MUMBAI Mahindra and Mahindra Ltd(MAHM.NS), India's largest utility vehicle maker, said it would halt production for up to three days this month at its automotive factories to align output with sales requirements.
"The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements," the company said in a statement to the stock exchange on Saturday.
The Indian auto industry is facing a second year of falling sales as high interest rates and fuel costs keep a lid on consumer spending in a slowing economy.
(Reporting by Aradhana Aravindan; Editing by Simon Cameron-Moore)
Fed's Yellen offers dose of uncertainty to markets hungry for a clue
JACKSON HOLE, Wyoming To markets hungry for direction from the U.S. Federal Reserve, Fed Chair Janet Yellen offered a sobering dose of uncertainty for monetary policy and the global economy on Friday, suggesting interest rates could rise faster than expected in coming months or just as easily crater back to zero.
Yellen's case for rate hike boosts dollar; stocks surrender gains
NEW YORK U.S. equities gave up early gains on Friday, hurt by a surging U.S. dollar after Federal Reserve Chair Janet Yellen said that the case for raising U.S. interest rates has strengthened in recent months.
Castrol India says not aware of any stake sale by BP unit
MUMBAI Castrol India Ltd said on Friday it was not aware of any stake sale in the company by Castrol Ltd, a unit of oil major BP Plc, and said recent news reports that such a transaction would take place were based on market speculation.