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Maytas Infra has declared its joint venture with the Saudi Arabia-based Saudi Bin Laden Group (SBG) Projects Investments. The Saudi based company will be the co-promoter of this venture along with the Indian Inc.

According to the Maytas officials this will help the Indian company to establish its stand at the Gulf region. It is hopeful to utilize the Saudi company's experience in this country. Both the companies have accepted that the joint venture enterprise will be in action.

India's leading Tyre manufacturer, Apollo Tyres has recently started supplies from its Chennai unit which is manufactured in a record time of 14 months.

As the company shipped the first order from the unit of 500 Acelere tyres for passenger cars to Hyundai Motor India Limited, the company hoisted the Indian flag along with the flag of the company to mark the occasion.

It is to be mentioned here that the new unit is Apollo's 9th manufacturing unit globally and the 4th in India and has been able to begin operations in just a span of four months after it commenced production.

The senior Bajaj, Rahul has finally given a green signal to the logic of his son, Rajiv Bajaj to drop the Bajaj brand from the branding strategy of the company.

Notably, the Chairman of Bajaj Auto said in his annual report that the Managing Director often says that while products may generate market share, brands provide pricing power and create higher profits mentioning that he has started to agree with him.

It may be noted here that Rahul Bajaj had earlier shown his discomfort with the logic of dropping the Bajaj brand from the strategy of the company.

In answer to all the controversies regarding the usage of improper base in calculation of inflation, the Industry Secretary RP Singh said that India will soon have a new system of inflation measurement. The new system will become operational from August.

It will be covering the price changes of 250 extra items over and above the already existing ones.

He said that the government is read with a new index and it will soon consider the new items. But before that the system needs approval from the Committee of Secretaries, headed by the cabinet secretary.

Industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) said on Tuesday that India should totally stop the outflow of iron ore, even in the form of exports.

The situation is so serious, said the body that any kind of iron which has more than 60 per cent iron ore should be completely halted.

It said that while the miners are making super normal profits by exporting the raw mater, it is not good for the country. The perception that India has excess of iron ore is a myth and the Indian steel industry is in dire need of proper raw material.

Triveni Engineering & Industries (TEIL) has said that it has faced a loss of Rs. 14.23 crore during the third quarter ending on June 30.

The company is basically into the business of sugar and like the other companies in the sector has faced the brunt of the lower price and loss on the production front.

TEIL follows October-September as its accounting year which is in line with the year followed in sugar production as well. During the same period of the last year, it was having a profit of Rs. 39.81 crore.