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Hero MotoCorp plants to remain shut for 4 days

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New Delhi: The country’s largest two-wheeler maker, Hero MotoCorp, on Friday said its manufacturing plants have been shut for four days till August 18 as part of an annual routine and also to adjust production in line with the current market demand. Hero Motocorp will remain shut from 15th August 2019 to 18th August 2019.

Due to reasonably low sales from last year Hero has decided to reschedule its production line according to the demands. The sales have affected the automobile sector adversely. Many companies had to take out their workers and staff to control the cost. “This helps us to plan our production well in advance, thereby enabling us to stay flexible both in terms of volumes and production schedules,” the company said. Hero MotoCorp further said production planning is a matter of advance monitoring of the market dynamics and prudent demand forecasting.

Hero MotoCorp has been reducing its production due to decline in sales. In the April-July period this year, the two-wheeler market leader’s production was at 24,66,802 units, down 12.03 per cent from the year-ago period. The company said that the shutdown is also due to the festival and national holiday of Independence Day and Raksha Bandhan Respectively.

The Company said “While this is part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend, it also partly reflects the prevailing market demand scenario.

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Mukesh Ambani tops Forbes’ richest Indian list

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New Delhi: Mukesh Ambani remains the richest Indian for the 12th year in a row. He added $4.1 billion to his net worth as Jio, a three-year old telecom unit of his Reliance Industries, became one of India’s biggest mobile carriers with 340 million subscribers.

Another big gainer was infrastructure tycoon Gautam Adani, who jumped eight spots to No. 2. After a nine-year wait, Adani secured permission in June to start work on an Australian coal mine. A resident of Modi’s home state of Gujarat, Adani has ventured into a slew of new businesses from airports to data centers. A $4 billion boost propelled banker Uday Kotak into the top five for the first time. The lower tax rate is expected to boost earnings of his Kotak Mahindra Bank, which saw its shares rise 39% since we last measured fortunes.

There are six new faces this year, including Byju Raveendran, the 38-year-old founder of fast-rising edtech unicorn Byju’s; Manohar Lal and Madhusudan Agarwal of Delhi-headquartered Haldiram Snacks; and Rajesh Mehra, whose family owns the popular Jaquar brand of bathroom fittings. Samprada Singh, founder of Alkem Laboratories, died in July and his fortune is now listed under his family.

The top 10 richest India includes the names of Hinduja brothers, Pallonji Mistry, Uday Kotak, Shiv Nadar, Radhakishan Damani, Godrej family, Lakshmi Mittal and Kumar Birla respectively.

Forbes compiled the list using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.

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