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<ul><li><keyword id="94272" type="General" weightage="20" keywordseo="keshub-mahindra" source="Orion">Keshub Mahindra</keyword>, the former chairman of <keyword id="1263014" type="General" weightage="20" keywordseo="mahindra-and-mahindra-group" source="Orion">Mahindra and Mahindra group</keyword> was amongst the world’s oldest billionaires. </li><li>The Wharton University graduate had dreamt of becoming either a soldier or a farmer as a young boy. </li><li>Keshub Mahindra, who had seen licence raj and many other government controls in the 50s and 60s, believed that the pressures helped the Indian <keyword id="34478" type="General" weightage="20" keywordseo="auto-industry" source="Orion">auto industry</keyword> become cost competitive. </li></ul>The patriarch of the Mahindra group, Keshub Mahindra died on Wednesday, at the age of 99. “The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to meetings with him and was inspired by how he connected business, economics and social matters. Om Shanti,” said Pawan <a href="https://twitter.com/GoenkaPk/status/1646012668103495681">Goenka in a tweet</a>. The former chairman of Mahindra and Mahindra group who had retired in 2012, was amongst the world’s oldest billionaires as per a recent Forbes report. He had just re-entered the coveted billionaire list in 2023. The businessman turned philanthropist, however, leaves a larger and wider legacy — he was instrumental in helping build India’s indigenous auto industry into a force to be reckoned with. ‘We don’t know a damn thing about the auto industry’ Keshub Mahindra’s story is intertwined with the history of the auto industry in India. The Mahindra and Mahindra group had started two generations before Anand Mahindra, the nephew of Keshub Mahindra and chairman emeritus of the group. The company was founded by two brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra in 1945, as a steel trader. Kailash Chandra Mahindra, the father of Keshub Mahindra had met the inventor of Jeep, Barney Roos in Washington. That’s how the company became an assembler of Willys jeep in India. A young Keshub, freshly graduated from Wharton University and grown up beyond his boyhood dreams of becoming either a soldier or a farmer, was called into a meeting with the defence minister. This was in 1947 when India had just won its freedom but was finding it tough to find spare parts for their tanks from Britain and other countries. At the meeting, the government said that it was planning to develop its own automotive industry. “We don’t know a damn thing about the auto industry,” Keshub Mahindra told the defence minister. That, however, did not stop neither Mahindra nor the only other auto companies existing back then — Premier Automobiles and Hindustan Motors – from building indigenous vehicles. M&amp;M started manufacturing jeeps in a full do-it-yourself (DIY) mode — when there were no suppliers or vendors. They had to make engines, transmissions, axles, stampings, the body – everything to produce 2,000 Jeeps a year, Keshub Mahindra said in an <a href="https://www.autocarindia.com/interviews/india-at-75-keshub-mahindra-%E2%80%93-the-man-who-saw-it-all-425406">interview with Autocar</a>. <div type="image" title="Keshub Mahindra anand mahindra" msid="99426813" hostid="261" sizebytes="59302" caption="&amp;lt;p&amp;gt;Source: BCCL&amp;lt;/p&amp;gt;"></div> Licences, price controls and capacity caps For another 30 years, the group had fought many battles both from the supply chain ecosystem angle as well as the many rules and regulations back in the day. It was the age of licence raj and M&amp;M was not given a licence to make cars, no matter how many times they applied. In fact they were rejected a dozen times – as they tried to manufacture cars in partnership with various multinationals. Moreover, companies could not increase prices without government nod, and added to that even their capacities were limited by rules. Once, the group was sent a letter by the government asking them why they should not prosecute them for exceeding capacity. “Prosecute us,” Keshub responded to the letter. Forced to do things he described as ‘crazy’, Keshub also admits that it has made Indian manufacturers control costs with frugal engineering and much more —- a move that has made them competitive. It was a good thing in the long run, he admitted in the Autocar interview. The courage of change His can-do attitude is also one of his guiding principles as <a href="https://knowledge.wharton.upenn.edu/article/dream-impossible-life-lessons-keshub-mahindra/">he shared in a Wharton page</a>, “Dream about achieving the impossible — because impossible things do happen. Only the brave have the courage to transform their lives,” he shared. He served as the chairman of M&amp;M for 48 years and ably steered the group through winds of change. The group now has interests across software, financial services and more. In FY22, the group’s revenue stood at ₹90,170 crore as against ₹74,277.78 crore in FY21. The auto business too grew exponentially both organically and inorganically under Keshub Mahindra’s leadership and expanded into light commercial vehicles, tractors and even farm equipment. It acquired companies like Punjab Tractors and Gujarat Tractors and also acquired companies in South Korea like SsangYong Motor, entered the two-wheeler market and also made early strides into the electric vehicle (EV) market by purchasing REVA. Years later, Anand Mahindra and his father Harish Mahindra also started another unique partnership when they lent ₹1 lakh to Uday Kotak for a business that went on to become the Kotak Mahindra Bank. Not just business Even before he retired in 2012, Keshub did not dedicate all his time to business itself — and made space and time for philanthropy. Keshub also founded Housing and Urban Development Corporation (HUDCO), and ran it for many years. “During this time, I visited some of the most deplorable slums in India. I would come home and wonder how people could live like this. That had a huge influence on my life,” he told Wharton. Educating girls and housing for the cancer afflicted are some of the many charity projects he supported with the help of his family.

