Mfg activity recovers in June: Survey
03 Jul
Business News

Mfg activity recovers in June: Survey

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Business new tamfitronics TNN / Updated: Jul 2, 2024, 02:31 ISTAAText SizeSmallMediumLarge NEW DELHI: Growth in manufacturing activity in the country recovered in June on the back of solid demandtriggering the fastest rate of job creation in the sector in 19 years, a survey showed on Monday.The HSBC India Manufacturing Purchasing Managers' Index increased from 57.5 in May to 58.3 in June, indicating a sharper improvement in business conditions.The 50-point mark separates expansion from contraction in the survey, which is compiled from responses to questionnaires sent to 400 manufacturing companies.Manufacturing output increased at a sharp pace that was faster than in May, as underlying demand remained favourable and new business continued to flow in, the survey results showed. It said the performance of the consumer goods industry was especially strong, although...
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Auto cos go slow on dealer dispatches as demand dips
03 Jul
Business News

Auto cos go slow on dealer dispatches as demand dips

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Business new tamfitronics NEW DELHI: After nearly three years of bumper growth, car sales have started to show signs of weakness as demand has come down over the past few months on a high base and other negatives such as severe summer heatwave, uncertainty around elections, and expensive vehicles.The Indian car market had bounced back strongly after the Covid setback and closed 2023 with record sales of 41.1 lakh units.However, the market has seen a squeeze in demand in recent months, which many fear will mean low-to-flat growth for the full year.The numbers in June saw Maruti and Hyundaithe top two carmakers, report weak growth in dealership deliveries. But while they managed to stay positive, Tata Motorswhich had made a remarkable comeback over the last few years, witnessed an 8% decline in dealer...
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Heat, humidity push power demand, fuel sales mixed
03 Jul
Business News

Heat, humidity push power demand, fuel sales mixed

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Business new tamfitronics NEW DELHI: The intense heat wave and rising humidity with the onset of monsoon towards end of the month drove up power consumption by 9% in June as households and commercial establishment ran cooling appliances for longer hours.But petrol, jet fuel and LPG sales posted moderate gains, while diesel remained in the slow lane during the month, essentially on loss of farm sector demand.Govt data pegged power consumption at 152.3 billion units (BU) during the month under review against 140.2 BU. The highest demand met in a day, also known as 'peak demand met' in industry parlance, too jumped 9.8% to 245.4 gigawatts (GW) from 223.2 GW in June 2023.The picture was mixed for fossil fuels. Diesel demand, a key indicator of economic activities, was 1.3% lower than June 2023....
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Patanjali to acquire parent’s non-food biz
03 Jul
Business News

Patanjali to acquire parent’s non-food biz

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Business new tamfitronics MUMBAI: The board of Patanjali Foods (earlier known as Ruchi Soybean Industries) has approved the acquisition of the home and personal care business of parent Patanjali Ayurved for Rs 1,100 crore, the company said on Monday. The acquisition will add to Patanjali Food's product portfolio which, at present, largely consists of edible oils. Patanjali Ayurveda's HPC business covers dental care, skin care, home care and hair care.The deal will be completed by way of a slump sale and the payment will be made in five tranches, Patanjali Foods said in an exchange filing."The acquisition will bring along with it key synergies in terms of brand equity and enhancements, product innovations, cost optimisation, infrastructure & operational efficiencies and positive impact on market share," the company said.The firm and Patanjali Ayurved...
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