AUTOMOBILE AMBITIONS
China's exports grow 7.6 per cent in May, beating expectations despite trade tensions
Exports rose due to a lower base from last year, with a trade surplus widening to USD 82.62 billion in May.
Hindalco unit Novelis to debut on NYSE in 2 weeks at likely valuation of $12.6 bln
Hindalco will raise up to $945 million at the upper end of the proposed price range. Including a green-shoe option, whereby it could offer another 6.75 million shares, or a 1.1% stake, in case of overallotment, the total proceeds for the sole shareholder of Novelis could go up to $1.09 billion.
Hindalco's US arm Novelis to list on NYSE in 2 weeks
Novelis IPO: Novelis on Tuesday launched a roadshow for its proposed initial public offering (IPO), where Indian parent Hindalco plans to sell 45 million shares, or a 7.5% stake, in the company at $18-21 per share.
FPIs lap up power, financial services stocks in April; IT, FMCG see biggest outflows
Power sector received the highest inflow from foreign investors, who bought shares worth ₹5,143 crore after buying ₹45 crore in March. In 2023, the sector witnessed inflows worth ₹2,477 crore. With the government expected to boost the country's power capabilities as part of its ambition to make India into a manufacturing hub, the focus is on the companies that will benefit from the revival of the sector.
Chip off the old Taiwanese block
The recent earthquake off Taiwan's east coast highlights the risks of concentrating chip-making capacity in one territory. While initial reports suggest no immediate impact on supply chains, the incident underscores the need for diversification. Chipmakers are already accelerating plans to diversify beyond Taiwan due to factors like the Covid outbreak and tensions with China. India, with its ambitions in chip manufacturing, offers an interesting proposition for Taiwanese chipmakers and could play a crucial role in diversifying the global semiconductor supply chain.
Why MG Motor India tied up with the JSW Group, CEO Emeritus Chaba elaborates
MG Motor India, owned by China’s SAIC, signed a deal with steel conglomerate Sajjan and Parth Jindal-run JSW Group in 2023 to drive its automobile ambitions in the country. We caught up with MG Motor India’s CEO Emeritus Rajeev Chaba in Worli, Mumbai, where the company just...
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China EV makers woo buyers with in-car beds, kitchens and drones
Chinese carmakers are adding innovative features to electric vehicles, including Xpeng's G9 SUV with a sleeping kit, Geely's Galaxy E8 sedan with a vibration feature, Li Auto's L-Series SUV with a rear-mounted kitchen, and BYD's Yangwang U8 with a drone. China-made vehicles prioritize technology and connectivity preferences.
UK looks for greater share in India auto sector under FTA: Official
India's Commerce Secretary, Sunil Barthwal, has said that countries negotiating free trade agreements (FTAs) with India are looking to gain a greater share in the country's rapidly growing automobile sector. The industry has strengthened in various areas, including auto-grade steel, components, and tires, and is now shifting from conventional internal combustion engines to electric vehicle (EV) battery-based systems.
India proposes slashing EV import taxes in UK free trade deal
India is considering reducing import taxes on some high-value electric vehicles. New Delhi is contemplating a 30% concessional tariff on up to 2,500 electric vehicles annually imported from the UK, priced over $80,000. The move aims to address a key issue in ongoing trade talks, potentially delaying the agreement's announcement until December.
Why is engineering behemoth L&T chasing Vedanta & Tata's semicon ambitions
Larsen and Toubro (L&T), a major engineering firm, is venturing into fabless semiconductor chip design, emulating other Indian conglomerates like Vedanta and Tata Group. L&T will invest Rs 830 crore through a wholly-owned subsidiary dedicated to chip design for the automotive and industrial sectors. L&T's CFO, R Shankar Raman, reveals the company's strategic shift towards seeking alternative business opportunities for the future
From cars to planes: Jindal brothers' lofty ambitions to diversify business
Sajjan and Navin Jindal are leaping from the core businesses of steel, power and infra to diversify into consumer-facing businesses of automobiles and aviation.