Keshub Mahindra: The man who thought impossible is possible

<keyword id="13182890" type="General" weightage="20" keywordseo="Veteran-singer-music-director" source="Orion">Veteran singer-music director</keyword> <keyword id="12820" type="General" weightage="20" keywordseo="Bappi-Lahiri" source="Orion">Bappi Lahiri</keyword> -- who wielded the baton at the age of 17 -- passed away here late on Tuesday night, an official said. He was 69 and breathed his last in the Criticare Hospital where he was admitted for certain post-Covid issues. Born in West Bengal, <keyword id="3986" type="General" weightage="100" keywordseo="lahiri" source="Orion">Lahiri</keyword> first composed music for a Bengali film 'Daadu' and launched his <keyword id="143" type="General" weightage="20" keywordseo="Bollywood" source="Orion">Bollywood</keyword> career with a film, 'Nanha Shikari'. He shot to global fame with his chartbusting music for "Disco Dancer" and the song 'Jimmy, Jimmy, Aaja, Aaja...", and later the superhit music for "Zakhmee", "Lahu Ke Do Rang". Prominent Bollywood personalities have expressed shock and condoled the demise of Lahiri, who was fondly known as 'Bappi Da' in the industry. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-mahindra-vedant-fashions-idbi-bank-and-other-hot-stocks-on-february-16/slidelist/89605353.cms">Tech Mahindra, Vedant Fashions, IDBI Bank and other hot stocks on February 16</a>

Renowned music composer Bappi Lahiri passes away at 69

Being a Tata, Birla, Ambani or Mahindra Group company is not enough for this Indian fund manager

<ul><li>As the number of Covid-19 cases keep going up in India, various brands and business tycoons have come ahead to donate to help the government in its drive to control the spread of the virus.</li><li>While many companies have created funds to contribute to the PM Cares Fund, a lot of other brands are contributing by donating sanitizers, masks and even food, to help those in the need.</li></ul>The world, as we knew it even till a month back, has changed. With the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> outbreak, our country, along with many other countries across the world has announced complete lockdown. The effects of this pandemic, both on the economy, and on human life, will be massive. At the time of writing this report, the number of positive cases in India crossed 1,050, and the death toll stands at 29. And the number is growing with each passing day. While governments across the globe are working tirelessly to come up with ways of minimizing the impact of this pandemic, we have seen many brands come forward, and contribute in different ways, to help out in these trying times. Since we are seeing a lot of brands come up with many initiatives almost every day, we will keep updating this space with the latest happenings. Tata Group: <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, Chairman <keyword id="6383155" type="COMPANY" weightage="20" keywordseo="Tata-Trusts">Tata Trusts</keyword> and Chairman Emeritus Tata Sons, pledged Rs 500 crore to protect and empower all affected communities. The money will be spent on personal protective equipment for medical personnel, respiratory systems for treating increasing cases, testing kits to increase per capita testing, setting up modular treatment facilities for infected patients and knowledge management and training of health workers and the general public. <div type="twitter" handle="RNTata2000" handlename="Ratan N. Tata" image="http://pbs.twimg.com/profile_images/1189494401359208448/AwbXHtpn_normal.jpg" favoritecount="199569" retweetcount="59205" status="The COVID 19 crisis is one of the toughest challenges we will face as a race. The Tata Trusts and the Tata group co… https://t.co/GQ6H6sSFcF" createdat="1585392484000" id="1243852348637605888"></div> Mahindra Group: <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, Chairman, Mahindra Group said he will donate 100% of his salary to create a fund to help small businesses and self-employed people who are expected to be impacted the most due to the outbreak. He also urged our businesses to also set aside contributions for those who are the hardest hit in their ecosystem. <div type="twitter" handle="anandmahindra" handlename="anand mahindra" image="http://pbs.twimg.com/profile_images/1053583782584807425/-7IRmY5u_normal.jpg" favoritecount="48372" retweetcount="13478" status="Going by various reports from epidemiologists, it is highly likely that India is already in Stage 3 of transmission… https://t.co/hBSwnUb9Vp" createdat="1584860752000" id="1241622104778268672"></div> ITC: ITC is setting up a Contingency Fund of Rs 150 crore to address and manage the challenges arising out of the Covid-19 outbreak. The fund will be utilised primarily to provide relief to the vulnerable and most needy sections of society who have been harshly impacted by the pandemic and have faced significant disruption in their livelihoods. Additionally, the fund will collaborate with District Authorities to provide assistance to the district health and rural healthcare eco-system that reaches out to the weakest sections of society. Furthermore, the brand added that the resources under this fund could also be channelised towards the protection and well-being of the ground forces doing commendable work to reach medicines, groceries, other essential goods, sourcing of agri-commodities and so on for people across the country during the lockdown, by providing protective personal gear and hygiene products to such frontline warriors. Reckitt Benckiser: Reckitt Benckiser has launched the RB Fight for Access Fund to improve access to health, hygiene and nutrition for all. As part of this fund, an additional £32 million has been mobilized to address the urgent collective fight against the spread of Covid-19 by breaking the chain of this fast-spreading infection. In India, the brand will be distributing 10 million units of Dettol Soap to the most vulnerable. RB will also be donating 1 million