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<ul><li><keyword id="753025" type="COMPANY" weightage="20" keywordseo="Dixon-Technologies">Dixon Technologies</keyword> has risen as much as 191% in the last 1 year and nearly 100% since coronavirus induced lockdown.</li><li>The company makes popular electronic products like Television, Setup box, washing machine for the brand owners like Samsung, Toshiba, Nokia, LG, Reliance Jio and many more to name a few.</li><li>The consumer electronics segment, which contributes around 45% of the company’s revenue saw a growth of 22% in the Q4.</li></ul>The stocks of the electronic manufacturer, Dixon Technologies has doubled investor wealth since March 23, when its peers were experiencing the lockdown setback. The stock has risen as much as 191% in the last 1 year and nearly 100% since coronavirus induced lockdown. It's showing no signs of stalling yet. In a report dated July 2, analysts at Axis Securities expected the stock to hit ₹6172 in the next one year. It's already surpassed that. <div type="image" title="Dixon share" msid="77011274" hostid="261"></div> The rapid growth is backed by orders from recently added clients Reliance Jio and <keyword id="51758" type="COMPANY" weightage="20" keywordseo="Dish-TV">Dish TV</keyword>, according to Axis Securities. The company makes popular electronic products like television, setup box, washing machine for the brand owners like Samsung, Toshiba, Nokia, LG, Reliance Jio and many more to name a few. In the lighting segment, Dixon has got Havells and HPL, together with other the major brands in its kitty. India-China tensions boosted its production On the back of the India China standoff, the company saw a growing demand for ‘made in India’ products. Earlier, Samsung decided to expand its partnership with Dixon Technologies and led to further gains for the company. The company said it will bring down the number of TVs imported from its plants in other countries and manufacture almost 85-90% of the televisions locally to sell in India. <div type="image" title="Dixon (2)" msid="77011292" hostid="261"></div> The consumer electronics segment, which contributes around 45% of the company’s revenue saw a growth of 22% in the Q4. While other businesses like lightning products, mobile phones, and security systems saw revenue decline during the quarter. Dixon Technologies’s MD Atul Lall told <keyword id="3320064" type="PERSON" weightage="20" keywordseo="BloombergQuint">BloombergQuint</keyword> that “India will emerge as an electronic manufacturing hub, servicing not only in the domestic market but also in certain categories globally.” He added that the consumer durables industry was likely to witness a lot of pent-up demand, due to the virus-induced lockdown, especially for brands with an online presence.” Strong customers addition helped in tough times Dixon has regularly been acquiring new clients during the crisis. Fueled by PM Modi’s ‘Atma Nirbhar Bharat’ many companies are now looking to manufacture products in India, few of the new clients include Voltas Beko and Reliance Digital’s private label brands such as Kelvinator. “A key advantage for Dixon is its diversification across customers, products and product fungibility, which makes manufacturing flexible. When it is not making security systems, it can use that line to make set-top boxes or medical kits. Similarly, its largest OEM in TVs has a strong online sales model, which has helped inventory even during the lockdown,” said a <keyword id="184717" type="COMPANY" weightage="20" keywordseo="Dolat-Capital">Dolat Capital</keyword> report dated June 11. Production-linked incentive scheme for Dixon Dixon is expected to be largely benefitted by the government’s production-linked incentive scheme for mobile manufacturing. The scheme offers incentives to boost domestic manufacturing of mobiles. As per government norms sub $200 phones, which is 70% of the Indian market, can only be done by domestic companies, and this puts Dixon in a sweet spot. The company’s fourth-quarterly earnings have also beaten estimates and delivered a good financial performance. The net profit jumped 66.84% to ₹27.6 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/softbank-backed-oyo-in-japan-is-merging-its-hotel-and-rental-apartment-business-to-cut-costs/articleshow/77010674.cms" data-type="tilCustomLink">In SoftBank’s backyard, OYO is merging its hotel and rental apartment business to cut costs</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-technologies-to-be-hit-worse-than-tcs-infosys-and-wipro-q1fy21-result-tomorrow/articleshow/76997459.cms" data-type="tilCustomLink">Here’s what to expect from HCL Tech earnings</a>

Jio set-top box maker Dixon Tech shares have doubled in less than 4 months⁠— and there may be more