China's EV makers face cost, consumer challenges as they aim to conquer Europe
Stereotypes of Chinese manufacturing, import costs, and a less developed EV market are just some of the issues Chinese brands such as BYD, Nio and SAIC's MG will have to overcome to thrive in Europe
Temasek to invest Rs 1200 crore into Mahindra Electric Automobile at $9.8 billion valuation
Temasek, a global investment firm headquartered in Singapore, will invest INR 1,200 crore ($161m) in Mahindra Electric Automobile Limited (MEAL), making it the most valuable electric vehicle (EV) firm in India with a valuation of up to INR 80,580 crore ($9.8 billion). The deal, executed with Mahindra & Mahindra, will make Temasek one of its investors, with a 1.49% to 2.97% stake.
ETMarkets Fund Manager Talk: Auto, FMCG, IT stocks offering investment opportunities: Manish Jain, Ambit Asset Management
IT companies are going through a mildly turbulent phase which may well last a couple of quarters. However, valuations are quite supportive, and we believe this is the right time to start building a position in the sector.
BYD: A Chinese EV giant's inroad to capture almost half of Indian market despite barriers
Several Chinese vehicle makers have struggled to set up manufacturing bases due to the govt's extra screening of investments from the neighbouring country. However, BYD seeks to capture 40% of India’s EV market by 2030. Warren Buffett-backed BYD will launch its third passenger electric vehicle in India by the fourth quarter of this year.
ETMarkets Fund Manager Talk: India to be one of the best performing markets in 2023: Sushant Bhansali, Ambit Asset Management
Strong domestic demand, stable agrarian economy, impetus on exports by the government ensures India’s position on a strong footing. Nifty 50 trades at 19x P/E in line with the long-term averages.
M&M to continue strong momentum owing to robust demand for newly-launched SUVs
Rajesh Jejurikar, executive director (automotive and farm equipment sector) at M&M, told ET, the company’s new launches have been received well and it is confident of maintaining this momentum with a strong order book and in-demand blockbuster products, waiting period for some of which stretch up to two years.
India excludes 1,157 products from ambit of free trade pact with UAE
Given the sensitivities of these products for the domestic industry, India will not provide any kind of customs duty concessions on the 1,157 goods under the the India-UAE Comprehensive Economic Partnership Agreement (CEPA), according to FAQs prepared by the commerce ministry on the pact.
What 2022 holds for tech; Ola’s EV ambitions hit a hurdle
As the pandemic took hold, technology played a bigger role in everyone’s lives this year, whether through work-from-home, online deliveries, crypto investments or the humble QR code. But what does next year hold in store?
For ambition in industrial policy
Subsidising the production of chips in India, and the machines to produce the chips, would make for sensible industrial policy. A chip design ecosystem would come up as well.
Budget 2021: What can drive auto makers into a fast lane?
Besides, investors want to hear more on export incentives through production-linked incentive (PLI) scheme, and steps the government will takes to boost income at the hands of consumers.
Budget 2021: What industry wants
India Inc wants a strong stimulus dose for the pandemic-hit economy in the upcoming budget to help it rebound from the Covid disruption
Government brings vehicle trade, repair under MSME development act
The ministry of micro, small and medium enterprises (MSME) approved the decision on Thursday, several people aware of the matter said. The official order will be issued shortly.
Global ambitions: All about the production-linked incentive scheme
The PLI scheme seeks to make India a significant manufacturing destination and also log into the global supply chain.
Chinese automobile companies step on the gas to invest in India
After SAIC’s Rs 5,000-crore commitment to India, Great Wall Motors set to pump in over $1 billion.
Groupe PSA: Most profitable carmaker in Europe to scale up ‘bit by bit’
Groupe PSA with its “scalable plan” will break into black within three years, Tavares said.
A personal loss, a $2-mn win & a soaring ambition led Sebastian Thrun on the road to innovation
Thrun has made it his life’s mission to encourage people to quit the thrills of the driver’s seat.
Industry seeks cut in fuel excise duty as oil prices zoom
Brent crude oil prices went past the USD 80 per barrel mark last week. Today, brent touched USD 78.87 per barrel, up 0.5 per cent from last close.
Electric cars' bold ambition risks a race to nowhere
Switching to electric vehicles is a necessary change. But be prepared for an awful lot of blood, toil, tears and sweat in the interim.
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