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The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

The domestic <keyword id="17386539" type="General" weightage="20" keywordseo="commercial-vehicle-industry-volumes" source="Orion">commercial vehicle industry volumes</keyword> are expected to grow by 7-10 per cent in FY2024, supported by replacement demand, pick-up in mining, infrastructure construction activities and overall healthy fleet utilisation levels, rating firm Icra said on Thursday. This is despite the 5 per cent year-on-year and 41 per cent sequential contraction in volumes in April 2023, it noted. The growth in FY2024 would follow a year of healthy demand in FY2023, wherein the industry volumes expanded by more than 33 per cent, supported by a favourable base, as well as a healthy pick-up in macroeconomic activity, Icra said. The scrappage policy, which was announced in March 2021, has been implemented from April 1, 2023, and is likely to contribute to the growth of new commercial vehicle sales, it added. "The major impact of the scrappage policy is expected in the CV (Commercial Vehicle) segment, especially passenger carriers, as the usage of other vehicles such as two-wheelers, passenger vehicles, etc. beyond 15 years would be limited," Icra Corporate Ratings Vice President &amp; Co Group Head Kinjal Shah stated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-hit-a-4-month-low-in-april-amfi/articleshow/100162128.cms">Inflows into equity mutual funds hit a 4-month low in April: AMFI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sajjan-jindal-led-jsw-infra-would-be-the-third-group-company-to-go-public/slidelist/100156198.cms">JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public</a>

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

New Delhi, <keyword id="20748494" type="General" weightage="20" keywordseo="domestic-commercial-vehicle" source="keywords">Domestic Commercial Vehicle</keyword> (CV) volumes are expected to dip 4-7 per cent year-on-year next fiscal with high base effect kicking in, rating agency <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">Icra</keyword> said on Tuesday. The volumes are expected to remain muted through the January-March quarter on account of a perceived pause in the infrastructural activities as the model code of conduct kicks in ahead of the general elections. "Icra estimates the domestic CV industry volumes to register 2-5 per cent year-on-year growth in volumes in FY24. Subsequently, the industry's sharp <keyword id="20748180" type="General" weightage="20" keywordseo="upcycle" source="keywords">upcycle</keyword> is expected to plateau in FY25, with a decline of 4-7 per cent in volumes," the rating agency stated. <keyword id="20277974" type="General" weightage="20" keywordseo="icra-ratings" source="keywords">Icra Ratings</keyword> Vice President &amp; Co-Group Head <keyword id="20322347" type="General" weightage="20" keywordseo="kinjal-shah" source="keywords">Kinjal Shah</keyword> said he expects the long-term demand for CVs to remain intact. The continued focus on infrastructure capex, emphasis on private participation in infrastructure, construction, defence and manufacturing activities would remain a long-term positive for the CV industry, he said. "However, in the near term, Icra expects the volumes to plateau on a high base, amid the transient moderation in economic activity in some sectors with the onset of the general elections," he added. Overall, the domestic CV industry's ability to scale previous peaks hinges on sustenance of the macro-economic environment, improvement in infrastructure activity and increased demand for last mile transportation, Icra stated.

