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<ul><li><keyword id="596" type="General" weightage="20" keywordseo="Hyundai" source="Orion">Hyundai</keyword> Motor India received approval from SEBI for its initial public offering (IPO).</li><li>The automaker is expected to raise $3 billion (approx. ₹25,000 crore) through its IPO.</li><li>This will make it the biggest IPO in India, beating the state-owned Life Insurance Corporation of India’s IPO.</li></ul> Hyundai Motor India Limited (HMIL), the Indian arm of the South Korean automaker Hyundai has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The automaker had<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms"> filed papers</a> with SEBI in June 2024 and has finally received approval. The company plans on raising $3 billion (approx. ₹25,000 crore) at a valuation of $20 billion. The company established its first manufacturing plant in India in 1998, followed by a second plant in 2008. In FY24, Hyundai Motor India was the country’s second-largest carmaker after Maruti Suzuki. Hyundai is offering 14.2 crore shares with a face value of ₹10 each, which is around 17.5% stake in the company. While there is no official announcement yet, the IPO is expected to hit the street in October 2024. "The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," the company said in the DRHP. <div type="Article" hostid="261" msid="111519009" title="Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO" mstype="2" mssubtype="0"></div> This will make the <keyword id="20457114" type="General" weightage="100" keywordseo="Hyundai-ipo" source="Orion">Hyundai IPO</keyword> the country’s biggest IPO, beating the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion (approx. ₹21,000 crore) listing in 2022. That is until Reliance Jio’s IPO hits the street. Jio is expected to raise around ₹55,000 crore from the market. Hyundai has become the first car maker to go public in India in over two decades. The last car maker to go public was Maruti Suzuki, which held its IPO in 2003. Apart from this, Tata Motors and Mahindra and Mahindra are listed in the Indian stock market. Over the past year, Hyundai Motor Group has announced new investment plans in India totalling approximately $3.75 billion. The company has already invested around $5 billion in the country. India is the third biggest market for the company, after the US and South Korea. <div type="Article" hostid="261" msid="113016216" title="August auto sales – Maruti Suzuki, Tata Motors and others report a decline in sales" mstype="2" mssubtype="0"></div> Hyundai emerged as the second biggest automaker in August 2024 with nearly 50,000 cars sold during the month. A Reuters report revealed that the company plans on launching its first India-made electric vehicle in the country in 2025. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/krn-heat-exchanger-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113653270.cms">KRN Heat Exchanger IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a> <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a>

Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October

<ul><li>E-commerce companies are expected to clock up to ₹1.2 lakh crore in sales this <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>.</li><li>Mobile, electronics and fashion categories are expected to dominate during the sale.</li><li>The <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> is expected to record a 20% <keyword id="21396882" type="General" weightage="20" keywordseo="year-on-year-growth" source="keywords">year-on-year growth</keyword>.</li></ul>The festive season is here and e-commerce giants Amazon, Flipkart and other companies have started their festive sales. Driven by high pent-up demand and a premiumisation wave in the country, <keyword id="21687870" type="General" weightage="20" keywordseo="E-commerce-sales" source="keywords">e-commerce sales</keyword> are estimated to reach up to ₹1.2 lakh crore in gross merchandise value (GMV). The GMV of ₹1.2 lakh crore will be a 20% year-on-year (YoY) growth for the e-commerce sector, according to a report by Redseer Strategy Consultants. Mobiles, electronics and fashion categories are set to gain momentum while other categories such as beauty and personal care, home and more will see an incremental upside, “taking their festive growth above 25%,” as per the report. According to Kushal Bhatnagar, Associate Partner at Redseer, mobiles and electronics remain key value and growth drivers this festive season, especially as consumers respond to affordability options that make premium products more accessible. “Moreover, sellers and platforms have the potential to unlock the pent-up demand in the category by optimising for pricing and selection,” Bhatnagar added. As brands look to capitalise on the festive demand, many are strategically leveraging e-commerce platforms to cater to the aspirational customers’ needs and reach the relatively less accessible customers in tier 2 cities and beyond. “As a result, they look to partner deeply with the leading platforms to attract customers via lucrative discounts and offers available in the large-scale festive events,” he said. This festive season, brands are looking to push premium stock keeping units (SKUs) at a discounted price, to encourage aspirational buying. Quick commerce, which saw significant traction in 2023, is set to contribute approximately 8% to overall e-commerce growth, up from the 5% growth recorded last year. Newer categories such as home and kitchen appliances are likely to get pushed aggressively on quick commerce platforms and could also help the platforms to boost their average order values and profitability as per the report. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

