Bajaj Auto launches Pulsar N150, a 150cc motorcycle in India at ₹1,17,734 ex-showroom (Maharashtra). Sarang Kanade, President - Motorcycles, Bajaj Auto, said the N150 is an aggressive, feature-rich bike with stellar performance and an attractive price point, making it a great addition to the Pulsar family. The goal is to make the joy of riding accessible to everyone.
The Pension Fund Regulatory and Development Authority (PFRDA) is in the process of appointing DSP Pension Fund Managers as the 11th fund manager permitted to manage retirement savings under the National Pension System (NPS) and is looking to tap regional rural banks (RRBs) to enhance its reach to citizens across the country.
The government has eased some of the provisions of the Angel Tax introduced in this year’s Budget on investments into startups by non-resident investors at a premium over their fair market value, introducing five different valuation methods for shares and offering a 10% tolerance for deviations from the accepted share valuations.
Cipla partners with Sky Air Mobility to deliver critical medicines to remote areas in Himachal Pradesh via drones. The initiative is the first of its kind for large Indian pharma companies and has successfully completed several drone deliveries in the state, covering 50 km in 25 minutes. Cipla plans to scale up the service and expand market coverage to inaccessible regions.
U.S. Ambassador Garcetti urges India and U.S. to strive for ambitious, frictionless trade relationship. He called for reduction of tariffs and a more predictable regulatory environment. He also pitched for robust agriculture trade and partnerships in commercial space segment. He stressed importance of sharing technology and co-development of technologies in sectors like defence.
The Reserve Bank of India (RBI) has asked Regulated Entities (REs), namely commercial banks and Non-Banking Finance Companies (NBFCs), to display information regarding borrowers whose secured assets have been taken into possession by the REs under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 in a given format.
Tamil Nadu leads India in EV sales, with over 4 lakh units sold this year. Ola Electric and TVS Motor have sold 1.75 lakh and 1.12 lakh units respectively from their Krishnagiri plant. The state aims to manufacture 30% of all EVs sold in India by 2030, and has rolled out an EV Policy to facilitate this. 6 cities have been identified as EV hubs, with ₹50,000 crore expected to be invested in EV manufacturing by 2025, creating 1.5 lakh jobs.
The National Aluminium Company Limited (NALCO), a Navratna Central public sector enterprise under the Union Ministry of Mines, reported a sales turnover of ₹14,171 crore with net profit clocking ₹1,544 crore for the financial year of 2022-23. NALCO’s 42nd Annual General Meeting (AGM) recently approved the company’s annual accounts where it reported an export turnover of ₹4,217 crore.
Bengaluru-based Stove Kraft sets up automated cast iron foundry to manufacture cookware for global markets. Investing ₹55 crore, the company plans to hit markets by April 2024. Women entrepreneurs to operate 100 of 500 own outlets, with ₹300 crore invested in last 3 yrs & 5,500 employees, 70% women.
ALL expects to continue all-round growth in CV industry due to Centre's focus on infra dev. Govt initiatives such as Scrappage Policy, Nat'l Infra Pipeline, dedicated freight corridors, and multimodal logistics parks to benefit CV industry. ALL plans to expand presence, enter sub-2.0 tonnes segment, and focus on profitability. Setting up e-bus facility with UP Govt support. Plant to produce e-buses with capacity of 2,500 units/annum, and flexibility to assemble vehicles powered by alternative fuels. Tamil Nadu to be cornerstone of ALL's growth.
SHFL opens new branch in Hyderabad, expanding presence in Tier-2/3 cities. MD expects real-estate growth to boost home finance biz in Andhra/Telengana. Disbursements of ₹400 crore last year, 20% growth expected this year. SHFL to foray into affordable-housing, open 10 branches & hire 50-75 people by 2024. June quarter net profit of ₹57 crore on disbursements of ₹1,104 crore.
JP Morgan’s move to include Indian government bonds in its global emerging market bond indices could potentially lower the country’s sovereign borrowing costs, help finance the current account deficit and free up liquidity for domestic financiers to deploy in more productive assets, the Chief Economic Advisor V Anantha Nageswaran said on Friday.
US-based Micron Technology, Inc. to break ground on $2.75B semiconductor plant in Gujarat. Union and State govts providing 70% subsidies. Plant to start output by Dec 2024. Govt working to facilitate multinationals working with Indian startups. Draft of import management system for IT hardware to be shared with reps. Aim to increase local hardware demand from 8-10% to 65-70% in 4 yrs.