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

The Indian commercial vehicle (CV) industry is set to log growth for the next couple of years with <keyword id="15410618" type="General" weightage="20" keywordseo="economy-reviving" source="Orion">economy reviving</keyword> and Covid-19 <keyword id="15410619" type="General" weightage="20" keywordseo="pandemic-fading-away" source="Orion">pandemic fading away</keyword>, said experts. The <keyword id="11045519" type="General" weightage="20" keywordseo="CV-sector" source="Orion">CV sector</keyword> will register mid-to-high teens over the next couple of years, said Fitch Ratings in a report. The sector recovered 26 per cent in the fiscal 2021-22 after being hit by Covid-19. During the current fiscal, the CV majors are logging good growth driven mostly by goods carriers while sales of buses is also picking up. According to Emkay Global Financial Services, the CV sector maintains its uptrend, supported by improved freight availability. On a year-on-year (YoY) basis, domestic volumes grew by 39 per cent for Mahindra and Mahindra, 38 per cent for Ashok Leyland, 14 per cent for VE Commercial Vehicles Ltd and 0.3 per cent for Tata Motors. A recovery in medium and heavy commercial vehicle (MHCV) from multi-year lows, along with sustained growth in light commercial vehicle (LCV) categories, will help overall segment volume reach close to one million units by FY24 - the level of the last cyclical peak recorded in FY19, Fitch Ratings said. Growth in the passenger CV category, which experienced a sharper pandemic impact due to travel restrictions and the suspension of school and office commutes, will also aid growth. However, their share will be below 15 per cent of the overall CV volume, Fitch Ratings added. A rapid recovery in India's economic activity after the pandemic shock and the government's planned increase in infrastructure spending will help sustain an improvement in fleet utilisation rates, supporting freight economics for operators. This should aid the revival of the replacement cycle, notwithstanding pressure from high inflation and a rise in borrowing rates since the start of the Russia-Ukraine war. According to Fitch Ratings, high fuel rates will also spur replacement of older CVs with new, more energy-efficient vehicles, including those with compressed natural gas drivetrains in the smaller categories. Improving earnings visibility for fleet operators, along with manageable asset quality and funding access for lenders, should underpin credit availability, Fitch Ratings said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/diaspora-group-launches-online-petition-urging-blinken-to-reduce-visa-wait-time/articleshow/95243720.cms" style="">Diaspora group launches online petition urging Blinken to reduce visa wait time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hiring-slowed-down-in-the-it-sector-this-festive-season-report/articleshow/95233811.cms" style="">Hiring slowed down in the IT sector this festive season: Report</a>

Indian commercial vehicle sector will log volume growth say experts

The <keyword id="698382" type="General" weightage="20" keywordseo="Commercial-vehicle-industry" source="Orion">commercial vehicle industry</keyword> volume is expected to grow in the range of 7-10 per cent in the next financial year, rating agency <keyword id="6354972" type="General" weightage="20" keywordseo="Icra" source="Orion">Icra</keyword> said on Tuesday. The volume growth would be on account of government infrastructure spending, replacement demand, back-to-school and office scenarios and e-commerce expansion, it noted. The growth will, however, moderate from 24-26 per cent in the current financial year, it added. Icra noted that the growth trends were visible in third quarter of the current fiscal, with wholesale dispatches reporting a growth of 16 per cent on a year-on-year basis, supported by replacement demand, improvement in the macroeconomic environment, and healthy traction in the underlying industries such as steel, cement, mining, automobiles, and e-commerce. Freight rates continued to hold up, which, coupled with healthy freight availability, is supporting fleet operator viability, it noted. The growth trends continued to be broad-based across all the three sub-segments -- <keyword id="3393306" type="General" weightage="20" keywordseo="medium-heavy-commercial-vehicles" source="Orion">medium &amp; heavy commercial vehicles</keyword> (M&amp;HCV), <keyword id="163353" type="General" weightage="20" keywordseo="light-commercial-vehicles" source="Orion">light commercial vehicles</keyword> (LCV), and buses, in the third quarter and nine months ended December 31, 2022, Icra said. "Sales in the domestic CV industry continue to be propelled by multiple tailwinds including replacement of ageing vehicles, pick-up in mining, infrastructure and construction activities, improvement in the overall macroeconomic environment and healthy fleet utilisation levels resulting in improved fleet operator viability," Icra Assistant Vice President &amp; Sector Head - Corporate Ratings Sruthi Thomas. Furthermore, the continued thrust of the government on infrastructure development, as evidenced in the increased capex outlay of ₹10 trillion in the Union Budget for 2023-24, would augur well for sustained growth, especially in the heavy truck segment over the near-term, she added. Icra also expects an improvement in the financial performance of the CV OEMs, led by the benefit of operating leverage and the easing commodity prices; accordingly, aggregate operating profit margin of CV OEMs is expected to revive to 6-7 per cent in FY2023 and improve further in the next fiscal. "This in turn, will support the gradual improvement in their credit metrics as well. In terms of the investment outlay, while CV OEMs have limited plans for capacity expansion over the near term, investments in new product development, electric and other alternative fuel vehicles, and tightening emission norms, etc. would continue," Thomas said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/digiqure-the-latest-startup-to-appear-on-shark-tank-india-s2-aims-to-tackle-healthcare-services-in-rural-area/articleshow/97911962.cms">The untimely death of 7-year-old girl inspired this startup to start e-clinics in villages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/real-estate-financial-services-top-pesky-callers-list-localcircles-survey/articleshow/97910227.cms">Real estate, financial services top pesky callers list: LocalCircles survey</a>