<ul><li>Shares of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> (India) were locked in a 5% upper circuit at ₹90.30 on Friday on news that the airline is in talks with Boeing Co and Airbus SE for an order worth $12 billion.</li><li>The airline, which has been grounded since 2019, is expected to resume its operations in the first quarter of FY23.</li><li>The new owners Jalan-Kalrock consortium's resolution plan for Jet was approved by a bankruptcy court in June.</li></ul>Shares of Jet Airways (India) are in the spotlight as the stock is locked in a 5% upper circuit at ₹90.30, on December 3, on news that the airline is in talks with aircraft manufacturers Boeing Co and Airbus SE for an order worth $12 billion. BloombergQuint reported that new owners -- Murari Lal Jalan and Kalrock -- said it could buy at least 100 narrow-body aircraft. The group is set to invest about $200 million through equity and debt in Jet over the next six months, said the media firm in a tweet. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> The airline has been through a lot of turbulence in the last couple of years and is now in the news for resuming its operations by adding new aircraft. Jet Airways went to bankruptcy court after being grounded in April 2019. Later in June 2021 new owners -- UK-based Kalrock Capital Partners and UAE-based businessman Murari Lal Jalan -- took over the defunct airline. Now the airline is expected to resume its domestic flights in the first quarter of the next financial year that starts from April 1, 2022. <div type="image" title="jet air" height="900" width="1200" msid="88067635" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/poor-demand-for-star-healths-ipo-forces-investment-bankers-to-cut-down-on-promoter-offerings/articleshow/88065207.cms">Poor demand for Star Health’s IPO forces investment bankers to cut down on promoter offerings; GMP at ₹10 discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector</a>

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

There are two things for certain that Indians are talking about this week – <keyword id="107991" type="General" weightage="20" keywordseo="petrol-prices" source="Orion">petrol prices</keyword>, and of course, the sweltering <keyword id="6359239" type="General" weightage="20" keywordseo="heat" source="Orion">heat</keyword>. <div type="image" title="If you say so, Chris!" msid="90575450" hostid="261" caption="&amp;lt;p&amp;gt;If you say so, Chris!&amp;lt;span class=&amp;quot;redactor-invisible-space&amp;quot;&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> After 9 out of 10 days of fuel price hike, there are high chances that people might be talking about the price rise of fuel more than the scorching sun. While social media is flooded with memes of consumers wrecked by the soaring <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword>, one of the major challenges for the government is to justify the petrol price hike, which is a global phenomenon. <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">Crude oil prices</keyword> internationally have been skyrocketing for several reasons that seem to be beyond the control of any country’s government. <div type="image" title="Fuel prices are making Indians sweat more this summer" msid="90575509" hostid="261" caption="&amp;lt;p&amp;gt;Fuel prices are making Indians sweat more this summer&amp;lt;/p&amp;gt;"></div> Even the market can feel the impact of rising crude oil prices. The Stocktwits’ Stock Room Sunday episode discusses this in detail. <div type="image" title="Impact of crude oil on stock markets" msid="90575763" hostid="261" caption="&amp;lt;p&amp;gt;Impact of crude oil on stock markets&amp;lt;/p&amp;gt;"></div> So, how are petrol prices determined exactly? Until 2010, the prices of petrol were determined by the Indian government and were revised every fortnight. After debating it for years, the government finally deregulated petrol and <keyword id="6397171" type="General" weightage="20" keywordseo="diesel-prices" source="Orion">diesel prices</keyword>, in 2010 and 2014, respectively. Since 2017, petrol and diesel prices have been revised on a daily basis by the public sector oil marketing companies – <keyword id="6354412" type="General" weightage="50" keywordseo="indian-oil" source="Orion">Indian Oil</keyword>, Bharat Petroleum and Hindustan Petroleum. They determine the prices based on international crude oil prices, foreign exchange rates, tax structure, freight and other cost elements. <div type="image" title="How fuel prices are determined" msid="90575555" hostid="261" caption="&amp;lt;p&amp;gt;How fuel prices are determined&amp;lt;/p&amp;gt;"></div> <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> depends heavily on crude oil imports, with some estimates pegging the number at over 80% of the country’s total oil needs. The oil marketing companies use the Brent Crude as the benchmark to determine prices. The international benchmark crude prices also depend on the whims and fancies of oil producing nations as to what they do to curb the price rise. Under pressure domestically, US President Joe Biden’s administration is now reportedly thinking about releasing its strategic reserves of 1 million barrels per day in a bid to control crude prices. More supply leads to lower prices. <div type="image" title="India&amp;#39;s oil imports" msid="90575590" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s oil imports&amp;lt;/p&amp;gt;"></div> India is one of the biggest importers of crude oil after the US and China. And of late, India has been importing crude from <keyword id="6358826" type="General" weightage="80" keywordseo="russia" source="Orion">Russia</keyword>, a country which is currently at war with Ukraine, and hit with sanctions from US and its allies. According to a BBC report, <a href="https://www.bbc.com/news/world-asia-india-60783874#:~:text=After%20the%20US%20and%20China,2%25%20of%20its%20total%20imports.">India bought around 12 million barrels of crude per day from Russia in 2021</a>. Russia, which has had to bear the brunt of international sanctions following its Ukraine invasion, has reportedly offered huge discounts to India for buying its crude oil. According to a BloombergQuint report, <a href="https://twitter.com/bloombergquint/status/1509378490843369473?s=20&amp;t=T9sdA14FH9EEDJq7FaEN5g">Russia has offered crude oil to India at a discount of $35 per barrel on pre-war</a> prices. This action has also invited a lot of flak on India’s stance in the ongoing Russia-Ukraine war, even though it imports only a miniscule amount of its total oil needs from Russia at the moment. In the upper house of the parliament, India’s minister for petroleum and natural gas clarified that oil imports from Russia in the financial year 2020-2021 was not even 0.2% of total import of 175.9 million tonnes. It has not been an easy task for India to trade with Russia since the war broke out as Russian banks and transaction systems have also been subject to sanctions. The Indian government is even considering trading in local currency – Indian Rupee – till the time the sanctions on Russia have been lifted. There is another nation apart from India that may take advantage of the cheap Russian crude. As analysts believe, China could tap the discounted Russian crude market and purchase more oil from Russia. Being the third largest oil importing nation, a fall in global oil prices will surely benefit India. And currently, there are two things Indians are eagerly waiting for – rains for respite from the rising temperatures and stability in petrol prices. Here's a short video on how fuel prices are calculated in India. <div type="image" title="How fuel prices are determined in India" msid="90581321" hostid="261"></div> Before we let you go, do check out Business Insider India’s personal finance series Money Insider, which brings together the country’s leading ‘Fin-fluencers’ who are heralding a new beginning in the world of financial literacy <div type="image" title="BI India launches Money Insider" msid="90575972" hostid="261" caption="&amp;lt;p&amp;gt;BI India launches Money Insider&amp;lt;/p&amp;gt;"></div>

