Honda Cars India on Friday said its mid-sized sedan City led the segment last year with cumulative sales of 21,826 units. Staying true to its legacy of being the Japanese automaker’s longest running nameplate in India, the all-new fifth generation City was launched in July 2020 and has once againContinue Reading
Ford Motor has said it will close three plants in Brazil and stop producing automobiles in the South American country. The company said in a statement on January 11 it will cease production immediately at the factories “as the COVID-19 pandemic amplifies persistent industry idle capacity and slow sales thatContinue Reading
The Income-Tax Department determines the authenticity of bills related to expenditures on procurement of goods. The Income-Tax Department on Monday carried out a “limited verification” exercise involving a Zee Group entity to cross-check the documents related to tax payments and expenditures. “The verification exercise has been undertaken based on theContinue Reading
The company hopes to finalise the deal by February. Mahindra & Mahindra (M&M) on Friday said it is in discussions with a potential investor to sell its majority stake in South Korean arm SsangYong Motor Company (SYMC) which has already filed for bankruptcy, and expects to sign a non-binding agreementContinue Reading
HCL Technologies on Friday reported first-quarter revenue jumped 32% from a yr earlier to ₹2,925 crore, and forecast that income would develop 1.5-2.5% quarter-on-quarter in fixed foreign money phrases over the remainder of the fiscal yr. The IT companies firm additionally stated that Shiv Nadar had stepped down becauseContinue Reading
S&P Global Ratings on Friday downgraded Axis Bank’s rating to BBB- from BB+ saying the rating action reflected its view that economic risks had increased for banks operating in India. “We have lowered our ratings on Axis to reflect our expectation that heightened economic risks facing India’s banking system willContinue Reading
The government on Friday held back the release of the complete data of index of industrial production for April, saying it is not appropriate to compare the IIP data with earlier months due to the COVID-19 lockdown. An official statement showed that the IIP — which measures factory output inContinue Reading
E-commerce player Flipkart has introduced Voice Assistant capability on its platform, to make buying experience simpler and natural. Introduced in Flipkart’s grocery store, Supermart, the Voice Assistant will enable consumers to discover and buy products easily using voice commands in multiple languages, starting with Hindi and English, said a companyContinue Reading
The actual hit to government finances from the measures announced by Finance Minister Nirmala Sitharaman in the last two days was pegged at ₹66,500 crore, or 0.34% of the GDP, by Barclays. Aggregating all the measures, Barclays said the government and the Reserve Bank of India (RBI) cumulatively have, soContinue Reading
The three main industry bodies in the auto sector — Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and Federation of Automobile Dealers Association (FADA) — on Friday, came together to seek government nod for re-starting of operations by the entire value chain, including vehicleContinue Reading