Commercial vehicle industry volumes to see 7-10 pc growth in FY24: Icra

Six months into the Ukraine war, Russia's film industry is on life support

New Delhi, Dec 17 () Tata Motors expects commercial vehicle (CV) business to remain in slow lane for the next few months and witness turnaround only by the second half of the next fiscal, a top company official said.
 With demand expected to remain muted, the company aims to go slow in introducing BS-VI compliant CVs in the domestic market.
 "My read is that the first half of the next fiscal particularly in CV segment is unpredictable," Tata Motors CEO and MD Guenter Butschek told .
 The growth in CV industry is related to the country's economy, he added.
 "The government has launched various initiatives...all these factors are going to give us a positive outlook in the second half of the next fiscal," he said.
 While the transition to BS-VI in passenger vehicles (PV) is on track, the company is going to be slow in introducing upgraded CVs in the market due to low demand, he added.
 "For PVs the transition is going to happen in the next few weeks, in CV segment situation is slightly different not because we are running late but due to a different market situation," Butschek said.
 In CV segment, the company is "not actively" going to switch to BS-VI before April 1, 2020, he added.
 "Our read of the market is there will not be too much of a demand ..our BS-VI play starts on April 1, prior to that it is BS-IV products,"Butschek noted.
 As per SIAM data, CV sales declined by 14.98 per cent to 61,907 units in November as compared with the year-ago period.
 During April-November, CV sales have declined by 22.12 per cent to 5,04,080 units as against 6,47,278 units in same period of 2018-19.
 In domestic market, the company reported a 29 per cent fall in CV sales to 2,17,130 units in the current financial year as compared with 3,05,395 units in April-November period of 2018-19. 
 Butschek said the company has embarked upon a "mission zero" to see that no BS-IV vehicle is left after April 1, 2020.
 "By the end of this fiscal, Tata Motors is not going to have a BS IV vehicle left, neither any material which was initially ordered to manufacture BS-IV vehicles..weekly meeting now has become a daily affair," Butschek said. MSS RUJ
RUJ

Tata Motors expects turnaround in CV sales by second half of next fiscal

Low base along with initial upsurge in demand due to the <keyword id="36208" type="PERSON" weightage="20" keywordseo="festive-season">festive season</keyword> boosted <keyword id="6045637" type="UNKNOWN" weightage="20" keywordseo="domestic-passenger-vehicles">domestic passenger vehicles</keyword>' sales in August on a year-on-year basis. According to industry data released on Friday, a total of 2,15,916 passenger vehicles were sold in the domestic market, representing a rise of 14.16 per cent, than the 1,89,129 units off-take during the like period of 2019. Similarly, the data released by <keyword id="8927894" type="COMPANY" weightage="20" keywordseo="the-society-of-indian-automobile-manufacturers">the Society of Indian Automobile Manufacturers</keyword> (SIAM) showed a sequential growth in sales during August. In July, the domestic passenger vehicles' sales had declined by 3.86 per cent to 182,779 units from 1,90,115 units sold during the corresponding month of the previous year. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-august-month-cars-bikes-sale-number-from-maruti-suzuki-mahindra-escorts-hero-motocorp-tvs-bajaj-auto-and-others/articleshow/77866568.cms?upcache=2" data-type="tilCustomLink">August auto sales a mixed bag —Maruti records 17% jump, Escorts, M&amp;M post strong tractor sales, while CV players continue to feel the pain</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-suzuki-and-mm-to-hero-motocorp-and-bajaj-auto-in-august-auto-sales/articleshow/77844066.cms" data-type="tilCustomLink">Here’s what to expect from Maruti Suzuki and M&amp;M to Hero MotoCorp and Bajaj Auto in August auto sales</a>

August auto sales: Festive season boosts passenger vehicles' sales, shows SIAM data

