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Maruti Suzuki stock slides 2.3% to hit 10-month low
Posted on 20th September 2018
Shares of Maruti Suzuki, which rose over ten-fold in six years through 2017, seem to have lost the steam. The stock has corrected close to 16% since January after its record-setting run, beating the Nifty returns for six years in a row. Among its most stellar returns were a gain of 88.8% in 2014 and 82.9% in 2017.

The Maruti Suzuki stock slid 2.3% on Wednesday to hit a ten-month low of Rs 8,210.35 on NSE. The share price of the country’s largest car maker was down 16.5% from its July 24 record of Rs 9832.45 even as the benchmark indices continue their record-breaking rally. The company has seen an erosion of Rs 49,000 crore in its market capitalisation from its July peak.

Market participants observe the extended weakness in the rupee, rising crude oil prices and lingering tariff war between the US and China have made the stock less attractive to the investors.

Barring two, the stock of Maruti ended in the red in every trading sessions so far in September. The stock fell 9.7% since the beginning of the month, making it the worst performer in the Nifty Auto index in month-to-date.

The trade war between China and the US will affect all nations, Maruti Suzuki chairman R C Bhargava said during the company’s 37th annual general meeting (AGM) in New Delhi last month, adding “uncertainty in oil prices will also adversely hit growth of auto industry and the economy.”

The benchmark Nifty50 has gained 6.7% since January. The Brent crude which is hovering close to $79 per barrel has increased over 11% since August 15.

Deutsche Bank opined strengthening yen against rupee will make imports of parts from Japan costlier. “A one per cent gain in the yen versus the rupee leads to a 0.7% drop in Maruti’s earnings per share,” the brokerage said in a recent note.

The Japanese yen has strengthened 13.7% against the rupee since the beginning of 2018.

While the stock of Maruti Suzuki rose at a compound annual growth rate (CAGR) of 45.5% between 2013-17, the Nifty50 gained 12.3% during the same period. In fact, when the benchmark yielded a negative return of 4.06 in 2015, Maruti Suzuki rose 38.8%.

Related Companies: Maruti Suzuki India Limited   

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Indian Oil hopes to raise funds under new working capital norms in 20 days
Posted on 16th October 2018
An executive of state-owned Indian Oil Corporation on Tuesday said the company was hoping to raise at least $300 million under the new working capital norms within 20 days from now.

IOC had last week said it would invest Rs 54.63 billion in setting up a city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts.

#MeToo: Women journalists demand M J Akbar's dismissal, write to President
Posted on 16th October 2018
A panel of female journalists has written to President Ram Nath Kovind demanding the dismissal of Union Minister M.J. Akbar who has been accused of sexual harassment by a dozen women in the wake of the #MeToo movement.

We are extremely concerned that he continues to be a minister in the Union council of ministers even as he pursues whatever legal course of action he plans.

ICICI Bank gets RBI clearance to appoint Sandeep Bakhshi as its MD and CEO
Posted on 16th October 2018
Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years.

After resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer (COO) Bakshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals.

Rupee weakens 9 paise to 73.92 against US dollar in early trade
Posted on 16th October 2018
The rupee weakened by 9 paise to 73.92 against the US dollar in early trade Tuesday on increased demand for the American currency from banks and importers.

At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92.

Good news: Pink Line Delhi Metro to open by Diwali
Posted on 16th October 2018
The Delhi Metro's Pink line will be opened by Diwali, according to various media reports. Pink line for Shiv Vihar-Trilokpuri Metro was scheduled to be opened in August as per a previous plan but then the deadline got extended.

Pink Line Metro will ease connectivity between North East Delhi and South Delhi by connecting Shiv Vihar and Lajpat Nagar.

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