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India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

Homegrown electric two-wheeler manufacturer <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> aims to raise nearly Rs 5,800 crore through an Initial Public Offering (IPO) and is set to file its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) by December 20, media reports said on Monday. According to the reports, the company is looking to list at a valuation of more than $7 billion by early 2024. Through the IPO, Ola Electric plans to expand its EV business and establish a lithium-ion cell manufacturing facility, the reports said. The company started sales in December 2021 and has sold over 353,000 units to date. Meanwhile, Bhavish Aggarwal-driven Ola Electric's net loss nearly doubled to Rs 1,472 crore in FY23, from Rs 784.1 crore in the previous fiscal year, as expenses surged significantly. The electric vehicle company reported an EBITDA loss of Rs 1,318 crore as its total expenses jumped to Rs 3,383 crore, in comparison to Rs 1,240 crore in FY22. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) is a measure of core corporate profitability. The company is now targeting an EBITDA profitability of Rs 803 crore in FY25. The company saw its losses growing nearly 293 per cent to Rs 784 crore in FY22.

Ola Electric aims to raise nearly Rs 5,800 cr via IPO, to file DRHP

<keyword id="20838441" type="General" weightage="20" keywordseo="popular-vehicles-and-services-ltd" source="keywords">Popular Vehicles and Services Ltd</keyword>, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP). The IPO comprises a fresh issuance of equity shares worth Rs 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC. At present, promoters hold a 69.45 per cent stake in <keyword id="20838442" type="General" weightage="20" keywordseo="popular-vehicles-and-services-and-banyan-tree" source="keywords">Popular Vehicles and Services and Banyan Tree</keyword> owns over 30 per cent stake in the company. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products. It operates passenger vehicle dealerships of <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, Honda, and JLR and the commercial vehicle dealership of <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword>. ICICI Securities, Nuvama Wealth Management and Centrum Capital are the book-running lead managers for advising the company on the IPO. The equity shares of the company will be listed on the BSE and NSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a><a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms" target="_blank">BYD Seal electric sedan launched in India starting at ₹41 lakh</a>

Popular Vehicles and Services to float IPO on March 12

Ride-hailing platform <keyword id="6354720" type="COMPANY" weightage="20" keywordseo="ola">Ola</keyword> on Thursday said it has appointed Mike <keyword id="6585757" type="COMPANY" weightage="20" keywordseo="rake">Rake</keyword> as non-executive Chairman and <keyword id="11292176" type="PERSON" weightage="20" keywordseo="leon-daniels">Leon Daniels</keyword> as an independent non-executive director to the Ola UK Board. Rake and Daniels will draw on deep experience across the private and public sectors to provide the strongest possible oversight, corporate governance, and strategic counsel to Ola as it continues to grow and scale, Ola said in a statement. They will join Balasubrahmanyam Vijay Juturi, alongside Marc Rozendal (<keyword id="24973" type="COMPANY" weightage="20" keywordseo="managing-director">Managing Director</keyword>, Ola UK) and Karl Lutzow (Operations Director, Ola UK) on the board, it added. "We are delighted to welcome Sir Mike and Leon to the Ola UK Board. As a scaled, global business with a major presence in the UK, the appointment of such high-quality independent board members underlines our commitment to the UK and the scale of our ambition in this dynamic market," Bhavish Aggarwal, Chairman and Group CEO at Ola, said. Ola had launched operations in the UK in 2018. Currently, Ola operates across 27 local authorities, including Birmingham, Liverpool and Bristol. It has also expanded its offering for UK riders, including the launch of <keyword id="3202683" type="COMPANY" weightage="20" keywordseo="Ola-Corporate">Ola Corporate</keyword>. Sir Mike Rake is one of the UK's leading business figures. He joins Ola having previously served in a range of senior boardroom roles, including as Chairman of Worldpay Group plc (2015-2018), BT Group plc (2007-2017), EasyJet plc (2010-2013) and International Chairman of <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> (2002-2007), along with serving as President of the <keyword id="50463" type="COMPANY" weightage="20" keywordseo="Confederation-of-British-Industry">Confederation of British Industry</keyword> (2013-2015). "The application of technology to mobility holds out an exciting future of cleaner, safer and more efficient transportation for millions of UK passengers, and I look forward to helping Ola continue to do what they do best - innovate for the benefit of society," Rake said. Leon Daniels served as Managing Director, Surface Transport at Transport for London until 2017 and previously held the position of Commercial Director at UK Bus, overseeing new ventures in the UK and international transport. In 2019, he was awarded an OBE for Services to Transport in recognition of his expertise and experience across the UK, Europe, and Asia. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail</a> <a href="https://www.businessinsider.in/retail/news/a-cup-of-regular-tea-has-never-been-this-expensive-in-india-thanks-to-kooky-weather/articleshow/82792489.cms">A cup of regular tea has never been this expensive in India, thanks to kooky weather</a> <a href="https://www.businessinsider.in/science/space/news/the-first-seat-on-jeff-bezos-rocket-to-space-is-selling-for-a-record-high-of-2-8-million/articleshow/82791575.cms">The first seat on Jeff Bezos’ rocket to space is selling for a record high of $2.8 million</a>