Simply Put: Will petrol prices in India stabilise anytime soon?

<ul><li><keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword>’ share price continued its upward rally, hitting a 52-week high as analysts gave it a thumbs up.</li><li>Adani Ports is India’s largest private multi-port operator and is a part of the Adani Group.</li><li>Adani Ports acquired <keyword id="487749" type="COMPANY" weightage="20" keywordseo="Krishnapatnam-port">Krishnapatnam Port</keyword> (<keyword id="117191" type="ORGANIZATION" weightage="20" keywordseo="KPCL">KPCL</keyword>) in October at an enterprise value of ₹12,000 crore.</li><li>Analysts expect a yield of up to three times from the KPCL asset.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Shares of Adani Ports and Special Economic Zone hit a 52-week high as the largest private multi-port operator received a thumbs up from analysts. The <keyword id="6503313" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-share-price">Adani Ports share price</keyword> was up nearly 4% around 1 pm on December 7, continuing the stock’s upward rally over the last one month. Brokerages are bullish on the <keyword id="10323820" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-stock">Adani Ports stock</keyword>, expecting a faster-than-expected turnaround in the Krishnapatnam Port (KPCL) acquisition. <div type="image" title="Adani Ports share price" msid="79605225" hostid="261" caption="&amp;lt;p&amp;gt;Adani Ports share price&amp;lt;/p&amp;gt;"></div> Adani Ports had completed the acquisition of Krishnapatnam Port at an enterprise value of ₹12,000 crore in October this year. Adani Ports has improved the margins from 58.1% last year to 68.1% this year. This was achieved thanks to price hikes and improved operational efficiencies, as noted by the company in a recent analyst meet. <div type="Article" hostid="261" msid="78489124" title="Adani Ports completes ₹12,000 crore acquisition of Krishnapatnam Port Company" mstype="2" mssubtype="0"></div> The Krishnapatnam boost Analysts at Kotak Institutional Equities expect a yield of 3 times of the invested value from the KPCL asset. The report further states ‘unbridled growth prospects’ lie ahead for Adani Ports from this investment. “Adani Ports has turned around its Krishnapatnam acquisition significantly ahead of our previous estimates, leading to an earnings upgrade,” Nomura India analyst Priyankar Biswas said in a note, according to a BloombergQuint <a href="https://www.bloombergquint.com/markets/this-caused-adani-ports-stock-to-hit-a-record-high">report</a>. The note issued by Jefferies observes that Krishnapatnam Port’s margins rose to 68% in the first six months of the financial year 2020-21. “Adani Ports showcased the management focus to improve Krishnapatnam Port’s (KPTL) margins from the current 68 percent to 80 percent by FY25E. KPCL is a value-accretive acquisition with 26 percent equity IRR even on our conservative 73 percent FY25E margin estimate,” Jefferies said, according to a CNBCTV18 <a href="https://www.cnbctv18.com/market/stocks/adani-ports-hits-52-week-high-on-bullish-brokerage-calls-7661051.htm">report</a>. Brokerages raise target price In a recently held analyst meet, Adani Ports stated that it has undertaken various measures to improve operational efficiencies, and re-negotiated tariffs with key customers, according to a Times Now <a href="https://www.timesnownews.com/videos/et-now/markets/adani-ports-krishnapatnam-port-turnaround-faster-than-estimates/82981">report</a>. As a result, various brokerages have revised their target prices upward, with an upswing of up to 15% to the Adani Ports share price. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Upside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹540 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹530 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹525 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹495 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr></tbody></table> Source: Brokerages, MoneyControl Note: Upswing calculated based on share price as at 1 pm, December 7, 2020. SEE ALSO: <a href="https://www.businessinsider.in/business/news/adani-ports-completes-12000-crore-acquisition-of-krishnapatnam-port-company/articleshow/78489124.cms">Adani Ports completes ₹12,000 crore acquisition of Krishnapatnam Port Company</a> <a href="https://www.businessinsider.in/business/news/adani-ports-lands-900-crore-through-non-convertible-debentures/articleshow/78058955.cms">Adani Ports lands ₹900 crore through non-convertible debentures</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-10-billion-ipo-will-double-walmart-investment-within-3-years/articleshow/79601513.cms">Flipkart’s reported $10 billion IPO plan will mean Walmart’s investment in the Indian e-commerce giant will double within 3 years</a>

