GENERAL MOTORS INDIA
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
Mirae Asset Large Cap mutual fund has underperformed peers, benchmark since 2022; what should investors do?
We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
General Catalyst-Venture Highway deal; Sebi clears Ola Electric IPO
Silicon Valley investor General Catalyst has acquired Indian early stage fund Venture Highway. More on this in today’s ETtech Top 5.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
Boost for Hyundai Motor export plans, as auto co plans to launch slew of EVs over next 4 years
Hyundai Motor India Ltd (HMIL) is planning a ₹25,000 crore IPO to drive its parent company's strategy of making India a key export hub. The company plans to introduce nearly half a dozen electric vehicles for local sales and exports as part of this ambitious strategy.
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As Hyundai India eyes listing, here are some of nation's biggest IPOs
Hyundai Motor's Indian business filed draft papers for a potential large IPO in India to enhance its brand image and increase liquidity.
Irdai accepts registration withdrawal application of Paytm General Insurance
One97 Communications, owner of Paytm, will focus on distributing insurance products from various insurers after the Insurance Regulatory and Development Authority of India (Irdai) accepted Paytm General Insurance's registration withdrawal application. This move aligns with Paytm's strategy to enhance insurance distribution across Health, Life, Motor, Shop, and Gadgets segments through its subsidiary, Paytm Insurance Broking Private Ltd (PIBL). Paytm aims to innovate small-ticket insurance products for consumers and merchants, leveraging its extensive distribution network to increase insurance penetration.
General insurance companies can't reject claims for want of documents: Irdai
Irdai stated that general insurance companies cannot reject claims for lack of documents, introducing reforms in the business with a new master circular, repealing 13 others.
General elections 2024: A weaker mandate to impel policy reset
The underwhelming election results reflect voters' focus on economic and livelihood issues over free-food distribution. The need for productive employment is becoming a dominant necessity in policy considerations.
How China rose to lead the world in cars and solar panels
Heavy subsidies for industry, together with weak sales in China, have set the stage for an export boom, raising fears of factory job losses elsewhere
Passenger vehicle wholesales in slow lane in May due to high base effect, elections
Passenger vehicle wholesales in India grew marginally in May due to the high base effect and muted demand during the general elections. Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Toyota Kirloskar Motor, Kia India, and MG Motor India all reported varying levels of growth.
MG Motor, HPCL join hands to enhance EV charging infrastructure
MG Motor India and Hindustan Petroleum Corporation Ltd collaborate to expand EV charging infrastructure in India, installing fast chargers at key locations for long distance and intercity commutes.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering
The retail portion of Digit Insurance's IPO was fully subscribed at 1.45pm. The company had reserved 9.6 million shares for retail investors in the issue that opened on Wednesday. The Rs 2,615-crore IPO comprises a fresh issue of Rs 1,125 crore and an offer for sale component of up to 54.7 million shares.
How China rose to lead the world in cars and solar panels
Top leaders in the United States and Europe have started urging China to reduce its exports to the world and boost its imports.
Tata Motors sees a relatively weak H1, set to shed net automotive debt though in FY25
Tata Motors anticipates achieving net automotive debt-free status in FY25 following record revenue, profits, and free cash flows. Its Indian business is debt-free. Despite caution regarding domestic demand in the first half, Tata Motors said it remains optimistic, particularly about the premium luxury segment, aiming for a robust performance in FY25.
Hyundai to rev up India capacity to tap rising demand
To expand production, Hyundai Motor India will open its Pune plant - acquired from General Motors - in the second half of next calendar year. The company is upgrading the facility for producing more than 200,000 vehicles annually. Adding the Chennai plant's capacity of 824,000 vehicles, Hyundai Motor India's annual capacity will reach more than one million vehicles a year, the company said.
General Insurance industry grows 12.78% in FY24
In FY23, the insurance industry had reported a growth rate exceeding 16%. However, there was a slowdown in FY24 largely due to the performance of crop insurance. Specialised insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.
