The Labour government in the UK has cleared the decks for a 500 million grant to Tata Steel, paving the way for decarbonisation of the company's British business and a sustainable financial future. In a statement, Tata Steel said that it has signed a 500 million Grant Funding Agreement (GFA) with the UK government, allowing it to "proceed at pace with the project to install a state-of-the-art electric arc furnace (EAF) at the Port Talbot steelworks in Wales". This is part of the 1.25 billion green steel project in Port Talbot, of which Tata Steel's investment is to the tune of 750 million.
The Haryana victory will be a morale booster for the Bharatiya Janata Party and increase its bargaining power in the Mahayuti's seat-sharing talks for the upcoming Maharashtra assembly elections, according to political analysts.
In underlining the role of border villages as custodians of India's frontiers, New Delhi is following China's example in Tibet.
The choice that bypasses several other senior government leaders is likely to set a stage for another round of tussle between the AAP dispensation and the LG Secretariat.
Japanese investment giant SoftBank is looking to partially exit from three startups which are aiming at an IPO next year - Ola Electric, Swiggy and First Cry. But its decision will depend on the size of the offer for sale pool in each of the companies. According to sources aware of the strategy, Softbank invested over $850 million collectively in these companies whose value conservatively would go up more than 4.3 times to around $3.7 billion, based on preliminary estimates of their projected valuation when they go public next year.
The stock of commercial vehicle (CV) company Ashok Leyland is up 46 per cent in the past three months, gaining despite worries about a slowdown in sales volume. Brokerages have a mixed view on the country's second-largest medium and heavy commercial vehicle manufacturer. The company reported steady March quarter results and its valuation, focus on growth and medium-term prospects are positive, but some brokerages are cautious, given near-term demand concerns and the risk of competition increasing in the industry.
Shares of auto component major, Samvardhana Motherson International, has gained 11.5 per cent on the bourses after the company approved the qualified institutions placement (QIP) issue and announced the calculation methodology for its compulsorily convertible debentures, or CCDs, into equity shares. Analysts cite strong investor response to the issue that has kept the sentiment positive for the stock. Brokerages, however, have a mixed view on the outlook for the auto parts supplier.
The banned Baloch Liberation Army (BLA) claimed responsibility for the attack, saying the blast was a suicide attack targeting a convoy of Chinese engineers and investors leaving the Jinnah International Airport.
The vehicle would be the electric version of General Motors' small car 'Spark'. Reva would provide battery technology for the E-Spark.
China has made the world's first electric passenger aircraft that could be used in pilot training, tourism, meteorology and rescue operations.
Here are list of some of the big ticket announcements.
The ruling Mahayuti alliance in Maharashtra is heavily banking upon a six to 10 per cent shift in voters -- mostly women -- in its favour to return to power with anywhere between 160 and 170 assembly seats, say four MLAs belonging to Eknath Shinde's Shiv Sena.
Research and development (R&D) spending by BSE 100 companies has grown steadily, rising from 0.89 per cent of revenue in FY20 to 1.32 per cent in FY24, averaging around 1 per cent over the period in-between, according to data compiled from Bloomberg and company annual reports. Also, these companies more than doubled their R&D spending in absolute terms over these five years: From Rs 25,041 crore to Rs 63,072 crore. While this reflects a prioritisation of innovation, corporate R&D investment remains relatively conservative.
Alamgir said that even after the fall of the Hasina government following a people's uprising, the 'Indian establishment is yet to reach out to BNP, even though China, the US, the UK, and Pakistan have already done so.'
Auto parts maker Sona BLW Precision Forgings (Sona) reported strong revenue in the fourth quarter of financial year 2023-24 (Q4FY24) as demand for electric vehicles expands. The company reported a 19 per cent year-on-year (Y-o-Y) increase in sales to beat street estimates. Sales were powered by a 34 per cent growth in the battery electric vehicle (BEV) segment and a good show in the differential gear segment.
Raje said the electricity infrastructure in the state was in bad shape when she came to power, adding that the government turned the situation around by infusing nearly Rs 40,000 crore.
