Apollo Tyres plans to invest in Chennai plant for expansion
Apollo Tyres is planning to invest around Rs 1,500 crore to expand its truck bus radial tyres capacity at its Chennai plant. The plant also has the capacity to manufacture 16,000 tyres for passengers cars in a month. The current capacity utilisation for the same is around 80%. So far the plant attracted investment to the tune of Rs2,100 crore.
Mahindra tractor sales fall 13% in April to 18,011 units
Auto major Mahindra & Mahindra's (M&M) total tractor sales in April were down 13% at 18,011 units as against 20,731 units in the same month last year. Domestic tractor sales in April stood at 17,006 units against 19,895 units in the year-ago month, down 15%, the company said. Exports during the month were at 1,005 units compared with 836 units last year, up 20%, it added.
Sun Pharma: Taro increases prices of two products in US
Sun Pharma: Taro increases prices of two products in US, also FTSE index weight increased 46% from today; positive for Sun Pharma .Sun Pharma’s subsidiary- Taro Pharma hiked prices of its two products Enalapril Maleate and Econazole nitrate cream in US. Both drugs together could add incremental sales of $20-25 million as per market estimates. Also, the FTSE index weight of Sun Pharma has been increased (effective from today) to 46% from 37%, after the exit of Daiichi Sankyo.
Sunlife to raise stake in Birla Sunlife Insurance
As per media reports Canada's Sun Life could raise its stake in its Birla Sun life Insurance with Parliament having approved lifting the overseas investment limit for the sector to 49% from 26%. Recent deals in insurance space has happened at significant premium to analysts estimates and hence stake increase by Sun life could also happen at premium. This is sentimentally positive for AB Nuvo which own majority stake in insurance JV.
Maruti Suzuki records production of 114,607 units
Maruti Suzuki India announced the production figures for month of April 2015. Total production was 114,607 units in April 2015, compared to 103,440 units in April 2014. Higher production was recorded in the Compact (Ritz/ Swift/ Celerio/ Dzire); Super Compact and Midsize (Dzire Tour/ SX4/ Ciaz); and Vans (Eeco/ Omni) segments with production at 47,043; 8746; and 12,108 units respectively in April 2015.
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