Ola appoints Mike Rake as non-executive chairman and Leon Daniels as non-executive director to the UK board

<ul><li>The tech industry has seen more than 200,000 <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword> since the start of 2022.</li><li>Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add a major value to the organization.</li><li>Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management.</li></ul>Bipin Singh, a business development manager at Byju’s with over 11 years experience in the EdTech industry was laid off last month after a stint of 1.5 years at the company. In his LinkedIn post he mentioned about the layoff and urged everyone to reach out to him with job offers or if not, like share and comment on his post to increase reach. Anil <keyword id="906861" type="General" weightage="50" keywordseo="sahani" source="Orion">Sahani</keyword>, a software engineer, lost his job in Accenture recently .“I was one of the first ones to let go as I was a contract employee and also did not have any notice period. The layoffs are still on.” Singh and Sahani are among the thousands of employees who have been affected by tech layoffs in India. Google trend data, which reflects what people search for, shows that between January 22-28 this year, the term ‘layoff’ was at its peak popularity of 100, while between January 23 to January 29 last year, it was just at five. This is not surprising because layoffs are being reported majorly in the media and almost every other post on Linkedin is talking about layoffs. It all started with the news that the big tech giants like Amazon and Google parent Alphabet were laying off in large numbers. While Alphabet laid off 12,000 people, the Amazon layoffs affected more than 18,000 people. Microsoft said it will lay off 10,000 people by the end of the third quarter of 2023 and even SAP and IBM have started laying off employees. It seems it is almost like a contagion that is spreading rapidly like wildfire. The Indian situation: Which brings us to the question: Is the situation as bad in India? Layoffs are now a reality in India too. Reports suggest that around 21,000 techies have lost their jobs in the last three to four months. In the third week of January, Wipro fired more than 400 freshers for failing performance tests. While Amazon has laid off 1,000 of its employees in India, IBM and SAP are also laying off employees, affecting their employees in India as well. Very recently, Byju’s laid off 1,000 people, in a second round of layoffs in February. Sivaprasad N, vice president &amp; business head, TeamLease Digital, a staffing solutions company, puts the number of layoffs in the tech industry at more than 2,00,000 since 2022. Over 21,000 employees <a href="https://www.businessinsider.in/business/news/70-plus-indian-startups-show-exit-door-to-21k-techies-more-pink-slips-coming/articleshow/97411761.cms?">have been laid off </a>by 70 startups in the past 3-4 months including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more. Anuj Gupta, who has over 10 years of experience in SEO, has lost his job in edtech company upGrad and is a part of the current tech and marketing layoff wave. The layoff situation in India is currently more of a spill-over effect of shake-ups in the West. Unlike the funding winter that hit the Indian funded tech startups cohort in 2022, the current layoffs by big labels are largely corrective talent adjustments. “Despite potential opportunities coming our way due to global shakeups, it is prudent for India Inc. to treat the current layoffs as a tip of the iceberg,” says <keyword id="138078" type="General" weightage="50" keywordseo="kamal-karanth" source="Orion">Kamal Karanth</keyword>, CoFounder, Xpheno, a specialist staffing company. He adds that enterprises, especially in tech, will benefit from remaining alert and conservative on costs for at least two quarters. Agrees Sivaprasad, “Companies are battling a slowdown in demand after a hiring frenzy. No company is certain to avoid significant cutbacks in such an economic environment. