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Morning Buzz: Maruti to spend Rs50,000 crore in capex by FY31, banks' exposure to NBFCs shows steady rise, and more

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

Samar Srivastava
Published: Oct 9, 2023 10:17:53 AM IST
Updated: Oct 9, 2023 10:25:56 AM IST

Morning Buzz: Maruti to spend Rs50,000 crore in capex by FY31, banks' exposure to NBFCs shows steady rise, and moreThe steering wheel of a Maruti Suzuki India Ltd. Fronx sport utility vehicle displayed at the India Auto Expo 2023 in Noida, Uttar Pradesh, India, on Friday, Jan. 13, 2023. Image: Anindito Mukherjee/Bloomberg

Maruti plans to spend Rs50,000 crore in capex by FY31

Maruti plans to spend Rs50,000 crore by FY31 of which Rs45,000 crore will be on capacity expansion. The balance will be spent in expanding infrastructure as well as on exports. It takes Rs22,000-23,000 crore for a car plant of a million units and so the company would spend twice that for the two plants needed, according to RC Bhargava, chairman of Maruti Suzuki.
(Business Standard)

Banks exposure to NBFCs shows steady rise

Banks exposure to NBFCs rose 25 percent to Rs13.8 lakh crore in August 2023. Large NBFCs focused on the capital market while small and mid-sized NBFCs focused on banks as the primary source of their funding. Total bank credit to NBFCs moved to 9.3 percent in August 2023 from 8.8 percent a year ago.

Fuel surcharge could bring in Rs100 crore a week for Indigo Airlines

Indigo expects to bring in Rs100 crore from the fuel surcharge imposed on 6 October. ATF prices account for the largest expenditure for Indian carriers at 45 percent. From 1 June to 1 October they have surged 32.4 percent. The fuel surcharge is graded according to distance and is between Rs300-1000.
(Business Standard)

BYD fails to get Indian visas for employees

China’s BYD executives have been unable to get visas for employees for over a year. As a result, meetings with Indian partner Megha Engineering have been held in other countries Nepal, Sri Lanka and China. The move comes as India-China tensions have remained high after the clash in Galwan in 2020. This comes as Chinese companies in various sectors have faced problems getting visas.

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