COMMERCIAL PRODUCTION
Coal production from captive, commercial mines up 35% in Q1
The coal industry experienced a notable increase in production and dispatch in the first quarter of the fiscal year, with a significant rise in output from various sectors and mines. The coal ministry's report highlighted positive growth trends in the industry.
Demerger to secure synergies across biz verticals, says Tata Motors Chairman N Chandrasekaran
Tata Motors is planning to demerge its existing automotive businesses into two listed entities, a move aimed at enhancing synergies across its Passenger Vehicles (PV) and Jaguar Land Rover (JLR) segments. This step is expected to boost collaborations in electric vehicles (EVs) and autonomous vehicles. Tata Motors Chairman N Chandrasekaran made this announcement at the company's 79th Annual General Meeting on Monday.
Round 10 of commercial coal block auctions launched, 67 mines on offer
Union Coal and Mines Minister G Kishan Reddy launched the 10th round of commercial coal mine auctions, including 67 mines, to enhance domestic production and energy security. With a focus on reducing imports and increasing production, he highlighted coal's significance, aiming for one billion tons production by 2024-25.
Tata Motors launches digital marketplace 'Fleet Verse' for commercial vehicles
Tata Motors, the renowned Indian automobile manufacturer, introduced Tata Motors Fleet Verse on Thursday, marking its debut as a robust digital marketplace tailored for the company's commercial vehicles. This platform facilitates various functionalities such as discovering new vehicles, configuring them, acquiring them, and arranging financing. It is designed with future scalability to accommodate a wide array of additional services and features, positioning Fleet Verse as a comprehensive digital hub catering to all commercial vehicle requirements in one place.
Union Minister G Kishan Reddy to launch 10th round of commercial coal auctions on Friday
Union Minister G Kishan Reddy to launch 10th round of commercial coal auctions with 60 mines on sale to enhance domestic production and energy security.
Coal stock at thermal power plants grows 32 pc to 45 MT
Thermal power plants (TPPs) in India reported their highest-ever coal stock of over 45 million tonnes on June 16, a 32% increase from the previous year. The Ministry of Coal worked tirelessly to ensure a consistent coal supply by enhancing production, logistics management, and inter-agency coordination. Cumulative coal production reached 207.48 million tonnes, reflecting a 9.27% growth. Coal India Ltd recorded a 7.28% increase in coal production and a 4% growth in dispatches.
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Steering climate risk: How banks can be future-ready
Companies worldwide are assessing climate change risks, including the banking and financial services sector. Climate variability impacts sectors like agriculture, infrastructure, and energy, heavily reliant on banks for financing.
Tenth round of commercial coal block auction to kick off next week
Coal produced from the 62 blocks is permitted to be sold by the companies in the free market. So far, nine rounds of commercial coal auctions have taken place since 2020 and 107 coal blocks have been auctioned with 256 million tonnes peak rated capacity.
Promoter of ZF Commercial mulling stake sale worth Rs 1,500 crore
Cashing on the benefit of peak multiples in the Indian equity market, promoters of ZF Commercial Vehicle Systems India (formerly WABCO INDIA) is looking to sell 4-5% stake in the India unit, according to multiple people aware of the development. Germany based ZF group currently holds a 75% stake in the India unit.
Tata Motors Finance to be merged with Tata Capital
Tata Motors announced a merger of Tata Motor Finance with Tata Capital, approved by their respective boards. This aligns with Tata Motors' strategy to focus on core businesses and emerging technologies. Tata Capital will issue its equity shares to Tata Motor Finance shareholders, giving Tata Motors a 4.7% stake in the merged entity. Tata Capital, a major NBFC in India, will expand its presence in CV/PV financing, aiming to offer innovative products and digital services. The merger is subject to regulatory approvals and is expected to take 9-12 months to complete, with no adverse impact on customers or creditors.
Rajkummar Rao opens up about his journey to stardom: 'Took me around two years to get my first acting job'
Rajkummar Rao recently shared insights into his journey in Bollywood, revealing that it took him around two years to land his first acting job. Despite initial challenges and no backup plan, Rao persisted in pursuing his passion for acting. He emphasized the importance of mid-budget content-driven films and expressed optimism about their reach and impact. Rao's latest release, "Mr. & Mrs. Mahi," showcases his versatility as an actor.
BPL’s PCB unit in Bengaluru starts commercial production
BPL commissions a modern PCB manufacturing facility in Doddaballapur, Bangalore, with an investment of Rs 20 crore, revolutionizing the Indian PCB landscape.
Euler Motors raises Rs 200 crore from Piramal Alternatives, others
Euler Motors raised Rs 200 crore in funding led by Piramal Alternatives India Access Fund. The firm aims to become India's top electric commercial vehicle brand, with plans to expand to 40 cities by FY25.
