Renault shares were down 1.4% in early session trading, giving up some of the gains it made in the previous day, when the stock had ended 5.6% higher.
Renault-Nissan-Mitsubishi alliance said it would speed up collaborations in key areas, as part of a broader plan to deliver cost savings and boost profits.
Renault posted record sales and profit for 2017, bolstering Chief Executive Carlos Ghosn’s position in the face of government demands for a clearer succession plan.
Renault its board had asked Chief Executive Carlos Ghosn to stay on for another four years and pursue closer integration with alliance partner Nissan (7201.T).
French carmaker Renault said board member Thierry Desmarest would leave the company on Feb 15, when CEO Carlos Ghosn is expected to appoint a new chief operating officer.
The French government said it will back Renault COO nomination but wants an agreement to transform the Renault-Nissan alliance into an “integrated” automotive group.
Senior Renault board member Thierry Desmarest has resigned from the French carmaker, sources told Reuters.
Renault-Nissan is to pursue its plans of splitting up management roles between those dealing with strategic matters and those handling more operational affairs.
Renault-Nissan alliance bankers have drawn up plans designed to channel millions of euros in additional, undisclosed bonuses to Chairman Carlos Ghosn.
TRANSPORT CORPORATION OF INDIA
Acquired New ship to enhance capacity in West Coast of India for Rs 48.8cr
TCI Seaways already has an existing capacity of 5 ships with a DWT @37360
The new ship is with a DWT 26262 and can hold 766 containers
Each container will be carrying capacity of 30 tonnes
QIP Opens Today; Floor Price Set At Rs 227.15/Share
INFRA STOCKS IN FOCUS
Infra to bid for Rs 190 bn UP road project
A total of 12 firms are eligible for bidding
According to sources, the financial bid of these companies would be opened next week, probably on March 28
Reliance, PNC Infratech, NCC), L&T, BSCPL Infrastructure (formerly B Seenaiah & Company (Projects)), Sadbhav Engineering, Oriental Structural Engineers, Ashoka Buildcon, KNR Constructions, Apco Infratech, Gayatri Projects, Afcons Infrastructure have been found eligible for financial bids
A consortium led by State Bank of India (SBI) would give a credit line of Rs 150 billion for the project
Business Standard Reports
Lowest bidder for 2 Projects in NH 753J worth Rs 448 Cr
IndiGo- Qatar to make joint bid for Air India
Indigo said its first priority would be to buy the overseas flights of Air India
Acquiring Air India will lead to a majority market share of more than 50%
Financial Express Reports