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Morning Buzz: Tesla in talks to manufacture cars in India; retail inflation jumps to 4.8 percent, and more
The American carmaker is looking to use the plant as an export base; consumer price index is up primarily on account of increases in prices of vegetables and cereals
After several years of exploring setting up a factory in India, Tesla has started talks to set up a plant to manufacture 500,000 cars with prices starting at Rs20 lakh.
Image: David Paul Morris/Bloomberg via Getty Images
Tesla in talks to set up India factory
After several years of exploring setting up a factory in India, Tesla has started talks to set up a plant to manufacture 500,000 cars with prices starting at Rs20 lakh. The company is also looking to use the plant as an export base. Setting up the plant depends on securing special incentives from the government, which has insisted that the cars be manufactured locally rather than be imported from other facilities like China that Tesla operates in. Tesla did not respond to a questionnaire.(Times of India)
Retail inflation up again
India’s retail inflation, after slowing for four months, rose to 4.8 percent in June. The consumer price index was up primarily on account of increases in prices of vegetables and cereals. Data released on Wednesday showed that industrial activity rose to a three-month high of 5.2 percent in June. Most economists expect the Reserve Bank of India to delay rate cuts until retail inflation eases.(Economic Times, Business Standard, Mint, Financial Express)
TCS posts lacklustre results
The country’s largest IT services firm, TCS, posted a 2.8 percent sequential decline in net profit to Rs11,074 crore. Revenues rose 0.37 percent to Rs59,381 crore. The company said there was some near-term softness in the environment with some projects being re-prioritised. As a result of this slow start, the company conceded that maintaining double-digit growth this year would be a tall order. Its counterpart Infosys also plans to defer salary hikes for some employees.(Economic Times, Business Standard, Mint)
Mutual funds large cap schemes mop up Adani stocks
Mutual funds in the large cap category have increased their exposure to Adani group companies by 12 percent. Their holdings in Adani Enterprises are up from Rs2,835 crore to Rs3,169 crore. Stakes were also up in Adani Green Energy and Adani Transmission. In total, mutual funds holdings in the three companies rose from Rs3,073 crore to Rs3,454 crore.(Hindu BusinessLine)