litres of its disinfectant products including Lizol disinfectant liquid and Harpic toilet cleaners to aid India’s states in fighting this crisis especially in public health institutions and at the frontline with health and sanitation workers. It will donate critical protection equipment, 3.5 million N95 masks with a focus on pharmacists and health care workers. These will be distributed across their major markets. Dettol is also partnering with Bollywood actress, Madhur Dixit to release an engaging public service announcement #ApniSurkashaApneHaath to encourage viewers to practice handwashing. Godrej Group: The Godrej Group announced that it is earmarking a fund of Rs 50 crore for community support and relief initiatives in India. This is an initial outlay and the corporate said that it hopes to supplement it over time. It has been buying and supplying medical equipment and protective supplies for the Brihanmumbai Municipal Corporation (BMC). As a part of the initiative, the group has donated Rs 5 crore to the BMC, donated 115 hospital beds to Maharashtra government hospitals and helped set up a 75-bed quarantine center at the Seven Hills Hospital. Moreover, it has supported the free distribution of 1 million packets of Godrej Protekt Mr. Magic powder-to-liquid hand wash in Maharashtra through partnership with the BMC and Thane Municipal Corporation (TMC), partnered with communities linked to their CSR programmes to support 1.12 lakh beneficiaries across 8 states with hand wash, sanitisers and soap, donated sanitisers to the Mumbai police force, begun ramping up capacity to meet the demand for soap, hand wash and sanitisers and initiated outreach through various networks and hand wash education programmes. Reliance Group: <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> has pledged to donate Rs 5 crore to Maharashtra Chief Minister’s Relief Fund. Led by Nita, Ambani Reliance Foundation has promised to provide a free meal to needy people across the country. Additionally, Ambani has also donated a hospital for the patients battling with infection of Covid-19 and will set up a dedicated 100-bed centre at Seven Hills Hospital in Mumbai, along with a fully-equipped isolation facility in Lodhivali, Maharashtra. Paytm: Paytm said that it is aiming to contribute ₹500 crore to the PM CARES Fund. For every contribution, or any other payment done by consumers on Paytm, the online payment app said it will contribute an extra up to ₹10. <div type="twitter" handle="Paytm" handlename="Paytm" image="http://pbs.twimg.com/profile_images/1242803598083395585/4cWZptzw_normal.jpg" favoritecount="9431" retweetcount="2966" status="Paytm is aiming to contribute ₹500 Crore to the PM CARES Fund. For every contribution, or any other payment done… https://t.co/JrSAJTnO1J" createdat="1585411759000" id="1243933194556248064"></div> PhonePe: PhonePe has launched a #100CrorePledge, urging 10 crore Indian citizens to donate to the PMCARES Fund to show their solidarity in fighting the menace of COVID-19. PhonePe has pledged to contribute Rs 10 for every Indian who donates even Rs 1 to the PMCARES Fund via the PhonePe App using UPI by April 30, 2020. In total, PhonePe has pledged to contribute a maximum of up to Rs 100 crore. <div type="twitter" handle="PhonePe_" handlename="PhonePe" image="http://pbs.twimg.com/profile_images/1228394203421372416/4X3QZazb_normal.jpg" favoritecount="834" retweetcount="306" status="Join our #100CrorePledge &amp; donate to the PMCARES FUND using contactless UPI payments. Remember no contribution is t… https://t.co/b6Z4yD3rMh" createdat="1585405072000" id="1243905146087542785"></div> Zomato: Along with announcing measures to help its partner restaurants, delivery staff, and other daily wage workers in India who are currently income-starved due to the lockdown, Zomato set up ‘Feeding India’, a fund to support families of the daily wage workers in India in the absence of employment opportunities. Known as ‘Feeding India’, the initiative has successfully received more than Rs 6 crore in funds. <div type="twitter" handle="deepigoyal" handlename="Deepinder Goyal" image="http://pbs.twimg.com/profile_images/980757579360972800/TWg-KSki_normal.jpg" favoritecount="1727" retweetcount="1399" status="Please help by donating to 'Feed the Daily Wager' by Zomato Feeding India (@FeedingIndia) and provide food support… https://t.co/8vQRliTLtM" createdat="1585054814000" id="1242436058748317697"></div> Parle: Parle, makers of the much loved Parle-G biscuits announced that it is joining hands with the government to give away 3 crore packets of Parle-G to people in need over the next 3 weeks. The brand made the announcement after PM Narendra Modi made an announcement of the country’s lockdown to prevent the spread of the virus. <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Diageo: Diageo India, the liquor firm that sells McDowell’s whisky and Smirnoff vodka, will produce 3 lakh litres of hand sanitizers to help overcome its shortage in the country due to the Covid-19 outbreak. A stock exchange filing by the company stated that 15 of the liquor firm’s manufacturing units are being repurposed to manufacture hand sanitisers and donation of extra neutral alcohol (ENA). Kansai Nerolac: Kansai Nerolac Paints has announced that it will do an early disbursement of funds to its painter community falling under the Nerolac Premium Painter Pragati (NPP Pragati) Programme. Over 30,000 painters can benefit from Nerolac’s initiative, upto Rs 36,000 approximately. Mankind Pharma: Mankind Pharma has pledged to donate Rs 51 crore to CM Relief fund to manage the outbreak. The brand will be donating ventilators, Personal protective equipment (PPE) and medicines to the states reporting maximum number of positive cases. Mankind Pharma will be working closely with the Governments of Kerala, Maharashtra, UP, Uttrakhand, Bihar, Tamil Nadu, Karnataka, AP, Telangana, Delhi, Haryana, HP, Madhya Pradesh, Rajasthan, Gujarat, Punjab, West Bengal J&amp;K and Orrisa.

