Tuesday, October 22, 2019
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Sonalika drives into China

Forms joint venture, to set up engine assembly plant22 Oct 2019 | 7:15 AM

MUMBAI:Sonalika Group’s flagship company International Tractors Ltd (ITL) today announced its entry into the world’s largest auto market China through a joint venture with over $400 million Shandong Luyu Heavy Industry Co. As part of the JV agreement, signed between the two partners on Saturday, Sonalika will also set up an assembly plant for engines in China, a company press note said.

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Sonalika drives into ChinaPhoto for representational purpose only

Mumbai, October 21 

Sonalika Group’s flagship company International Tractors Ltd (ITL) today announced its entry into the world’s largest auto market China through a joint venture with over $400 million Shandong Luyu Heavy Industry Co.

As part of the JV agreement, signed between the two partners on Saturday, Sonalika will also set up an assembly plant for engines in China, a company press note said.

Sonalika, which is already among the largest exporter of tractors from India, would add China to its overseas presence with this JV, Luyulika (Laizhou) Agri Machinery Company Ltd, Sonalika said.

“China market has enormous potential for our range of tractors and with our association with Shandong Luyu Heavy Industry Co. Ltd, we are confident of providing farmers in China with the best-in-class technology at competitive price point,” said Deepak Mittal, managing director, Sonalika ITL. ITL at present has a presence in more than 120 countries.

Based in the Laizhou Shahe Industrial Park of the Shandong province, Shandong Luyu is an established player in small size loader, small-medium-sized excavator and forklift in China and also exports the products to many countries across geographies, the company’s statement said.

China is the second largest tractor market of the world, and is slowly gaining relevance for global tractor manufacturers due to changing market and emission norms which offers an opportunity for Sonalika to expand its global footprint into China, the company said.

Besides, the JV will also enable the Chinese partner to expand its product line-up and offer ITL’s range of tractors in the Chinese market, it added.

“We believe this JV will be able to penetrate deep range of Sonalika tractors in China and also help Shandong Luyu to offer engine technology of Sonalika to its customers,” said Yang Shao Jie, founder and chairman, Shandong Luyu Heavy Industry Company. — PTI

Market opens on a volatile note; Infosys tanks 14%

Market opens on a volatile note; Infosys tanks 14%

22 Oct 2019 | 10:17 AM

MUMBAI: Equity benchmarks BSE Sensex and NSE Nifty stared on a volatile note on Tuesday as index heavyweight Infosys dampened the rally in energy and banking stocks in early trade.

Rupee rises 27 paise to 70.87 against USD in early trade

Rupee rises 27 paise to 70.87 against USD in early trade

22 Oct 2019 | 10:05 AM

MUMBAI:The Indian rupee appreciated by 27 paise to 70.87 against the US dollar in early trade on Tuesday as optimism about US-China trade talks and easing crude oil prices enthused investors.

Banking services likely to be hit today due to strike

Banking services likely to be hit today due to strike

22 Oct 2019 | 7:14 AM

KOLKATA:Banking services across the country are likely to be partially disrupted on October 22 as two bank unions will go on a 24-hour strike on the day.

Govt rolls out sixth tranche of gold bonds

Govt rolls out sixth tranche of gold bonds

22 Oct 2019 | 7:14 AM

NEW DELHITo cash in on Dhanteras-buying spree, the government today rolled out the sixth tranche of sovereign gold bonds. The Sovereign Gold Bond (SGB) Scheme 2019-20 — Series VI will close for subscription on the day of Dhanteras that is October 25.

Festivals, harvesting season bring cheer to transporters

Festivals, harvesting season bring cheer to transporters

22 Oct 2019 | 7:14 AM

CHANDIGARH:Transporters of the northern region, who were grappling with the slowdown in economy and low freight, have heaved a sigh of relief with the onset of festival and harvesting season, especially of paddy and apple crop.