Domestic car sales in last financial year grew by nearly 9% to a record 4.23 mn units
Car sales in India soared by 9% to 4.23 million units last fiscal, driven by SUV demand. Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Toyota Kirloskar Motor, and MG Motor India all reported significant sales growth across various segments. Around 370,000 cars, sedans and utility vehicles were sold last month, compared to 336,000 units in the year-ago period, making it the 15th consecutive month that PV sales have breached previous monthly records.
Baltimore Bridge Collapse: Catastrophic consequences threaten to impact cars to coal
A catastrophic bridge collapse in Baltimore's Francis Scott Key Bridge leaves six presumed dead, disrupts 2.5 million tons of coal and car shipments, and highlights vulnerabilities in global supply chains. President Biden vows to rebuild as Baltimore faces weeks of reconstruction, impacting port operations and causing traffic diversions with potential economic repercussions.
Which T will turbo-charge new EV policy? Toyota more than Tesla
Is there enough juice in the fine print to get Elon Musk all charged up about the purchasing power of our billion plus population for his Models 3, Y or even S? With spotty charging infrastructure further tripping up several mega ambitions, perhaps the bigger beneficiary of the electric buzz will be another company whose initials also start with the same alphabet T: Toyota that by doubling down on “headache free” hybrids have made them far more mainstream.
Beyond Tesla…Teslar, Teslast: India to reduce EV import duty for Tesla, other global automakers
India has agreed to reduce import duties on electric vehicles (EVs) for companies like Tesla, clearing the way for the automaker to enter the Indian market. The reduced duty, from 70-100% to 15%, applies to all global companies, not just Tesla, and is tied to a minimum investment of $500 million. While some argue against such concessions, noting that previous entrants faced no such benefits, the move could open the door for Tesla to compete in India's growing EV market, which is currently dominated by more affordable options.
Passenger vehicle sales surge 14% to 393,074 units in January: SIAM
Passenger vehicles and three-wheelers continued to achieve their highest sales ever for the period of April to January in FY 24. This growth was driven by positive consumer sentiments and strong sales in rural areas.
Sunroof Surge: India's buyers drive demand, prompting carmakers to elevate the roof game
Once considered a luxury feature, currently more than one out of every four cars sold in the local market is equipped with a sunroof, up from just about 7% five years ago. In models where the feature is available, sales are even higher at 55%. Be it premium hatchbacks, sedans or fast-moving sport-utility vehicles, demand for sunroofs is on the rise in a predominantly tropical country.
Hyundai completes Talegaon plant acquisition; earmarks Rs 6,000 crore investment in Maharashtra
Hyundai Motor India completes the acquisition of General Motors India's manufacturing plant in Talegaon, Maharashtra. The company will invest Rs 6,000 crore in Maharashtra as part of an agreement with the state government. The acquisition was completed after fulfilling conditions and receiving regulatory approvals. Hyundai Motor India is committed to providing benchmark products and technologies to Indian customers and aims to augment manufacturing capacity in India
Hyundai Motor plans second plant in India, commits Rs 7000 crore investment in Maharashtra
Hyundai Motor, a renowned carmaker, is set to invest Rs 7,000 crore in the establishment of its second plant in India. The company has made this move after acquiring a previously inactive factory from General Motors Co. The investment agreement between Hyundai and the western state of Maharashtra is expected to be signed at the annual World Economic Forum summit in Davos, Switzerland. Deputy Chief Minister Devendra Fadnavis shared this news on X (formerly Twitter) on Saturday.
General Motors India’s retrenched workers to sit on an indefinite chain hunger strike
Workers of the former General Motors India are threatening to go on an indefinite hunger strike starting October 2. They are protesting against their alleged non-absorption by Hyundai Motor India, the proposed new owner of the car manufacturing plant near Pune. The workers, under the banner of General Motors Employee Union (GMEU), are demanding to be absorbed by the new owner. Hyundai.
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