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. It looks like the trend will continue for some time.” Many IT majors have announced mass layoffs in the last couple of months, quoting factors like overhiring, an impending recession and geopolitical conflicts. “We expect businesses to exhibit caution in hiring and workforce management through a major part of 2023,” <keyword id="13896318" type="General" weightage="50" keywordseo="sachin-alug" source="Orion">Sachin Alug</keyword>, CEO, NLB Services - a global technology &amp; digital talent solutions company. Delhi-based Pankaj Kumar, laid off from a software company this month, says that one day he got a message saying that the company was restructuring and that it was his last day. “However, we were forced to resign and also we received very little in the name of assistance as promised.” Kumar feels that most startups today have no clue about manpower requirements and just hire to show their investors that they are doing well without having an idea of how they can sustain themselves in crucial times. Tech jobs have been the most affected: As discussed, tech companies, especially IT firms, are very vulnerable to an impending recession in the US. “The tech sector has always been highly sensitive to economic cycles, and the current economic downturn could have a significant impact on these companies. A recession could lead to decreased consumer spending, reduced corporate investment, and layoffs, which could all hit tech companies hard,” says <keyword id="328697" type="General" weightage="50" keywordseo="sandeep-budhiraja" source="Orion">Sandeep Budhiraja</keyword>, Co-founder, Executive Director and Chief People Officer - BYLD Group which provides HR and Business productivity solutions, Additionally, the US market is a major source of revenue for many tech companies, so a recession here could have a widespread impact on global operations. Finally, any disruption to the global supply chain could further disrupt tech companies, as many rely on components and materials sourced from around the world. “The sectors that may be most affected, other than the technology, are telecommunications, financial services and retail. The telecommunications sector could be hit by reduced investment in infrastructure and lower customer demand. The financial services sector could be adversely affected by a decrease in credit availability and tightened lending standards, while the retail sector could suffer from decreased consumer spending,” adds Budhiraja. Everyone is vulnerable: “Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add major value to the organization. Usually, mass layoffs affect employees invariably regardless of their performance but in organizations that choose to let go of a selected few, performers at a certain level tend to be the target,” says Alug. The primary causes of layoffs are the foreseeable recession and the geopolitical scenario which have led to inflation, impacting many industries. Prominent players in the IT and Technology domain are being cautious to ensure profitability and better predictability of business. Agrees Karanth, “The larger layoffs related to enterprise strategy and austerity are mostly across the ranks and ratings of performance. Such layoffs related to macroeconomic movements are typically steamrollers on entire divisions, geographies and business units. While each enterprise has their own pattern of priority on the layoffs, the high cost and high volume headcounts typically come under the lens faster.” Look out for red flags: “Layoffs in a situation like now are largely written on the wall. It is often the speed and style of a layoff that's a surprise to talent, and not the layoff by itself,” says Karanth. Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management. “Additionally, if a company is reducing or eliminating certain departments or projects, it may be a sign that layoffs are coming. If there are rumours of layoffs or if employees are being asked to take unpaid leave, this could also be a sign that layoffs are imminent. Finally, if the company is not meeting its financial goals or is experiencing a downturn in business, layoffs may be a possibility,” says Alug. Hiring remains slow: “Many of those who lost their jobs are still looking for work, as nearly every major corporation has put a freeze on new hiring due to global macroeconomic conditions and recession fears. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. Looks like the trend would continue for some time,” says Sivaprasad. However Karanth feels that while tech hiring has slowed down, there are opportunities for talent who are flexible and agile to look beyond their domain. The non-tech sector's talent demand has been compensating well for tech's hiring slowdown. <keyword id="2838370" type="General" weightage="50" keywordseo="shraddha-jain" source="Orion">Shraddha Jain</keyword>, who is also known as 'Aiyyo Shraddha' on social media, posted a hilarious video on Instagram, where she slammed companies for laying off employees despite making a profit. "At the company offsite, we celebrated the company tripling its profit in a year. What happened? A month later we are so poor. Who robbed us?" she asked. While these are questions that reflect the grim reality of large scale layoffs, employees should brace themselves for tough times ahead. 2023 will be a turbulent ride.