Adani Ports is making 68% margin from one of its ports – the stock has doubled since lockdown

<ul><li>Automakers in India reportedly witnessed the lowest festive season sales due to higher fuel prices and low consumer demand. </li><li>India’s auto industry reportedly saw a 20% year-on-year decline in overall demand during October and November. </li><li>Car and two-wheeler makers also had to raise prices because the falling rupee increased the price of the imported raw material. </li></ul>All hopes of India’s auto industry to witness a surge in the festive season in November crashed when weak buyer sentiment and rising fuel prices led to the worst festive sales in last five years, BloombergQuint <a href="https://www.bloombergquint.com/business/auto-makers-stare-at-worst-festive-sales-in-five-years#gs.CcPXsk0">reported</a>. The entire auto industry suffered weak sales on the back of 20% year-on-year decline in the overall demand between October and November, said the report, citing Saharsh Damani, Chief Executive Officer of Federation of Automobile Dealers Association. Even though the enquiries for two-wheelers and passenger cars by potential customers were high, they didn’t transform into sales, according to the report. Car and two-wheeler makers also had to raise prices because the falling rupee increased the customs duty imposed on auto raw materials. The Indian currency <a href="https://www.deccanherald.com/national/rbi-lets-oil-firms-raise-cheap-696083.html">shed</a> 15% this year by<a href="https://www.businesstoday.in/current/economy-politics/rupee-recovery-to-unwind-currency-seen-falling-year-end-ing-bank/story/286114.html"> sliding </a> to an all-time low of 74.48 against the US dollar in October. As a result, the industry saw a pile up in inventory, from a ‘healthy inventory level’ of 21 days to 45-50 days. SEE ALSO : <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a> <a href="https://www.businessinsider.in/india-may-have-a-tough-time-meeting-its-solar-energy-capacity-targets-as-developers-steer-clear-of-government-auctions/articleshow/66690129.cms">India may have a tough time meeting its solar energy capacity targets as developers steer clear of government auctions</a> <a href="https://www.businessinsider.in/india-secures-japans-help-in-saving-the-rupee-by-signing-its-largest-currency-swap-agreement-with-the-country-ever/articleshow/66427088.cms">India secures Japan’s help in saving the rupee by signing its largest currency swap agreement with the country ever</a>

