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Sunday,24-October-2021

Business

Auto expo to witness 60 launches; Jio, FB to attend

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To re-attract consumers, the slowdown-dented automobile sector has lined up 60 launches, new technology offerings from debuting global brands at the biennial Auto Expo 2020.

In addition to auto manufacturers, Reliance Jio and social media giant Facebook will also be part of the 15th edition of the expo, being jointly organised by ACMA, CII and SIAM from February 7-12 for the general public, at the India Expo Mart in Greater Noida.

“Auto Expo 2020 is expected to be the biggest driver of consumer sentiment,” Rajesh Menon, Director General of the Society of Indian Automobile Manufacturers (SIAM), told IANS.

“Passenger vehicle original equipment manufacturers, accounting for 85 per cent of the market share, and commercial vehicle OEMs, accounting for 75 per cent of the market share, are participating in this expo,” Menon said.

Sixty launches of passenger cars, commercial vehicles and two-wheelers are expected to showcase the future of mobility in the country.

Many of these launches are expected to be face-lifts of existing models with BS-VI compliant engines as the country is shifting to BS-VI from April 2020.

The healthy participation and launches assume significance as the sector has been battered by falling sales due to high goods and services tax (GST), farm distress, stagnant wages and liquidity constraints.

While some companies had to reduce production, dealers took inventory correction measures.

In terms of participation, brands like Volkswagen, Skoda, Force Motors will make a return to the motor show, FAW Haima, Great Wall, MG Motors and others will make debut.

Lately, telecom operators have entered the segment to provide connectivity to internet-enabled cars and Jio will be showcasing embedded SIM technology for the automobile sector.

Facebook will host a town hall discussion and will also be hosting other events.

The expo 2020 will also feature more than 15 startups, which will showcase technology solutions focused on green mobility and services connected to the automobile industry.

Lithium-ion battery and charger manufacturers, along with tyre firms will also showcase their presence at the auto show.

Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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