Chandrasekaran defends acquisition of Corus Steel

Tata Steel chairman N Chandra-sekaran on Tuesday defended the acquisition of Corus Steel in the UK and said all allegations were incorrect as the decision was one of the long-term strategies to grow through international acquisitions.

Addressing the 110th annual general meeting (AGM) here, Chandrasekaran said during the second-half of the previous fiscal, the company had faced challenges owing to leadership change at Tata Sons.

Samsung’s all-in-one washing machine

Samsung India, on Tuesday launched new imported FlexWash washing machine. The consumer durables and electronics firm is targeting to be number one in the washing machine business in the country nest fiscal.

“At present we are number two in the growing washing machines segment in the country with 24 per cent market share and we are targeting to be number one player in financial year 2017-18,” Alok Pathak, vice president, consumer electronics at Samsung India told Financial Chronicle.

Autonomous cars race narrows on doubts about profit

BMW and Daimler, the world’s top luxury carmakers, have announced alliances with suppliers, talking up the virtues of having a bigger pool of engineers to develop a self-driving car. But another motive behind these deals, executives and industry experts told Reuters, is a concern that robocars may not live up to the profit expectations that drove an initial investment rush.

Luxury cars hit GST pothole

First it was cigarettes that got stubbed; now it’s the turn of SUVs to face an endurance test. By becoming a tinkerer’s playpen, the goods and services tax (GST) is emerging as a fresh source of uncertainty for business.

The GST Council on Monday recommended an additional levy of 10 percentage points on luxury cars and sports utility vehicles, taking the total to 53 per cent. The change comes barely five weeks after the value-added tax replaced a plethora of federal and state levies. Last month, a similar bump in cigarette taxes spooked investors.

Cess on luxury vehicles set to go up, carmakers lambast govt

Luxury car manufacturers on Monday hit out at the government move to hike cess on large cars, sports utility vehicles (SUVs) and luxury cars to 25 per cent, saying they would be forced to re-evaluate their business plans in Asia’s third biggest car market.

Electric car revolution shakes up big metal markets

The revolution in electric vehicles set to upturn industries from energy to infrastructure is also creating winners and losers within the world’s biggest metals markets. While some of the largest diversified miners like Glencore Plc argue fossil fuels such as coal and oil still play a crucial role supplying energy needs, they’ll also benefit the most from a move to electric cars, requiring more cobalt, lithium, copper, aluminium and nickel.

Vedroop bets big on herbal beauty, healthcare products

Thane-headquartered Vedroop Products Pvt Ltd, makers and marketers of herbal products under Vedroop brand, is betting big on the growth prospects of herbal beauty and healthcare products-both in India and globally. The five year-old company, which has so far been banking on online channels, will now focus on physical retail presence to tap the actual potential of the market more aggressively, top company officials said. The company has its corporate office in Kolkata and manufacturing facility in Himachal Pradesh.

New BMW 320d Edition Sport launched at Rs 38.6L

BMW, India’s second biggest German luxury maker by sales, on Thursday introduced new BMW 320d Edition Sport to take on market leader Mercedes-Benz, Audi, Jaguar Land Rover and Volvo brands in Asia’s third biggest car market.

With a price band of Rs 38.60 lakh at pan India, the BMW 320d Edition Sport will compete against rivals such as the Audi A4, Mercedes-Benz C-Class, Jaguar XE and Volvo S60 in the country.