July 28: Pictures of the day
July 28: Pictures of the day
Ford's 'Figo' car stands on display during its launch ceremony in New Delhi
Ford Motor Co plans to build a $900 million production plant at Sanand in Gujarat, doubling its investment in the country, as the second-largest US carmaker seeks to catch up with rivals in the second-fastest growing auto market in the world.
The planned factory in pro-business Gujarat is expected to be running by 2014 and will employ 5,000 people, the company said.
With initial annual production capacity of 240,000 vehicles, the plant will bring Ford's total capacity in India to 600,000 and reduce the cost of getting vehicles to market. Ford has another plant in Chennai.
The US firm is not alone in boosting investment in India, where car sales jumped 30% in the year to March to close to 2 million.
Others such as Toyota Motor Corp, Nissan Motor Co, Volkswagen and General Motors are lining up new models and adding investment.
Traffic moves along the Bandra-Worli sea link in Mumbai
Hindustan Construction Co on Thursday reported a 90% plunge in June-quarter net profit, hurt by higher interest rates and a slowdown in the infrastructure sector, sending its shares down nearly 5%.
The construction and civil engineering firm also said it plans to raise funds by selling stake in unit HCC Concessions.
The company's quarterly interest costs surged to Rs 93.25 crore from Rs 57.74 crore a year ago.
Its net profit was a meagre Rs 2.87 crore compared with Rs 28.31 crore a year ago. Sales increased marginally to Rs 1,060 crore from Rs 1,008 crore.
At 2:09 pm, its shares were down 3.23% at Rs 31.5 in a weak Mumbai market.
Workers arrange consumable goods as a customer shops at a grocery store in Lucknow
Hindustan Unilever, the Indian unit of Anglo-Dutch Unilever Plc, beat forecasts and posted an 18% jump in quarterly net profit helped by a one-time gain.
The largest Indian household products and consumer goods maker said on Thursday net profit rose to Rs 627 crore ($142 million) for the first quarter ended June 2011 from Rs 533 crore a year ago.
A vendor arranges vegetables at a wholesale market in Siliguri
India's food price index rose 7.33% and the fuel price index climbed 12.12% in the year to July 16, government data on Thursday showed.
In the previous week, annual food and fuel inflation stood at 7.58% and 11.89%, respectively.
The primary articles price index was up 10.49%, compared with an annual rise of 11.13% a week earlier.
India's central bank stunned investors on Tuesday by raising interest rates by 50 basis points, showing unexpected resolve in fighting persistently high inflation that had quickened to 9.44% in June.
The rate rise was the Reserve Bank of India's 11th since March 2010 and Finance Minister Pranab Mukherjee said on Wednesday that the economy may see more rate increases.
A customer shops at a store in PunjabRetailer Shoppers Stop, part of the K Raheja Group, will look to explore partnerships with overseas firms once foreign direct investment is permitted in multi-brand retail, a top official told Reuters.
"Once the rules on FDI are clear there is a possibility of a joint venture or a strategic alliance, especially on the food side. On the apparel side we are not interested," Govind Shrikhande told Reuters in an interview late Wednesday.
Shoppers Stop, which is an apparel and accessories retailer, runs its food business under hypermarket Hypercity and runs speciality stores such as Crossword, Mothercare and MAC amongst many others.
A man looks at Sony headphones at an electronics store in Tokyo
Sony Corp stuck with its full-year profit forecast after slashing its outlook for TV sales, confident that other units will perform better than earlier anticipated to offset additional losses in the unit.
The maker of Bravia TVs and PlayStation game consoles left its full-year operating profit outlook unchanged at 200 billion yen, flat on the previous year, even though it cut its annual forecast for LCD TVs to 22 million sets from 27 million.
Sony trails South Korean rivals Samsung Electronics and LG Electronics in the high-profile flat-screen TV market and was aiming to slash its losses in TVs to less than half of last year's 75 billion yen.
The company kept its unit sales estimate for PlayStation 3 games consoles at 15 million and digital camera sales at 24 million units after reporting a 59% drop in quarterly operating profit, as it struggled with production woes following the devas
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