E-commerce sales expected to reach ₹1.2 lakh crore this festive season

<ul><li>The <keyword id="23136597" type="General" weightage="20" keywordseo="PM-E-DRIVE" source="keywords">PM E-DRIVE</keyword> scheme, aimed at boosting the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> has been notified.</li><li>The scheme comes into force from October 1, 2024 and will end on March 31, 2026.</li><li>The scheme has an outlay of ₹10,900 crore, spread over two years.</li></ul>Prime Minister Narendra Modi-led central government has notified a new scheme aimed at boosting the adoption of electric vehicles (EVs). The scheme, dubbed as PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) comes with an outlay of ₹10,900 crore. The PM E-DRIVE scheme will be implemented from tomorrow, October 1, 2024, and will be in force till March 31, 2026. The total outlay of ₹10,900 crore is spread over two years, with ₹5,047 crore allocated for FY 2024-25 and ₹5,853 crore for FY 2025-26. The scheme is aimed at accelerating the adoption of EVs in the country, with a focus on electric two-wheelers, electric three-wheelers (e-3Ws) and more. The scheme will also offer grants for the creation of capital assets such as electric buses, the establishment of a network of charging stations and the upgradation of testing agencies identified under this scheme. <div type="Article" hostid="261" msid="113050150" title="Electric two-wheeler sales declined in August 2024, but year-on-year growth continues" mstype="2" mssubtype="0"></div> The PM E-DRIVE Scheme has replaced the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME-II) scheme. Launched in 2015, the FAME-I scheme had an initial outlay of ₹795 crore, which was later extended to ₹895 crore. The government introduced the FAME-II scheme in 2019 with a budget of ₹10,000 crore, which was later enhanced to ₹11,500 crore to extend its support for electric vehicles until March 2024. Following this, the <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Electric Mobility Promotion Scheme 2024</a> (EMPS-2024) was rolled out with a fund allocation of ₹778 crore from April 1, 2024, to September 30, 2024. The PM E-DRIVE subsumes the ongoing EMPS-2024 scheme. A major focus of the scheme is providing demand incentives to lower the acquisition cost of EVs for consumers. For FY 2024-25, the scheme proposes a demand incentive of ₹5,000 per kWh for e-2Ws and e-3Ws, which will be reduced to ₹2,500 per kWh in FY 2025-26. A major part of the outlay, around ₹8,070 crore has been earmarked for EVs. This includes ₹4,391 crore for electric buses and ₹1,772 crore for electric two-wheelers. As part of the scheme, the central government aims to support the purchase of over 14,000 e-buses, establish 2,000 charging stations, and upgrade EV testing facilities across the country. A total of ₹7,171 crore has been allocated for capital asset creation. The scheme encourages states to provide supplemental support through fiscal and non-fiscal incentives. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles

The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank">Upcoming cars launching in India in October 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Govt asks white goods industry to apply for manufacturing sops in large numbers

