Faced with a demand slump and raw material shortages amid unfavourable economic conditions, Indus Motor Company (IMC) on Tuesday announced a fourth production suspension from Feb 1-14. Also, Agriauto Industries Ltd (AIL), an auto vendor, announced a partial closure this month due to a sharp decline in demand for parts and accessories from major automakers. The assembler of Toyota vehicles
Highlighting ‘immense pressures’ on fiscal account owing to revenue collection challenges, heavy interest payments and rehabilitation spending, the government on Tuesday increased its inflation forecast to 26 per cent — more than double the budgeted 11.5pc target. “The Consumer Price Index (CPI) inflation on a year-on-year basis for January is forecast in the range of 24-26pc,” said the Minist
The White House is launching a partnership with India that President Joe Biden hopes will help the countries compete against China on military equipment, semiconductors and artificial intelligence (AI). Washington wants to deploy more Western mobile phone networks in the subcontinent to counter China’s Huawei Technologies Co Ltd, to welcome more Indian computer chip specialists to the United St
Most Adani Group stocks dropped on Wednesday, extending losses to $72 billion after a short-seller report criticised the conglomerate and despite the group completing a closely watched share sale a day earlier. Hindenburg Research’s report last week alleged improper use of offshore tax havens and flagged concerns about high debt. It added that shares in seven Adani-listed companies have an 85 p
On the opening day of make-or-break talks with the International Monetary Fund (IMF), the government on Tuesday increased liquefied petroleum gas (LPG) price by 30 per cent and finalised a minimum of Rs6 per unit average increase in electricity rates between now and August. This was on top of an earlier hike in petroleum rates by up to 16pc, a rise of one percentage point in the central bank