Why Indian automakers saw the worst festive season sales in November

(Photo Credits: maxpixel.net) <ul><li>According to a report by <keyword id="6386585" type="UNKNOWN" weightage="20" keywordseo="Barclays">Barclays</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> dominates Indian retail market with gross sales of $7.5 billion compared to that of <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, which recorded gross sales of $6.2 billion for FY18 excluding its subsidiaries – Myntra and Jabong. </li><li>However, industry experts point out that the two e-retailers can not be compared due to different parameters they use to evaluate growth. </li><li>In terms of revenues, Flipkart recorded a revenue of $3.8 billion, which was $600 million more than that of Amazon’s $3.2 billion.</li></ul>Online retailers Amazon and Flipkart have been competing neck and neck in India, but the jury is still out on who dominates the Indian market. That is because the online retailers usually rely on different parameters to evaluate their growth — gross merchandise value, and revenue. The two were recently evaluated on their gross sales they made for their most recent financial year. <a href="https://timesofindia.indiatimes.com/business/india-business/amazon-india-beats-flipkart-in-gross-sales-says-barclays/articleshow/66836692.cms">According to a estimates </a>by Barclays, Amazon surpassed Flipkart’s gross sales at $7.5 billion compared to latter’s $6.2 billion, Times of India <a href="https://timesofindia.indiatimes.com/business/india-business/amazon-india-beats-flipkart-in-gross-sales-says-barclays/articleshow/66836692.cms">reported</a> citing Barclays. The number, however, excludes gross sales of Flipkart’s subsidiaries – Myntra and Jabong, estimated to be around $2 billion, according to Times of India. However, in terms of revenues, Flipkart recorded a revenue of $3.8 billion, which was $600 million more than that of Amazon’s $3.2 billion. The overall growth rate of Amazon over the previous year saw an increase of about 82%, while Flipkart recorded a growth of 47%, in terms of revenue, according to BloombergQuint. For the current financial year, ending in March 2019, Amazon’s gross sales is<a href="https://www.bloombergquint.com/technology/amazon-beats-flipkart-to-become-indias-largest-online-retailer-by-gross-sales"> predicted</a> to increase to $11.2 billion, which is 30% more than that estimated for Flipkart — $8.7 billion, said the Barclays report. According to an analysis by LiveMint, while the Barclays report evaluated Amazon Pay, it did not include Flipkart’s payment company PhonePe. Flipkart has recently claimed that it is nearly double the size of Amazon. That estimate is based on numbers that show increasing revenues and market share in the past two years. Wal-mart acquired Flipkart earlier this year for $16 billion. With the backing of the US retail giant, it’s likely it will be a close race between the two.