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shutterstock</div></div></div><ul class="summary-list"><li>Earlier in December, Trump signed the US Farm Bill into law. It legalizes hemp, a plant that's roughly identical to marijuana and is a key source of the <a href="https://www.businessinsider.com/heineken-marijuana-beer-taste-photos-lagunitas-2018-8">highly-touted wellness ingredient</a> CBD.</li><li>Hours after the law was passed, regulators released a statement emphasizing their power to police CBD retailers, which already make up a roughly <a href="https://www.hempbizjournal.com/size-of-us-hemp-industry-2017/">$1 billion industry</a>.</li><li>Analysts call the move a "warning shot" to the thousands of <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7">cafes and stores</a> selling CBD drinks, snacks, and supplements.</li></ul>A plant that's nearly identical to marijuana <a href="https://www.businessinsider.com/farm-bill-legalizes-hemp-boom-marijuana-cbd-industry-2018-12">became legal to grow</a> in the US earlier this month.As a result of the US Farm Bill, which President Trump <a href="https://www.businessinsider.com/farm-bill-legalizes-hemp-boom-marijuana-cbd-industry-2018-12">signed into law</a> at the end of December, American farmers will be able to plant and harvest <a href="https://www.businessinsider.com/marijuana-cbd-boom-cbd-2018-6">hemp</a>, a strain of the same plant species from which marijuana originates. The passage of the law doesn't necessarily mean you can buy or use hemp products - which include those made with the <a href="https://www.businessinsider.com/marijuana-cbd-boom-cbd-2018-6">highly-touted</a> wellness ingredient <a href="https://www.businessinsider.com/what-is-cbd-in-marijuana-2018-2">CBD</a> - anywhere.Shortly after Trump signed the Farm Bill that made hemp farming legal for the first time, US regulators from the Food and Drug Administration sent out a <a href="https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm628988.htm">statement</a> underlining their powers to manage a selection of cannabis products, including drugs, foods, and supplements made with hemp-derived CBD."In short, we treat products containing ... cannabis-derived compounds as we do any other FDA-regulated products," FDA commissioner Scott Gottlieb said in the statement, "meaning they're subject to the same authorities and requirements as FDA-regulated products containing any other substance."That could come as a surprise to the millions of nascent businesses that are preparing to take advantage of hemp's newly legal status, according to industry analysts. CBD derived from hemp already makes up a <a href="https://www.businessinsider.com/marijuana-cbd-boom-cbd-2018-6">growing industry</a> worth roughly $1 billion, and entrepreneurs expected the new law to prime those businesses for a boom.But the path to a lucrative boom may not be as straightforward as expected. In a recent policy note, analysts with the investment bank and Washington, DC-based research firm Cowen called the FDA's move a "warning shot" to the CBD industry.<h2>A 'warning shot' to the nascent $1 billion CBD industry</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">By Chloe/Leslie KirchoffThe FDA statement on CBD emphasizes that foods, drinks, and supplements that contain the ingredient could be considered illegal.</div></div></div>Released just hours after Trump signed the Farm Bill, Gottlieb's statement emphasizes the FDA's power to police hemp and CBD products when they are sold across state lines. Analysts call the statement a "warning shot" because it underlines the agency's ability to crack down on retailers that are selling certain CBD products without FDA approval.Those items fall into two main categories: those sold with so-called "therapeutic benefits" and those that include foods, drinks, and <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7#supplement-makers-are-adding-cbd-to-their-formulas-and-making-new-pills-crafted-with-the-ingredient-7">dietary supplements</a>. Read more: <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7">There's a sea change coming for the $1 billion CBD industry - here are the latest products it's turning up in</a><ul><li>CBD products with therapeutic benefits must get FDA approval. Any CBD product sold with claims that it could treat diseases like anxiety, depression, diabetes, and cancer must undergo review and approval by the FDA, according to the statement. "Selling unapproved products with unsubstantiated therapeutic claims is not only a violation of the law, but also can put patients at risk," the statement reads.