Top Headlines: Diesel car cost likely to rise, recession in 2023, and more

Buying a car, particularly a diesel-powered one, is set to pinch the customers’ pockets even more from the next financial year, as the second phase of Bharat Stage VI (BSVI) emission norms kicks in. Indian CEOs are expecting a decline in growth prospects of companies and the country, but are expecting to bounce back in the short-term, a report said. Read more on these in our top headlines.

BSVI phase 2: Diesel car cost likely to rise by nearly Rs 80,000

Buying a car, particularly a diesel-powered one, is set to pinch the customers’ pockets even more from the next financial year, as the second phase of Bharat Stage VI (BSVI) emission norms kicks in. The rules require cars to be compliant with real driving emission (RDE) norms, which measure pollutants emitted by cars while they are being driven on the road, unlike in a laboratory test. Read more
 

66% CEOs in India expect recession in 2023; layoffs on the cards

Indian CEOs are expecting a decline in growth prospects of companies and the country, but are expecting to bounce back in the short-term, according to KPMG 2022 India CEO Outlook. Eighty-six per cent CEOs in India, compared to 71 per cent CEOs globally, predict that a recession will impact company earnings by up to 10 per cent over the next 12 months. Read more
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Bangladesh, Vietnam seen as competitors in textile and garment trade

Uttar Pradesh (UP), which is among the top textile producers in India, is looking to compete with major international players like Bangladesh and Vietnam for a larger pie of the global textile and garment trade. With a share of about 13 per cent, UP is one of the top three domestic textile players. Bangladesh, Vietnam, and Indonesia are the leading textile exporters in the Asia region. Read more
 

China's zero covid strategy could impact India's consumer durable industry

Consumer durable companies may get impacted again due to China’s zero Covid policy as a shortage of components is expected to hit markets post Diwali. While supply chain issues have been a problem since the start of the pandemic, China’s zero Covid strategy has also posed another risk for consumer durable companies. White goods have 25-75 per cent of their components coming from China, with air-conditioners being the most dependent on them with 75 per cent. Read more
 

Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements

Dalmia Cement (Bharat) and Sagar Cements have emerged as the top contenders to acquire Andhra Cements, which is undergoing bankruptcy process after it failed to repay its debt. Banking sources said both companies have submitted their offers to the resolution professional and the committee of creditors is evaluating both offers. According to statistics submitted to the stock exchanges, Andhra Cements owes Rs 970 crore of debt to its lenders. Read more