by admin | May 25, 2021 | Corporate, Corporate Buzz
New Delhi (IANS) Spanish premium fashion brand Massimo Dutti has made its debut in India with the launch of its first store here.
Massimo Dutti, which was created in 1985 in Spain, opened its newest global concept store at Select Citywalk here. The store was launched on Thursday, a statement said.
The concept of the new store, which houses womenswear, menswear, footwear and accessories, is based on a progressive evolution of the original boutique style.
The change is based primarily on finishes and shapes that aim for warmer, more contemporary spaces and environments.
The opening marked the foray of the Spanish premium brand into the Indian market at the behest of Inditex, the Spanish retail group which owns the brand. Globally, the brand has 755 stores across 73 countries.
by admin | May 25, 2021 | Economy, News
New Delhi (IANS) India’s factory output growth turned flat in March after rising during the month before, even as the annual retail inflation for April rose to 5.39 percent from 4.83 percent in March, official data showed on Thursday.
The factory output for February, based on the index of industrial production, which had turned positive at 2 percent, after two straight months of decline, rose negligibly by 0.1 percent in March, as per data released by the Central Statistics Office.
As regards annual retail inflation, based on consumer price index, the rise came after two straight months of decline. The inflation rates for the preceding three months were 4.83 percent for March, 5.26 percent for February and 5.69 percent for January.
At the same time, the annual food inflation rose sharply to 6.32 percent from 5.21 percent. This apart, the annual retail inflation in the rural economy was relatively higher at 6.09 percent, against 4.68 percent in the urban areas.
Worryingly for industry, the index for manufacturing, which has the maximum weight in the overall index, actually fell by 1.2 percent in the month under review. While the index for mining also fell, albeit marginally by 0.1 percent, that for electricity grew by a robust 11.3 percent.
Around the same time last month, there was much to cheer as official data forecast the rains during the upcoming monsoon season to be above normal, and that retail inflation fell to a six-month low while factory output rose after three months of decline.
by admin | May 25, 2021 | Business, Large Enterprise
Chennai (IANS) German car maker BMW’s plant near here has rolled out its 50,000th car, the company’s Indian subsidiary said.
“It is with great pride that we are rolling out the 50,000th car locally produced at BMW Plant, Chennai,” Jochen Stallkamp, managing director, BMW Plant Chennai was quoted as saying in a statement.
BMW Plant Chennai started operations on March 29, 2007.
Upto eight car models are locally produced on two assembly lines at BMW Plant Chennai. Presently, the BMW 1 Series, the BMW 3 Series, the BMW 3 Series Gran Turismo, the BMW 5 Series, the BMW 7 Series, the BMW X1, the BMW X3 and the BMW X5 are locally produced at BMW plant near here, the statement added.
The BMW 7 series was the 50,000th car that was locally produced in India.
The model was launched at the Auto Expo 2016.
Till date, BMW Group has invested over Rs.4.9 billion (69 million) in BMW India.
by admin | May 25, 2021 | Business, Large Enterprise
Pune (IANS) Italian major M.V. Agusta, known for premium high-performance bikes, announced its official entry to India with the launch of three superbikes F4, F3 and Brutale 1090 here on Wednesday.
These bikes shall be available through its exclusive showroom ‘Motoroyale’ in Pune in collaboration with the Kinetic Group, said Managing Director Ajinkya Firodia of M.V. Agusta India Pvt. Ltd.
“For biking enthusiasts, M.V. Agusta motorcycles are the stuff dreams are made of as they offer unparalleled blend of power, performance and handling, iconic styling, peerless riding dynamics in tune with its tagline ‘passion precisely crafted’,” Firodia said at the launch.
After the first outlet in Pune, Motoroyale will soon enter Mumbai, New Delhi, Chennai, Ahmedabad, Bengaluru with its superbikes boasting of exquisite designs by the renowned Massimo Tamburini aided by superior cutting-edge technology, said Judah Immaneul Sangaran, M.V. Agusta Motor S.p.A’s Country Manager for Far East.
Hailed as the best looking superbike in the world, F4 is available for Rs.26.87 lakhs (ex-showroom, Pune), and the top-end F4RR which can achieve a dizzying speed of 297.5 kmhr for Rs.35.71 lakhs.
The F3 is available at Rs.16.78 lakh while the Brutale 1090 is priced at Rs.20.10 lakh.
M.V. Agusta has entered a strategic tie-up with Mercedes-AMGGmbH for co-marketing and co-branding their products, said Firodia.
by admin | May 25, 2021 | Business
New Delhi (IANS) Strong urban consumption sentiment, reversal of dieselization and lower prices are likely to have caused India’s petroleum products consumption growth to touch a record high during last fiscal, American investment banker Jefferies said on Wednesday.
Total petroleum product consumption growth as reported by the government’s Petroleum Planning and Analysis Cell (PPAC) was at a multi-year high of 10.9 percent in 2015-16, compared to an average growth of 5 percent and a previous high of 7 percent in both 2007 and 2008.
“Strong urban consumption sentiment, reversal of dieselization and lower price are likely to have been factors for strong petrol consumption as it is almost entirely used for personal transportation in two-wheelers and cars,” Jefferies said in a research note.
It said that while diesel growth for the full year was in line with the 10-year median, its growth rate of 9.5 percent in the second half of last fiscal was well above the historical trend.
“Based on our discussion with PPAC, higher demand for both transportation and static equipment for infrastructure projects, poor rainfall leading to higher pump usage and growth of e-commerce leading to retailing of goods movement have been factors contributing to higher diesel consumption, particularly in the fiscal’s second half,” Jefferies said.
“Low crude price has led to higher demand growth of 2.2 percent globally versus the historical average of 1.3 percent, and is likely to have been a factor in India as well,” it added.