The tribune corporate broadband

SCOPE, IOE, Geneva, discuss employment, policy issues

22 Oct 2019 | 7:14 AM

Roberto Saurez Santos, secretary general of International Organisation of Employers (IOE), Geneva, recently visited SCOPE headquarters in New Delhi. The delegation was received by Atul Sobti, Director General, Standing Conference of Public Enterprises (SCOPE). During the meeting, discussions were held on various employment and policy issues.

Will prepare blueprint for international cos looking beyond China: Sitharaman

Will prepare blueprint for international cos looking beyond China: Sitharaman

20 Oct 2019 | 2:40 PM

WASHINGTON: Union Finance Minister Nirmala Sitharaman on Sunday said she will prepare a blueprint for international companies that are looking beyond China to make India as their preferred investment destination.

Govt likely to float bids for Air India sale next month

Govt likely to float bids for Air India sale next month

20 Oct 2019 | 3:58 PM

NEW DELHI: The government is planning to invite preliminary bids for 100 per cent stake sale in Air India next month and already some entities have expressed interest in the national carrier, sources said.

Jio slams Trai’s IUC review as anti-poor

Jio slams Trai’s IUC review as anti-poor

20 Oct 2019 | 3:04 PM

NEW DELHI: Mukesh Ambani-led Reliance Jio has alleged that review of call connect charges by Trai “sabotages” the Prime Minister’s vision for Digital India

DPIIT asks Amazon, Flipkart to disclose names of top 5 sellers, capital structure

DPIIT asks Amazon, Flipkart to disclose names of top 5 sellers, capital structure

20 Oct 2019 | 2:53 PM

NEW DELHI: E-commerce giants Amazon and Flipkart have been asked to disclose names of top five sellers on their platform, price list of goods of preferred vendors and the kind of support provided to sellers, according to sources.

9 of top-10 companies add Rs 1.47 lakh crore in m-cap; RIL, TCS shine

9 of top-10 companies add Rs 1.47 lakh crore in m-cap; RIL, TCS shine

20 Oct 2019 | 10:54 AM

NEW DELHI: Nine of the 10 most-valued Indian companies together added a whopping Rs 1.47 lakh crore in market valuation last week, with RIL and TCS grabbing the limelight with the maximum gains.

Two-wheeler exports rise 4% in April-Sept; Bajaj Auto leads the pack

Two-wheeler exports rise 4% in April-Sept; Bajaj Auto leads the pack

20 Oct 2019 | 11:16 AM

NEW DELHI: Two-wheeler exports rose by over 4 per cent in the April-September period of the current fiscal, with Bajaj Auto leading the segment by shipping over 9 lakh units to various markets, including Africa and Latin America, as per latest data by industry body SIAM.

India expresses disappointment over lack of support for IMF quota increase

India expresses disappointment over lack of support for IMF quota increase

20 Oct 2019 | 12:31 PM

WASHINGTON: India on Saturday expressed its disappointment over the lack of support to increase the quota structure of the International Monetary Fund (IMF).

Banking operations may be affected due to strike on Tuesday

Banking operations may be affected due to strike on Tuesday

21 Oct 2019 | 10:33 PM

NEW DELHI:Services in state-owned banks may be affected as some of the employees unions have decided to observe nation-wide strike on Tuesday to protest against bank mergers and fall in deposit rates.

Airtel wants fees on incoming calls from other networks till 2022

Airtel wants fees on incoming calls from other networks till 2022

21 Oct 2019 | 9:24 PM

NEW DELHI: Telecom operator Bharti Airtel in its submission to sector regulator Trai has favoured charging incoming calls originating from network of other mobile phone service provider till 2022.

China key focus in IndiGo’s international expansion spree

China key focus in IndiGo’s international expansion spree

21 Oct 2019 | 11:34 AM

HO CHI MINH CITY: Budget carrier IndiGo will aggressively focus on China and other Southeast Asian nations to boost the airline’s international network, a top company official said.

tax advice

Physiotherapy cost not ‘medical expenditure’

21 Oct 2019 | 6:54 AM

Q. Are expenses incurred on physiotherapy of a senior citizen considered as medical expenditure and qualify for deduction under Section 80 D? If so, what are the documents required to claim that?

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