August 8: News view in pics
August 8: News view in pics
An employee works at an assembly line at a plant of Mahindra and Mahindra in Chakan, around 160 km (99 miles) from Mumbai
Mahindra & Mahindra, India's largest utility vehicles maker, on Monday reported a better-than-expected 8% rise in quarterly net profit, driven by strong volume and demand growth.
Mahindra, whose core business also includes tractors, said its business outlook for the year remained positive but watchful.
Carmakers in India are seeing a drop in demand amid surging interest rates and fuel prices in the world's second-fastest growing auto market after China.
Mahindra's sales in July beat industry averages, rising an annual 41%.
A gas pump is seen hanging from the ceiling at a petrol station in Seoul
Oil fell more than $3 a barrel on Monday as concern over economic growth spread after Standard & Poor's cut the United States' top-tier credit rating and European central banks struggled to contain a deepening debt crisis.
Fear gripped financial markets as the fallout from the historic downgrade of the US debt rating by S&P drowned out pledges of assistance from Europe's central bank and soothing words from the Group of Seven.
The European Central Bank stepped into bond markets on Monday, backing up a pledge to support Spain and Italy to help avert financial meltdown in the Eurozone.
But investors headed for safe havens, piling into gold, which hit a new record above $1,715 an ounce , while many commodities and share markets fell.
Finance Minister Pranab Mukherjee gestures during a news conference in New Delhi
India is in a better position than other countries to manage the impact of an uncertain global economic situation following the developments in the United States and the Eurozone, the finance minister said on Monday.
Pranab Mukherjee said India's fundamentals were strong and the growth story remained intact.
His comments helped the main stock index pare losses to 0.7% after sliding more than 3% in early trade.
Shares across Asia fell sharply despite efforts by global policymakers to stem a collapse in investor confidence after S&P downgraded US credit rating from AAA to AA+ last week.
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