Posted On:
08-04-2024
Apple pivots to housing for Indian factory workers. Plans 78,000 homes
After creating 150,000 direct jobs over two and a half years, the Apple ecosystem is now turning its attention towards providing residential accommodations for factory workers, emulating the models of industrial housing seen in China and Vietnam, as reported by The Economic Times (ET).
Government officials said that Apple's contract manufacturers and suppliers, including Foxconn, Tata, and Salcomp, are in the process of developing housing for their employees. These residences are being built through a public-private partnership, marking the largest private-sector initiative of its kind. The initiative aims to construct over 78,000 units, with Tamil Nadu set to receive the highest allocation of 58,000 units.
The majority of housing unit construction is being undertaken by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT). Additionally, the Tata Group and SPR India are involved in constructing homes.
Under the scheme, the Centre is expected to contribute 10-15 per cent of the funding, with the remaining portion sourced from state governments and entrepreneurs. Officials anticipate that construction and handover to the private sector will conclude within the current financial year, ending on March 31, 2025.
"The massive employee housing initiative aims to enhance efficiency and provide security, particularly for migrant women employees, the majority of whom fall in the 19-24 age group," said an official.
Posted On:
09-04-2024
As Vistara scales down operations, fares rise by up to 25% on major routes
Vistara's announcement of scaling down operations by reducing 25-30 flights a day, roughly 10 per cent of its operating capacity, has triggered a 20-25 per cent jump in already high airfares across major routes, The Indian Express reported.
Just ahead of the peak summer travel season, travel industry insiders reported a surge of approximately 20-25 per cent in fares across key routes such as Delhi-Goa, Delhi-Kochi, Delhi-Jammu, and Delhi-Srinagar, the national-daily said.
On average, the airline conducts approximately 350 flights daily. However, since April 1, Vistara has been forced to cancel more than 150 flights cumulatively due to pilots unexpectedly reporting sick at the end of March. Given the ongoing demand-supply mismatch leading to higher airfares, Vistara's move has exacerbated pressure, particularly on routes affected by cancellations.
While Vistara has not specified the duration of the capacity cut, indications suggest it will likely remain in effect until at least the end of April, keeping fares high on affected routes during this period, the report said.
Notably, in the Indian airlines' summer schedule for 2024, Vistara showed significant growth in approved domestic flights compared to the previous winter schedule and last year's summer schedule.
Posted On:
09-04-2024
Godrej Properties surges 8%, hits new high on strong Q4 business update
Shares of Godrej Properties hit a new high of Rs 2,788.75 as they surged 8 per cent on the BSE in Tuesday's intraday trade after the real estate company said its bookings grew 135 per cent year-on-year (Y-o-Y) to over Rs 9,500 crore in the January-March quarter (Q4FY24).
This is the highest-ever quarterly sales announced to date by any publicly listed real estate developer in India, the company said in an exchange filing. This was achieved through the sale of 5,331 homes with a total area of over 8 million sq. ft, it added.
On the bourses, the stock is trading higher for a third straight day, rising 16 per cent during the period, after Godrej Properties said it sold over 1,050 homes worth over Rs 3,000 crore within three days of the launch of its new project at Gurugram, Haryana. In the past three weeks, it has zoomed 30 per cent.
In FY24, Godrej Properties' bookings grew 84 per cent Y-o-Y to over Rs 22,500 crore. This was 61 per cent above the guidance provided at the start of the year, and was achieved through the sale of 14,310 homes with a total area of 20 million sq. ft.
Posted On:
10-04-2024
Tesla & Reliance may join hands for EV manufacturing plant in India: Report
Tesla is potentially seeking a local partner to establish its operations in India. The American electric vehicle giant is considering the prospect of a joint venture with Reliance to construct a manufacturing facility within the country, The Hindu Businessline reported on April 9.
Reportedly, Tesla has earmarked $2 billion for its forthcoming endeavours in India and has been scouting various locations, including Gujarat and Maharashtra, as potential sites for the plant. Maharashtra is purportedly emerging as the favoured choice, the report claimed.
During an X (formerly Twitter) Spaces session alongside Nicolai Tangen, CEO of Norges Bank Investment Management, Elon Musk, CEO of Tesla, confirmed Tesla's entry into India. "India is now the most populous country in the world. India should have electric cars just like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India," he said.
Posted On:
10-04-2024
Two entities sell 4.9% stake in Gland Pharma for Rs 1,411 cr via open mkt
Two entities -- Lakumi Trust and Nicomac Machinery -- on Tuesday divested a 4.9 per cent stake in Gland Pharma for Rs 1,411 crore through open market transactions.
Lakumi Trust and Nicomac Machinery Pvt Ltd disposed of 81.20 lakh shares of Gland Pharma in separate bulk deals on the National Stock Exchange (NSE).
As per the data on the NSE, Lakumi Trust offloaded 61.65 lakh shares of Gland Pharma and Nicomac Machinery sold more than 19.55 lakh shares, amounting to a 3.74 per cent stake and an 1.18 per cent stake in the company.
The shares were sold within the price range of Rs 1,735.31-1,739.10 apiece, taking the transaction value to Rs 1,411.57 crore.
After the latest transaction, Nicomac Machinery sold its entire 1.18 per cent stake and exited the firm.
Details of the buyers of Gland Pharma's shares could not be ascertained.
Shares of Gland Pharma fell 2.83 per cent to close at Rs 1,807 apiece on the NSE.
China's Fosun Pharma is the promoter of Gland Pharma and holds a 57.86 per cent stake in the firm.
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