New Delhi, March 17: Leading automaker Maruti Suzuki India Ltd on Monday announced its third price hike this year — up to 4 per cent which is effective from April — to offset rising input costs amid moderating sales.

The price increase on the vehicles from next month will vary depending on the model, according to an exchange filing by the company.

“In light of rising input costs and operational expenses, the company has planned to increase the prices of its cars from April, 2025. The price increase is expected to be up to 4 per cent and will vary depending on the model,” said Maruti Suzuki India.

“While the company continuously strives to optimise costs and minimise the impact on its customers, some portion of the increased cost may need to be passed on to the market,” it added in the filing.

The company had previously raised car prices on January 1 and February 1.

The leading car manufacturer clocked a 16 per cent increase in net profit to Rs 3,727 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 3,206.8 crore in the same quarter last year.

On a standalone basis, the company’s net profit rose 13 per cent year-on-year to Rs 3,525 crore from Rs 3,130 crore in the same quarter last year.

Meanwhile, the Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, last month announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

Maruti Suzuki is currently exporting three lakh vehicles from India annually.

By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police continues to uncover shocking details in the ₹122 crore scam at New India Cooperative Bank. The latest investigation has revealed that the main accused, Hitesh Mehta, illegally disbursed bank funds as high-interest loans to depositors during the Covid-19 period in 2020.

According to EOW sources, many small traders suffered severe financial losses during the pandemic and were in urgent need of funds. Exploiting their vulnerability, Mehta provided them loans worth crores at exorbitant interest rates, bypassing legal banking procedures.

The EOW is now investigating the exact number of traders who received these unauthorized loans and the total amount disbursed. A senior EOW official stated that Mehta, a commerce graduate, joined the bank in 1987 and was later promoted to General Manager and Chief Accountant in 2002. He was set to retire in October this year, but his massive fraud was exposed beforehand.

Sources reveal that an EOW team will soon visit the Reserve Bank of India (RBI) to meet with senior officials. The purpose of the meeting is to understand why the RBI conducted a sudden inspection at the bank on February 12 and what triggered the surprise audit.

Additionally, EOW officials will seek a detailed report from the RBI and question why no action was taken earlier, despite financial irregularities occurring since 2019. The investigation is ongoing, and further revelations are expected in the coming days.

New Delhi, March 14: Commerce Minister Piyush Goyal on Friday on Friday said that he “had a forward-looking discussion with US Trade Representative Jamieson Greer on a mutually beneficial Bilateral Trade Agreement” between India and the US.

“Our approach will be guided by ‘India First’, ‘Viksit Bharat’ and our Comprehensive Strategic Partnership,” Goyal posted on X along with a photo of his meeting Greer.

Goyal had previously met Greer and US Commerce Secretary Howard Lutnick during his visit to the US last week. This followed US President Donald Trump and PM Narendra Modi’s talks on negotiating the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025.

The two leaders resolved to deepen the US-India trade relationship to promote growth that ensures fairness, national security, and job creation. To this end, the leaders set a bold new goal for bilateral trade – “Mission 500” – aiming to more than double total bilateral trade to $500 billion by 2030.

US Trade Secretary Lutnick said recently that he was keen to negotiate a broad-based trade agreement with India, taking into account the entire trade relationship rather than individual products.

Meanwhile, the government has informed the Parliamentary Standing Committee on External Affairs that India has not made any commitment to reduce tariffs on goods imported from the USA.

In a briefing on the issue, Commerce Secretary Sunil Barthwal told the Parliamentary committee that negotiations between India and the US were still ongoing and that no trade agreement had been finalised.

The Commerce Secretary’s clarification came in the wake of US President Trump’s statement that India has agreed to bring “way down” its tariffs on US goods.

Barthwal said: “One cannot go by the US President’s claims and on media reports as the bilateral trade agreement talks between the two nations are still on. India has not committed to anything on trade tariffs to the US.”

He also made it clear that India’s interests were of paramount importance and would be taken care of during the trade negotiations.

Barthwal said that India was in favour of increasing bilateral trade with the USA but would not indiscriminately lower tariffs, especially in sectors crucial to its domestic economy.

“India prefers to negotiate tariff reductions bilaterally rather than multilaterally to ensure national interests are upheld,” Barthwal told the committee.

Trump’s ‘America First’ policy has the potential to disrupt world trade as the US President has accused trading partners of unfair practices and threatened to impose punitive tariffs on a large scale. He has accused India of levying massive tariffs on US goods.