Company says it wants to inspect possible fault in ‘connecting rod bolt’
New Delhi: The country's largest carmaker Maruti Suzuki India today said it will recall 13,157 units of its three diesel driven models of Dzire, Swift and Ritz, due to a possible faulty engine part.
"Maruti Suzuki India today announced that it will inspect the 'Connecting Rod Bolt' for 13,157 units of Swift Dzire, Swift and Ritz diesel cars with engines manufactured between 13 November 2010 and 4 December 2010," the company stated, PTI reports.
Of the total number of vehicles being recalled, 4,505 units are of Swift Dzire, 6,841 units of Swift and 1811 units of Ritz diesel cars. "If the Connecting Rod Bolt is found defective, the company will replace the component free of cost," Maruti said.
The Bank also believes that the RBI’s tight monetary stance will squeeze demand
New Delhi: Surging global oil prices and the Reserve Bank of India's (RBI) tight monetary policy has prompted the ADB to lower its growth forecast for the Indian economy to 8.2% for the current fiscal, from its earlier projection of 8.7%.
"Rising oil prices will bring down the growth rate to 8.2% in the year ending March 2012. Also, aggregate demand will tend to get squeezed on the RBI's tight monetary policy stance," Asian Development Bank (ADB) principal economist (India) Rana Hasan said today.
The multilateral lending agency had in September last year projected India's growth rate for 2011-12 at 8.7%. The ADB's forecast, however, is in sharp contrast to the projection by the Prime Minister's Economic Advisory Council (PMEAC) of a 9% growth in the current fiscal, reports PTI.
The ADB, which today released its Asian Development Outlook Report 2011, said concerns over high food prices would shift to oil, as elevated international oil prices will put pressure on inflation. "Food inflation concerns will now shift to oil. The average crude oil price is likely to remain at $104 a barrel in the current fiscal and rise to $112 a barrel in fiscal 2012-13," Mr Hasan said.
With inflation now shifting to manufacturing items, the RBI will continue with its tight monetary policy stance, the ADB said. The central bank has hiked its key policy rates eight times since March, 2010, to tackle inflationary pressure. "We expect another 50 basis points hike by the RBI in both repo and reverse repo rate in the current fiscal," Mr Hasan said.
Overall inflation, measured on the basis of wholesale prices, was 8.31% in February. The RBI expects it to come down to 8% for the period to end-March. In the new fiscal 2011-12, the ADB expects inflation to be around 7.8% and for 2012-13, at around 6.5%.
The Asian Development Outlook Report 2011 says India's economic expansion will rebound in the fiscal 2012-13 and its GDP will grow by 8.8% as investment and overall economic activity pick up and the government pushes forward an economic reform agenda.
The ADB said India's current account deficit (representing net flow of income out of the country barring capital movements) would be around 3.5% in the current fiscal, higher than 3% in the year ended 31 March 2010. The current account deficit has been sustained by capital inflows, but heavy reliance on portfolio capital relative to FDI raises vulnerability, the ADB said.
ADB chief economist Changyong Rhee said India's foremost development challenge is to achieve sustainable and inclusive growth.
Vantec Corporation in Japan has selected Four Soft to automate the management of its warehousing facilities across multiple locations
The IT company Four Soft announced today that Vantec Corporation in Japan has selected one of the company's IT solutions to automate the management of its warehousing facilities across multiple locations. The contract was executed through Four Soft KK, Japan, a subsidiary of Four Soft, India.
Vantec Corporation is a Japan-based organisation offering integrated logistics solutions to its customers globally. "We are very pleased to announce our association with Four Soft as a leading solution provider of warehouse management solution to Vantec Corporation," said Vantec Corporation IT Director Tetsuo Kamatsu.
There are six Japanese and 18 global companies in the Vantec group and it has over 40 operating networks globally, Four Soft said in a statement.
"This engagement with Vantec helps strengthen our presence in Japan. Furthermore, our pipeline for sales in Japan is strong and we are looking at some significant deal closures in this quarter and the next," said Four Soft Ltd CEO Rajshekhar Roy.
On Wednesday, Four Soft ended 14.24% up at Rs19.25 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.38% to 19,162.20.