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News Round Up:Factory Output Dips 0.4%,First Negative Sign in 15 Years

13 December, 2008

Car Prices to Rise in January – Car manufacturers are planning to raise prices by 2% – 3% by January in order to improve margins and to cover the cost of a weakening rupee in case of cars that have high import content. The price rise would come just a month aft the car manufacturers announced price cuts in December, hence neutralising the price cuts. Analysts also suggest that the cars makers could be threatening of the price rise in order to clear the December inventory. According to industry estimates, the prices of at least 31 models from Maruti Suzuki, Toyota Kirloskar, Honda Siel Cars, General Motors India (GM) and Ford India — will rise.

Factory Output Dips 0.4%, First Negatice Showing in 15 Years – Govt. data revealed today that India’s industrial production dipped 0.4 per cent in October, it being the first negative showing in 15 years. The prime reason for this decline in factory output is the dip in manufacturing, which accounts for a nearly 80 per cent weight in the Index of Industrial Production (IIP). The govt. is expecting a further dip in November. 

Standard Chartered Stake in STCI Increases To 74.9% – Standard Chartered Bank’s holding in Standard Chartered-STCI Capital Markets Limited (formerly UTI Securities Limited) has gone up to 74.9% as the Bank has completed the acquisition of an additional 25.9% stake in the latter. The company currently offers its services under the brand ‘Standard Chartered Wealth Managers’

Visa appoints David Lee as Asia-pacific President – David lee has been appointed as the President of visa Inc.’s Asia pacific region. He succeeds Rupert key who was recently appointed as Visa’s Global head of strategy and Corporate Development.

Axis Bank Expands Branches in South, Plans Addition to Headcount – Axis bank is expanding its branch network in South. It is also upgrading its extension counters in south to branches. To support this expansion in the southern part of the country, the bank also plans to increase its headcount by hiring 1000 additional employees within a year. Currently the bank employs 3,700 employees in the south zone. At present, the bank has 181 branches in the south zone comprising the states of Tamil Nadu, Andhra Pradesh, Kerela and Karnataka.

 


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News Round Up:Factory Output Dips 0.4%,First Negative Sign in 15 Years

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