The rupee depreciated 9 paise to 79.03 against the U.S. dollar in opening trade today, as consistent foreign funds outflows weighed on investor sentiments. Forex traders said the weakness of crude oil prices is supporting the local unit. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at…
Maruti Suzuki India (MSIL) said on Thursday that it is conscious of its market share falling and to fix that it will introduce new and right products. The company’s overall share in the Indian passenger vehicle market had come down to 43.4 percent in FY22 from nearly 50 percent earlier, mainly due to decreasing sales…
Reinforced steel bar prices, also called rebars, have raised up ₹2,000 per tonne since last week on the back of active buying and improved spot demand. However, trade sources said, there has been some slowdown from Wednesday onwards with limited buying in select markets but prices have been stable at around ₹53,000–55,000 per tonne. Price…
Palm oil prices resumed their downward direction on Wednesday after having gained on the first two days of the week following the suspension of production by some Malaysian producers. The edible oil also gained as soyabean oil prices increased on the Chicago Board of Trade during the weekend. However, the downward pressure on palm oil,…
Market leader Tata Motors is surveying setting up new standalone Electrical Vehicle showrooms, which could become a first in the car industry. However, since Tata Motors has a limited number of EV offerings at present, containing just two models, the company does not see an urgent need for a separate retail network. For the traditional…
The Soybean Processors Association of India (SOPA) has urged the Union government to gradually roll back the exemption of customs duty on edible oils to stem the falling domestic prices of soybean. The fall in edible oil prices has also contributed to a substantial fall in soybean prices in the domestic market. In a letter…
Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited on the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a…
Leading two and three wheeler producers, TVS Motor Company, plans a ‘product offensive’ strategy and strong success story on the export front in FY23 even as it is cautiously optimistic about the growth outlook. “The company will launch additional products, including electric vehicles with outstanding technologies,” Ralf Dieter Speth, Chairman, TVS Motor, said at the…
The rupee depreciated 22 paise to a record low of 78.59 against the U.S. dollar in early trade on Tuesday as continuing foreign funds outflows weighed on investor sentiments. At the interbank foreign exchange, the rupee opened on a weak note at 78.53 against the American dollar, then lost ground to quote at 78.59 its…
NMDC’s three million tonnes per annum (mtpa) greenfield steel plant at Nagarnar in Chhattisgarh is likely to be operational towards the end of September, after a delay of nearly seven years. The state-run company spent Rs 20,240 crore as of May this year for the plant and is likely to spend another Rs 1,700 crore…
