Maruti Suzuki announces 2-day shutdown of Gurugram, Manesar plants
New Delhi: India's biggest carmaker Maruti Suzuki today announced no-production days at Gurugram and Manesar plants on 7th September and 9th September 2019.
In a statement to stock exchanges, Maruti Suzuki India said it has decided to shut down the passenger vehicle manufacturing operations of Gurugram and Manesar plants in Haryana for two days, on 7th and 9th September, 2019. Both days will be observed as no production days.
Maruti Suzuki shares were trading 3.5% lower at ₹5,843 apiece as compared to a 0.50% gain in benchmark index Sensex.
Many automakers in Indian have been cutting production as passenger vehicles sales are set to fall for a tenth consecutive month in August. Maruti Suzuki India had cut its production by one-third in August, making it the seventh straight month that the country's largest car maker reduced its output.
The government had in August announced a slew of measures to prop up the automobile sector but industry experts have termed them inadequate.
The auto industry has sought immediate steps from the government, including reduction in GST rates and initiation of scrappage policy, as sales continued to plummet.
Maruti Suzuki India on Sunday reported a nearly one-third decline in sales at 1,06,413 units in August. The company had sold 1,58,189 units in August last year. Domestic sales declined by 34.3 per cent at 97,061 units last month as against 1,47,700 units in August 2018. Sales of mini cars comprising Alto and WagonR stood at 10,123 units as compared to 35,895 units in the same month last year, down 71.8 per cent.
Sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, fell 23.9 per cent at 54,274 units as against 71,364 cars in August last year.
Mid-sized sedan Ciaz sold 1,596 units as compared to 7,002 units earlier.
However, sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, rose 3.1% at 18,522 units as compared to 17,971 in the year-ago month, MSI said.
Exports in August were also down by 10.8% at 9,352 units as against 10,489 units in the corresponding month last year, the company said.
Courtesy: www.livemint.com
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
