Chennai, Aug 17 (IANS) India's second largest car maker, Hyundai Motor India Ltd (HMIL) has declared "no production days" this month for some of its production departments owing to tough market conditions for the automobile sector.
The company, in a notification to its workers this month, said that due to prevailing market conditions, there will be no production days in its Engine Shop-1 between August 9-21 (10 shifts), and on August 10, 24, and 31 at Engine Shop-2 (nine shifts).
The company had "no production days" on August 10 and 12 at its Body Shop-2, Paint Shop-2, Assembly Shop-2 and Support Teams (three shifts) and Transmission-2 (six shifts).
A company official, who did not want to be identified, told IANS that there are three engine plants and plans are there to start another shift in the third.
The demand for models like Venue, and Creta is good and production is going on. The company is also expecting good demand for its new model Grand i10 NIOS.
Incidentally, HMIL is not the only company which has declared "no production days".
According to reports, several other vehicle and component makers have cut down production by closing down plants to align production to the demand.
New York, Feb 19 (IANS) The US dollar was up in late trading on Tuesday due to rising risk aversion in the market.
The ZEW Indicator of Economic Sentiment for Germany decreased sharply in February, falling 18.0 points to a new reading of 8.7 points, according to latest release by Leibniz Centre for European Economic Research (ZEW) on Tuesday, the Xinhua news agency reported,
On Tuesday morning, the exchange rate of Euro against US dollar once fell to 1.0786, the lowest level since April 21, 2017.
"The Euro is again under selling pressure this morning as it touched a three-year low against the U.S. dollar. The most recent dip lower for the Euro was caused by data out of Germany that showed investor confidence came out weaker than expected," said U.S. foreign exchange payment platform Tempus on Tuesday.
The dollar index, which measures the greenback against six major peers, was up 0.26 per cent at 99.4436 in late trading.
In late New York trading, the euro was down to $1.0792 from $1.0833 in the previous session, and the British pound was down to $1.2999 from $1.3000 in the previous session. The Australian dollar fell to 0.6685 dollar from 0.6715 dollar.
The dollar bought 109.87 Japanese yen, lower than 109.93 Japanese yen of the previous session. The dollar was up to 0.9828 Swiss franc from 0.9809 Swiss franc, and it was up to 1.3252 Canadian dollars from 1.3234 Canadian dollars.