India’a largest commercial vehicle and leading carmaker, Tata Motors Ltd (TML), has internally announced a block closure for three days starting today, 8 August, at its production plants in Pimpri (Pune) and Jamshedpur. Mint also learns that Tata Motors’ luxury car unit, Jaguar Land Rover (JLR), is also observing the block closure for three days starting today, in an attempt to cut down the volumes of locally assembled models.

Shares of pharmaceutical major Cipla Ltd lost about 3% leading the losses in the NSE Nifty stocks at Wednesday noon trade. The deceleration in India business came as a negative surprise. Revenues in India, the largest business market for Cipla, dropped 12% as the company re-aligned its distribution channel.

State-run oil refining and marketing company Hindustan Petroleum Corp. Ltd’s (HPCL) June quarter results are nothing to write home about. Net profit of ₹811 crore missed Bloomberg’s consensus estimate of ₹1,002.5 crore.

“Compared to its peer Indian Oil Corp. Ltd that reported strong results last week, HPCL reported a weak set of results," said brokerage firm Nomura Financial Advisory and Securities (India) Pvt. Ltd.

Indian markets surged today after news agency Reuters, citing sources, reported that the government is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget. The budget announcement on taxation has adversely impacted investor sentiments and is reflected in the FPI outflows from the equity markets. Since budget, Indian markets have fallen nearly 8%.

Paytm’s QR-based payment service PayPay launched in Japan in partnership with SoftBank and Yahoo Japan last October has hit 10-million user target along with 1 million stores and 100 million transactions, Paytm Founder and CEO Vijay Shekhar Sharma tweeted on Thursday. Around mid-July 2019, the service had already acquired 8 million customers in the Japan market.

As the automotive industry faces its worst slowdown in the past two decades, Anand Mahindra, chairman, M&M, has sought a re-look at the vehicle registration fees and rollback of increase in road tax of state governments after the introduction of goods and services tax (GST).

The Supreme Court on Wednesday gave a week’s time to the operational creditors of bankrupt Essar Steel to challenge the new amendments to the Insolvency and Bankruptcy Code, which granted more powers to the lenders. A bench led by justice RF Nariman deferred the hearing on a batch of appeals till August 19 so as to decide the issue in light of fresh challenges following recent amendments.

Hyundai Motor India on Wednesday unveiled the first glimpse and announced the name of its new hatchback, the Grand i10 Nios. The overall design theme of Grand i10 Nios is focussed to create an advanced hatchback with cues from Indian architecture. The name ‘Nios’ means ‘more’ and depicts the persona of the athletic millennial offering more value, more features, more space and more excitement.

State Bank of India (SBI), the country’s largest lender, on Wednesday announced a 15 basis point (bps) cut in its marginal cost of fund based lending rate (MCLR) across all tenors soon after the RBI cut its repo rate by 35 bps on Wednesday.

This is for the first time after the 2008-2009 financial crisis that the Reserve Bank of India (RBI) is cutting rates back to back to nudge growth, taking advantage of mild inflation.

RBI has cut the rate at which it lends money to banks (repo rate) by another 0.35% to 5.40 %, the fourth consecutive cut in a row and the lowest in the last nine years.

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