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NEWS

Posted On:
02-07-2024

Tata Motors drives Tata group companies' finances to new high in FY24

Boosted by a sharp rise in Tata Motors’ earnings, the combined net profits of listed Tata group companies grew at a double-digit rate in 2023-24 (FY24), and the group balance sheet ratios showed the best health in 18 years. Tata Motors’ consolidated net profit was up more than 1,200 per cent to Rs 32,203 crore in FY24 from the Rs 2,351 crore in FY23. The automaker accounted for 36 per cent of the group profits in FY24, a sharp jump from the 3.5 per cent the previous year. The combined net profits (adjusted for exceptional gains and losses) of
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Posted On:
03-07-2024

Want continuity of policy backing EVs for 8-10 yrs: Mercedes-Benz India MD

Mercedes-Benz India wants the government to commit to continuity in policies that support electric mobility for the next eight to ten years, for stable and better planning towards zero emission mobility, its Managing Director and CEO Santosh Iyer said on Tuesday. Besides, the company feels that providing the incentives given to electric vehicles to hybrid vehicles will extend the timeline for transition to emission free mobility."We have already three (EV) products in the market with which we achieved 5-6 per cent penetration and we will continue with the EQA (to be launched next week) to further penetrate," Iyer said. Two more EV models will be launched later this year, he added. In the first quarter of 2024, the company had posted total sales of 5,412 units, growth of 15 per cent from the year-ago period. On local assembly of EVs in India, Iyer said Mercedes-Benz India will consider other models too depending on demand. It currently assembles EQS at its Chakan plant.
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Posted On:
03-07-2024

Robust production, new initiatives to drive growth for Coal India

Coal India looks set to achieve its 2024-25 (FY25) production targets. If it can achieve its aim of ramping up Fuel Supply Agreement (FSA) and e-auction volumes, along with cost-saving, evacuation and infrastructure-improvement projects, the company could maintain its momentum as a critical infrastructure and core industry performer. Analysts estimate e-auction volumes of 108 million tonnes (MT) in FY25 and 120 MT for FY26, which is encouraging given the premium of e-auction prices which are consistently over 50 per cent higher than FSA. Global coal prices are down, due to oversupply in China and e-auction prices remain
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Posted On:
04-07-2024

Hindustan Zinc committed to partner with India's auto firms, says CEO

Vedanta group firm Hindustan Zinc on Wednesday said it is committed to partner with the country's auto companies to "unlock zinc potential" and drive India's mobility. Zinc's usage in the automotive sector, through galvanised steel, offers significant fuel and emission savings by providing high degree of corrosion resistance to lightweight steel bodies, ensuring durable, long-lasting vehicles with longer anti-perforation warranty against corrosion."Our zinc solutions are not only cost-effective and adaptable for complex designs but also environmentally responsible, making zinc a key material for a cleaner and more sustainable tomorrow," Hindustan Zinc CEO Arun Misra was quoted as saying in a statement.The company -- the country's largest and the world's second-largest zinc producer -- recently showcased its extensive product offerings for the automotive sector at the fourth Automotive Component Manufacturers' Association (ACMA) Raw Material Conclave & Exhibition. The company presented its portfolio, including zinc, lead, silver, and value-added products, highlighting the benefits of zinc galvanisation and zinc die-casting alloys in the automotive industry. Hindustan Zinc has been a long-time upstream partner to the auto industry, providing a diverse metal portfolio for various applications, from car bodies to batteries, chips, additional accessories and corrosion-resistant components.
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Posted On:
04-07-2024

Bajaj Finance's AUM rises 31% in Q1FY25, new loans booking improves by 10%

Leading non-banking finance company (NBFC) Bajaj Finance on Wednesday reported a 31 per cent Year-on-Year (YoY) increase in Assets Under Management (AUM) in the quarter ended June 30, 2024. The NBFC’s AUM rose to Rs 3.54 trillion as of June 30, up from Rs 2.70 trillion in the year ago period.“AUM in Q1 FY25 grew by approximately Rs 23,500 crore,” Bajaj Finance said in an exchange filing. New loans booked during Q1 FY25 improved by 10 per cent to 10.97 million as compared to 9.94 million in the corresponding quarter of FY24.Bajaj Finance resumed sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’ and issuance of EMI cards after the RBI removed the restrictions on these businesses on 2 May 2024. The deposits book of the company rose by 26 per cent to Rs 62,750 crore from Rs 49,944 crore as of June 30, 2023. Consolidated net liquidity surplus of the firm was nearly Rs 16,200 crore during the period under consideration, it said adding the company’s liquidity position remains strong. Further, the customer franchise of the company rose to 88.11 million from 72.98 million as of June 30, 2023. It had increased by 4.47 million in Q4 FY24.
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