Mon Oct 07 12:53:16 UTC 2024: ## Business News Roundup: Citroen, Jeep Offer Festive Deals, Reliance Loses $13 Billion in Four Days, Cement Demand to Rise 5%

**Car Companies Offer Festive Deals:** Citroen and Jeep are offering special deals to customers this Dasara festival. The festive campaign will run from October 1st to 31st, offering discounts on services, accessories, and after-sales services. Citroen India is offering free festive check-ups, 15% off labor charges on car care treatments, 50% off select accessories, and 30% off select merchandise.

**Reliance Suffers Major Market Loss:** Asia’s richest man Mukesh Ambani’s Reliance Industries has suffered a huge loss due to a sharp decline in share prices. The company lost ₹1.32 lakh crore in just four days due to heavy selling in the market. Reliance Industries’ market cap, which recently crossed ₹20 lakh crore, dropped to ₹18.76 lakh crore on October 4th. The company’s share price declined by 1.51% on Friday.

**Cement Demand Expected to Rise:** Centrum Research estimates a 5% increase in overall cement demand in the financial year 2024-25. The report also suggests that cement companies could raise prices further in the coming months. While annual cement demand has declined by 5-6% year-on-year, the report expects a 2.70% growth due to recent capacity expansions.

**IndiGo Suffers System Slowdown:** India’s largest airline IndiGo faced a massive system slowdown on Saturday, causing disruption in flight operations across the country. Check-in processes slowed down significantly, and ticket booking also faced issues. Passengers faced long queues at major airports due to the technical glitch. IndiGo acknowledged the temporary network slowdown, assuring customers that they are working to resolve the issue as quickly as possible.

**India’s Forex Reserve Hits Record High:** India’s forex reserve reached a new record high of $704.89 billion, increasing by $12.5 billion in the week ending September 27th. This rise in reserves comes despite ongoing geopolitical tensions in the Middle East. The Reserve Bank of India (RBI) reported a $113 billion increase in forex reserve over the past year.

**SEBI Chair Summoned by Parliament:** The Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch has been summoned by the Parliament’s Public Accounts Committee (PAC) for a hearing on October 24th. The PAC has also summoned Telecom Regulatory Authority of India (TRAI) chairman Anil Kumar Lahoti and senior officials from the Ministry of Finance’s Department of Economic Affairs and the Ministry of Telecommunications.

**Dominica Sells Citizenship through Passports:** The Caribbean island nation of Dominica has put its passports up for sale to fund the island’s reconstruction after Hurricane Maria devastated it seven years ago. The nation aims to become the most resilient island in the world, and this program is their unique method of funding the endeavor. This move has raised concerns about transparency and security.

**Note:** This news article is written in English based on the provided Telugu text.

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