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

<ul><li><keyword id="6354720" type="PERSON" weightage="20" keywordseo="ola">Ola</keyword> said that its fleet would be used as mini-ambulances which will help Delhites access essential medical care with minimum delay. </li><li>The service is free of cost and can be enabled by calling the Delhi health ministry team on 102. </li><li>The emergency mobility cabs will aid services such as scheduled check-ups, dialysis, chemotherapy and for immediate medical needs such as injuries, amongst others. </li></ul>Ola, India’s largest ride-hailing company, today (April 25) said that it will operate a fleet of ambulances free of charge in Delhi. This service will be available for non-Coronavirus medical emergencies and is organized in partnership with Delhi state government. The unicorn said that the mini-ambulances will help Delhiites access essential medical care with minimum delay. The service is free of cost and can be enabled by calling the Delhi health ministry team on 102. <div type="Article" hostid="261" msid="75371190" title="Coronavirus cases in India count crosses the 24,000 mark— with 5,062 recovered as of April 25" mstype="2" mssubtype="0"></div> The caller will be allocated a cab to be transported to a hospital they wish to. The emergency mobility cabs will aid services such as scheduled check-ups, dialysis, chemotherapy and for immediate medical needs such as injuries, amongst others. “Access to healthcare, especially for non-COVID related emergencies, is becoming a major challenge in our cities. Through this initiative, we will be able to supplement the existing ambulance network with access to quick and safe mobility for anyone in need, to get to the hospital. We are also partnering with state governments across the country and will continue to support them with their emergency response efforts,” said Anand Subramanian, spokesperson for Ola. Earlier Ola announced its collaboration with Karnataka ministry of health and <keyword id="53938" type="COMPANY" weightage="20" keywordseo="Brihanmumbai-Municipal-Corporation">Brihanmumbai Municipal Corporation</keyword> (BMC) to provide essential mobility services in Bangalore and Mumbai. This was to ferry medical staff, healthcare workers and paramedical staff. Ola also rolled out a new ‘Ola Emergency’ services in 15 cities including Mumbai, Bengaluru, Gurugram, Vizag, Nashik, Varanasi, Indore, Bhopal, Amritsar, Ludhiana, Jalandhar, Patiala, Mohali, Rourkela and Bhubaneswar. <div type="Article" hostid="261" msid="75369295" title="Digital payment transactions fall by 30% in India for the first time since demonetization because of coronavirus lockdown" mstype="2" mssubtype="0"></div>

Ola launches free mini-ambulance service in Delhi for non-coronavirus medical emergencies

