A presentation on economic news for the week
- 1. A Presentation on Economic News for the week of 27 september to 2 October Submitted byGaganHandaMBA 2A94972238165
- 2. Rupee posts best weekly rise in 9 monthsThe rupee posted its best in nearly nine months on Friday boosted by robust and tracking broad losses in the versus major currencies overseas. The partially convertible rupee closed at 44.47/48 per dollar after hitting 44.46, its strongest since April 30 and 1.1 percent above Wednesday's close of 44.94/95.
- 3. The rupee gained 3.4 percent in the September quarter when foreigners moved more than $11 bn into Indian stocks, chasing potentially better returns in the fast-expanding economy. Robust foreign fund inflows drove Indian shares to 33-month highs on Friday while strong auto sales in September pushed key auto stocks higher helping the benchmark index post its fifth weekly gain.
- 4. Tata Motors hikes product prices by up to Rs 40,000Tata Motors said it has raised the prices of its passenger and commercial vehicles by up to Rs 40,000 with immediate effect due to rising and implementation."The price increase in passenger cars is on the Tata Indica and the Tata Indigo family, in the range of Rs 4,500 to Rs 14,000, depending upon the model," Tata Motors said in a statement.
- 5. The company has raised the rates of its utility vehicles Sumo and Grande MK II by Rs 7,800-Rs 10,300. On the commercial vehicle front, the company has increased the product prices between Rs 5,000 and Rs 40,000. Tata Motors said that the prices have been hiked "on account of increase in input costs and introduction of higher specifications in vehicles, meeting BS III emission norms".
- 6. L&T sells 2.4% in Satyam for $66 millionIndian engineering conglomerate Larsen & Toubro has sold 2.4 percent stake in Mahindra in September, the outsourcer said in a statement to the stock exchange.Larsen raised 2.95 billion rupees ($66.3 million) from the stake sale and now holds 2.16 percent in Satyam.
- 7. It had last sold a third of its holding in the outsourcer in November 2009 for about $66 million. L&T had built a 12 percent holding in Satyam, but the expansion of share capital following the takeover meant it held 6.9 percent in Mahindra Satyam.
- 8. BMW recalls 350,000 cars, including Rolls-RoycesBMW is voluntarily recalling 350,000 cars worldwide due to a possible brake problems that the world's biggest premium carmaker said have not caused any accidents. "In some cars brake fluid has leaked into the hydraulics, preventing pressure from building up. The customer notices this since he needs to apply more pressure to the brake, but the brakes still work," a company spokesman said on Friday.
- 9. Chief Financial Officer told media he did not expect repairs to require great technical effort but he did not yet have an estimate on how much the recall would cost. BMW's problem, which tended to occur among vehicles with high mileage, was discovered in models equipped with the eight- and 12-cylinder engines popular in the United States.
- 10. M&M auto sales up 24 per cent in September; witnesses best monthAuto-maker Mahindra & Mahindra today reported its highest ever sales in a month at 35,177 units in September, an increase of 23.71 per cent over the same period last year. The company had sold 28,434 units in the corresponding month of 2009, Mahindra & Mahindra (M&M) said in a statement.
- 11. "The company's all-time high domestic sales stand at 33,866 units during September 2010, as against 27,431 units during September 2009, an increase of 23.46 per cent," it added. Total sales of M&M utility vehicles, including Scorpio, Xylo, Bolero and Pick-Ups, stood at 16,537 units as against sales of 15,296 units in September 2009, up 8.11 per cent.