Maruti raises rates between Rs1,100 and Rs9,000

Price hike across all models to offset rising input costs, company says

New Delhi: Maruti Suzuki, the country's largest carmaker, today announced a hike in the prices of its vehicles across all models by up to Rs 9,000, the second price increase in three months.

"We have undertaken a price hike across the models ranging between 0.2% and 2.4%," a company official told PTI. This translates into a minimum increase of Rs1,100 and a maximum of Rs9,000 depending on the model and will be effective from 4th April across the country.

The price increase was undertaken to offset rising input costs, the official said. The details of price hike across different models could not be ascertained. Maruti's models are priced between Rs2 lakh and Rs9 lakh.

Maruti Suzuki is 54.2% owned by Japan's Suzuki Motor. The company last raised prices in January by up to 2.4% across most models.  

Last week, Maruti reported car sales rose 28.2% in March. Rival Tata Motors also raised prices on some of its passenger and utility vehicles effective 1st April.


Merkel stops India-Bundesbank Iran deal: report

German government steps in, under pressure from the US and Israel, to prevent new payments for oil through German bank 

Berlin: Chancellor Angela Merkel has put a stop to plans that have irked Washington and Israel, for India to channel oil payments to Iran through the German central bank, a business daily reported today.

According to the Handelsblatt business daily, India-under US pressure to break direct commercial links with the Islamic republic-intended to place money for its Iranian oil imports in an account with the Bundesbank.

The Bundesbank would then transfer the money-about nine billion euros ($12.8 billion) annually-to the European-Iranian Trade Bank AG (EIH), based in the northern German city of Hamburg, the paper had said.

The German government had said it was powerless to stop the deal because EIH, also known as EIHB, was not subject to sanctions, because the bank was not involved in financing Iran's controversial nuclear activities.

The New York Times last week quoted an unnamed US Treasury official as saying the United States was "concerned" and that Washington wanted "to work with all our allies to isolate EIH."

Israel and Jewish groups were also reported to be annoyed. But now, Berlin has stepped in, the Handelsblatt cited high-ranking German government officials as saying on Tuesday. Payments for oil already delivered can go ahead, but no new transactions will take place, the paper said.

Contacted by AFP, neither the Bundesbank nor the German economy ministry were immediately available for comment.

Germany has long been under fire for its close business ties with Iran, with the country's exports there totalling 3.8 billion euros in 2010, according to official figures.

Sales generated by German industrial giant Siemens in its last business year, which ended 30th September, rose more than 20% to 680 million euros, The Wall Street Journal reported today.


Sensex may struggle to breach 20,000: Tuesday Closing Report

The rally is losing momentum. The reversal can be as sharp as the rally

The market opened flat on the back of mixed cues from the global arena. The Sensex was up 29 points at 19,731 at the opening and the Nifty gained 16 points at 5,924. The indices scaled the day's high in the first few minutes of trading with the Sensex at 19,770 and the Nifty at 5,929. However, the market could not sustain the gains and slipped into the red thereafter on profit booking. Amid sharp volatility, the indices made a feeble attempt to push into positive territory in mid-morning trade, but sellers had strong control and ensured that the market stayed in the red.

Trading remained range-bound in the noon session, with the benchmarks touching the day's lows at around 12.40pm. Erasing most of the gains accrued yesterday, the Sensex tanked 179 points to 19,524 and the Nifty was down 52 points at 5,856 at the intra-day lows. The indices crawled into the green for a brief moment in the last half hour, but soon slipped and closed almost unchanged, albeit with a mixed bias. The Sensex ended 15 points lower at 19,687 and the Nifty settled two points up at 5,910.

The broader markets made up for the sluggishness on the Sensex, with the BSE Mid-cap index gaining 0.79% and the BSE Small-cap index surging 1.38%.

In the sectoral space, BSE Capital Goods (up 1.58%), BSE Metal (up 1.21%), BSE TECk (up 0.61%), BSE Realty (up 0.60%) and BSE IT (up 0.51%) were the major gainers. The index losers were BSE Oil & Gas (down 0.46%), BSE Fast Moving Consumer Goods (down 0.40%) and BSE Bankex (down 0.23%).

Reliance Communications (up 1.88%), Hindalco (up 1.76%), BHEL (up 1.57%), Sterlite Industries (up 1.07%) and Cipla (up 0.85%) were the top Sensex gainers. Tata Power (down 1.29%), Infosys Technologies (down 0.91%), Bajaj Auto (down 0.90%), Mahindra & Mahindra (down 0.69%) and Jindal Steel (down 0.58%) were the top losers on the benchmark.

In the absence of any fundamentals to back the eight-day rally which ended last Thursday, and with policymakers concerned about high inflation, the market is bound to see come correction, going ahead.

The Asian pack settled mostly lower, even as three key markets were closed on account of local holidays. Concerns of increasing radiation risks as Japanese workers began dumping radioactive water from the damaged nuclear power plant weighed on investors. On the other hand, hopes of 'in-line' corporate earnings kept spirits afloat.

The Jakarta Composite declined 0.38%, the KLSE Composite lost 0.15% and the Nikkei 225 fell 1.06%. On the positive side, Straits Times gained 0.20% and Seoul Composite surged 0.69%. Markets in China, Hong Kong and Taiwan were closed today.

Back home, foreign institutional investors were net buyers of stocks worth Rs604.51 crore on Monday, whereas domestic institutional investors were net sellers of equities worth Rs389.33 crore.

Wind turbine maker Suzlon (down 1.11%) has raised its stake in German subsidiary REPower to over 95% and is now only a step away from making it a wholly-owned subsidiary by acquiring the remaining stake in the entity. Suzlon, through its subsidiary AE-Rotor Holding BV (AERH), directly and indirectly has a 95.16% stake in REpower, the company informed the Bombay Stock Exchange.

The revival in demand for the Nano in the last four months has encouraged Tata Motors (up 1.97%) to double production of the small car by up to 20,000 units a month this fiscal. Last month, the Nano sold 8,707 units, near its all-time peak of 9,000 units in July last year. Though the Sanand plant currently produces 9,000-10,000 units a month, its annual installed capacity is 2.5 lakh units.

Electrosteel Castings (ECL) (up 5.51%) has entered into a joint venture agreement with Brisbane-registered Dart Energy for exploration, development, production and sale of coal bed methane (CBM) from ECL's captive coal mine at Parbatpur in the Jharia Basin of Jharkhand.

The venture will extract methane from the 8.8-sq km mining lease area of ECL. Dart will operate the methane development and extraction exercise and will have 30% stake in the JV, while ECL will hold the balance 70% of equity in the unit.



Shantilal Hajeri

6 years ago

The article is very ordinary. it is just like a news report. It just contains few facts and data. The head line reads "The fall can be sharp". But, there is nothing in the article for arrivng at this conclusion. The Heading is simply based on the personal opinion of the author and not supported by any empirical data.

Please maintain some standard in your articles.

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