Vishnu Mathur News
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Indian stocks ended five days of gains and the rupee weakened as Standard & Poor’s warned the country could lose its investment-grade rating due to slowing growth and political roadblocks to economic policy-making. Bonds gained.
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India’s automakers group may reduce its annual sales forecast at a review next month after passenger car sales growth slowed in May as gasoline prices rose to a record and borrowing costs remained high.
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India’s passenger car sales rose to a record in July as economic growth and new models from Ford Motor Co. and Volkswagen AG boosted demand.
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India’s benchmark stock index advanced to a 30-month high, led by real estate developers and automakers, amid expectations that rising incomes and the nation’s economic growth will boost profitability.
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Indian stocks rose for the second week. Hindustan Unilever Ltd. , a household products maker, climbed to a four-month high after its board said it will consider buying back shares.
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India’s inflation is producing an unexpected beneficiary. Motorcycle makers are poised for record sales this year as the highest borrowing costs among Asia’s major economies push consumers to choose a cheaper ride.
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India’s car sales fell in July from a year earlier, the first monthly decline since January 2009, after higher interest rates and production changes at Maruti Suzuki India Ltd. damped deliveries.
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India’s benchmark stock index declined. Bharti Airtel Ltd. and Hindalco Industries Ltd. led the drop after posting quarterly earnings that fell short of analyst estimates.
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China’s monthly car-sales growth slowed in April to the lowest level since March 2009 amid rising consumer and property prices.
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Automobile manufacturers in India such as Maruti Suzuki Ltd. and Mahindra & Mahindra Ltd. are estimated to invest $30 billion over the next four years to meet rising demand in the world’s second-fastest growing economy, the Economic Times newspaper reported citing Vishnu Mathur, director-general at the industry lobby group Society of Indian Automobile Manufacturers.
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