Weekly News (22nd – 26th Nov)

Jaguar launches XF diesel in India at Rs

48.37 lakh

e

Tata Motors-owned British premium

carmaker Jaguar Land Rover today launched the diesel version of its

luxury sedan XF in India, priced at Rs 48.37

lakh (ex-showroom, Delhi).

The premium car, which is powered by

a 3.0 litre V6 cylinder, will be sold in the country as a

completely built unit

"The new Diesel XF introduced in India has

been customised by Jaguar engineers in the UK for the

Indian market. This symbolises the importance

of and Jaguar's commitment to the fast

growing Indian premium luxury car market

India's FX reserves at $297.985 bn

India's foreign exchange reserves fell to $297.985 billion

as on November 12 from $298.315 billion in the

previous week, the Reserve Bank said in its weekly

statistical supplement on Friday.

Changes in foreign currency assets, expressed in dollar terms, include

the effect of appreciation or depreciation of other currencies held in its reserves like the euro,

sterling and yen, the Reserve Bank said.

Foreign exchange reserves include India's Reserve Tranche position in the

International Monetary Fund, the Reserve Bank said.

Coal India net surges 29%, but market

isn’t enthused

Coal India on Tuesday reported a 29% rise in net profit in the first half of the

current fiscal, but the first earnings statement from the state-run giant after its recent IPO disappointed investors as the company failed to meet targets and

the slippage may deteriorate as environmental issues hinder expansion

plans.

The company reported a net profit of Rs 4,020 crore for April-September, helped by its move to raise prices by

11% last month. It reported only half-yearly earnings as it was listed only in

November and SEBI’s norms require it to post quarterly results for the earlier

period, company officials said.

Net sales rose to Rs 22,525.5 crore from Rs 19,269 crore, while its wage bill

swelled and it struggled to meet targets. Coal India produced only 185.7 million tonne of coal, well short of its 203.95-million tonne target, and coal off-take was 24 mt, below the target of 223.94 mt. Shares of the company fell 4% to

close at Rs 320 on BSE .

Ford plans second plant in India,

Gujarat on radar

With the Indian car market booming, Ford is planning to set up a second plant and has approached the Gujarat government for land.

According to sources, Ford which has announced eight new models for India by 2015, has been suggested a site near Sanand, where Tata Motors also has its factory for Nano, by Gujarat state government officials.

Ford has been riding high after the success of its Figo hatchback and wants to ramp up quickly to drive in new models and keep the momentum going.

"Representatives from financial organizations that represent Ford have visited senior

Gujarat government officials, though nothing has been finalized as yet.

Food inflation hits 3-month low at

10.15%

Economists expect food inflation to come down to

single-digit levels by mid-December

.

“Going forward inflation will decline both because of

improved supplies and the base effect,” The

steady increase in prices is evident

in the build-up in food index from the beginning of the current fiscal at 9.55%, driven largel by higher

prices of vegetables

Index for food articles rose 0.7% during the week ended November

13, indicating that the decline in

inflation is largely because of the

base effect, or the statistical impact

of rising price index this time

last year. Inflation in food articles

stood at 10.3% in the previous

week.

Food inflation fell for the sixth

straight week to a three month low of 10.15%, but there was no respite for

consumers as prices continued to rise during the

week.