How brands are contributing to the fight against Coronavirus

<ul><li>RBI fined Axis Bank ₹30 million for fudging accounts during Sharma’s tenure as Axis Bank chief. </li><li>RBI asked Axis Bank to reconsider extending Shikha Sharma’s tenure urging a review. </li><li>Sharma is now an independent director at four companies-- Tech Mahindra, Dr Reddy’s Labs, <keyword id="148911" type="COMPANY" weightage="20" keywordseo="Tata-Global-Beverages">Tata Global Beverages</keyword> (which operates Starbucks chain in India) and Ambuja Cement.</li></ul> It is very uncharacteristic of Reserve Bank of India (RBI) to give ‘advice’ to banks on their leadership. But last year, it<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/reconsider-shikha-sharmas-4th-term-rbi-to-axis-board/articleshow/63573435.cms"> did ask the</a> country’s third largest private bank to ‘reconsider’ extending their then CEO Shikha Sharma’s tenure. After her exit , the stock of Axis Bank has gained over 48% in the last one year. Since she left the bank last December, Sharma isn’t sitting home reading Mills &amp; Boons, her favourite <a href="https://www.business-standard.com/article/opinion/lunch-with-bs-shikha-sharma-110021600095_1.html">pastime</a>. She is now an independent director at four companies, and the latest to add her is IT major Tech Mahindra after Dr Reddy’s Labs, Tata Global Beverages (which operates Starbucks chain in India) and Ambuja Cement. Private Equity firm KKR appointed her as an adviser for their alternate investments. This is very good progress for someone who claims to have a<a href="https://www.business-standard.com/article/opinion/lunch-with-bs-shikha-sharma-110021600095_1.html"> ‘permanent inability to sell herself’</a>. This trait kept her away from landing a job on the very first day of recruitment at IIM Ahmedabad. The Benefit of Friends Yet, Sharma has many high-profile friends in the system. She had worked with Kalpana Morparia, the CEO of J P Morgan at ICICI, who is a part of Nomination and Remuneration Committee (NRC) at pharma major Dr Reddy’s Labs. The company also has former Tata Power Managing Director Prasad Menon who was a part of Axis Bank board of directors until recently. She is also part of the board of Tata Global Beverages, which operates Starbucks chain in India. An independent banking analyst Hemindra wrote a report questioning the corporate governance practices of companies which have employed her. “The irony of publicly owned and listed blue-chip companies eagerly seeking Sharma for the prestigious position of independent director on their boards is that she had a poor track record and an unceremonious exit as chief executive officer of Axis Bank,” said a report by banking analyst Hemindra, who wrote a report on her. However, companies have defended their decision to have Sharma on board. Tech Mahindra’s statement on June 14 said, “She has rich experience in banking, insurance and an excellent track record and led the bank on a transformative journey from being primarily a corporate lender to a bank with a strong retail deposit franchise and a balanced lending book.” Hazari disagrees with Tech Mahindra’s take. Though her stint at ICICI-- her first job since she was recruited from Indian Institute of Management (IIM) -- had many successes including building the India’s largest private sector bank’s insurance business, her leadership at Axis Bank had a lot left to desire. E-mails sent to Tech Mahindra, Dr Reddy’s Labs and Tata Global Beverages did not elicit any response, while Sharma did not respond to a request for a call. The Cover-up Sharma’s plan for growth at Axis Bank’ was to increase large-sized corporate lending, that included a bunch of loans to infrastructure companies. Like all bad plans, it worked until it didn’t. The unrelenting chase for growth landed them in a bad soup with a large chunk <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/boxing-on-or-boxed-in-indian-banks-are-splintering-gadfly/articleshow/59788487.cms">of toxic loans</a>. What angered investors and the regulator alike is how the bank tried to sweep it under the carpet. So much so, the banking regulator Reserve Bank of India (RBI) <a href="https://www.businesstoday.in/current/economy-politics/rbi-penalises-axis-bank-indian-overseas-bank-non-compliance/story/271996.html">had fined them</a>-- even though a measly ₹30 million-- for fudging accounts. The regulator’s version of their non-performing loans is 156% higher than what was admitted by the bank in the year 2016-17. Right after demonetization in 2016, the Enforcement Directorate unearthed a scam where<a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-case-ed-files-first-chargesheet-involving-axis-bank-staff/articleshow/56959891.cms"> Axis Bank staff</a> was passing on unaccounted money into the system. According to Hazari, these are due to poor operational risk controls and other lapses which were prevalent in the bank. He also said that the bank <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/ex-axis-bank-executive-alleges-wrongful-termination/articleshow/49283008.cms" data-type="tilCustomLink" target="_blank">persecuted whistleblowers with draconian clauses</a>, which can terminate an employee without giving any reason. “Incorporating such harsh measures effectively silences any honest banker from complaining against any regulatory lapses which could disrupt the growth of business,” Hazari said. It is within any company’s legal right to appoint