Yashasvi <keyword id="20066174" type="General" weightage="20" keywordseo="Jaiswal" source="keywords">Jaiswal</keyword> hit a bludgeoning half-century to steer <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="261" meta.entityid="India">India</keyword> to a solid 138 for two in their first innings at tea on day four of the weather-hit second Test against <keyword id="19919639" type="General" weightage="20" keywordseo="Bangladesh" source="keywords" meta.keywordsubtype="org" meta.entityname="Bangladesh" meta.hostid="261" meta.entityid="Bangladesh">Bangladesh</keyword>, here Monday. Jaiswal hammered a 52-ball 71 as India scored at over eight runs an over, and now trail the visitors by 95 runs. Earlier, Bangladesh were bundled out for 233 in their first innings, built around <keyword id="22750663" type="General" weightage="20" keywordseo="Mominul-Haque" source="keywords">Mominul Haque</keyword>'s patient hundred. The sun shone bright in the <keyword id="19921464" type="General" weightage="20" keywordseo="Kanpur" source="keywords">Kanpur</keyword> sky after two gloomy days and the on-field action finally began after losing eight sessions. Except for Mominul, none of the Bangladeshi batters applied themselves on a placid pitch that did not offer much to the Indian bowlers. Showing urgency to surpass Bangladesh total and probably push for a victory in the limited time available, India came out batting in the T20 mode. Jaiswal hit three boundaries in the opening over to stun pacer Hasan Mahmud while Rohit began by clobbering two sixes off Khaled Ahmed, and one landed on the stadium roof. The onslaught surprised the rival attack but the home fans were rewarded for flocking the stadium in the last two days despite rain. Going with a see-and-hit approach, India completed the fastest team fifty in three overs. Realising the ineffectiveness of his pacers, Bangladesh skipper Najmul Hossain Shanto introduced spinner Mehidy Hasan Miraz and he responded to the SOS call, castling Rohit. Jaiswal completed his fifty with a single off left-arm spinner Taijul Islam and went on in his aggressive fashion. His innings, which contained 12 fours and two sixes, was cut short by Mahmud. The young opener added 72 runs for the second wicket with Shubhman Gill (38). Gill (37) and Rishabh Pant (4) remained unseparated till the tea break. Earlier, pacer <keyword id="19899525" type="General" weightage="20" keywordseo="Jasprit-Bumrah" source="keywords">Jasprit Bumrah</keyword> (3/50) accounted for three batters, further establishing his brilliance, while his pace colleagues Mohammed Siraj (2/57) and Akash Deep (2/43) scalped two batters each. Spinner Ravichandran Ashwin (2/45) got rid of legendary Shakib Al Hasan, probably playing his last Test. Ravindra Jadeja toiled hard to get his 300th Test wicket and succeeded when he caught and bowled Khaled. Jadeja also became the second quickest to complete the double of 300 wickets and 3000 runs in <keyword id="19935483" type="General" weightage="20" keywordseo="Test-cricket" source="keywords">Test cricket</keyword> behind England great Ian Botham. Resuming at 107 for three, Bangladesh lost Mushfiqur Rahim (11) in the sixth over of the day when Bumrah bowled him with an angled delivery. It was an error of judgement from Rahim who left the ball, thinking it would go over the stumps but it stayed a bit low to disturb the off-stump. In the previous ball also, Rahim was troubled by an angled delivery that took the edge and zoomed to the boundary ropes. New-man in Litton Das (13) began confidently, driving a length ball from Bumrah through the cover for a four and followed that up with another solid drive in the same region. Mominul stayed solid from his end and also survived an appeal off Mohammed Siraj. The southpaw was beaten, as the ball hit his thigh-pad and DRS showed the ball had not touched his glove before being taken by Jaiswal. In the next ball, Mominul completed his half-century by pulling a short one from Siraj to the square leg boundary. Rohit, standing at mid-off, pulled a stunner from thin air when Das charged down the wicket to Siraj but stood in disbelief after his powerful hit was plucked by the Indian captain. In came Shakib (9), but he did not last long. He got his first boundary by working a full-length delivery from Siraj on the leg side. He went after Ashwin but could not connect well as his one hand came off the bat. Siraj standing at mid-off backpaddled to take a stunning catch. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank">Upcoming cars launching in India in October 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

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Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October

Sourabh Jain

E-commerce sales expected to reach ₹1.2 lakh crore this festive season

BI India Bureau

PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles

Sourabh Jain

Govt asks white goods industry to apply for manufacturing sops in large numbers

PTI

Yashasvi Jaiswal hammers Bangladesh attack after Mominul's ton; India 138/2 at tea

PTI

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