</li><li>CBD foods, drinks, and dietary supplements are illegal to sell across state lines. Any foods or drinks made with CBD are illegal to sell across state lines, according to the statement. In addition, it is illegal to market CBD products "as, or in, dietary supplements," the statement reads.</li></ul>In a policy note issued following the FDA's statement, Cowen analyst and the director of the firm's healthcare division <a href="http://www.cowen.com/profile/eric-assaraf/">Eric Assaraf</a> cautioned that the move could "come as a disappointment to CBD manufacturers."That includes the <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7">thousands of retailers</a> selling everything from <a href="https://www.businessinsider.com/what-is-cbd-oil-how-made-marijuana-cannabis-plant-health-2018-8">CBD lattes</a> and <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7#boutique-grocery-chains-and-dispensaries-sell-cbd-water-juice-and-tea-5">bottled teas</a> to canned <a href="https://www.businessinsider.com/heineken-marijuana-beer-taste-photos-lagunitas-2018-8">beer-like drinks</a> and gummies before the Farm Bill's passage. However, as long as CBD products are sold without therapeutic claims and within state lines, they appear to be considered legal.<h2>How CBD products will be managed going forward</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">ShutterstockCBD products existed in a legal gray zone before the Farm Bill was signed.</div></div></div>CBD products existed in a legal gray zone before the Farm Bill was signed. That's largely because the nation's strictest drug law, called the Controlled Substances Act, did not actually include the word "hemp" in its section on marijuana. As a result, thousands of manufacturers and entrepreneurs glommed onto the CBD wellness trend, infusing everything from coffee to dog treats with the compound.But shortly after Trump signed the Farm Bill - which appeared to legalize hemp - dozens of entrepreneurs said they expected the CBD trend to really take off."The passing of the farm bill will most certainly open up the marketplace for hemp products, specifically hemp extracts that are high in CBD," Josh Hendrix, the director of domestic product business development for cannabis company CV Sciences, told Business Insider."The era of hemp prohibition is over," <a href="https://cannabislaw.report/jonathan-miller-general-counsel-us-hemp-roundtable-what-does-the-farm-bill-do-analysis-by-the-us-hemp-roundtable-gc-jonathan-miller/">Jonathan Miller</a>, legal counsel for a lobbying coalition of over 60 hemp companies called the US Hemp Roundtable, told Business Insider.According to Cowen analyst Assaraf, the FDA's announcement may cloud some of that optimism because it highlights the power of the agency to police certain CBD products.Still, Assaraf wrote that the statement isn't all bad news, as the agency also "appears open to engaging with industry players." In addition to clarifying his powers to police hemp products, Gottlieb also announced several moves to increase awareness about the hemp industry and work with entrepreneurs and business owners who sell hemp products. Those moves include the announcement of a future public meeting with hemp stakeholders and plans to maintain a <a href="https://www.fda.gov/NewsEvents/PublicHealthFocus/ucm421168.htm">website</a> specifically dedicated to the FDA and cannabis called <a href="https://www.fda.gov/NewsEvents/PublicHealthFocus/ucm421168.htm">"FDA and Marijuana: Questions and Answers."</a>"We're committed to pursuing an efficient regulatory framework for allowing product developers that meet the requirements under our authorities to lawfully market these types of products," Gottlieb wrote in the statement. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-cbd-oil-how-made-marijuana-cannabis-plant-health-2018-8">What is CBD oil and how did it become a $1 billion industry?</a></h3> <div> </div> </div>