With emission and fuel efficiency norms getting tighter, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s largest car maker <keyword id="6363602" type="General" weightage="50" keywordseo="maruti-suzuki-india-ltd" source="Orion">Maruti Suzuki India Ltd</keyword> expects to have only hybrid (mild and strong), flexible fuel, compressed natural gas (CNG), electric, bio-fuel powered vehicles, said a senior official. As a result, pure petrol powered cars may not figure in the company's portfolio of cars in a decade. Already the company has stopped rolling out diesel powered cars. <keyword id="44883" type="General" weightage="100" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> is also focusing on growing its sport utility vehicle portfolio and the market share in that segment. "Pure petrol powered cars may not be there in the company's product line up, say in 10 years time as the emission and fuel efficiency norms are getting tighter," Shashank Srivastava, Senior Executive Director, Marketing &amp; Sales told IANS. He said the new Corporate Average Fuel Economy or Efficiency (CAFA per cent) norms may come into place in 2032. Unlike the norms for the tailpipe emissions, the CAFA% norms are for a carmaker's entire portfolio. More the fuel efficiency of a car, the less the tailpipe emissions. As there is a limit on achieving higher fuel efficiency with the current technology, companies are looking at alternatives. While electric vehicles are one option, it is not viable for the entire automotive segment in India in the short term owing to issues like availability of charging infrastructure, vehicle price and its payback period and others. The other option is rolling out vehicles powered by mixed fuel -- ethanol plus petrol, hybrid, flexible fuel, CNG and the like. Be that as it may, Maruti Suzuki is gearing up for unveiling its first midsize petrol-electric hybrid SUV on July 20. The vehicle will be rolled out in two variants-mild and strong. The car will be produced at the <keyword id="6374528" type="General" weightage="50" keywordseo="toyota" source="Orion">Toyota</keyword> <keyword id="298641" type="General" weightage="50" keywordseo="kirloskar-motor-pvt-ltd" source="Orion">Kirloskar Motor Pvt Ltd</keyword>'s plant in Karnataka's Bidadi. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-a-little-over-11000-people-in-the-last-six-months/articleshow/92541036.cms">11,000 and counting — that’s how bad startup job losses are after Ola, Byju’s &amp; 22 others cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-shehnai-the-musical-instrument-made-famous-by-ustad-bismillah-khan-seeks-a-gi-tag/articleshow/92692131.cms">India's Shehnai, the musical instrument made famous by Ustad Bismillah Khan, seeks a GI tag</a>

Maruti Suzuki to discontinue petrol-powered cars in 10 years

New Delhi, Jan 27 () Ride hailing platform Ola has named former Flipkart executive Sanjiv Saddy as its senior vice president corporate affairs.
 "Sanjiv will be responsible for building deep relationships with key authorities, government agencies and other related stakeholders and in closely engaging and working with them as a business," Ola co-founder and CEO Bhavish Aggarwal said in an email to the employees. 
 "Consequently, all our regional corporate affairs and law enforcement leads will report to him," he wrote.
 An Ola spokesperson confirmed the appointment.
 Saddy has over 35 years of experience in corporate affairs and government relations, business development and finance. In his previous role, he was working with Flipkart, leading its government relations and corporate affairs mandate.
 He has also worked with Tata Communications, Emaar MGF Land Ltd and Freightwinds and Travels Ltd, among other companies. SR RUJ
RUJ