With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles.
Good results for the January-March quarter (Q4) of FY24 and strong seasonal demand have led to strong investor interest in Crompton Greaves (CG) Consumer Electricals which is hitting new highs. While there's bullish consensus on the company's future performance, the stock has gained over 40 per cent in the last six months and valuations may become stretched. The Q4FY24 revenue rose 9.5 per cent YoY to Rs 1,960 crore.
Joint crack team of Maruti, Tata Motors, M&M to develop hybrid cars in India
Electrical Consumer Durable (ECD) companies like Havells India have seen strong Q4FY24 sales and continuing seasonal demand across fans, air coolers, and room air conditioners (RAC) in addition to business-to-business sales of cables, switchgear, and professional lighting, among others. Havells India's Q4FY24 revenue rose 12 per cent year-on-year (Y-o-Y) to Rs 5,400 crore, in-line with consensus. Strong summer demand led to robust volume growth in fans and RAC and volume growth in cable and wires (C&W) due to infrastructure spending and real estate activity.
General Motors' Saturn Aura won the 'Car of the Year' at the North American International Auto Show this year.
The launch, however, would take some more time.
'Ladakh has become a hollow UT.' 'Bureaucrats from Delhi rule Ladakh and there is no attention paid to the grievances of the people.'
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
"We are pleased to join hands with Reva to bring affordable small car platform-based electric vehicles to the market in line with government objectives to reduce fossil fuel dependence," General Motors India, the Indian subsidiary of GM, President and MD Karl Slym told reporters in New Delhi.
The agenda for the year 2020 is well laid out -- launch of UDAY 2.0, installation of smart pre-paid metres, prompt payment by discoms, making coal available for short term and reviving gas based plants. But, it has to ensure effective implementation of various policy tweaks done so far.
The investment will be made through a joint venture with Toshiba and Denso. The battery is the most expensive single part of an EV.
With the demand of diesel cars very high in India, the company said it is also lining up more diesel engine cars for the country.
In her maiden speech at a political rally, Sunita also asked people whether Kejriwal should resign as Chief Minister.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
'IPOs have performed exceptionally well, with a notable increase in average ticket size from Rs 800 crore in the last financial year to around Rs 1,300 crore in this financial year.'
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
Hero MotoCorp, a major player in the two-wheeler market, has seen a 9 per cent rise in its stock since the beginning of the month. This increase, driven by the largest motorcycle company by volume, is attributed to expectations of a revival in rural sales due to normal monsoons, government measures to boost consumption, recent market share gains, and a large valuation discount compared to peers. In the near term, the company's volume performance and growth trajectory, particularly in rural markets and entry-level segments, are expected to be key drivers.
The Bombay high court on Friday restrained political parties and individuals from proceeding with the Maharashtra bandh scheduled for August 24 or on any future date.
Hero MotoCorp (HMCL) saw strong volume performance in the first quarter of the current financial year (Q1FY25), but margins disappointed due to weak spare part sales and negative electric vehicle (EV) margins. The company hopes for a strong festive season due to better rural sentiment. Revenue grew 16 per cent year-on-year (Y-o-Y) to Rs 10,140 crore, operating profit was up 21 per cent to Rs 1,460 crore, and adjusted net profit grew 19 per cent Y-o-Y to Rs 1,120 crore.
Why is the Big Apple welcoming our pachyderms? And how is India teaching the world about living with wildlife?
Passenger vehicle wholesales saw a marginal growth of 4 per cent in June on account of high base effect and muted demand due to severe heatwave conditions in several parts of the country. Overall passenger vehicle dispatches last month stood at 340,784 units, a growth of 3.67 per cent compared with 328,710 units in June 2023.
The disputed region witnessed clashes on Saturday between the police and activists of a rights movement, leaving at least one police official dead and injuring over 100 people, mostly policemen.
Large manufacturers are investing in small companies to get a peek into their R&D. Alnoor Peermohamed and Anita Babu report.