On the heels of hemp legalization, regulators have fired a 'warning shot' to the $1 billion CBD industry

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shutterstock</div></div></div><ul class="summary-list"><li>The US Farm Bill passed on Wednesday legalizes hemp, a plant that's roughly identical to marijuana and is a key source of <a href="https://www.businessinsider.com/heineken-marijuana-beer-taste-photos-lagunitas-2018-8">highly-touted wellness ingredient</a> CBD.</li><li>The bill defines hemp as an agricultural product for the first time and amends a major drug law that hadn't been altered in <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-dea-cbd-2018-9">50 years</a>.</li><li>Experts say the shift could spike interest in CBD, which is also the active ingredient in the <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-dea-cbd-2018-9">first cannabis-based medicine to gain federal approval</a> in the US.</li><li>Despite its hazy legal status, <a href="https://www.businessinsider.com/what-is-cbd-in-marijuana-2018-2">CBD</a> already makes up a roughly <a href="https://www.hempbizjournal.com/size-of-us-hemp-industry-2017/">$1 billion industry</a>.</li></ul>This week, a plant that's <a href="https://www.businessinsider.com/marijuana-cbd-boom-cbd-2018-6">nearly identical to marijuana</a> is set to become legal to grow in the US. Thanks to the US Farm Bill, which the House passed on Wednesday in a 369-47 vote, American farmers will be able to plant and harvest <a href="https://www.businessinsider.com/marijuana-cbd-boom-cbd-2018-6">hemp</a> - a strain of the same plant species from which marijuana originates. The bill passed the Senate Tuesday in an 87-13 vote, and President Donald Trump has indicated his support.Hemp legalization has been a <a href="https://www.mcconnell.senate.gov/public/index.cfm/pressreleases?ID=0F98C0E4-2E6B-4EED-AB14-60F754DA10E7">long-time goal</a> of Senate Majority Leader Mitch McConnell, a Republican from Kentucky, who believes it can help replace tobacco as a key crop for his state's farmers. The move alters the language of a major drug law that had previously remained unchanged for <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-dea-cbd-2018-9">half a century</a> and loosely defined hemp alongside marijuana as a controlled substance. The new bill exempts hemp from that law and defines it as an agricultural product. That means farmers and researchers of hemp now get some of the same benefits as farmers and researchers of other crops, like the ability to apply for insurance and federal grants."The era of hemp prohibition is over," <a href="https://cannabislaw.report/jonathan-miller-general-counsel-us-hemp-roundtable-what-does-the-farm-bill-do-analysis-by-the-us-hemp-roundtable-gc-jonathan-miller/">Jonathan Miller</a>, legal counsel for a lobbying coalition of over 60 hemp companies called the US Hemp Roundtable, told Business Insider.That's a key change for scientists, many of whom say previous drug laws deterred them from studying hemp because it was regulated like marijuana.The bill may also boost interest in a nascent but booming <a href="https://www.businessinsider.com/marijuana-cbd-boom-cbd-2018-6">$1 billion industry</a> based on a component of the cannabis plant called <a href="https://www.businessinsider.com/what-is-cbd-in-marijuana-2018-2">CBD</a>, which has been touted for a variety of health and wellness claims. CBD is <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7">popping up</a> in more and more products, from coffee and tea to supplements and <a href="https://www.businessinsider.com/heineken-marijuana-beer-taste-photos-lagunitas-2018-8">beer</a>. But because CBD can be sourced from both marijuana and hemp plants, its legal status, set by the Drug Enforcement Administration, remains somewhat hazy. CBD from marijuana, just like marijuana as a whole, remains illegal. But now that hemp is legal, CBD from hemp may be legal too."The devil is in the details, and we don't know yet how the DEA will act to implement the law," <a href="https://www.faculty.uci.edu/profile.cfm?faculty_id=4840">Daniele Piomelli</a>, the director of the University of California at Irvine Center for the Study of Cannabis and a professor of neuroscience and pharmacology, told Business Insider.The DEA, which controls the scheduling of substances, has not said how it will respond to the new bill. As it stands, so long as a CBD product is "intended for human consumption," it remains a Schedule 1 drug, DEA spokesperson Katherine Pfaff told Business Insider on Tuesday. She said she couldn't comment on how the bill might affect DEA's approach.