Ex-Flipkart exec Sanjiv Saddy joins Ola as SVP Corporate Affairs

New Delhi, Nov 28 () Ride-hailing major Ola is undertaking a restructuring exercise ahead of its planned IPO and the move could impact up to 250 roles, according to sources.
 The company, which has been focussing on profitability along with building up scale as it expands into international markets, will accommodate some of these employees in other business units like food, electric and financial services, sources close to the development said
 When contacted, an Ola spokesperson said the company's "organisational redesign aims to rightsize all our operations as well as leverage skills sets and experience of mobility employees in available positions in new business verticals".
 The spokesperson, however, did not comment on the number of employees that could be impacted by the exercise.
 Ola is estimated to have about 4,500 people on its payrolls.
 "The resultant working model will form the foundation of the next chapter in Ola's growth journey as the company continues to grow its businesses. We also continue to attract the best talent across the board to support our growth and ambition," the spokesperson said.
 The spokesperson added that the restructuring is aimed at becoming "more nimble and have a sharper focus on growth and profitability".
 The development comes at a time when Ola, which is locked in a battle for market leadership in the Indian market against American rival Uber, narrowed its standalone losses in FY19 to Rs 1,160.27 crore from Rs 2,676.70 crore in the last financial year.
 ANI Technologies (which runs Ola) saw its total income rising close to 16 per cent to Rs 2,155.21 crore in FY19 from Rs 1,860.61 crore in the previous fiscal, as per regulatory documentrs filed with the Corporate Affairs Ministry.
 Its employee benefits expense has been lowered to Rs 413.83 crore in FY19 from Rs 495.69 crore in FY18.
 These are standalone numbers of ANI Technologies and do not include financials of other group entities like OLA Fleet Technologies, Ola Financial Services (Ola Money), Ola Electric Mobility, and international operations.
 Sources said Ola is looking at listing on Indian bourses in the next 18-24 months, and profitability would be an important criteria for the process.
 Ola can get listed on the BSE and NSE either directly or via Securities and Exchange Board of India-regulated Innovator's Growth Platform (IGP) for SMEs and startups.
 An IPO will help Ola investors like SoftBank, Tiger Global and Steadview Capital to exit or partially sell their stake in the company to return funds to their shareholders.
 Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services in more than 110 cities and claims to have over 10 lakh driver-partners across cabs, auto-rickshaws, and taxis on its platform. In 2018, Ola forayed into international markets like Australia, the UK and New Zealand. It competes with Uber in these markets as well. SR MR

Ola restructuring biz ahead of IPO, narrows losses

<ul><li>Price on Tuesday was increased by 15 paise per litre and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> by 18 paise as state-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus</li><li>Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (<keyword id="6370857" type="COMPANY" weightage="20" keywordseo="VAT">VAT</keyword>)</li><li>Despite the concerns about rising COVID-19 cases in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.</li></ul><keyword id="6367091" type="COMPANY" weightage="20" keywordseo="petrol">Petrol</keyword> price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as state-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus. Petrol now costs ₹90.55 per litre in <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword>, up from ₹90.40, according to a price notification of state-owned fuel retailers. A litre of diesel comes for ₹80.91, as against ₹80.73 previously. Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT). Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets. Despite the concerns about rising COVID-19 cases in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar. Prices have been on a continuous uptrend since April 27, an industry official said adding Dubai crude oil price has risen by USD 2.91 per barrel. It is expected that the crude oil prices in the international market will remain firm in the near future, exerting upward pressure, he said. State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), <keyword id="155363" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum-Corporation-Ltd">Bharat Petroleum Corporation Ltd</keyword> (BPCL) and <keyword id="500127" type="DOMAIN" weightage="20" keywordseo="Hindustan-Petroleum-Corporation-Ltd">Hindustan Petroleum Corporation Ltd</keyword> (HPCL) -- are supposed to revise rates daily based on input cost. The April 15 cut of 16 paise a litre on petrol and 14 paise on diesel was the fourth reduction since March 24. In four reductions since March 24, petrol price was cut by 67 paise and diesel by 74 paise. This reduction was compared to a ₹21.58 per litre increase in price of petrol since the government raised excise duty in March last year. Diesel prices had increased by ₹19.18 a litre. <keyword id="6378065" type="COMPANY" weightage="20" keywordseo="central">Central</keyword> and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel. In Mumbai, the petrol price was hiked to ₹96.95 a litre on Tuesday from ₹99.83, while diesel rates were increased to ₹87.98 from ₹87.81, the price notification showed. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-download-release-date-everything-we-know-so-far/articleshow/82383038.cms">PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/coders-are-coming-up-with-new-ways-to-check-for-covid-19-vaccination-slots-on-cowin/articleshow/82383284.cms">Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots</a> <a href="https://www.businessinsider.in/tech/news/apple-analyst-predicts-an-8-inch-foldable-iphone-to-launch-in-2023/articleshow/82383566.cms">Apple analyst predicts an 8-inch foldable iPhone to launch in 2023</a>

Petrol and diesel prices increase by 15 paise and 18 paise, respectively, after a 18-day hiatus

