Farm equipment giant Mahindra and Mahindra showed a spiking 47% growth in its tractor business this November. Festive season is said to be the major reason for this sales boost. In a company release Mahindra’s spokesperson said “Domestic sales in November 2015 stood at 20,819 units, as against 14,207 units during November 2014. Total tractor sales (domestic + exports) during November 2015 stood at 21,717 units, as against 15,333 units for the same period last year. Exports for the month stood at 898 units.”
Adding on to this Rajesh Jejurikar, President and Chief Executive – Farm Equipment and Two Wheeler Division, Mahindra & Mahindra Ltd. said, “We have sold 20,819 tractors in the domestic market during November 2015, which is growth of 47 per cent over last year on the backdrop of improved sentiments due to festive season. “We hope for the rural economy to steadily revive going forward. In the export market, we sold 898 tractors during November 2015.”
Tata steel has decided to cut 1,200 jobs from its British entity . The company blames cheap imports from China as the major reason for decrease in revenue from the company .The company laid off 4000 UK steel jobs this month and there might be some more pink slips in the near future. The company is blaming on Chinese steel imports as the steel manufactured in Britain cost much higher as compared to its Chinese counterpart. China manufactures 1.6 billion tonnes of steel e very year with 100 million off steel in exported . Chinese manufactured as blamed for selling their steel at much lower prices than the fair value and this has caused the native steel manufacturers great amount of losses. The lay off comes at time when Chinese Primere Presedent Xi is set to travel to Britain this month.
Ina statement issued by Business Secretary Sajid Javid ” We will demand action wherever there is evidence of unfair trade. We will … look at what the government can to do to boost productivity and to cut production costs. There are limits to what the government can do. No government can change the price of steel. No government can dictate foreign exchange rates and no government can simply disregard international regulations on free trade and state aid”.
The steel union of the country is very angry with the present government with Roy Rickhuss, General Secretary of steel union Community issuing a strong statement against the Prime Minister David Cameroon ” The government should hang its head in shame. It is not enough for David Cameron to “raise” the issue of steel dumping with the Chinese, he should be telling them what action he will be taking to stop steel dumping.”
Labour party’s business spokesman Kevin Brennan added ” While the Chinese president is riding down the mall in a gilded state coach, British workers are being laid off because our government is not standing up for them.”
The situation is not standalone in UK as steel manufacturer in USA are also reeling under to cut jobs as profits have been shrinking recently due to cheap Chinese imports
Sterling and Wilson , a Shapoorji Pallonji company bagged the contract to facilitate the commercial truck plant of Daimler India. The company would supply , install , test and commission the entire electrical solution of the plant. The plant will be located in Tamil Naidu and will be commissioned by mid of 2016.
The exact financial details of the contract are awaited .Sterling and Wilson is one of the largest facilitator of Industrial Electrical supplies and commissioning in India. The company provides mechanical , electrical and plumbing services to big industries.
In a statement issued by Prassana Sarambale, VP Business development of Sterling and Wilson ” “Having successfully completed challenging electrical projects in the past like Terminal 3-Indira Gandhi International Airport, we are confident that our vast technical knowledge and resources will ensure us to deliver Daimler with advanced solutions for their production facility .”