The business wrap: Maruti reports record 14% rise in July domestic sales, and 6 other top stories
The price of subsidised LPG was hiked by Rs 1.93 per cylinder, and Uber will sell its business in China to rival Didi after posting losses worth billions.
A look at the headlines in the sector right now:
- Maruti Suzuki posts record 14% rise in July domestic sales: Powered by utility vehicles and compact cars, the country’s largest automaker saw a 12.7% year-on-year increase in its total sales.
- Subsidised LPG price hiked by Rs 1.93 per cylinder: A 14.2-kg cylinder of cooking gas will now cost Rs 423.09 in Delhi, according to state-owned oil companies.
- Uber to sell Chinese subsidiary to competitor Didi after losses worth billions: Once the deal – details of which are not public – is finalised, the two cab-hailing giants will be valued at $35 billion, according to officials in the know.
- Petrol prices down by Rs 1.42 a litre, diesel costs Rs 2.01 less: Crude oil closed at $40.81 a barrel last week, causing Indian Oil Corp to cut prices across the country in its fortnightly review.
- Pricing regulator revises ceiling rates of 24 essential drugs, prices to drop by 25%: These include medicines to treat serious ailments such as cancer and HIV, as well as cardiac diseases.
- Raghuram Rajan wants Monetary Policy Committee set up before his term ends: The RBI governor said the Centre needs to form the panel fast to institutionalise decision-making on interest rates and keep the focus on controlling inflation.
- Manufacturing sector hit four-month high in July, finds survey: Among other factors, greater production and higher demand contributed to the upswing.
