Morning Buzz: Cars to get pricier in January, Adani mulls bid for Kesoram Industries and more
Here are the top business headlines this morning to get your day started
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Cars to get pricier in January
At least four automakers have announced plans to hike prices in January. The car makers include Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Audi India. Mercedes Benz is also considering a price hike. Maruti had last raised prices by 0.8 percent in April 2023. Audi has said it will raise prices by 2 percent in January 2024. All automakers cited higher commodity prices behind the increase.
(Business Standard, Business Line)
ITC considering bidding for Adani Wilmar
ITC is considering a bid for Adani’s stake in the Adani Wilmar JV. This is in addition to GQG Partners and Qatar Investment Authority that are also in talks with Adani for the stake sale. ITC declined to comment but the expectation is that oil would fit into its food business that has the Aarshirwad brand as well as Sunfeast brand. ITC last retailed edible oil two decades ago when it exited ITC Agritech, which it sold to Conagra.
(Financial Express)
Adani mulls bid for Kesoram Industries
Adani Cement, which is looking at the inorganic route to raise cement capacity, is evaluating a bid for the cement assets of Kesoram Industries. Adani Cement has announced plans for a 140 million ton capacity by 2028. Some bankers reached out to Adani Cement and while the company has not commented it plans to meet with the promoters of Kesoram after which due diligence may be conducted.
