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Localised lockdowns in states like Maharashtra, Madhya Pradesh, Gujarat and Rajasthan have started impacting adversely sales of motorcycles and scooters the past two weeks, said a top executive at the country’s second largest two-wheeler maker Honda Motorcycle & Scooter India (HMSI), adding demand should stabilise as the vaccination drive gains pace from April 1.Currently, 10% of HMSI’s distribution network in the western part of the country is closed on account of the restriction imposed by state governments to check the spread of the pandemic.“There is an impact on economic activity (due to the localised lockdowns). Earlier there were only night curfews. Now in many parts of Maharshtra, some parts of Madhya Pradesh, Gujarat, Rajasthan, there are day time restrictions. Our network is closed in these places which is affecting sales”, said Yadvinder Singh Guleria, director (marketing and sales) at HMSI. Guleria did not specify the quantum of the impact on sales. 81811677With retail ...
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The net asset value (NAV) of four shuttered schemes of Franklin Templeton Mutual Fund fell by up to 6.32% after Rivaaz Trade Ventures, a Future Group firm, defaulted on its scheduled debt obligations due on August 31. Due to the default, Franklin Templeton will value these securities at zero, on the basis of AMFI standard hair cut matrix. The NAV of Franklin India Income Opportunities Fund fell 6.32%, Franklin India Short term Income Plan 5.02%, Franklin India Dynamic Accrual 3.02%, and Franklin India Credit Risk Fund 0.33%.On August 29, Reliance Retail announced acquisition of the retail and wholesale business and logistics and warehousing business of the Future Group, on a slump sale basis, for lumpsum aggregate consideration of Rs 24,713 crores.In a note to investors, Franklin Templeton said, "based on representations from the Future Group we understand NCDs held by the fund house are proposed to be repaid from proceeds of the transaction. We believe the proposed sale announcem...
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LONDON: Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy. Shell, which had 83,000 employees at the end of 2019, said that the reorganisation will lead to annual savings of $2 billion to $2.5 billion by 2022.
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