Mumbai: Auto maker that bought Jaguar and Land Rover from Ford Motor Co., Tata Motors Ltd, said the luxury units had a loss of $383 million (Rs17.5 trillion) between January and 1 June. The two units had revenue of $7.07 billion, Tata Motors Ltd said in a prospectus for its proposed rights offering posted on the JM Financial Consultants Pvt. Ltd website.
Hyundai to sell 2,000 excavators in two years
New Delhi: As the government builds roads, canals and ports to ease movement of people and goods, Hyundai Heavy Industries Co., which started making excavators in its Indian unit this month, plans to sell 2,000 machines in the nation in the next two years . Sales from the Rs300 crore ($66 million) factory at Pune will reach about 800 units next year, almost a third of full capacity, Suvendu Moitra, head of marketing at unit Hyundai Construction Equipment India Ltd, said on Tuesday. Construction slumps in the West and Japan are prompting companies such as Hyundai Construction to tap a market it estimates will grow 35% this year.
New timings at stock markets until 8 Oct
Mumbai: Stock trading bourses Bombay Stock Exchange Ltd and the National Stock Exchange of India Ltd will revise their trading hours starting on Tuesday until 8 October because the sun’s position may disrupt information received via satellites. Trading on both exchanges will start at 9.55am and end at 4.15pm local time because of the so-called sun outage, the exchanges had said in separate statements. The exchanges will stop trading at 11.25am and resume at 12.10pm. The bourses usually trade from 9.55am to 3.30pm.
Firms can issue forex exchangeable bonds
Mumbai: The Reserve Bank of India, the country’s central bank, on Tuesday gave the go-ahead for Indian companies to issue foreign currency exchangeable bonds, or FCEBs, to raise funds.
The scheme was initially announced by the finance ministry in February.
Only companies that are eligible to receive external commercial borrowings, or ECBs, and foreign currency convertible bonds, or FCCBs, can issue such bonds.
FCEB proceeds can be invested for direct investments overseas.
— Anup Roy
Metro to seek licence to sell fruit, vegetables
Kolkata: Metro Cash and Carry India’s managing director Martin Dlouhy met West Bengal’s agriculture minister Naren De to seek the state governement’s licence to start wholesale trade in fresh fruit and vegetables in the state.
The Forward Bloc, which controls the state’s agriculture ministry, had refused to renew the licence issued earlier to Metro.
After the meeting, De said a decision on whether to allow foreign players in wholesale of fruit and vegetables would be taken at a meeting on 28 September.
— Staff Writer
Hyderabad Metro ends pact with DMRC
Hyderabad: Hyderabad Metro Rail, or HMR, has decided to terminate its agreement with Delhi Metro Rail Corp., or DMRC, which had been acting as a consultant for the underground train network being built in the Andhra Pradesh capital.
The termination came after DMRC managing director E. Sreedharan was reported by ‘The Economic Times’ on Sunday as having criticized the project.
A letter reportedly written by the DMRC chief to the Planning Commission questioning the award of the project to a private developer led the Andhra government to threaten a lawsuit against Sreedharan, after it refuted the allegations as baseless.
— C.R. Sukumar