<h2>The difference between hemp and marijuana comes down to one word: strain</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">AP Photo/Steven Senne</div></div></div>Marijuana and hemp come from the same plant species, called Cannabis sativa. Both contain THC and CBD. But each plant is its own unique strain of cannabis.Until recently, hemp was bred almost entirely for industrial uses like manufacturing. As a result, hemp plants today have very low amounts of THC, the psychoactive chemical responsible for <a href="https://www.businessinsider.com/marijuana-weed-mental-physical-effects-2017-1">marijuana's high</a>. Instead, hemp plants are often higher in <a href="https://www.businessinsider.com/what-is-cbd-in-marijuana-2018-2">CBD, or cannabidiol</a>, which is also found in marijuana. CBD is now <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7">thought to be responsible</a> for several of cannabis' therapeutic effects.For example, marijuana-derived <a href="https://www.businessinsider.com/marijuana-cbd-industry-boom-products-2018-7">CBD</a> is the active ingredient in <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-fda-2018-5">Epidiolex</a>, a syrup that is the first cannabis-based drug to gain <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-dea-cbd-2018-9">US government approval</a> for medical use this summer. The drug treats two rare forms of childhood epilepsy.One thing that is clear from the new bill is that commerce involving hemp is now in the clear. Federally-insured banks, for example, have the green light for the first time to work with industrial hemp producers.Read more: <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-fda-2018-5">A drug derived from marijuana has become the first to win federal approval, and experts predict an avalanche effect</a> <h2>From A to CBD: cannabis is showing up in everything</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">By Chloe/Leslie Kirchoff</div></div></div>Because CBD can come from either marijuana or hemp plants, it is unclear whether or not hemp-derived CBD products are now legal. Previously, thousands of manufacturers and entrepreneurs glommed onto the CBD wellness trend with the awareness that CBD products existed in a legal grey zone.Read more: <a href="https://www.businessinsider.com/heineken-marijuana-beer-taste-photos-lagunitas-2018-8">Heineken is betting on a brew made with marijuana instead of alcohol, and it could help give a boost to the struggling beer industry</a>Part of the reason for this was that there was no specific language in the DEA's main drug law, called the Controlled Substances Act, that used the word "hemp."Thanks to that fuzziness, you could find everything from <a href="https://www.businessinsider.com/what-is-cbd-oil-how-made-marijuana-cannabis-plant-health-2018-8">CBD lattes in New York</a> to CBD teas at grocery stores across the country.But now that hemp is legal, some experts expect the trend to really take off."The passing of the farm bill will most certainly open up the marketplace for hemp products, specifically hemp extracts that are high in CBD," <a href="https://www.linkedin.com/in/josh-hendrix-93018b2b/#experience-section">Josh Hendrix</a>, the director of domestic product business development for cannabis company CV Sciences, told Business Insider."It will provide a higher comfort level for retailers and consumers and will lead to more investment and opportunity in the industry as it will continue to see rapid expansion."Still, other experts - particularly scientists - have expressed concern that while the bill itself is a step in the right direction, what remains to be seen is how the DEA will respond to it. Until the DEA decides to change the status of CBD, researchers can't expect too many changes to their current work.<h2>What CBD does - and may not do - for your health</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Shutterstock</div></div></div>It's difficult to say what the real health benefits of CBD are right now. The drug does appear to have at least one well-vetted therapeutic benefit: staunching the symptoms of two rare forms of childhood epilepsy by way of the newly-approved drug <a href="https://www.businessinsider.com/marijuana-epilepsy-drug-approved-fda-2018-5">Epidiolex</a>.There's another pressing issue facing the CBD industry, too: the products are poorly regulated, meaning there's wide variation in their content, safety, and price.For a <a href="https://jamanetwork.com/journals/jama/article-abstract/2661569">2017 study published in the Journal of the American Medical Association</a>, researchers tested 84 CBD products purchased from 31 different online retailers. Roughly seven out of 10 items had different levels of CBD than what was written on the label. Of all of the items tested, roughly half had more CBD than was indicated; a quarter had less. And 18 of the samples tested positive for THC, despite it not being listed on the label."I've seen a lot of dirty CBD manufacturing facilities," Kelvin Harrylall, the CEO of a company called <a href="https://thecbdpalace.com/">the CBD Palace</a> that audits CBD companies and creates a list of vendors it deems safe for customers, told Business Insider in June."It's tough to know what you're getting."The farm bill itself won't directly affect product safety. But experts believe that as these laws move toward legalization and an increased role for regulators, the companies that abide by strict manufacturing conditions will come out on top, while those who run fast and loose with rules will suffer."I believe if you are a CBD manufacturer and you can say that you're making a quality product ... then you have nothing to worry about," Harrylall said. "But if you aren't sure [or] if you've cut corners, those CBD manufacturers are the ones that should be worried." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-many-children-you-can-have-lifetime-2018-11">Here's how many children you can have in a lifetime</a></h3> <div> </div> </div>