<ul><li>Ola is piloting its self-driving car rental service in India. </li><li>Sources suggest that Ola will be pumping in $500 million into the segment. </li><li>Earlier in March, Hyundai Motor Company and Kia Motors Corporation made their biggest combined investment to date of $300 million into Ola. </li></ul>Indian ride-hailing startup Ola is rapidly moving beyond its core service of being a cab aggregator. After making inroads into e-mobility, it is now launching a self-drive service. Ola is set to start its self-drive service by pumping in $500 million, a source told Business Insider. Confirming the news, an Ola spokesperson told Business Insider, “Basis market feedback, we are piloting our Ola Self-Drive offering in various formats like rentals, subscription and corporate leasing in select cities in the coming weeks. This space is currently underserved and there exists a tremendous opportunity to build a superior experience through an integrated mobility platform like Ola.” The self-drive car rental service will put Ola in direct competition with Zoomcar and Drivezy, while pushing forward Ola’s existing fleet business. Ola Fleet Technologies Pvt Ltd also looks into asset optimization and management. Ola is planning to take this launch to its top seven cities – Bengaluru, Delhi, Mumbai, Chennai, Hyderabad, Pune and Kolkata – with over 10,000 vehicles including luxury sedans and SUVs under the Ola Self-drive category. The company is taking this self-drive category to Ola’s 150 million+ consumers in the country will make it the largest self drive business in India, the source added. By understanding consumer demand, Ola will look at introducing more car types into the self-drive category. They are also looking at growing the business through a subscription model for consumers and reaching out to corporates. Earlier this month, Hyundai Motor Group and Ola announced a strategic partnership under which Hyundai Motor Company and Kia Motors Corporation made their biggest combined investment to date of $300 million. “As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the Group’s first foray into the industry, as they expand operations from automobile manufacturing and sales to total fleet solutions,” Ola had said in an official statement. See Also: <a href="https://www.businessinsider.in/ola-takes-on-mahindra-glyd-with-fresh-funds-wheres-uber/articleshow/68214440.cms">Ola gets fresh funds to take on Mahindra’s Glyd – where’s Uber?</a> <a href="https://www.businessinsider.in/after-minting-1-billion-from-flipkart-sale-sachin-bansal-is-now-betting-big-on-ola/articleshow/67526383.cms">Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart</a>

Ola will race Zoomcar in self-drive car rentals with a $500 million bet

The country's largest carmaker <keyword id="44883" type="General" weightage="20" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India (MSI) witnessed a massive over two-fold drop in <keyword id="22637" type="General" weightage="20" keywordseo="production" source="Orion">production</keyword> last month owing to the shortage of semiconductor chips. In a regulatory filing, the auto major reported total production of 81,278 units in September as compared with 1,66,086 units in September 2020. "Production volume of the company in September 2021 was affected due to electronic components shortage," it noted. MSI said total passenger vehicle production stood at 77,782 units last month, as against 1,61,668 units in September 2020. Production of <keyword id="913938" type="General" weightage="20" keywordseo="mini-cars" source="Orion">mini cars</keyword> comprising Alto and S-Presso models stood at 17,163 units last month as against 30,492 units a year ago. Similarly, manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno and Dzire, declined to 29,272 units from 90,924 units earlier, MSI said. Production of utility vehicles -- Gypsy, Ertiga, S-Cross, Vitara Brezza and XL6 -- dropped to 21,873 units last month from 26,648 units in the corresponding month of 2020. The company also reported a drop in the production of its Eeco van at 8,025 units last month as compared with 11,183 units in September 2020. MSI said production of its light commercial vehicle Super Carry stood at 3,496 units last month, as against 4,418 units in the year-ago month. MSI had reported a 8 per cent drop in total production in August on a yearly basis at 1,13,937 units. On August 31, the auto major had announced that it expects total vehicle production in September across its plants in <keyword id="41646" type="General" weightage="20" keywordseo="Haryana" source="Orion">Haryana</keyword> and Gujarat to be just 40 per cent of the normal output due to the semiconductor shortage. The company's production capacity at Gurgaon and Manesar plants in Haryana is around 15 lakh units per annum. Besides, Suzuki Motor Gujarat (SMG), a 100 per cent subsidiary of Japan's <keyword id="100743" type="General" weightage="20" keywordseo="suzuki-motor-corporation" source="Orion">Suzuki Motor Corporation</keyword>, has an additional installed production capacity of 7.5 lakh units per annum. SMG supplies cars exclusively to MSI. Semiconductors are silicon chips that cater to control and memory functions in products ranging from automobiles, computers and cell phones to various other electronic items. The usage of semiconductors in the auto industry has gone up globally in recent times with new models coming with more and more electronic features such as Bluetooth connectivity and driver-assist, navigation and hybrid-electric systems. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ai-powered-professional-networking-platform-lunchclub-is-now-open-for-indian-users/articleshow/86936966.cms">AI-powered professional networking platform Lunchclub is now open for Indian users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/is-urban-company-heading-the-ola-uber-way-with-over-100-beauticians-taking-to-the-street/articleshow/86935701.cms">Is Urban Company heading the Ola, Uber way with over 100 beauticians taking to the street?</a>

