American automaker Ford on Thursday said that it had withdrawn plans to manufacture electric vehicles (EVs) in India and it won't invest in the country under the performance-linked incentive (PLI) scheme. "After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants. "We remain grateful to the government for approving our proposal under the PLI and for being supportive while we continued our exploration. "Ford India's previously announced business restructuring continues as planned, including exploring other alternatives for our manufacturing facilities.
The pharmaceuticals sector is expected to post a revenue growth of around 13.5 per cent and a net profit growth of 30.3 per cent for the third quarter of 2023-24 (FY24), riding on the approval for niche drugs in the US market, fall in raw material prices and correction in shipping rates. In the healthcare segment, hospitals are expected to post revenue growth of 13 per cent during the coverage, while net profit growth would be around 37 per cent, ICICI Securities said in a note. However, the performance may not be comparable on a sequential basis due to the offset of the festive season in Q3FY24, the analysts noted.
Delhi's 24-hour average air quality index (AQI) stood at 248 on Saturday.
Benchmark equity indices continued their record-shattering spree on Tuesday, with the Sensex and Nifty hitting their fresh all-time high levels in early trade, amid persistent foreign fund inflows. Also, buying in Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and HDFC twins added to the positive market momentum. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 381.55 points to hit its all-time peak of 65,586.60 in early trade.
Govt will save Rs 30,000 cr in fuel by giving Rs 14,000 cr subsidy to industry for making electric vehicles.
The Airbus C-295 can carry up to 71 troops, or 50 paratroopers with battle loads. It can ferry supplies to locations inaccessible to the IAF's heavy transport fleet.
The eighth Auto Expo kicks off on Thursday promising new launches and big announcements by domestic and global automobile giants, even as the booming industry sought flexibility in labour laws to maintain the growth momentum.
The government is working out a scheme that will facilitate finance for the auto component industry hit by economic slowdown and increasing competition from abroad.
Wants road map for GST, reduction in duties and no additional tax on diesel cars.
Concerned over the downturn in the automobile industry, Heavy Industries Minister Vilasrao Deshmukh has asked the Finance Minister to cut excise duty on big passenger cars by more than half to 8 per cent.
After the government shelved plan to sell out its entire stake in SIL, the Department of Heavy Industry had proposed a revival package of more than Rs 200 crore for revival of the company.
Great Eastern Shipping Company Ltd placed an order for a 45,500 metric ton new building product tanker with Hanjin Heavy Industries and Construction Co Ltd, South Korea.
Sulking Nationalist Congress Party chief Sharad Pawar on Monday skipped the dinner hosted by Prime Minister Manmohan Singh in the honour of outgoing President Pratibha Patil.
The Nationalist Congress Party has decided to pull out of the UPA government and support it from outside in protest against the way the party was treated by Congress, creating fresh trouble for the ruling coalition.
The automotive mission plan was launched on Monday envisaging a substantive increase in turnover and investment.
If a committee set up under the heavy industries ministry approves a recommendation of the auto industry, the country may soon get a scheme, which would incentivise a vehicle buyer for scrapping his old vehicle in exchange.
Union Minister Nitin Gadkari on Friday said he has asked US-based Tesla several times to manufacture its iconic electric vehicles in India, while assuring that all support will be provided by the government to the company. Addressing 'India Today Conclave 2021', Gadkari further said electric cars manufactured by Tata Motors are not less good than electric cars manufactured by Tesla. "I have told Tesla that don't sell electric cars in India which your company has manufactured in China.
India will soon meet Iraq and the United Arab Emirates (UAE) to seek a definitive rate of discount on crude oil similar to what Russia has provided so far, sources said. Multiple officials and industry executives said Iraq, which is India's biggest oil supplier, wants to discuss the level of discounts expected by Indian refiners. India's focus on snapping up ever-increasing volumes of Russian crude oil has led to a corresponding decline in imports from the Middle East. Flows from Iraq, Saudi Arabia, and the UAE have suffered as a result.
The plant at Magwe, near Yangon, will be funded by a line of credit from the Indian government and is expected to be operational by the last quarter of 2010-11, Tata Motors said.
