Auto stocks in focus: Maruti Suzuki and Hero MotoCorp, leaders in the country’s four-wheeled and two-wheeled vehicle markets, were the first to drop prices after the July 1 midnight adoption of GST. Hyundai Motor India, Tata MotorsBSE -0.14 %, and Ford India ¬ manufacturers that compete with Maruti locally ¬ are likely to follow suit with cuts in the next few days. For the Maruti Suzuki’s range of vehicles, prices declined between Rs 2,300 and Rs 23,400 a unit. The range was wider at Toyota’s Indian unit, which slashed vehicle prices between Rs 10,500 and Rs 217,000 apiece. Hero MotoCorp’s prices declined between Rs 400 and Rs 4,000.
JSW Steel: Sajjan Jindal-led JSW SteelBSE 1.30 % has recorded its highest-ever crude steel production at 15.80 mt during 2016-17, surpassing earlier guidance. This is 25 per cent more than what the company produced in 2015-16.
IOC: India’s largest refiner Indian OilBSE 0.75 % Corporation (IOC) is setting up an office in Singapore that will handle crude oil purchases and the sales of oil products from its refineries later this year, trade sources said on Friday.
The state-run company is part of a growing group of refiners in Asia that have set up offices in Singapore’s oil hub to keep closer tabs on the market and react more quickly to changes.
PNB: Punjab National BankBSE 0.33 % (PNBBSE 0.33 %) Maestro debit cards holders will face a card blockage if they fail to replace it with a more secure EMV chip based card by the end of this month. The bank will not charge anything for the replacement and it will be provided free of cost.
Coal India: A Coal India subsidiary has stopped supplies to independent power producers, acting on the government’s direction to divert stocks to generation companies catering to an unforeseen rise in electricity demand. The decision has triggered protests among the affected buyers who allege they’re being discriminated against.
Mahindra & Mahindra: Leading SUV manufacturer Mahindra & Mahindra (M&M) on Saturday reported a decline of eight per cent in its overall sales for June. According to M&M, its total sales for the month under review declined to 35,716 units from 39,009 units sold during June 2016.
Tata Motors: Automobile major Tata Motors on Saturday reported that its total sales including exports during June declined by nine per cent to 40,358 units from 44,525 vehicles sold during the same month last year.
SpiceJet: The Delhi High Court is likely to pronounce its verdict on the pleas of budget carrier SpiceJet and its co-founder Ajay Singh on Monday against a single judge order directing it to deposit Rs 579 crore in connection with a share transfer dispute with previous owner Kalanithi Maran.