Congress just quietly passed a law that could spur a sea change for a $1 billion marijuana-based industry you've never heard of

<keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> on Friday reported over three-fold jump in consolidated net profit at Rs 17,528.59 crore in the fourth quarter ended March 31, 2024, riding with all its three auto businesses delivering a strong performance, specially the British arm <keyword id="20059278" type="General" weightage="20" keywordseo="Jaguar-Land-Rover" source="keywords" meta.keywordsubtype="org" meta.entityname="Jaguar Land Rover" meta.hostid="261" meta.entityid="Jaguar Land Rover">Jaguar Land Rover</keyword>. The company had posted a consolidated net profit of Rs 5,496.04 crore in the same quarter of the previous fiscal, Tata Motors said in a regulatory filing. Total consolidated revenue from operations stood at Rs 1,19,986.31 crore, as compared to Rs 1,05,932.35 crore in the year-ago period. In <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword> FY24, Tata Motors said all three auto businesses delivered strong performance. The company's British arm Jaguar Land Rover had "another record-breaking quarter in Q4 FY24. Revenue for the quarter was 7.9 billion pounds, up 11 per cent versus Q4 FY23", Tata Motors said. JLR's Profit After Tax (PAT) in Q4 was 1.4 billion pounds as against a profit of 259 million pounds in the same quarter a year ago, it added. The Board of Directors have recommended a final dividend of Rs 3 per ordinary share and Rs 3.10 per 'A' ordinary share and a special dividend of Rs 3 per ordinary share and Rs 3.10 per 'A' ordinary share subject to approval by the shareholders. For the fiscal ended March 31, 2024, consolidated net profit was at Rs 31,806.75 crore as compared to Rs 2,689.87 crore in the previous fiscal, the company said. In FY24, total consolidated revenue from operations stood at Rs 4,37,927.77 crore as compared to Rs 3,45,966.97 crore in FY23. <keyword id="20430970" type="General" weightage="20" keywordseo="tata-motors-group" source="keywords">Tata Motors Group</keyword> Chief Financial Officer, PB Balaji said in FY24 the Tata Motors Group delivered its highest-ever revenues, profits, and free cash flows. "The India business is now debt-free, and we are on track to become net automotive debt-free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years," he added. JLR's revenues for FY24 were 29 billion pounds, its highest-ever full-year revenue and up 27 per cent compared to the prior year, while PAT for FY24 was 2.6 billion pounds. "We have delivered a record financial performance for the company, generating free cash flow of 2.3 billion pound, enabling us to reduce net debt to 0.7 billion pound," JLR Chief Executive Officer Adrian Mardell said. The foundation of this performance was the sustained global demand for JLR's modern luxury vehicles, led by Range Rover and Defender brands, underpinned by a consistent focus on operational improvement, he added. Tata Commercial Vehicles' Q4 FY24 revenue was at Rs 21,600 crore, while FY24 revenue was Rs 78,800 crore. In Q4 FY24, domestic wholesale commercial vehicles (CV) volumes were 1,04,600 units, lower 7 per cent year-on-year on account of increased pre-buy in Q4 FY23 due to BS6 Phase II transition, the company said. Tata Motors Ltd Executive Director Girish Wagh said the Indian CV industry grew by a modest 2 per cent in volumes during FY24, impacted by a high base effect of FY23, elections held across five states and the announcement of general elections. "Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of Rs 78,800 crore and profits of Rs 6,100 crore in FY24. Going forward, we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more value to customers with innovative products, smarter services and holistic mobility solutions," he added. Tata Passenger Vehicles clocked revenue of Rs 14,400 crore in Q4 while for the full year FY24 it was at Rs 52,400 crore. In Q4, Passenger Vehicle (PV) volumes were at 1,55,600 units, up 14.8 per cent from the year-ago period, supported by new SUV facelifts and multiple power trains, the company said. "Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50 per cent of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6 per cent growth in wholesales and 10 per cent in retail sales over FY23," Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility Managing Director Shailesh Chandra said. The company sold 73,800 EVs during the year, marking a 48 per cent increase as compared to FY23 and crossed a milestone of 1.5 lakh cumulative EV production, he added. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a><a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a>

You Searched For "domestic CV industry" and got 11 results

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

ANI

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

PTI

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

PTI

Indian commercial vehicle sector will log volume growth say experts

IANS

Commercial vehicle industry volumes to see 7-10 pc growth in FY24: Icra

PTI

Six months into the Ukraine war, Russia's film industry is on life support

Jason Corcoran

Tata Motors expects turnaround in CV sales by second half of next fiscal

PTI

August auto sales: Festive season boosts passenger vehicles' sales, shows SIAM data

IANS

On the heels of hemp legalization, regulators have fired a 'warning shot' to the $1 billion CBD industry

Erin Brodwin

Congress just quietly passed a law that could spur a sea change for a $1 billion marijuana-based industry you've never heard of

Erin Brodwin

Tata Motors Q4 consolidated net profit jumps over 3-fold at ₹17,528.59 crore

PTI

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