Maruti Suzuki dips on temporary suspension of production
.jpg)
Shares of Maruti Suzuki India have dipped 2.4% to Rs 3,495 on the BSE in early morning trade after the company said it has temporarily suspended production at its Gurgaon and Manesar plants on account of the ongoing agitation.
“Owing to the agitation in Rohtak and nearby areas, supplies of certain components have been disrupted. As a consequence, the Company has had to temporarily suspend manufacture of cars at its facilities in Manesar and Gurgaon, starting Saturday (February 20) second half”, Maruti said in a statement.
The company is making efforts to arrange the components from other sources. It will resume operations once the supply of components is restored. The combined output from Manesar and Gurgaon is about 5,000 vehicles per day, it added.
The stock of the country's largest car maker is underperforming the market by falling 15% thus far in February, after the company posted lesser than expected sales numbers for the month of January. The S&P BSE Sensex was down 4.4% during the same period.
The January 2016 total sales volume of the company declined by 2.6% to 1.13 lakh units. Domestic sales of the company showed a mere rise of 0.8%, while exports tumbled 34.6% YoY.
At 10:00 AM, the stock was down 2% at Rs 3,513 as compared to 0.27% rise in the benchmark index. A combined 392,177 shares changed hands on the counter on the NSE and BSE so far.
Other Latest News
.webp)
At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
.webp)
Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
.webp)
The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
.webp)
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
.webp)
Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
.webp)
.webp)
.webp)
.webp)
.webp)