anyone as an independent director. What experts like Hazari are questioning is the level of trust such boards can evoke when they appoint those whom regulators have recently shunned. SEE ALSO: <a href="https://www.businessinsider.in/indusind-bank-ubs-downgrade-drags-stock-down-over-7/articleshow/69770393.cms" data-type="tilCustomLink" target="_blank">Investors lose over $600 million in a day in one stock as the management was more optimistic than cautious</a> <a href="https://www.businessinsider.in/kotak-mahindra-bank-share-price-top-losers-on-the-nifty-after-rbi-fine-on-uday-kotak/articleshow/69721330.cms" data-type="tilCustomLink" target="_blank">Kotak Mahindra Bank has lost nearly half a billion dollars in market cap after the billionaire promoter was fined by the RBI</a> <a href="https://www.businessinsider.in/indusind-bank-bad-loan-impact-from-ilfs-crisis/articleshow/69557477.cms" data-type="tilCustomLink" target="_blank">An Indian bank is still making the same mistake of hiding the worst and hoping for the best</a>

RBI may have wanted her out of Axis Bank but Starbucks partner Tata Global Beverages is among four companies which brought Shikha Sharma on-board

<keyword id="6354973" type="ORGANIZATION" weightage="100" keywordseo="electric-vehicles">Electric vehicles</keyword> are revolutionary even as they are elusive in a country like India where the government has set up a mighty goal of turning all new passenger cars sales to electric by the year 2030. Challenges like uneven roads, low spending capacity and lack of government support still act as hurdles to the electric vehicles becoming a mass market product. When it comes to manufacturing Electric Vehicles like scooters, start-ups like <keyword id="2622993" type="ORGANIZATION" weightage="100" keywordseo="ather-energy">Ather Energy</keyword> learnt the hard way of how slow the process can get. The company announced its <keyword id="935733" type="LOCATION" weightage="20" keywordseo="made-in-india">Made-In-India</keyword> electric vehicle S-340 in February 2016 and anticipated roll out this year as it had a functional vehicle model to boast of. What they realized quickly is that the supporting infrastructure wasn’t ready and their initial goal of distribution in 2017 would get stalled due to inefficiencies in the manufacturing process. Another issue was the validation of the vehicle which can take a very long time. “We have gone through several iterations of the same working vehicle. We started fixing our supply chain as every unique part we make needs a vendor to produce it in bulk. Getting contracts in place and talking to hundreds of vendors has delayed production beyond our imagination. Our plant should now be ready for production in 2018 after which we will start shipping,” <keyword id="1442828" type="PERSON" weightage="20" keywordseo="tarun-mehta">Tarun Mehta</keyword>, CEO, Ather Energy told Business Insider. Ather Energy plant’s capacity is about 30,000 units and the company has put out an elaborate plan to retail the vehicles. Initially consumers will be provided with a lot of data, information and content and the company will target cities like <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> and Chennai where infrastructure and awareness for Electric Vehicles has slowly been building. “The government has been supportive of the electric vehicle mission and is making strong statements by passing legislations that support electric vehicle production. When we go to manufacturers and ask them to make new parts for electric vehicles, they realize that this is the future and are complaint to the new requirements,” says Mehta who has been supportive of the state’s encouragement in terms of subsidies. R&amp;D infrastructure and first Designing in India “As most of the auto industry will get affected in the next two decades due to the Electric Vehicle revolution, the government needs to encourage Original Equipment Manufacturers to invest in more Research and Development. We don’t have manufacturing companies for most of the components for electric vehicles like Lithium ion batteries which can be easily manufactured in the country,” Mehta laments that most of the cost occurs in importing the special batteries that aren’t manufactured in India. Ather Energy imports cells from abroad but the company designs, manufactures and distribute the battery packs in their factory in Whitefield, Bengaluru. Mehta predicts that in an individual electric scooter at scale the battery cost can go upto Rs. 40,000 out of which the government can save Rs. 15,000 by manufacturing it locally. The Lithium ion battery cells are a common requirement in most electric vehicles whether its from companies like <keyword id="107096" type="COMPANY" weightage="20" keywordseo="Tesla">Tesla</keyword> or Mahindra &amp; Mahindra. India currently imports 100% of Lithium-ion cells and M&amp;M has stated a potential loss of Rs. 200,000 per vehicle amounting towards a total of Rs. 30 million against supplying 150 e-Veritos, which is not a good sign. Lithium ion cells manufacturing can be really expensive for a start-up and it is a project that ideally the government can take up with foreign partners.Even if the government undertakes a small investment in Lithium ion cells, it can take away the <keyword id="6358355" type="ORGANIZATION" weightage="20" keywordseo="forex">Forex</keyword> risk out completely as it will result in encouraging further investments. (Photo Credits: Pankaj Anand)

