News Capsule September 23, 2022


Hero MotoCorp raises prices ahead of the festive season, marking the fifth hike this year. Tata Group announces a major merger of seven of its metal companies into Tata Steel. Acquisition buzz in the luxury sector for Reliance Industries, reports indicate Sephora on the buy list for Mukesh Ambani. RBI bars M&M Financial Services from using third-party recovery agents after news reports emerge of agents allegedly crushing a 27-year-old pregnant woman in Hazaribagh district in Jharkhand to death under a tractor.

Roopsha Dasguupta
This is the Daily Edit from the economic times. Your quick capsule of daily business news. It is September 23. And here is what we are tracking. Hero MotoCorp the largest two wheeler maker in India said it will hike the prices of its vehicles by up to rupees 1000 Effective immediately to offset high input costs. This follows price hikes of up to rupees 3000 that the company effected from first July and up to rupees 2000 effective fifth April. This is the fifth price hike the New Delhi based has taken in the past one year. The price hike comes at the beginning of the Diwali festive period, which is a crucial sales window for Indian automakers. Hero MotoCorp has taken a similar price bump from 20th September 2021. In an attempt to consolidate its metal business, the Tata Group on Friday announced the merger of seven of its metal companies into Tata Steel. The board of Tata Steel approved the amalgamation of seven of its subsidiaries, Tata Steel, long products, Tata metallics, the template company of India TRF, Indian steel and Wire Products, Tata Steel mining and SMT mining into and with its parent company, Tata Steel, explaining the rationale behind the merger scheme. Tata Steel said the resources of the merged entities can be pooled to unlock the opportunity for creating shareholder value. Mukesh Ambani led Reliance retail is dressed for another acquisition As per reports Reliance Industries Limited is in advanced talks to get the rights for beauty retailer Sephora, whose operations will transfer from urban fashions limited to Reliance retail. These developments however, have not been confirmed by the companies involved. Sephora owned by French luxury goods group LVMH has 25 stores in 13 cities in India. The Reserve Bank of India has barred MNM financial services from using third party recovery agents till further orders. The directive comes days after external loan recovery agents of Mahindra finance allegedly crushed a 27 year old pregnant woman in Hazari bank district in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away, financed by the company for non payment of dues. A senior police official has told News Agency PTI the shadow lender can however continue to carry out recovery or repossession activities via its own employees. You have been listening to Roopsha Dasguupta tune into et play Economic Times latest platform for all audio content.

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