11:15 A.M.
Mahindra to observe ‘No Production Days’
Mahindra & Mahindra will observe ‘No Production Days’ of around 7 days in its Automotive Division plants in the month of September as the automotive manufacturer continues to face supply shortages of semiconductors.
In an exchange filing, the company said the production shut down is estimated to reduce production volumes by 20-25% in September. Consequently, the revenue and profitability will also be impacted.
“As the situation is dynamic, the Company is carefully reviewing the supply situation and all efforts are being made to minimize the impact,” Mahindra said.
11:00 A.M.
Aluminium at more than 10-year high
Aluminium prices soared to over a 10-year high on concerns over supply as multiple power plants in India were on the verge of running out of coal, Reuters reported.
Benchmark three-month aluminium on the London Metal Exchange rose 1.1% at $2,720 a tonne after touching $2,732.50 earlier in the session, its highest since May…