Running Electric Vehicles on Indian roads is mighty for start-ups like Ather Energy who are trying to Make-In-India

<ul><li>92-year-old <keyword id="1860467" type="General" weightage="20" keywordseo="Lachman-Das-Mittal" source="Orion">Lachman Das Mittal</keyword> is <keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword>’s oldest billionaire with a net worth of $2.5 billion as per Forbes. </li><li>Mittal is the founder and chairman of <keyword id="813" type="General" weightage="80" keywordseo="sonalika" source="Orion">Sonalika</keyword> Group, India's third-largest tractor maker by market share and India’s largest tractor export brand. </li><li>The billionaire is a former LIC employee who holds a master’s degree in arts in English and Urdu languages.</li></ul>The founder of Sonalika Group, 92-year-old Lachman Das Mittal is now India’s oldest billionaire. As per the Forbes 2023 list, 99-year-old <a href="https://www.businessinsider.in/thelife/personalities/news/the-life-and-times-of-keshub-mahindra-indias-oldest-billionaire/slidelist/99428483.cms">Keshub</a> Mahindra, the former chairman of Mahindra &amp; Mahindra group was the oldest billionaire. Unfortunately, Mahindra passed away on April 12. India now has four nonagenarians among the country’s 169 billionaires, as per the list. Mittal is the founder chairman of Sonalika Group, India's third-largest tractor maker by market share. As per <a href="https://www.forbes.com/profile/lachhman-das-mittal/?list=billionaires&amp;sh=3708547e32d5">Forbes</a>, he has a net worth of $2.5 billion. He first entered the Forbes Billionaire list in 2013. <cmsannotation type="cmsannotation" annotationid="After his retirement…" comment="subhead2" text="After his retirement…">After his retirement…</cmsannotation> The 92-year-old started his business a little over three decades ago at the age of 60, after retiring from the state-owned Life Insurance Corporation (LIC) as a deputy zonal manager. The billionaire shows up to the office every day, even after his sons and grandsons look over the company’s operations. “We are not just sitting in some air-conditioned room and running the business…I and my boys know every inch of a tractor,” <a href="https://www.forbesindia.com/article/india-rich-list-2015/lachhman-das-mittal-tractor-master/41355/1">shared </a>the patriarch with Forbes. Born in August 1931 in Hoshiarpur, Mittal’s professional journey started as a LIC agent. After obtaining a Master’s in Arts degree in English and Urdu language from Punjab University, Mittal started working with LIC in 1955. Mittal, who obtained a gold medal during his post-graduation, was diligent at work, gaining knowledge about the different types of investments. Gradually, he started saving to pay off past debts and for securing his future. Though he wasn’t born with money, he managed to save enough to start a side venture in 1969 — building farm machinery under the name Sonalika. Unfortunately, the venture left him bankrupt. In an attempt to offset his losses, he tried to obtain a Maruti dealership but was rejected. <cmsannotation type="cmsannotation" annotationid="Poetry on wheels" comment="subhead2" text="Poetry on wheels">Poetry on wheels</cmsannotation> Undeterred, he forged on. Inspired by Japanese machines that separated hay and wheat, he built threshers, gaining <a href="https://www.news18.com/business/meet-lachhman-das-mittal-who-launched-sonalika-group-at-the-age-of-60-7510003.html">nationwide acclaim </a>for his product in just eight years. After <a href="https://www.forbesindia.com/article/india-rich-list-2015/lachhman-das-mittal-tractor-master/41355/1">retiring from his job in 1990</a>, he spent years writing and reading poetry in classical Urdu and working on Sonalika to build a tractor. The idea to build tractors actually came to him through his customers, who were eager to see a tractor from Sonalika. To carry out the requisite research and study to launch tractors, Mittal needed financing. Consequently, he secured a loan of ₹22 crore from his trusted dealers. Six years after he retired, in 1996, Sonalika Tractors was incorporated. Today, it’s the country’s largest exporter of tractors, associated with more than 14 lakh customers across 140 countries around the world. Mittal, who’s a fan of Bollywood movies and a coin collector, said while recounting his journey with Business Standard, "Once I applied for a dealership of Maruti Udyog but was rejected. Today, I give out dealerships." <cmsannotation type="cmsannotation" annotationid="Building his pot of gold" comment="subhead2" text="Building his pot of gold">Building his pot of gold</cmsannotation> Sonalika, which means ‘lines of gold’ in Hindi, is named after a popular line of wheat seeds that fuelled the Green Revolution in India, leading to greater production. The Sonalika Tractors were definitely Mittal’s pot of gold. Japanese firm Yanmar has a 30% stake in Sonalika Tractors. Today, the brand has an employee strength of over 10,000 and was <a href="https://www.sonalika.com/about-us.html">chosen </a>by the Indian government to contribute towards the Niti-Aayog project to double the farmer’s income in the country. Sonalika has been clocking over 1 lakh tractor sales consistently for six years (FY18 – FY23). It also recorded the highest annual growth of 41.6% in the domestic market during the pandemic (FY21) — significantly higher than the overall industry growth of 26.7%. The company has five manufacturing facilities across the globe, including the <a href="https://www.youtube.com/watch?v=rX-tPTIwVok&amp;ab_channel=ETAuto">world’s largest tractor-manufacturing facility </a>at Hoshiarpur in Punjab. Mittal’s elder son Amrit Sagar is the company’s vice-chairman, while his third son, Deepak is the managing director. Mittal’s second son is a doctor in New York. Interestingly, his daughter, Usha Sangawan, is LIC’s first female managing director. SEE ALSO:

