UltraTech Cement's announcement that it would snap up a controlling stake in India Cements may only be a sign of more to come. In the wake of one of the country's most expensive deals in recent times, cement majors may slug it out to add smaller firms from the region to their portfolio. UltraTech's buy is the latest in the four deals the southern market has seen in less than a year, with Adani Cement being the other buyer.
Posco Daewoo, the South Korean conglomerate whose Cielo sedan and Matiz hatchback were once the pride of Indian car owners, is looking to re-enter India. And its return journey is riding on plans to sell electric bikes and e-cycles. The company termed India's robust economic growth and surging consumer demand as reasons behind its comeback plans, saying they make India "one of the world's most promising consumer markets," according to Y S Choi, general manager, Posco Daewoo South Korea.
The government will create an EV Venture Capital Fund, for financial support to start-ups in the segment. The overall aim is to make Tamil Nadu the preferred destination for EVs and component makers.
The minister's reaction came days after Rajinikanth praised Tamil Nadu Chief Minister MK Stalin for "managing" senior DMK leaders in the party.
Life Insurance Corporation of India (LIC) reported weak growth through H1FY24 but it witnessed a boost in embedded value (EV) due to equity-market performance. But concerns regarding its stock include loss of market share as it is outpaced by private sector rivals, sticky operating expenses (reduced slightly year-on-year but up in Q2FY24 versus Q1FY24), and high sensitivity of embedded value to equity volatility. Traders may also factor in the likelihood of another stake sale by the Government of India.
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
Mercedes-Benz India is aiming to post double-digit growth in sales volume during 2024 as it plans to launch over 12 car models during the year, says its managing director and CEO Santosh Iyer. The German carmaker, which leads the luxury car market in the country, recorded 10 per cent year-on-year (Y-o-Y) growth to 17,408 units in 2023. "For 2023, we always said that the growth would be in double digits.
The MG Cyberster, an electric sports car, was launched in Mumbai, March 20, 2024.
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers. In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
Tata Motors is likely to exit the S&P BSE Sensex and the Nifty50 indices once the demerger process of its commercial vehicle (CV) and passenger vehicle (PV) businesses is complete, analysts at Nuvama Institutional Equities said. They have compared the development with Reliance Industries (RIL) and Jio Financial Services, which got listed separately and eventually (in the next few days) got excluded from the domestic indices.
Nearly one in two luxury cars sold in India in the first three months of 2024 was a Mercedes Benz, which achieved its best ever quarter (January-March), selling 5,412 units, up 15 per cent year-on-year (Y-o-Y) from 4,697 units in the previous year.
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
Tata Motors on Monday announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities. The commercial vehicles business and its related investments would be housed in one entity while the passenger vehicle business, including electric vehicles, Jaguar Land Rover (JLR) and its related investments, would be part of the second entity, the auto major said in a regulatory filing. Tata Motors chairman N Chandrasekaran said that Tata Motors has scripted a strong turnaround in the last few years.
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
'Two would be premium products and three would be mainstream products.'
Future and concept cars at the New York International Auto Show.
Tata Motors is looking to consolidate its position in the SUV segment as it marks its entry into the highly competitive mid-size space which is currently dominated by South Korean and Japanese carmakers. The Mumbai-based auto major on Monday launched midsize SUV coupe Curvv with petrol and diesel powertrains with a price starting at Rs 9.99 lakh. The company has already unveiled the electric version of the model in August.
The MG ZS EV, to be unveiled next month, will go head to head with Hyundai Kona, launched in July this year as the country's first fully electric SUV.
Car sales are experiencing a challenging phase with around Rs 60,000 crore worth of inventory lying unsold with dealers.
Notwithstanding robust volume growth and a strong performance from Jaguar Land Rover (JLR), Tata Motors, the country's second-largest automobile (auto) manufacturer by market capitalisation, disappointed the Street with its January-March quarter (Q4) results for 2023-24 (FY24). While consolidated revenues saw a 13 per cent increase, lower-than-expected realisations in the Indian operations weighed down overall performance.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
Here is the Brahma Mantra for mankind. So long as the world has leaders with judgement -- humane, compassionate, and no-nonsense in their thinking -- natural intelligence will prevail, notes R Gopalakrishnan.
