Business
Ford India closure: Compensation talks on with workers
A couple of rounds of talks on the compensation to be paid to the workers have been held between the representatives of Ford India Private Ltd’s workers and the management, said a worker union leader.
He said the company management wants to conclude the talks and arrive at a settlement by February 2022.
“Couple of rounds of talks have been held with the workers in Chennai. We have given our charter of demands and the management said it has to be negotiated,” the Chennai plant union official told IANS preferring anonymity.
According to him, talks with the workers in the Gujarat plant have also started.
“We have asked for compensation for completed and remaining years of service. The company is not agreeable for the same. The management has not indicated as to the compensation they are willing to pay to the workers,” the union official said.
Majority of the workers are young and have about 25 years of service remaining before they retire and the compensation calculated on that basis will be a sizeable sum, is the management’s view.
However, the parent company will be infusing funds in dollars and as per the exchange rate between dollar and the rupee the outgo for Ford India will not be much, the worker leader said.
Last September, Ford India announced its decision to wind down vehicle assembly in Sanand in Gujarat by the fourth quarter of 2021, and vehicle and engine manufacturing in Chennai by the second quarter of 2022.
Ford India has four plants in the country — vehicle and engine plants in Chennai and Sanand.
Ford’s ‘quit India’ decision will result in an uncertain future for about 5,300 employees — workers and staff, the officials said last year.
The Chennai plant has about 2,700 associates (permanent workers) and about 600 staff.
“In Sanand, the number of workers will be about 2,000,” Sanand workers’ union General Secretary Nayan Kateshiya had told IANS.
Ford India had said more than 500 employees at the Sanand engine plant, which produces engines for export, and about 100 employees supporting parts distribution and customer service, also will continue to support Ford’s business in India.
According to Ford India, about 4,000 employees are expected to be affected by its decision.
The workers at Ford India want the prospective buyer of the car plants to hire them.
Meanwhile, Ford India has declared a holiday for majority workers till January 27.
About 100-200 workers have been asked to report for work to make the spares for the aftermarket, the union leader said.
Business
‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless
The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.
Adani Denies Charges
The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
Committed to Highest Standards
The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
US Court Indicts Adani and Co.
The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.
The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.
This in turn led to misleading American investors and global financial investors.
The court reportedly also issued an arrest warrant against Gautam Adani and seven others.
Adani Shares Tank
In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.
Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.
The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.
The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.
Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.
Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.
Business
Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know
The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.
The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.
Market Snapshot
By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.
The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.
However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.
Reasons behind the sharp decline
One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.
As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.
Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore
The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.
The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.
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