India’s oldest billionaire started his business after retiring from LIC

<ul><li>India's benchmark stock indices are set for the best April since 2009.</li><li>However, over half of those gains came in the last week of trading, and a big chunk of it Thursday, April 30. </li><li>At least three out of the top ten weekly gainers, IndusInd Bank, HDFC, and ICICI Bank, were buoyed by hopes that loan defaults in India won't be as bad as previously expected.</li><li>Follow the latest news and highlights on businessinsider.in.</li></ul>India's top ten listed companies together added a whopping ₹3.1 lakh crore to market capitalisation last week. In a week, shortened by a holiday, India's benchmark indices gained over 7%. However, the sharpest rise in percentage terms, among the blue-chip stocks, came from companies outside of the heavyweights like Reliance Industries, Tata Consultancy Services (TCS), and the HDFC twins. American drug maker Gilead’s success in a clinical trial has given the world hope of finding a cure for COVID-19 coronavirus pandemic. That led to an over- 1,000 point rally in the Sensex on Thursday (April 30) morning, in sync with <a href="https://www.businessinsider.in/stock-market/news/dow-soars-530-points-as-coronavirus-treatment-optimism-overshadows-gdp-slump/articleshow/75460930.cms" data-type="tilCustomLink" target="_blank">the optimism around the globe</a>. <div type="Article" hostid="261" msid="75459632" title="Indian-American-led clinical trial of remdesivir in COVID-19 treatment shows positive results" mstype="2" mssubtype="0"></div> The Indian benchmark indices, Sensex and Nifty, have gone up 14% since April 3, but more than half of those gains came in the last week of trading ⁠— at a time when <a href="https://www.businessinsider.in/policy/economy/news/this-is-how-global-economies-are-expected-to-grow-in-the-first-year-after-coronavirus-pandemic/articleshow/75441608.cms" data-type="tilCustomLink" target="_blank">Moody’s slashed India’s growth forecast</a> for calendar year 2020 to 0.2%, from 2.5% it had projected in March, <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms" data-type="tilCustomLink" target="_blank">layoffs continue</a>, earnings from a top lender (<a href="https://www.businessinsider.in/business/corporates/news/axis-bank-q4-earnings-show-bad-loans-ease-but-ceo-amitabh-chaudhry-maintains-caution/articleshow/75429938.cms" data-type="tilCustomLink" target="_blank">Axis Bank</a>) disappointed, and some of the world’s <a href="https://www.businessinsider.in/business/news/sachin-bansal-takes-the-same-line-as-donald-trump-and-elon-musk-let-people-work-and-live-with-coronavirus/articleshow/75453465.cms" data-type="tilCustomLink" target="_blank">most influential billionaires</a> lost their patience with the economic shutdown. Though they had no impact on the market, two of India's most-talented Bollywood stars, <a href="https://www.businessinsider.in/entertainment/news/irrfan-khans-inspiring-journey-from-chandrakanta-to-macbeth-to-a-father-struggling-to-get-his-child-into-a-school/articleshow/75445225.cms" data-type="tilCustomLink" target="_blank">Irrfan Khan</a> and <a href="https://www.businessinsider.in/entertainment/news/rishi-kapoor-passes-away-at-67/articleshow/75464201.cms?upache=2" data-type="tilCustomLink" target="_blank">Rishi Kapoor</a>, passed away making the general mood a lot worse. While the bigger picture looked bleak, there were quiet celebrations happening in different pockets of the Indian share market. At least two out of the top ten weekly gainers, IndusInd Bank and HDFC, were buoyed by hopes that loan defaults in India won't be as bad as previously expected. Here’s a look at the top 10 gainers among the blue-chip stocks this week ending April 30: <table style="width: 461pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:15.0pt;width:128pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 98pt;">Gains this week</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 235pt;">Trigger</td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">Tata Motors </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.93%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Jaguar Land Rover has <a href="https://www.livemint.com/auto-news/jaguar-land-rover-recovers-up-to-75-production-in-china-as-demand-returns-11588159987336.html" data-type="tilCustomLink" target="_blank">restored three-fourths of its budgeted production</a> in China </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">ONGC</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.34%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Raised ₹1,000 crore via commercial papers at a cheap rate of 4.13% per annum. This showed debt market’s strong interest in India’s largest explorer despite an oil crash that has hammered its cash flows, <a href="https://economictimes.indiatimes.com/markets/stocks/news/ongc-issues-cps-worth-rs-1000-crore-at-4-13-interest-rate/articleshow/75416400.cms" data-type="tilCustomLink" target="_blank">the Economic Times reported</a>. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">UPL</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">19.76%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The agrochemical maker said that the business is less affected by COVID crisis because farming continues with push from governments to ensure adequate food supply during lockdown. The company also repaid 30% of its debt in the last 3 months.</td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://economictimes.indiatimes.com/hindalco-industries-ltd/stocks/companyid-13637.cms" data-type="tilCustomLink" target="_blank">Hindalco</a> </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The <a href="https://www.businessinsider.in/business/corporates/news/hindalco-novelis-completes-acquisition-of-aleris/articleshow/75151080.cms" data-type="tilCustomLink" target="_blank">Aleris acquisition turned out</a> to be better than expected. Hindalco decided to pay an additoinal $50 million due to the better than expected performance revealed in the latest results. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://www.businessinsider.in/business/auto/article/hero-moto-share-price-is-at-a-six-year-but-exports-karizma-and-xtreme-sports-can-help/articleshow/74190134.cms" data-type="tilCustomLink" target="_blank">Hero Motocorp</a></td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.05%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The stock has been on an uptrend since mid April due to a host of reasons including hopes that COVID fears may push people to avoid public transport in the near future but not everyone may be able to afford a car </td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">GAIL India </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.74% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">At the start of the week, the stock was down 50% in the last one year and nearly 20 'Buy' recommendations. </td> </tr> <tr> <td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">Vedanta</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The rally in Vedanta was part of a larger change in sentiment in favour of metal stocks hoping for a reduction in competition from China.</td></tr><tr><td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">HDFC </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.96% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The IndusInd Bank experience eases fear of defaults by borrowers of India's largest mortgage lender. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.58%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Nomura gave a 'Buy' call on the stock on April 20 with a target price 25% higher. The stock has rallied since and is just ₹25 short of the target. </td> </tr> <tr> <td class="xl71" style="height: 60.75pt; border-top-width: initial; border-top-style: none;">IndusInd Bank</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13.82%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Earnings surprise as borrowers continue to <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">repay loan instalments</a> </td> </tr></tbody></table>There will be no trading on May 1 on account of Maharashtra Day celebrations. The money did not come from the foreign investors. They continued to be net sellers in the cash market for the fourth straight month. It was domestic institutional investors like mutual funds that bought the most in this rally. “Markets this week rallied from the lows seen in March 2020. After almost a month of lockdown the world over, early signs of easing of the same along with some signs of the flattening of the COVID -19 curve spurred hope of economic activity resuming albeit at a slow pace. Some promise of a possible cure with positive preliminary results of a few drugs also added to hope and optimism," Shibani Sircar Kurian, Executive Vice President, Fund Manager &amp; Head- Equity Research,Kotak Mahindra Asset Management Company said. <div type="image" title="fii dii data" msid="75466705" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors in Indian share market remain net sellers for the fourth straight month. &amp;lt;/p&amp;gt;"></div> So, what does the road ahead look like? “The Fear Of Missing Out will drive many investors – including myself – off the sidelines," said Nigel Green, founder and chief executive of deVere Group, a global financial advisory firm. “Investor exuberance is contagious. As the markets move steadily higher - unfazed by the recent poor economic data from the peak of the pandemic – it can be expected that the uptick will further sharpen due to that powerful investor sentiment: FOMO," he added. If FOMO drives some of the global investors back to India, the rally may spillover into May. However, investors must also remember that the month of May is usually one where stocks underperform, leading to the widely-known adage "<a href="https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp" data-type="tilCustomLink" target="_blank">sell in may and go away</a>." Will May 2020 break the trend? SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-shares-are-rising-ahead-of-earnings-because-every-two-out-of-five-rupees-in-revenue-come-from-telecom/articleshow/75445808.cms" data-type="tilCustomLink" target="_blank">Tech Mahindra shares are rising ahead of earnings because every two out of five rupees in revenue come from telecom⁠</a> <a href="https://www.businessinsider.in/policy/economy/article/a-corporate-lawyer-explains-why-indias-power-companies-cant-get-lower-tax-rate/articleshow/75442365.cms" data-type="tilCustomLink" target="_blank">Lawyers explain why India's power producers can't avail the lower tax rate</a> <a href="https://www.businessinsider.in/stock-market/news/hero-moto-to-tech-mahindra-to-wipro-indias-top-ten-cheapest-stocks-investors-can-buy-now/articleshow/75007066.cms" data-type="tilCustomLink" target="_blank">From Hero Moto to Tech Mahindra to Wipro ⁠— ten of India’s cheapest stocks that you could buy for bargain now</a>

