Top headlines: Maruti to recall 180k vehicles; Snapdeal weighs $400-mn IPO

Business Standard brings you the top stories this evening

Maruti Suzuki announces its largest recall to rectify safety defects

India's largest car maker Maruti Suzuki is recalling 181,754 cars to inspect and rectify possible safety defects.

The recall which would see the company trying to rectify faults in the petrol variants of its models Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6 that were manufactured between May 4, 2018 and October 27, 2020. Read more

US economy adds just 235,000 jobs in August amid Delta surge, a 7-month low

U.S. hiring downshifted abruptly in August with the smallest jobs gain in seven months, complicating a potential decision by the Federal Reserve to begin scaling back monetary support in the coming months.

Nonfarm payrolls increased 235,000 last month after an upwardly revised 1.05 million gain in July, a Labor Department report showed Friday. The unemployment rate fell to 5.2%. Read more

Snapdeal plans $350-400 million IPO, eyes valuation of up to $2.5 billion

Snapdeal, an e-commerce retailer, is eyeing an initial public offering to raise $350-400 million. According to sources aware of the talks, the company is looking for a $2-2.5 billion valuation.

The talks are still in preliminary stages and JM Financials, Bank of America and Axis Bank have been roped in as the bankers to run the mandate, the sources added. Read more

Goyal says mega textile parks scheme and PLI scheme will be approved soon

Textiles Minister Piyush Goyal on Friday said the sector will achieve USD 44 billion exports target in 2021-22, and in the next five years, both the ministry and the industry have agreed to aim for USD 100 billion outbound shipments.

He also said the Production Linked Incentive Scheme for technical textiles and man-made fibre segment will be approved soon by the Union Cabinet, a move which would give a boost to domestic manufacturing and exports. Read more