Top headlines: Maruti Q2 profit up 2%, SP Group claims stake in Tata firms

India's front line health workers will be the first to be inoculated once an effective vaccine is available. More headlines in our evening roundup.

Maruti Suzuki India Ltd missed analysts’ profit estimates for the second quarter on Thursday, as the carmaker was hit by higher costs of raw materials and tax expenses, and warned of uncertainty in demand post December. The Shapoorji Pallonji Group (SP) has sought a pro-rata division of all Tata Sons assets based on its 18.4 per cent stake in the holding company of the Tata conglomerate, said the group in its settlement filings in the Supreme Court. Here is more on what made news on Thursday.

Shapoorji Pallonji Group stakes claim in all Tata companies, seeks division

The Shapoorji Pallonji Group (SP) has sought a pro-rata division of all Tata Sons assets based on its 18.4 per cent stake in the holding company of the Tata conglomerate, said the group in its settlement filings in the Supreme Court. The SP group has sought a direct stake in all listed entities of the Tata group, including a 13.22 per cent stake in the conglomerate’s crown jewel, Tata Consultancy Services. It has claimed a pro-rata share of the Tata brand and asked for a neutral third-party valuation for the unlisted assets adjusted for net debt. Read More...

Maruti Suzuki posts 2% YoY growth in Q2 profit at Rs 1,420 crore

Auto major Maruti Suzuki on Thursday reported 2.05 per cent year-on-year growth in consolidated profit at Rs 1,419.6 crore for the September quarter of FY21 (Q2FY21) while revenue rose 10.34 per cent to Rs 18,755.6 crore. In comparison, the company had posted revenue of Rs 16,997.9 crore and profit of Rs 1,391 crore in the corresponding quarter of last year. On a standalone basis, Maruti's revenue came in at Rs 18,744.5 crore while profit after tax (PAT) stood at Rs 1,371.6 crore. Read More...

Govt to prioritise Covid-19 vaccine for front line health workers: Report

India’s front line health workers will be the first to be inoculated once an effective vaccine is available, according to a senior Indian official involved in immunization planning. Three vaccines are currently at different stages of development in the country so far and a safe candidate is expected early next year, said Dr. Vinod Paul, member of the federal government planning organization Niti Aayog and the head of a panel advising the prime minister on the country’s efforts to produce and roll-out the inoculation. Read More...

Trump admin proposes to scrap computerised lottery to select H-1B visas

The Trump administration has proposed to scrap the computerised lottery system to grant H-1B work visas to foreign technology professionals and replace it with a wage-level-based selection process, a move that is expected to counter the downward pressure on the wages of US workers. A notification on the new system is being published in the Federal Register on Thursday. Stakeholders have 30 days to respond to the notification, the Department of Homeland Security (DHS) said on Wednesday, less than a week before the US presidential election. Read More...

Steel set to get costlier by 10-20% for auto manufacturers amid recovery

Steel is set to become costlier by 10-20 per cent for auto manufacturers as steel producers conclude contracts with them. JSW Steel has already finalised some contracts and some are still in the pipeline. The company's Joint Managing Director and group Chief Financial Officer, Seshagiri Rao, said, prices would ne reset from October 1. “The average of the last six months will be the price for the coming months,” he said, while indicating a price increase of 10-15 per cent. Read More...