Piramal Alternatives leads Euler Motors’ Rs 200 cr fundraise
Euler Motors, an electric three-wheeler maker, raised Rs 200 crore ($24 million) led by Piramal Alternatives India Access Fund, with British International Investment and Blume Ventures also participating. Total funding now stands at Rs 570 crore. The funds will support expansion to 40 cities and enhance R&D efforts.
Nepal to legalise marijuana cultivation for medicinal purposes
Nepal will legalise marijuana cultivation and consumption for medicinal purposes, Finance Minister Barsha Man Pun announced on Tuesday while presenting the government's budget estimates for the 2024-35 fiscal year. Addressing the joint session of Parliament, Pun said that necessary laws would be framed for commercial production of marijuana in the country.
Banking tech startup Gravity raises $1 million from Kettleborough VC
Business-to-business (B2B) banking tech startup Gravity will use the fresh capital to strengthen “our engineering strength to build the product and take it to the next version, offering the best in product engineering we can,” cofounder and chief executive Satish Krishnaswamy told ET.
Godrej & Boyce sells 58,500 sq ft office space in Mumbai’s Vikhroli to Godrej Industries
The office space on the 9th floor has already been leased to managed flexible workspace provider Simpliwork Offices for a period of 60 months until March 31, 2026. This lease will also be transferred to Godrej industries as the new landlord, showed the documents accessed through Propstack.
Lectrix EV to invest INR 100 crore in FY25; plans multiple launches to strengthen EV market position
The company is planning to launch its new 2W model pre-Diwali and one post-Diwali. Pritesh Talwar, President - EV Business at Lectrix EV is optimistic about creating its name in the 2W market as he believes there is enough space to sustain and create a brand image for multiple companies.
Ashok Leyland to unveil 5-6 new products under LCV segment: MD
Earlier today, Ashok Leyland announced a 16.73 percent rise in consolidated net profit, reaching Rs 933.69 crore in the January-March 2024 quarter, compared to Rs 799.87 crore recorded in the corresponding period of the previous fiscal year.
Boeing CFO says second-quarter deliveries won't increase from the first quarter
Boeing CFO Brian West mentioned that commercial jet deliveries will not increase in the second quarter due to production quality issues. He also discussed delays in jet deliveries to China related to a regulatory review of batteries for the cockpit voice recorder.
Cera Sanitaryware is this week's stock pick; why analysts are bullish
Cera Sanitaryware emphasises innovation, introducing 218 new products in 2023-24, which accounted for 30-35% of its total sales.
Apple crushes it, with a smashing ad
Billed as 'the most powerful iPad' that's 'also the thinnest', the ad's objective, we reckon, was to suggest Western culture's creative juices - represented by the likes of various musical instruments, a 80s-era Space Invaders arcade machine, Angry Bird and emoji squishy stress balls - all being encapsulated into a 5mm thick Apple product.
Netweb Technologies starts commercial production at a new facility in Faridabad
Netweb Technologies launches high-end computing production at new Faridabad facility, aiming for Rs 2,000 crore turnover. Expansion plans include employee increase and international exports of Nvidia computers.
TVS Supply Chain clinches deal to manage VE commercial vehicles' Baggad plant
VE Commercial Vehicles has been associated with TVS Supply Chain Solutions since 2006 for in-plant logistics operations of their truck plant in Pithampur, Madhya Pradesh.
Tata Electronics begins export of semiconductor chip samples from Bengaluru centre
Tata Electronics, a company based in Bengaluru, India, has begun exporting small amounts of semiconductor chips. This is a significant step that could improve India's ability to produce these important components. The chips are being packaged at a pilot production line located at Tata Electronics' research and development center. This information comes from people with knowledge of the situation but who do not want to be identified publicly.
NewSpace India to handle all IRS satellite data and products
NewSpace India Limited (NSIL) will handle all Indian Remote Sensing satellite data and products from May 1, 2024, while Bhoonidhi will continue as the data dissemination platform. As per India's Space Policy 2023, satellite data of 5m and coarser is free for all users.
Second half of FY25 will be much stronger for IT industry: Mastek CEO
Mastek CEO Chandrana discusses FY24 growth, soft Q4 revenue, optimism for FY25. He also talks about Mastek's share in a $1.2-billion UK Ministry of Defence project, client conversations, and margin profile target of 17-18%. Chandrana says: "As far as the revenue and growth is concerned, in dollar terms, we grew 15.8% YoY. If you remove the small acquisition that we did in FY24, we still grew at a fairly healthy rate compared to competition. "
Coal mine auction likely in May, 30 new blocks to be put on offer
The coal ministry will auction coal mines by May 10 to boost domestic production, reduce imports, and encourage imported coal-based power plants to switch to domestic fuel, aiming for zero thermal coal imports.
Varun Beverages starts commercial production of carbonated drinks at Gorakhpur facility
Varun Beverages commences soft drink production in Gorakhpur, introducing new products and expanding capacities. It sees significant revenue contribution from the Indian Subcontinent and African markets, reporting a substantial net revenue in 2023.
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