Farooqui will have a 15 month tenure at the helm of the Department of Telecom before he attains superannuation age of 60 years in June 2014.
In a major ceasefire violation along the Line of Control, Pakistan Army on Saturday targeted 22 Border Security Force posts near the international border in R S Pura sector and Arania sub sector, killing two civilians and injuring four.
Suzuki will also meet Haryana Chief Minister Bhupinder Singh Hooda, industry sources said. The country's largest car maker Maruti Suzuki India, majority owned by the Japanese firm, is investing up to Rs 1,500 crore (Rs 15 billion) in building test tracks and an R&D centre in Rohtak, Haryana.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Nationalist Congress Party chief and Agriculture Minister Sharad Pawar is ready to become the country's prime minister, provided there is a consensus, said party leader and Union Heavy Industries Minister Praful Patel. Patel was quick to add that any talk on this right now is premature.
Larsen & Toubro (L&T) will aim to invest $3-4 billion in green hydrogen projects, along with its joint venture (JV) partners, said a senior executive from the company. These investments are planned over three to five years, depending on cost economics. The engineering conglomerate is also in talks to acquire the Nuclear Power Corporation of India's (NPCIL's) share in one of its forging JV companies for a consideration of Rs. 100-150 crore. "We are considering investments worth $3-$4 billion in the green hydrogen space, in collaboration with partners," said S N Subrahmanyan, chief executive officer and managing director of the company.
The Nationalist Congress Party on Thursday demanded the death sentence for the rapists of three minor sisters in Maharashtra, as it pushed for the expeditious passage of the bill on crimes against women. "It is unacceptable. All of us have to hang our heads in shame. Is there anything short of the capital punishment which should be given to them," Heavy Industries Minister and NCP eader Praful Patel told reporters outside Parliament.
General Motors said the Chinese industrial machinery group Tengzhong would acquire the rights to the premium off-road Hummer brand, along with the senior management and operational team. The car maker noted that the deal is anticipated to secure more than 3,000 US jobs in manufacturing, engineering and at Hummer dealerships around the country. The transaction is expected to close in the third quarter of 2009. However, the financial details have not been disclosed.
India Inc could be embarking upon a new phase of capital expenditure (capex) cycle, observed analysts, and suggest its revival would lead to a rerating of industrial stocks. Assisted by a property upcycle, analysts at Jefferies said several government initiatives were likely to drive capex. Indicators, they said, include a private project announcement at Rs 25 trillion for 2022-23 (up 150 per cent from pre-pandemic levels) and credit growth at about 16 per cent, which is closer to pre-pandemic highs.
Nationalist Congress Party ministers on Thursday boycotted the meeting of Union Cabinet in New Delhi to show their unhappiness over party leader Sharad Pawar not being given the number two position in the government.
Veteran bureaucrat and former Indian ambassador to the United States, Dr Abid Hussain, died in a hotel in London on Thursday morning following a heart attack.
State Bank of India was the biggest loser in the Sensex pack, shedding 1.69 per cent, followed by Asian Paints, Kotak Mahindra Bank, HCL Technologies, Reliance Industries, Wipro, IndusInd Bank, Infosys, Power Grid and HDFC twins. In contrast, Nestle, Maruti, Bharti Airtel, Tata Motors, ITC and Hindustan Unilever were among the gainers.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
The MoUs are signed between the Central Public Sector Enterprises and the administrative ministries/departments.
VW cheating a 'well thought-out crime', diesel cars under lens
So far at least eight incidents of EV fires have been reported in just over a month's time.
'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'
From the Sensex pack, Mahindra & Mahindra, Power Grid, Bharti Airtel, Bajaj Finserv, HDFC, Hindustan Unilever, Maruti, ITC, Titan, Nestle, Bajaj Finance and Reliance Industries were the major winners.
The reshuffle in the Cabinet of Ministers in the United Progressive Alliance II threw up a few surprises on Wednesday.
The Chinese dependence is far from over, industry players are also citing a shortage of electronic toys in the country.
