our overall over 50,000 multi-brand retail outlets that will allow customers to touch and feel their favourite TECNO products before making a buying decision," Arijeet Talapatra, CEO of TRANSSION India, said in a statement.
Sensex scales new high; IT, oil & gas stocks rise
The Sensex has touched an all-time high of 56,188.49 points. Healthy buying was witnessed in IT and oil and gas stocks. Around 10.05 a.m., Sensex was trading at 56,128.53, higher by 169.55 points or 0.30 per cent from its previous close of 55,958.98. The Nifty50 on the National Stock Exchange was trading at 16,683.80, higher by 59.20 points or 0.36 per cent from its previous close.
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