Has Amazon overtaken Flipkart? New numbers reopen the debate

From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels

<ul><li>Indian two-wheeler major TVS Motor announced the acquisition of Norton Motorcycles via a Singapore-based subsidiary at the height of the ongoing novel coronavirus crisis worldwide. </li><li>The deal may remind one of the $2.3 billion acquisition of the then cash-strapped Jaguar Land Rover by Tata Group in June 2008, a few months before the global financial crisis exploded with the crash of Lehman Brothers. </li><li>Both Tata Motors (in 2008) and TVS Motor (now), saw their respective deals as a marker for their prominence in the global arena. </li><li>Pride, price, and potential may have driven TVS Joint Managing Director Sudarshan Venu to pick up Norton. However, investors will hope that he has considered the context and chronicles.</li></ul>One is known for its cars and trucks, the other is known for its two-wheelers and autorickshaws but both TVS Motor and the Tata Group seem to like a good deal in the UK even if it is in times of a crisis. Indian two-wheeler major TVS Motor announced <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/43211357-97f8-4319-a40e-00ec88bf46a9.pdf" data-type="tilCustomLink" target="_blank">the acquisition of Norton Motorcycles</a> via a Singapore-based subsidiary at the height of the ongoing novel coronavirus crisis worldwide. The deal may remind one of the $2.3 billion acquisition of the then cash-strapped <a href="https://www.tatamotors.com/press/tata-motors-completes-acquisition-of-jaguar-land-rover/" data-type="tilCustomLink" target="_blank">Jaguar Land Rover (JLR) by Tata Group in June 2008</a>, a few months before the global financial crisis exploded with the crash of Lehman Brothers. <div type="image" title="TVS Motor share price." msid="75218088" hostid="261" caption="&amp;lt;p&amp;gt;TVS Motor share price chart.&amp;lt;/p&amp;gt;"></div> Both Tata Motors (in 2008) and TVS Motor (now), saw their respective deals as a marker for their prominence in the global arena. "This will be one of the most interesting acquisitions of a storied motorcycle maker in recent times and will reflect TVS Motor Company’s and India’s rapidly rising prominence in the international two-wheeler market," a company statement said on April 17, 2020. <div type="image" title="Bengaluru: TVS Motor Company Chairman Venu Srinivasan speaks during the launch o..." msid="75217804" hostid="261" caption="&amp;lt;p&amp;gt;TVS Motor Company Chairman Venu Srinivasan speaks during the launch of the TVS iQube electric scooter, in Bengaluru.Photo/Shailendra Bhojak) (&amp;lt;/p&amp;gt;"></div> Norton Motorcycles was born in 1898, <a href="http://nortonmotorcycles.com/company/history/" data-type="tilCustomLink" target="_blank">founded by James Lansdowne Norton</a>, in Birmingham and is among the most popular British motorcycle brands of all time with a product mix ranging from classic models to an eclectic range of luxury motorcycles including super-bikes. <div type="image" title="Norton_Dominator_650SS" msid="75217860" hostid="261" caption="&amp;lt;p&amp;gt;Norton_Dominator_650SS 1968. Source: Wikimedia Commons&amp;lt;/p&amp;gt;"></div> Pride, price, and potential may have driven TVS Joint Managing Director Sudarshan Venu to pick up Norton. However, investors will hope that he has considered the context and chronicles. <div type="image" title="venu" msid="75217892" hostid="261" caption="&amp;lt;p&amp;gt;Sudarshan Venu Joint Managing Director TVS Motor Company at the launch of TVS Apache RR 310 in Chennai. 2017, Credits: BCCL&amp;lt;/p&amp;gt;"></div> <table style="width: 607pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:89pt">Parallels</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 247pt;">Tata Motors' acquisition of JLR</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 271pt;">TVS Motos' acquisition of Norton </td> </tr> <tr> <td class="xl67" style="height: 45.75pt; border-top-width: initial; border-top-style: none; width: 89pt;">Product and factories</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 247pt;">Both “Jaguar” and “Land Rover” were still “great brands with advanced manufacturing units unlike Tata Motors</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 271pt;">Norton is still an iconic brand and is known for premium motorcycles.</td> </tr> <tr> <td class="xl67" style="height: 30pt; border-top-width: initial; border-top-style: none; width: 89pt;">Timing</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">The acquisition came just before the global financial crisis exploded</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 271pt;">The deal was struck at the height of the coronavirus pandemic</td> </tr> <tr> <td class="xl67" style="height: 30pt; border-top-width: initial; border-top-style: none; width: 89pt;">Post-deal scenario</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 247pt;">Sales plunged in the wake of the 2008 crisis and JLR turned profitable only in 2010-11</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 271pt;">Sales are likely to be slow even in the post-Covid world and the rest is too soon to predict</td> </tr> <tr> <td class="xl67" style="height: 45pt; border-top-width: initial; border-top-style: none; width: 89pt;">Health of the acquirer</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 247pt;">Tata Motors was profitable at the time and had a healthy balance sheet but the company ended posting a loss right after acquisition. JLR's metal mostly came from Corus which was also owned by Tatas.</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 271pt;">TVS Motor has a weaker balance sheet compared to its peers right now with an estimated debt of ₹1800 crore, according to Kotak Institutional Equities and a market cap of ₹14,000 crore.</td> </tr></tbody></table>TVS has promised to help Norton "regain its full glory", just like the Tata group turned around JLR and ran it profitable for about six straight years before the markets turned for the worse. <div type="image" title="BI152" msid="75217951" hostid="261"></div><div type="Article" hostid="261" msid="73044706" title="Jaguar Land Rover is staring at a sales ‘hattrick’ it didn’t want" mstype="2" mssubtype="0"></div> Since 2010, when JLR turned profitable for the first time since its acquisition, Tata Motors has invested about £25 billion in the company generating a profit of £7.9 billion, and free cash flow of £1.3 billion, according to research by BloombergQuint in February 2020. JLR has been struggling for about two years now and <a href="https://www.businessinsider.in/business/news/coronavirus-sp-downgrades-tata-motors-ratings-outlook-stable/articleshow/74958763.cms" data-type="tilCustomLink" target="_blank">the future doesn't look very exciting either</a>. <div type="image" title="Mumbai: Rohit Suri, President and Managing Director, Jaguar Land Rover India Ltd..." msid="75217869" hostid="261" caption="&amp;lt;p&amp;gt;Rohit Suri, President and Managing Director, Jaguar Land Rover India Ltd (JLRIL) during the launch of new Land Rover Discovery Sport at Mumbai Port Trust.Photo)(&amp;lt;/p&amp;gt;"></div> It is not necessary that the future of JLR and Norton be similar. However, aside from the quirks specific to the company and the product it sells, there are a couple of broader, contextual factors that are common for both British brands, and they impact the prospects of their owners, Tata Motors and TVS Motor respectively. The uncertainty of a post-Covid world has dwarfed the debilitating risks of Brexit, which was a significant threat by itself, is common for both the Tata Group and the Venu family. TVS has its own issues to deal with too. "We have cut our earnings estimates by 16-35% for FY2020-22.. and cut our fair value to Rs240 (from Rs350 earlier)," a Kotak Institutional Equities report said in April 2020 projecting a fall in sales in India due to the Covid-19 outbreak and sharp rise in costs due to the roll out for more stringent emission norms called BS-VI. Kotak set the target price for the stock at Rs 240 compared to Friday's closing of about Rs 300. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hindustan-ambassador-has-been-redesigned-into-a-swanky-electric-car-by-dilip-chhabria-dc2design/articleshow/74966143.cms" data-type="tilCustomLink" target="_blank">Good ol’ ambassador has been redesigned into a swanky electric car</a> <a href="https://www.businessinsider.in/business/news/strongly-support-measures-announced-by-rbi-to-revive-economy-tvs-motor/articleshow/75199047.cms" data-type="tilCustomLink" target="_blank">Strongly support measures announced by RBI to revive economy: TVS Motor</a> <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 Moto share price is near a six-year low because of its Indian, middle class obsession</a>

TVS Motor and the Tata⁠ Group have something in common— the lure of struggling British icons

