INDIA ELECTRICITY ACT
Bounce Infinity to assemble, sell UK’s Zapp i300 electric two-wheelers in India
Bounce Infinity will manufacture and distribute the i300 range of vehicles, which Zapp had first introduced in 2018. The firm also sells its range of electric scooters. It had raised $20 million in a funding round in January last year, with participation from the likes of Peak XV Partners, Chiratae Ventures and Accel.
Bounce Infinity to assemble, sell UK’s Zapp i300 electric two-wheelers in India
Bounce Infinity, previously Wicked Ride, will manufacture Zapp's i300 two-wheelers in Bhiwadi. With post-COVID-19 rebranding and $20 million funding from investors like Accel, Bounce shifted to scooter rentals. Targeting a 45% market share by 2030, its operating revenue increased sixfold in 2022-23. However, 2023-24 financials are pending.
Budget 2024: 45-day payment rule for MSMEs must come to an end, industry says
With India’s 63 million MSMEs facing a problem, changes in the ruling can go a long way in keeping buyer-seller equations intact, while also ensuring a steady flow of the payment cycle.
UP tax sops recognise hybrid vehicles importance in cutting emissions, says Maruti
Maruti Suzuki India Chairman RC Bhargava on Tuesday highlighted the Uttar Pradesh government's new policy offering a 100 per cent registration tax waiver on hybrid vehicles. This initiative is designed to reduce carbon emissions and decrease oil imports. Reports indicate that this waiver will lower the prices of hybrid vehicle models by up to Rs 3.5 lakh.
BPCL retail outlets will act as EV hubs to purchase, test ride & experience electric scooters
BPCL has teamed up with Bounce Infinity, an Indian electric scooter manufacturer, to accelerate EV adoption in India by launching "eDrive stores" at BPCL retail outlets. These stores aim to make electric two-wheelers more accessible nationwide. Pardeep Goyal, BPCL's Business Head of Retail, highlighted the initiative's role in supporting sustainability goals and transforming fuel stations into versatile energy hubs.
RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity
BUDGET EXPECTATIONS: The Retailers Association of India (RAI) has urged the Union Budget FY25 to focus on lowering individual taxes to boost demand and consumption. RAI's pre-Budget recommendations include low-cost financing, subsidies on land and electricity, and the adoption of supportive policies to strengthen the retail sector, which contributes 10% to India's GDP
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Ola Electric, Emcure Pharma get Sebi nod for IPOs, setting stage for big listings
The Bengaluru-based company had filed its draft prospectus with Sebi in December last year. The issue comprises a fresh equity sale of Rs 5,500 crore and an offer-for-sale (OFS) of 95.2 million shares.
Jharkhand govt contemplates to waive farm loan up to Rs 2 lakh: CM Champai Soren
"We waived Rs 40,000 farmers' loan in the past and are planning to increase it to Rs 2 lakh. Similarly, the current base of 125 unit free electricity will be increased to 200 units," Soren said while addressing a meeting at Gandhi Maidan in Jamshedpur to inaugurate and lay foundation of development projects.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Troubled with frequent power cut? Get compensation from electricity distributor if it happens due to this reason, know how
Power cut: Electricity discom have to provide compensation to you if they have resorted to wilful load shedding. This compensation will be adjusted through your electricity bill. However for other deficiencies of service (if any) you will have to lodge a complaint. Read here to know how much compensation you can get in Maharashtra, Rajasthan, Delhi and Karnataka.
NCLT initiates insolvency against Himalayan Mineral Water
The National Company Law Tribunal (NCLT) has approved insolvency proceedings against Himalayan Mineral Waters due to defaulting on a corporate guarantee to Jammu & Kashmir Bank for LeeL Electricals. The tribunal appointed Bhoopesh Gupta as the interim resolution professional. J&K Bank claimed a default of Rs 50 crore, leading to this decision.
Adani to invest over $1 bn in Sri Lankan wind projects
Adani Group plans to invest over USD 1 billion in setting up projects in Sri Lanka through Adani Green Energy Ltd. The projects include two wind farms in Sri Lanka's Mannar town and Pooneryn village with a total capacity of 484 megawatts.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
10 years of Modi: 670 small & midcaps zoom up to 48,000%; will the counters repeat show?
Small and midcap stocks witnessed massive surge under the Narendra Modi government in the last 10 years, with over 670 BSE-listed stocks turning multibaggers.