India's blue-chip indices see a dizzying rally this week⁠— these are the top ten gainers and what pumped them up

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Friday raised the issue of deadly <keyword id="9415025" type="UNKNOWN" weightage="20" keywordseo="Galwan-Valley-clash">Galwan Valley clash</keyword> between India and China troops, scrapping of Jammu and Kashmir state's special status, and even the <keyword id="4650805" type="PERSON" weightage="20" keywordseo="pulwama-Attack">Pulwama attack</keyword> in order to woo Bihar voters ahead of the Assembly elections. Addressing his first-ever rally in Sasaram's Biada Maidan ahead of the elections, Modi said: "The sons of Bihar lost their lives in the Galwan Valley for the sake of the Tricolour and ensured that Mother India's head is held high. Bihar's jawans were also martyred in the Pulwama attack (in February 2019). I bow my head at their feet and pay my respects." Many Bihar Regiment jawans had bravely fought and laid down their lives in Galwan Valley in eastern Ladakh on June 15. He then referred to Congress leaders' recent statement that it will bring back <keyword id="405091" type="PERSON" weightage="20" keywordseo="Article-370">Article 370</keyword> in erstwhile state of Jammu and Kashmir, which his government had scrapped on August 5 last year. "After saying this, they dare to seek votes from Bihar. Is it not an insult of Bihar? The state that sends its sons and daughters to the borders in order to protect the country." Earlier, Modi began his speech by paying respects to two Bihar leaders who recently passed away -- Ram Vilas Paswan and RJD's Raghuvansh Prasad Singh. The latter had resigned from the party before his death. Taking a potshot at the Rashtriya Janata Dal without naming them, he said that those who once ruled Bihar are now again looking at the "developing state with their greedy eyes". But Bihar, he added, would not forget who pushed them back. He brought up the issue of Bihar's worsening law and order and corruption in the past, in a seeming reference to Lalu Prasad's rule and the fodder scam. Asserting that Bihar was well on its way to development, he said that the era of 'lantern', the electoral symbol of the RJD, was over. He also pointed to the opposition to the three central agricultural laws and alleged that the same stemmed from efforts to "protect the middlemen" just like the opposition "was speaking their language" during the Rafale controversy. Attacking the RJD and the Congress, he said that as the Gujarat Chief Minister, he witnessed how the Centre then "wasted" 10 years of Bihar after their defeat. He added that to make India self-reliant, Bihar needs to vote for the National Democratic Alliance. Modi praised the steps taken by the Bihar government to contain the spread of the coronavirus pandemic in the state. Chief Minister Nitish Kumar, also present on the occasion, was full of praise for Modi's "leadership". Kumar said that if his government returned to power in Bihar, it would focus on the availability of irrigation facilities and benefits of latest technology in every village. Multiple stages are set up during Bihar's electoral rallies by the NDA to ensure physical distancing, with efforts to arrange chairs on the podiums at a distance for the crowd. Those who thronged the rally maintained social distance norms and wore masks. The Prime Minister's first rally in this Bihar poll season witnessed an enthusiastic crowd that cheered continuously. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/isro-finds-that-mars-is-losing-its-atmosphere-faster-than-earth-and-planet-encircling-dust-storms-are-speeding-up-the-process/articleshow/78824049.cms">ISRO finds that Mars is losing its atmosphere faster than Earth, and planet-encircling dust storms are speeding up the process</a> <a href="https://www.businessinsider.in/india/news/trump-calls-india-china-and-russia-filthy-while-justifying-exit-from-paris-agreement/articleshow/78821267.cms">Trump calls India, China and Russia ‘filthy’ while justifying exit from Paris Agreement</a> <a href="https://www.businessinsider.in/business/startups/news/paytm-uses-jeff-bezos-secret-for-success-building-two-pizza-teams/articleshow/78810520.cms">EXCLUSIVE: Paytm uses Jeff Bezos' secret for success — building 'two pizza' teams</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-may-show-signs-of-recovery-in-the-second-quarter-much-depends-on-5g-and-bpo-business-outlook/articleshow/78807765.cms">Tech Mahindra may show signs of recovery in the second quarter — much depends on 5G and BPO business outlook</a>

Modi raises Galwan Valley clash, Article 370 and Pulwama attack in first Bihar rally

<ul><li>Sundar Pichai, the CEO of tech giant, just passed up cashing in his stock award for this financial year a person familiar with the matter told Bloomberg.</li><li>By the time Alphabet, Google's parent company, revises Pichai's salary later this year -- his <keyword id="81701" type="PERSON" weightage="20" keywordseo="stock-options">stock options</keyword> worth $58.1 billion will no longer be unvested.</li><li>The decision has sparked rumours around Pichai's departure from Google. </li></ul>Sundar Pichai, the CEO of tech giant Google, has uncharacteristically refused the stock award given by the company in 2018. The man running one of the largest tech companies in the world hasn’t received an equity award in more than two years, according to <a href="https://www.bloomberg.com/news/articles/2019-05-29/google-ceo-turned-down-a-big-stock-award-after-lavish-payouts">Bloomberg</a>. He is following the footsteps of other American CEOs like Jeff Weiner of LinkedIn, and Plum Creek Timber Co.'s CEO, Rick Holley, <a href="https://www.businessinsider.in/CEO-Gives-Back-2-Million-Bonus-Because-He-Does-Not-Believe-That-He-Should-Receive-Such-An-Award/articleshow/45568611.cms">who gave up stock awards</a> of up to $2 million. This latest act might bring back some of Pichai’s lost glory. He went from being the world’s ‘most reputable CEO’ in 2018 to vanishing from the list’s top 10 this year. Here’s why it’s a big deal The last stock award Pichai collected was back in 2016. Since then, his annual salary has been $650,000 along with perks like personal security. His portfolio currently has 51,249 unvested Google shares worth $58.1 million (₹4 billion). Not accepting any more new grants of restricted stock keeps that value from increasing. Bloomberg’s speculated that this could mean that the <keyword id="430203" type="POSITION" weightage="20" keywordseo="Google-CEO">Google CEO</keyword> might be heading towards retirement after an expert shared, “Clearly there's very little retentive effect left for Pichai”. Unvested stock is that which is yet to be invested in the market, which is when they turn liquid. It is common for top executives of companies to be paid in stocks, as they would be literally and figuratively invested in the success of the company. As the executive enhances the value of the company, their own coffers will build too. Indian CEOs aren’t shy In India however CEOs are not shy of taking home hefty packages. Last financial year, CP Gurnani — the MD and CEO of Tech Mahindra — <a href="https://www.businesstoday.in/magazine/cover-story/ceos-indias-highest-paid-ceos-head-honchos-c-p-gurnani-a-m--naik-aditya-puri-ceo-salaries/story/279485.html">took home</a> ₹1.5 billion but ₹1.47 billion came exclusively from cashing in his stock options. Anil Naik, Larsen and Toubro’s non-executive chairman <a href="https://www.timesnownews.com/business-economy/companies/article/this-is-how-much-lts-retired-chairman-anil-m-naik-earned-from-unused-leaves/355978">took home millions</a> just by cashing in all of his unused sick leaves worth ₹210 million, in 2018. There have been cases where incarcerated CEOs like Chanda Kocchar of ICICI who is embroiled in giving away illegal loans to Videocon. She has been asked by the board of directors to give back bonuses that she accrued during her tenure, the exact amount of which has not been disclosed. According to <a href="http://www.newindianexpress.com/business/2019/may/10/chanda-kochhar-yet-to-return-bonuses-to-icici-bank-1974873.html">latest reports</a>, she is yet to pay the amount back. (The story was updated to clarify that Pichai said 'NO' to the stock award in 2018 and $58.1 million is only the value of the vested shares, not the stock award.)

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