(Image source- Reuters) <ul><li>The Indian Cabinet has approved the sale of a 52.63% stake in infrastructure financier <keyword id="112060" type="CITY" weightage="20" keywordseo="Rural-Electrification-Corp">Rural Electrification Corp</keyword> (REC) to another state-run power lender, <keyword id="77463" type="COMPANY" weightage="20" keywordseo="Power-Finance-Corporation">Power Finance Corporation</keyword> (PFC). </li><li>The deal will also see the transfer of management control to PFC, which is India’s largest lender to the power sector, and create a power financing behemoth. </li><li>The major impetus behind the deal is to help the Indian government meet its <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> target of ₹800 billion for the year and the <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword> target of 3.3% of GDP. It is expected to raise around ₹140 billion from the sale.</li></ul> In a bid to meet its disinvestment targets for the year, the Cabinet of the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> government has <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1554933">approved</a> the sale of a 52.63% stake in infrastructure financier Rural Electrification Corp (REC) to another state-run power lender, Power Finance Corporation (PFC). Once the transaction is completed, the government will retain a 6% stake in REC. The deal will also see the transfer of management control to PFC, which is India’s largest lender to the power sector, creating a power financing behemoth. Under the proposed terms of the deal, REC will become a subsidiary of PFC and retain its separate identity. The two government-owned financiers operate in the same space at the moment, which is why the idea of a <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> came about. REC largely focuses on providing financial support to companies engaged with power generation and transmission while PFC is primarily a non-banking financial company in the power infrastructure sector. The decision marks a reversal from an earlier proposal for REC to buy out PFC. That proposal was struck down because it was determined that it would be easier for PFC to raise the funds to finance the deal since it was larger. While the supposed objective of the sale is to help REC and PFC capitalise on synergies, raise funds with greater ease and provide cheaper financing to the sector, the main aim of the Indian government is to meet its disinvestment target of ₹800 billion for the year and fiscal deficit target of 3.3% of GDP. To date, it’s only raised <a href="https://www.livemint.com/Politics/sgsUZRUC78eXn6dVXYzk8M/Cabinet-approves-sale-of-govts-stake-in-REC-to-PFC.html?utm_source=scroll&amp;utm_medium=referral&amp;utm_campaign=scroll">₹327 billion</a> following the botched <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword> sale. The government is expected to raise as much as ₹140 billion from the sale of the majority stake in REC, which will be a much-needed boost to its coffers. However, the deal may come at a greater cost than intended. Power is one of the problem sectors of the Indian economy, as financiers to the sector are weighed down with over <a href="https://www.bloombergquint.com/business/india-banks-said-to-plan-resolving-19-billion-power-sector-debt#gs.9uL3Okw">₹1 trillion </a>in bad loans. Both REC and PFC suffer from shaky balance sheets, so their intended merger could exacerbate the financial strain at the latter. At the end of <a href="https://www.bloombergquint.com/business/cabinet-approves-sale-of-governments-stake-in-rec-to-pfc#gs.ZHw3cuc">September 2018,</a> PFC was saddled with ₹283 billion worth of gross non-performing loans while REC had around ₹204 billion of gross bad loans on its books, according to BloombergQuint. The deal could see PFC’s credit profile deteriorate further as it will have to raise a lot of debt capital to fund the purchase. To prevent this, it will probably have to liquidate some asset holdings. SEE ALSO: <a href="https://www.businessinsider.in/the-indian-government-is-trying-to-make-its-struggling-national-carrier-an-attractive-acquisition-target-by-selling-off-a-profitable-subsidiary/articleshow/66841033.cms">The Indian government is trying to make its struggling national carrier an attractive acquisition target by selling off a profitable subsidiary</a> <a href="https://www.businessinsider.in/indias-government-is-selling-a-minority-stake-in-the-nations-largest-coal-producer-as-it-tries-to-meet-its-disinvestment-targets-for-the-year/articleshow/66444890.cms">India’s government is selling a minority stake in the nation’s largest coal producer as it tries to meet its disinvestment targets for the year</a>

The Indian government is selling a majority stake in Rural Electrification Corp in a deal that will create a power financing giant

