Companies and Markets

Companies & Markets

Mahindra eyes US auto market, opens new facility in Detroit

Indian automobile giant Mahindra & Mahindra has opened a new USD 230 million plant for an off- highway vehicle in Detroit, the world's car capital, which got its first automotive production facility in 25 years.

The new plant will create 250 new jobs in the US, the world's top automotive market.

"This is an exciting day for Mahindra...," Mahindra Group Chairman Anand Mahindra said.

Corporates cut investment in gold ETF by 38% in a year

Thanks to systematic investment plans, retail investors now have the largest share of assets managed by gold-backed ETFs. Corporates, on the other hand, have been reducing their exposure to these gold funds.

Retail investors accounted for 44.63 per cent of the total assets of Rs 6,215 crore managed by gold ETFs last quarter. In the same quarter of the previous year, retail investors were the second largest investor group with a 33.2 per cent share, behind corporates.

JSW, Vedanta, Tata in race to hold controlling stake in Monnet

There are many takers for the embattled Monnet Ispat Energy or MIEL. Sajjan Jindal-promoted JSW Steel, Anil Agarwal-controlled Vedanta Group and domestic steel major Tata Steel are among a host of steel companies and private equity firms that have entered the fray to take over controlling stake in the company.  

The corporate insolvency resolution professional (IRP) appointed for MIEL had called for expression of interest from interested buyers in September.
After its evaluation, it has now called for financial bids from eligible entities by November 27.

In year of structural reforms, 3.2% fiscal deficit could be tough: DEA Secy

Terming the current year as a ‘transition’ year for structural reforms, the finance ministry is keeping its fingers crossed on meeting the fiscal deficit target of 3.2 per cent amidst volatile oil prices, cut in taxation rates under GST and a huge impeding bank recapitalisation plan, but would try to stay on course in the medium term, a senior official has said.

CBEC chief asks FMCG cos for immediate revision in MRP

CBEC Chairperson Vanaja Sarna has written to FMCG companies asking them to immediately revise MRP on all products in line with the latest reduction in GST rates.

The Goods and Services Tax (GST) rate was reduced on 178 items including detergents, shampoos and beauty products, from 28 per cent to 18 per cent from November 15.

Tech Mahindra hopes to touch USD 5 billion in revenues in FY18

IT major Tech Mahindra today said it expects to outgrow  Nasscom's industry growth projection and may touch USD 5 billion mark in revenues during the current fiscal.

Noting that there is a skill gap among employees, C P Gurnani, Managing Director and CEO of Tech Mahindra, also said the company is geared up to reskill about 50,000 employees for the present and future requirements.

"We will beat the Nasscom projections. Tech Mahindra will beat Nasscom projections. Whatever Nasscom has projected 6-8 per cent, we should be higher than that.

Await buying opportunities

It was a super-volatile week on Dalal Street and the net change in the indices are indicative of it. The Sensex lost 554 points in the first three days and then gained 582 points to end the week with a net gain of 28.29 points, or 0.08 per cent at 33,342.80 points. Similarly, the Nifty lost 203 points, gained 165 points for a net weekly loss of 38.15 points, or 0.37 per cent, at 10,283.60 points.

More investors, more inflows seen from rating upgrade

Foreign portfolio investors’ allocation to the Indian market is likely surge in the coming months following the Moody’s upgrade of India’s sovereign rating. According to experts, inflows into domestic market through India-dedicated funds and emerging market funds are likely to go up, as the rating upgrade boosts the confidence of foreign investors on India’s fundamentals.