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KARTHIKA 7
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“After partial sales recovery in May, pent-up demand supported a steeper recovery of retail in June,” said Shailesh Chandra, president, passenger vehicles business unit, Tata Motors.
Maruti Suzuki India, the country’s largest carmaker, on Wednesday reported a 53.8 per cent year-on-year decline in domestic passenger vehicle sales to 51,274 units in June due to Covid19 related disruptions
The carmaker, however, more than doubled its sales from what it sold during a fortnight of May.
Sales also showed encouraging signs for the country’s largest two-wheeler maker Hero MotoCorp. While it saw a 26 per cent dip in its June sales compared to the previous year, the figures quadrupled from the previous month.
The company, which manufactures twowheelers and scooters, said a major part of its market demand emanated from rural and semi-urban markets
Against this, the tractor segment's performance has been relatively better. It was evident in Mahindra & Mahindra’s sales of farm equipment.
The company, which is the largest seller of tractor in the country, reported 12 per cent year on year (YoY) growth in domestic tractor sales at 35,844 units in June 2020 against 31,879 same period last year. This is the second highest June sales ever, the company said.
Dealer interactions indicate that retail sales have largely come back to pre-Covid-19 levels for tractors, around 80-90 per cent for two-wheelers and 60 per cent for passenger vehicles,”
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Haldia Petrochemicals (HPL), a flagship company of The Chatte rjee Group (TCG), along with its international partner Rhone Capital has acquired US-based Lummus Technology at an enterprise value (EV) of $2.725 billion (around 20,590 crore) from McDermott International.
Lummus Technology is a master licensor of proprietary technologies in refining, petrochemicals, gas processing and coal gasification sectors, as well as a supplier of proprietary catalysts, equipment and related engineering services. It has about 130 licensed technologies and more than 3,400 patents and trademarks
“HPL, being a long-term client of Lummus, can share its customer experience and collaborate with Lummus to co-create innovations for the benefit of the industry,”Purnendu Chatterjee, founder chairman of TCG, said
HPL is one of the largest petrochemical companies in India, having its manufacturing facility in Haldia, West Bengal. It has a total capacity of 700,000 TPA of ethylene.
With the deal, Lummus and HPL together would be in a position to provide a ‘value proposition’ to the clients of Lummus in India and abroad. The divestment of Lummus is part of McDermott’s restructuring process.
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Glenmark Pharmaceuticals USA was charged on Tuesday with conspiring to fix prices for generic drugs, the U.S. Justice Department said in a statement.
Glenmark allegedly conspired with pharmaceutical maker Apotex Corp and other generic drug companies to increase the prices of cholesterol medication pravastatin and other generic drugs, the department said.
Glenmark said it strongly disagreed with the charge. “We will continue to vigorously defend against these allegations that we know to be false, and we are confident the overwhelming evidence will make that clear,” the company said in a statement.
The price-fixing conspiracy allegedly took place from 2013 to 2015 and caused a loss to victims of at least $200 million, according to the department.
The charge against Apotex was resolved in May by a deferred prosecution agreement in which the company agreed to pay $24 million.