The party, rallying in his support, campaigned that national icons like Periyar EV Ramasamy, Dr BR Ambedkar and Naryana Guru had spoken against discrimination including those based on a person's birth. That the Sanatan Dharma controversy cut no electoral ice in Tamil Nadu was also seen as a success for Udhayanidhi.
From Mumbai to Silvassa in Daman, and back.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
The country's largest car maker Maruti Suzuki India on Friday reported a 47.8 per cent rise in net profit for the March quarter of FY24 to Rs 3,877.8 crore, on account of higher sales volume and favourable commodity prices.
The average cost of data breaches in India reached $2.18 million in 2023, marking a 28 per cent increase since 2020, according to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24. The report said that India's average data breach cost was still below the global average. The most common attacks in India are phishing which was at 22 per cent and stolen or compromised credentials was 16 per cent. The automotive industry is highly vulnerable to cyber attacks, whereas the banking and financial services sector, benefiting from stringent regulations, enjoys comparatively stronger protection.
Film folk celebrated Eid Al-Adha with pretty pictures and warm words on Instagram.
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.
Ratan was extremely ethical in his dealings, which he brought to bear on the business house which he helmed, remembers Sailesh Kottary.
Ather Energy would set up 30 charging points across Bengaluru by the end of May and the number would go up to 60 by the end of the year.
The reservation policy requires a fresh relook and new methods are needed for the uplift of people belonging to Scheduled Castes (SC), Schedule Tribes (ST) and Other Backward Classes (OBC), Supreme Court judge Justice Pankaj Mithal said on Thursday.
Hopes to launch full-size SUV MG Gloster by Diwali 2020, and have four products in the market in one-and-a-half years of its operations in India.
The company aims to follow the government's push for environment-friendly vehicles by driving in models with green technologies.
The hospitality industry has around 212,000 rooms, with an industry size of about Rs 82,000 crore. The industry could grow at an annual rate of 10.5 per cent for the next three financial years, despite a quiet Q1FY25. The demand will be driven by domestic travellers, who will contribute roughly 50 per cent of the growth, while foreign tourists will account for 30 per cent.
Korean automaker Hyundai Motor Group (HMG) is vigorously aiming to establish a robust presence in India's electric vehicle (EV) segment through the introduction of new models and the establishment of charging stations under Hyundai Motor India (HMIL) and Kia India. Euisun Chung, executive chairman of HMG, who is currently visiting India, urged both companies to deliver products that not only meet but exceed customer expectations on time, thus driving the achievement of these growth targets. The group is strategically working to elevate Kia's market share from the current 6.7 per cent to an impressive 10 per cent in India in the near future.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
Automobile (auto) retail sales in India grew by an impressive 14 per cent in July compared to the same period last year, driven by a surge in the rural economy, good product availability, and product launches. While passenger vehicles (PVs) saw a 10 per cent increase during this period, inventory levels have surged to a historic high of 67-72 days in PVs, equating to Rs 73,000 crore worth of stock, according to the Federation of Automobile Dealers Associations (Fada). This poses a risk to dealer sustainability. Inventory levels in July 2023 were only 50-55 days, equating to a stock worth Rs 49,833 crore. In June 2024, inventory was between 62 and 67 days, with a stock value of Rs 60,000 crore.
India's largest life insurer, Life Insurance Corporation of India (LIC) reported encouraging performance in the January-March quarter (Q4) of FY24. Total annual premium equivalent (APE) was at Rs 21,180 crore, up 10.7 per cent year-on-year (Y-o-Y), with group APE of Rs 3,890 crore, up 60 per cent Y-o-Y, though individual APE contracted 2.1 per cent Y-o-Y. The participatory book contracted 20.2 per cent Y-o-Y, but the non-par grew by 206 per cent to Rs 3,740 crore.
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