Maruti To Halt Production At Manesar, Gurugram Plants For Two Days - Maruti Suzuki on Wednesday said the company has decided to shut down operations for two days at its Haryana plants.
The company will observe "no production day" on September 7 and 9 at Gurugram and Manesar plants, the company said in a statement.
The auto industry in India has been reeling under a severe slowdown in the last few months. Along with other automakers in India, Maruti has been cutting output in recent months. In August, the company reduced its production by 33.99 percent, making it the seventh straight month that the country's largest carmaker reduced its output.
Canara Bank ends at a 52-week low; board to mull Rs 9,000 cr capital infusion next week - The company produced a total of 1,11,370 units in August as against 1,68,725 in the year-ago month. Production of passenger vehicles last month stood at 1,10,214 units as against 1,66,161 in August 2018, a decline of 33.67 percent.
Shares of Canara Bank ended September 4's session in the red falling 2.5 percent to a new 52-week low. The bank said that its board will meet next week on September 13 to consider capital infusion of up to Rs 9,000 crore through issuance of preferential equity shares to the government. The board will also consider amalgamation of Syndicate Bank with it.
"Meeting of board of directors of the bank is scheduled to be held on September 13, 2019, to consider the amalgamation of Syndicate Bank into Canara Bank and to consider capital infusion up to Rs 9,000 crore by government of India by way of preferential issue of equity shares subject to necessary approvals," Canara Bank said in a regulatory filing.
India’s August gold imports hit 3-year low as prices jump to record -
India’s gold imports plunged 73% in August from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty discouraged retail buying, a government source said on Wednesday.
India’s gold imports plunged 73% in August from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty discouraged retail buying, a government source said on Wednesday.
Lower imports by the world’s second-biggest consumer could cap gains in global prices that are trading near six-year highs but would help the south Asian country bring down its trade deficit and support the rupee. India imported 30 tonnes of gold in August, down from 111.47 tonnes a year ago, said the source, who asked not be named as he was not authorized to speak to media. In value terms, August’s imports fell 62% to $1.37 billion, the lowest since August 2016.
On Wednesday, local gold futures hit an all-time high of 39,770 Indian rupees ($556.29) per 10 grams, taking their gains to more than 26% in 2019.
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