Godrej Appliances to invest Rs 700 cr in capacity expansion over next 3 yrs

Godrej Appliances on Monday said it will invest Rs 700 crore to increase its annual appliance production capacity by 19 lakh units by 2022, taking it up to 65 lakh units per annum.

The appliances maker also plans to introduce newer technologies and carry out backward integration.

“Godrej Appliances is all set to invest another Rs 700 crore by 2022. This latest announcement takes the tally of Godrej Appliances’ investment in capacity and technology expansion to Rs 1,100 Crore over a period of six years,” the Godrej & Boyce Mfg Co unit said.

The fresh investment is aimed at raising the company’s annual appliance production capacity by 19 lakh units by 2022, increasing it up to 65 lakh units per annum, it added.

With this investment, Godrej Appliances plans to double the current capacity for washing machines – both fully automatic top load and semi-automatic – at its Shirwal and Mohali plants. Read Complete Article

Top 10 biz headlines: No relief for FPIs, more trouble for TikTok, and more

FPIs get no relief from FM Nirmala Sitharaman on ‘super-rich‘ tax

The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted as Parliament passed the Finance Bill, 2019, on Thursday. Finance Minister Nirmala Sitharaman dismissed the argument of the Opposition that the tax would lead to a flight of FPIs.

Sebi tightens disclosure framework for listed banks; to address issue of abrupt auditor exits

Sebi said that all listed banks will have to disclose if their additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies. Meanwhile, the market regulator has also proposed stricter norms to strengthen audit processes and curb abrupt resignations of auditors in publicly traded companies. On the other hand, it said that recent budget proposals could undermine its role as regulator, particularly with respect to the recommendation that the minimum public shareholding be raised to 35 per cent from 25 per cent.

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Swift, Alto, six other Maruti models among top 10 best selling PVs in May

The country’s largest carmaker Maruti Suzuki Indiahad eight of its models in SIAM’s ten best-selling passenger vehicles list in May, even as the overall automobile market witnessed a sharp decline.

The company’s popular hatchback Swift was the best-selling model last month clocking 17,039 units, up from fourth spot in the same month last year when it sold 19,208 units, according to Society of Indian Automobile Manufacturers (SIAM).

Coming in second was entry level model Alto with sale of 16,394 units as against 21,890 units in year-ago month, retaining the same spot.

MSI’s compact sedan Dzire sold 16,196 units last month, occupying third position, down from the top spot in the same month last year when it clocked 24,365 units.

Premium hatchback Baleno sold 15,176 units to be at fourth position, down from third in May last year when it registered 19,398 units. The new WagonR sold 14,561 units retaining the fifth position held by the old WagonR last May with 15,974 units.

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