Midcaps, smallcaps, microcaps plunge up to 20%. BHEL, HUDCO among top losers
Market fall on Tuesday impacted Nifty Midcap 100, Nifty Smallcap 100, and Nifty Microcap 250 indices. Midcap index fell by 7% to 49,623.10, Smallcap index dropped by 7% to 15,801.80, and Microcap saw 247 stocks in red.
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
Adopting global standard, infra, risk-based regulation to help India improve quality of goods for exports: GTRI
The GTRI also recommended support to SMEs, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems.
Brands by scions attract VC money; Ola Electric layoffs
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch.
NSE launches Nifty500 Equal Weight index; base date April 1, 2005
The index will serve as a benchmark for asset managers and a reference index for passive funds such as ETFs, index funds, and structured products, according to the release.
India's peak power demand hits a record 250 GW
India witnessed a historic milestone on May 30 as the country's power demand surged to a record-breaking 250 GW, driven by a combination of weather-related loads and the escalating power consumption in both industrial and residential sectors, announced the power ministry on Thursday. The non-solar hours demand also soared to an unprecedented level of 234.3 GW the previous day, marking a significant increase in energy requirements.
NSE Indices launches India’s first electric vehicle index
NSE’s index services subsidiary, Nifty EV & New Age Automotive index, will track the performance of companies forming a part of the EV ecosystem. With the base date fixed on April 2, 2018, and the base value at 1,000, the index will be reconstituted semi-annually and rebalanced on a quarterly basis.
Series AA 127- The EV transformation - Part 1: How a multibagger got fresh tailwinds & gave 22,204% return in last 20 years
Below are the excerpts from its annual report of 2017-18. ELECTRIC VEHICLES – THE NEW MARKET DISRUPTOR | “We are anticipating the next market disruption through electric vehicles. We are closely reviewing and watching the situations and doing our ground level work. We are also mapping all of our existing products vis-à-vis EV to capitalise on the opportunities EV will throw at the component manufacturers, whether it is motors, batteries or any other system which will come into the electric vehicles, totally different from the conventional IC engine.” Cut to August 2023, five years down the line, the company commissions two plants for making on-board charger, off-board charger, motor control Units, DCDC converters, battery management systems, and more products catering to EV 2-wheelers and 3-wheelers. Now this is a reflection of the speed at which an auto ancillary company needs to function and also the product range it needs to have if it has to stay relevant in the changing world of the auto Industry. Foresight, planning and timely execution is the key.
Rulka Electricals stock debuts at 123% premium over IPO price
Rulka Electricals listed on the NSE SME platform with a 123.4% premium. The IPO of 11.23 lakh shares received a subscription of 600 times.
INDIA bloc parties will undo work done by Modi, claims PM in Uttar Pradesh's Shravasti
Prime Minister Narendra Modi accused the opposition of uniting against him and his work during an election rally in Uttar Pradesh. Modi warned that Congress leader Rahul Gandhi and SP president Akhilesh Yadav would undo his progress if elected. He alleged that the opposition would reverse his policies, cancel the Citizenship (Amendment) Act, and revive Article 370 in Kashmir.
Rulka Electricals IPO opens today: Check issue size, price band, GMP and other details
Rulka Electricals IPO: Rulka Electricals SME IPO opened today to raise Rs 26.4 crore on NSE SME platform. India's power generation grew by 8.87% in FY23. Company specializes in turnkey projects contractors for fire fighting projects. Company's revenues for Feb 2024 were Rs 65.27 crore. GMP was Rs 65.
China may dump EVs, batteries into India with higher US tariffs: GTRI
GTRI warns of China dumping in India due to US tariffs. India can gain from higher duties on medical items. Trade with China surpasses that with the US. GTRI advises vigilance by Indian trade authorities, ramping up production for US market exports.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
Serum Institute of India challenges tax amendment in SC; claims capital subsidies as non-taxable
Vaccine manufacturer Serum Institute of India (SSI) has filed a challenge to the Supreme Court against a 2016 amendment to the Income Tax Act that made subsidies, grants, waivers, concessions, or reimbursements by the Centre or states or incentives in cash or kind as taxable. The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable "income". The case was filed under the Package Scheme of Incentives-2013, which provided various incentives to major industries for five years.
All gas-fired power plants to operate in May-June
The government on Saturday directed all gas-based power plants to operate in May and June amid an anticipated increase in demand during the summer months, invoking a key provision in the Electricity Act. This is the first time that the government is using Section 11 of the Electricity Act, 2003 for gas-based plants.
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