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Ford to continue selling diesel models in India
Posted on 30th April 2019
US automaker Ford will continue to sell diesel models in India and has no plans to pull the plug on such vehicles, a senior company official Tuesday said.

The automaker, which sells models like EcoSport and Endeavour in the country through a wholly-owned subsidiary, said it would also be ready with BS VI-compliant diesel powertrains for its model range before the April 1, 2020 deadline. "We will continue to offer the power of choice to consumers and will not stop diesel models. Ford will also be fully ready with its range of BS-VI compliant diesel powertrains ahead of April 2020 implementation," Ford India Executive Director, Marketing, Sales and Service Vinay Raina told PTI.

This shows the company's commitment in offering what consumers want, he added.

With diesel cars set to become costlier from next year with the implementation of stricter BS-VI emission norms, major automakers in India are contemplating about the future of such vehicles in their portfolios.

Already, the country's largest carmaker Maruti Suzuki India (MSI) has announced to phase out all diesel models by April 1, 2020. The company says the increase in cost would put most of the diesel cars, especially the smaller ones, out of reach of small car buyers in the country.

Raina, however, said historically consumers for utility vehicles (UVs) have preferred diesel powertrains.

"For instance - Over 65 per cent of the consumers today buy EcoSport diesel variants compared to petrol. Despite government lifting subsidies on diesel over the years, we have seen the demand for diesel stay and expect the same to continue in 2020 and beyond," he noted.

He said with the implementation of BS-VI norms, the company expected the prices of passenger vehicles in the industry to increase by up to 8-10 per cent.

However, the price increase coming into effect due to BS-VI norms will be across vehicle segments, not just diesel vehicles, he added.

"Ford has launched its first CNG vehicle (Aspire) to support any possible shift from diesel in the time to come," Raina said.

He added that the company would also continue to bring in petrol versions of the models to complement diesel cars.

"Ford - with the introduction of EcoSport in 2013 - was among the first to bring petrol engines into the consideration set of UV buyers. To complement the diesel technology, we will continue to deepen the portfolio of petrol engines and offer more BS-VI compliant petrol engines options to our consumers," Raina said.

With the company turning profitable in India last year, after more than two decades of presence in the country, it is now in a better position to invest more in upgradation of technology.

Earlier this month, Ford inked a definitive agreement with Mahindra & Mahindra (M&M) to co-develop a mid-sized SUV for India and other emerging markets. The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018. The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.

Ford has already signed an agreement with Mahindra Group to develop and supply a low-displacement petrol engine for use in Ford's present and future vehicles, beginning in 2020. Both companies are also jointly developing a telematics control unit.

Related Companies: Ford India Limited   

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ICICI Bank shares gain 3% after setting floor price for QIP issue
Posted on 11th August 2020
Shares of ICICI Bank gained as much as 3 per cent to Rs 374.15 on the BSE on Tuesday after the private lender launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per share.

The bank plans to raise up to Rs 15,000 crore to support business growth and create a buffer to absorb any shock from the economic disruption caused by the coronavirus pandemic.

Axis Bank raises Rs 10,000 cr via allotment of equity shares to QIBs
Posted on 11th August 2020
Private sector lender Axis Bank on Tuesday said it has raised Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB).

Last week, Axis Bank had set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000-crore qualified institutional placement (QIP).

JSW Steel production rises 9% in July at 1.2 million tonnes
Posted on 11th August 2020
JSW Steel, the flagship business of 12 billion dollar JSW Group, on Tuesday reported crude steel production of 12.46 lakh tonnes in July, up 9 per cent from 11.44 lakh tonnes in the previous month.

In July last year, however, it had recorded crude steel production of 13.17 lakh tonnes, it said in a statement. The average capacity utilisation was 83 per cent as against 76 per cent in June.

Hyundai Creta's sales milestone, crosses 500,000 mark in domestic market
Posted on 11th August 2020
Hyundai Creta's sales number has touched 5,00,000-mark in the domestic market, the company announced on Tuesday.

Hyundai Creta has been the blockbuster model in the Indian Automobile industry ever since its launch in 2015. Redefining the SUV landscape in India, Creta’s supremacy transpires from Hyundai’s technological prowess and innovation, outperforming the industry benchmarks in all aspects, said Tarun Garg, Director (Sales, Marketing & Service), Hyundai Motor India Ltd.

Dr Reddy's Laboratories launches drug to treat infections in US market
Posted on 11th August 2020
Dr Reddys Laboratories Ltd on Tuesday announced the launch of a generic version of Ciprodex (ciprofloxacin 0.3% and dexamethasone 0.1%) Otic Suspension in the American market, following approval from the US Food and Drug Administration (USFDA).

Ciprodexis used in adults and children 6 months of age or older to treat certain types of infections caused by certain germs called bacteria.

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