Indian automaker Tata Motors will launch an electric vehicle (EV) early next year based on a new powertrain technology it has developed to grow its portfolio of clean energy cars, the company's chief executive said on Thursday. The government's incentive scheme supporting electric transport and a recent cut in taxes on electric cars is making it more affordable to build EVs, Guenter Butschek, CEO, Tata Motors, told reporters in Mumbai. "It is a completely different conversation (on EVs) now.
Ineos, the petrochemicals firm run by pro-Brexit billionaire Jim Ratcliffe, Britain's third-richest person, will build a new 4x4 vehicle in the UK, a boost to an industry hit by closure announcements this year. As part of a 600-million pound ($747 million) project, the company will make the Grenadier off-roader at a factory in Bridgend in Wales, next to where Ford is due to shut its engine site, creating up to 500 jobs for a vehicle due in 2021. A decision by Jaguar Land Rover (JLR) to stop making its classic Defender 4x4 in 2016 after 68 years, ahead of a replacement launched earlier this ...
India's ban on electronic cigarettes will not apply to use of such devices and the government was prepared to defend its decision if it's challenged in a court, a senior health ministry official told Reuters on Wednesday. India banned the sale of electronic cigarettes and warned of an "epidemic" among young people, in the latest and potentially biggest move against vaping globally over growing health concerns. Vikas Sheel, a senior federal health ministry official, said it would not apply on use of such devices.
India's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said. A government study, attached to the agenda of a Sept. 20 GST panel meeting, has said the total annual revenue loss could be as much as 500 billion rupees ($6.95 billion), if the panel decided to lower tax rates for the auto sector to 18% from 28%. Meanwhile, state officials in Kerala, Punjab and West Bengal say they are also opposed to any cut in tax rates in the autos sector, or ...
(Bloomberg) -- The Indian lender that’s been most hurt by a yearlong shadow banking crisis in the nation is getting a reprieve after a local media report that it’s in early talks to sell a stake to an Alibaba Group Holding Ltd.-backed company.Shares of Yes Bank jumped as much as 8.5% Wednesday. While the lender is the worst performer on the key Sensex and Nifty indexes in 2019, the move has pared its loss this year to 63%. Its 2023 dollar bonds rose for the sixth day, set for a record winning streak.Alibaba-backed One97 Communications Ltd. is in talks to buy Yes Bank co-founder Rana Kapoor’s ...
India's Yes Bank is close to securing a deal to sell a minority stake to a global technology company to help boost its capital, the lender's chief executive said. "We are in fairly advanced level of talks right now," Ravneet Gill, chief executive and managing director of the corporate and retail bank, told Reuters in an interview. Gill said the stake sale was initially likely to be less than 10% initially but could rise, describing the buyer as one of the world's top three technology companies that had not previously invested in a bank.
Jaguar Land Rover has partnered with BlackBerry to develop autonomous vehicles. BlackBerry will assist Jaguar in various areas via AI and machine learning.
An Indian court on Thursday cleared JSW Steel Ltd's takeover plan for debt-ridden Bhushan Power and Steel, bringing an end to a bankruptcy case that has dragged on over two years. The move paves the way for JSW Steel, which has the biggest steel capacity in India, to take control of a steel asset in the east of the country where rival Tata Steel Ltd and Steel Authority of India Ltd have long dominated. The National Company Law Tribunal (NCLT) in New Delhi said it approved the debt resolution plan of JSW Steel, according to a copy of the judgment.
Luxury carmaker Jaguar Land Rover (JLR) plans to launch 30 new or revamped vehicles in China in the next two years, it said on Wednesday, seeking to build on a recent recovery in sales in the world's biggest auto market. JLR, owned by India's Tata Motors, said the models would include imported ones as well as products built by Chery Jaguar Land Rover, its local joint venture with Wuhu-based carmaker Chery Auto. The plan follows a 17% rise in JLR's sales in China in August and a 40% jump in July, after a more than 20% decline last year.
Domestic stock markets and the rupee had plunged on Tuesday after data last week showed the economy grew at its weakest pace in over six years. Foreign investors pulled out 20.16 billion rupees ($281.99 million) from capital markets on Tuesday, according to NSE data. Trade sentiment globally remained subdued after data showed the U.S. manufacturing sector contracted in August for the first time since 2016 amid worries about a weakening global economy and rising trade tensions between China and the United States.
(Bloomberg Opinion) -- With every passing day, India’s economic indicators are turning a little bleaker. The situation is bad enough to warrant using the word “crisis,” arriving just as the government’s fiscal ammunition is spent.The announcement Friday of 5% GDP growth in the June quarter showed the economy growing at its weakest pace in six years. On Sunday, the top six carmakers reported a 29% drop in August sales, stoking fears that the slowdown could get still worse. The 982 billion rupees ($13.7 billion) collected in August via the goods and services tax, the main tax on consumption, ...
SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74% owned by SBI and 26% by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.
SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI) , plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74% owned by SBI and 26% by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.
(Bloomberg) -- The world’s worst performing major bank in stock markets this year is also sliding in the bond market after a credit rating downgrade.Yes Bank Ltd., one of India’s largest private-sector banks, has been rocked by asset quality worries due to heavy exposure to weaker borrowers amid mounting credit market strains. Moody’s Investors Service cut its rating on Yes Bank deeper into junk on Wednesday, citing concerns about its capital buffers and ability to raise funds.Yes Bank is at the epicenter of rising stress in India’s credit markets, where shock defaults last year by a major ...