<ul><li>The central government has asked the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> to dilute its Prompt Corrective Action (<keyword id="6383105" type="UNKNOWN" weightage="20" keywordseo="pca">PCA</keyword>) framework to increase the flow of credit to small-and-medium-sized enterprises. </li><li>The RBI is reportedly mulling a plan to allow some state-run banks to leave the PCA programme ahead of time if they demonstrate a turnaround in their <keyword id="463915" type="PERSON" weightage="20" keywordseo="non-performing-asset">non-performing asset</keyword> ratios and profitability. </li><li>The <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword> is also expected to relax certain requirements imposed on all banks with regards to secured and unsecured loans to SMEs.</li></ul>The current <a href="https://www.businessinsider.in/the-spat-between-indias-central-bank-and-the-government-gets-more-heated-as-the-finance-minister-blames-it-for-not-doing-enough-to-prevent-the-countrys-bad-loan-problem/articleshow/66442846.cms">clash</a> between India’s central bank and the BJP-ruled government has roiled markets and stoked fears among investors. Thankfully, the two parties may reach a compromise as the board of the Reserve Bank of India (RBI) prepares to sit down on 19 November. In the wake of the recent IL&amp;FS crisis and the drying up of funds at the nation’s non-banking financial companies, the central government has asked the RBI <a href="https://www.businessinsider.in/indias-government-wants-to-dilute-an-important-corrective-programme-for-the-nations-struggling-lenders-and-the-central-bank-is-having-none-of-it/articleshow/66411552.cms">to dilute its Prompt Corrective Action (PCA) framework</a> so as to increase the flow of credit to small-and-medium-sized enterprises (SME). This framework is aimed at putting certain lending and operational restrictions on banks with high rates of non-performing assets. After initially refusing to loosen restrictions under the framework, it appears that the RBI might be open to meeting the central government halfway in this regard. BI is reportedly mulling a plan to allow some state-run banks to leave the PCA programme ahead of time in the event that they demonstrate a turnaround in their non-performing asset ratios and profitability, sources told <a href="https://indianexpress.com/article/india/restrictions-on-banks-rbi-and-govt-work-to-narrow-their-gap-5445145/">the Indian Express</a>. As per the RBI’s current norms, struggling banks are only taken off the watchlist after reporting a net profit for two consecutive years. The central government has not presented its proposal as a dilution, however. It has maintained that is asking the RBI to bring the PCA programme in line with the intervention programmes of global central banks and the international <keyword id="142572" type="PERSON" weightage="20" keywordseo="Basel-III">Basel III</keyword> risk framework. It has also argued that the PCA framework needs to be revised because a restriction on lending, a core operation, prevents a bank from increasing its profits. Around 11 of India’s 21 state-run banks are on the PCA watchlist, which places limits on the extension of loans, branch expansion and issue of dividends. As a result of restrictions on these banks, SMEs have suffered from <a href="https://www.businessinsider.in/indias-small-businesses-are-suffering-from-a-shortage-of-credit-options/articleshow/63683278.cms">a slowdown in financing.</a> In addition, the central government is also pushing for the RBI to reduce the capital-to-risk-weighted assets ratio, a key indicator of financial stability, that it imposes on the nation’s banks from 9% to the 8% prescribed by the Basel III framework. The move could give state-run banks an additional ₹550 billion of funds for lending purposes, Anil Gupta, the head of credit ratings agency ICRA, <a href="https://www.bloombergquint.com/business/government-pushing-to-relax-capital-requirement-norms-for-banks#gs.IM5s1ns">told BloombergQuint</a>. Finally, the RBI is also expected to relax certain requirements imposed on all banks with regards to secured and unsecured loans to SMEs. In line with international standards, India’s central bank could lower the risk weightage, which influences the amount of capital set aside, for SME loans to 75% from a current level of 150%. SME loans are considered more risky than loans to larger companies and hence require higher risk provisioning. While the RBI could accede the government’s requests keeping in view the dire <keyword id="6355375" type="DEFINITION" weightage="20" keywordseo="Liquidity">liquidity</keyword> situation in the short term, it will be wary of precipitating a further build-up in bad loans. The current risk requirements are a preventive measure that were implemented in response to the burgeoning bad loan problem in India’s banking sector. It’s a classic case of the conflict between a short term boost to the economy and long term stability. Given that we’re headed for general elections, it isn’t difficult to ascertain which one will win out. SEE ALSO: <a href="https://www.businessinsider.in/the-spat-between-indias-central-bank-and-the-government-gets-more-heated-as-the-finance-minister-blames-it-for-not-doing-enough-to-prevent-the-countrys-bad-loan-problem/articleshow/66442846.cms">The spat between India’s central bank and the government gets more heated as the finance minister blames the RBI for not doing enough to prevent the country’s bad loan problem</a> <a href="https://www.businessinsider.in/indias-government-wants-to-dilute-an-important-corrective-programme-for-the-nations-struggling-lenders-and-the-central-bank-is-having-none-of-it/articleshow/66411552.cms">India’s government wants to dilute an important corrective programme for the nation’s struggling lenders — and the central bank is having none of it</a> <a href="https://www.businessinsider.in/the-reserve-bank-of-india-is-trying-to-prevent-a-liquidity-crisis-at-banks-by-relaxing-an-important-risk-requirement/articleshow/65978953.cms">The Reserve Bank of India is trying to prevent a liquidity crisis at banks by relaxing an important risk requirement</a>

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