30 Under 30 2024

LPG cylinder prices cut, Maruti to invest Rs 45k cr to double capacity, and more

Here are the top business headlines this morning to get your day started

Samar Srivastava
Published: Aug 30, 2023 09:57:02 AM IST
Updated: Aug 30, 2023 10:01:22 AM IST

LPG cylinder prices cut, Maruti to invest Rs 45k cr to double capacity, and moreThe government has cut the price of LPG cylinders by Rs 200. Image: Praful Gangurde/Hindustan Times via Getty Images
 

LPG cylinder prices cut by Rs 200 to fight inflation  

The government has cut the price of LPG cylinders by Rs 200. This would be applicable across all markets and across all categories. With this, the price of a non-subsidised cylinder would fall to Rs 903 from the present Rs 1,103. For cylinders under the Ujjwala scheme, the subsidy would stand at Rs 400 per cylinder. The total subsidy outlay for the scheme is now Rs 7,600 crore.  
(Economic Times, Business Standard, Mint, BusinessLine)  
 

Maruti to invest Rs 45,000 crore to double capacity in 8 years  

Maruti Suzuki plans to invest Rs 45,000 crore to double production capacity to 4 milllion units in the next eight years. The company also said it would focus on different powertrains –petrol, diesel, CNG, electric and ethanol. The company’s present volume share stands at 41.29 percent down from 47.27 in FY17.
(Business Standard)
 

Goldman may convert part of its debt to equity in Pharmeasy  

Goldman Sachs is looking to convert part of its loan in the upcoming rights issue in Pharmeasy to equity. The company is in talks to convert around $38-40 million to equity. The rights issue will value the company at $500-600 million. This is a huge climbdown from its $5.6 billion valuation in 2021. Pharmeasy also owns the diagnostics form Thyrocare.  
(Economic Times)  
 

Softbank likely to sell 1 percent stake in Zomato

Softbank’s Vision Fund is expected to sell 1 percent stake in Zomato for a deal size of Rs 940 crore. The deal is brokered by Kotak Securities and comes after the lock-in period for investors post the Blinkit deal ended on 25 August. On Monday, Tiger global sold a 1.43 percent stake.  
(Financial Express)

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