India needs to immediately use its foreign exchange reserves to arrest the rupee’s record plunge as the weakening currency has the potential to send the economy into a “nosedive,” billionaire Adi Godrej said.
Maruti Suzuki India Ltd. and Hyundai Motor Co., the nation’s biggest carmakers, will have to raise prices of vehicles sold overseas to maintain profitability as a plunging rupee raises costs amid stagnating demand at home.
Godrej Consumer Products Ltd. , India’s second-biggest maker of bath soap, rose after agreeing to buy Argentine hair-color maker Argencos, the Indian company’s second Latin American purchase in the past two weeks.
Godrej Consumer Products Ltd. , India’s second-biggest soapmaker, was poised to reach a record high in Mumbai trading after it agreed to buy Sara Lee Corp.’s stake in their venture for 185 million euros ($234 million).
Billionaire Adi Godrej said his company, India’s second-largest consumer goods maker by value, will still depend on small retailers for sales 10 years after foreign companies such as Wal-Mart Stores Inc. open outlets.
To U.S. prosecutors, former Goldman Sachs Group Inc. director Rajat Gupta is a Wall Street insider who fed secret tips to his business partner Raj Rajaratnam so the fund manager could reap millions in illicit profits.
Godrej Consumer Products Ltd. plans to raise as much as 7 billion rupees through qualified institutional placement route to fund acquisitions, the Business Standard Newspaper reported, citing Chairman Adi Godrej.