Maruti Suzuki reports over two-fold dip in production in September

Between Friday and Monday, a total of 145 Chinese air force planes flew into <keyword id="46274" type="General" weightage="100" keywordseo="taiwan" source="Orion">Taiwan</keyword>'s air defence identification zone (ADIZ) in a flagrant violation of its sovereignty. <keyword id="1334" type="General" weightage="80" keywordseo="china" source="Orion">China</keyword> has been regularly, and increasingly, trespassing into Taiwan's marine and air spaces over the last two years. It has been intimidating its eastern democratic neighbour in the hope of annexing it into the mainland one day. But the 145 aircraft over four days was setting a new record of intimidation. In response, Taiwan's Ministry of National Defence (MND) scrambled combat patrol aircraft and issued radio warnings to the Chinese aircraft. It also alerted its air defence missile systems to monitor Chinese fighters. October 1 is Chinese national day while October 10 is Taiwanese National Day--anathema to Beijing as it cuts at the heart of its One China Policy (OCP). The Chinese air force, known as the PLA Air Force (PLAAF) flew 38 planes on Friday--the Chinese National Day, followed by 39 on Saturday, 16 on Sunday and 52 on Monday into Taiwan's ADIZ. China is not only testing the waters by flexing its muscles, it is also trying to demoralise Taiwan. According to China experts, Beijing is reacting to the increased, and successful, mobilisation by the US, Japan, Taiwan, Australia in the Indo-Pacific in response to China's aggression against its neighbours and also the South China Sea (SCS). The recent AUKUS (Australia, the UK and the US) military pact on equipping Australia with nuclear-power submarines to take on China has also rattled the latter. The <keyword id="151135" type="General" weightage="20" keywordseo="australian-broadcasting-corporation" source="Orion">Australian Broadcasting Corporation</keyword> (ABC) quotes Wen-Ti Sung, an expert on China's foreign policy at the <keyword id="144674" type="General" weightage="20" keywordseo="australian-national-university" source="Orion">Australian National University</keyword>, as saying that Beijing's show of force against Taiwan was for international and domestic audiences. Sung said: "It (AUKUS) is a big deal that signals Australia's greater willingness to be engaged with security [issues] in Taiwan Strait and the South China Sea. It will be increasing deterrence against China, and China does not look upon [that] very favourably." China has publicly said that it plans to merge Taiwan to the mainland even if it has to annex it militarily. On the 100th anniversary of the Communist Party of China (CPC) on July 1, 2021, President <keyword id="191809" type="General" weightage="20" keywordseo="xi-jinping" source="Orion">Xi Jinping</keyword> had said: "No one should underestimate the resolve, the will and ability of the Chinese people to defend their national sovereignty and territorial integrity," in reference to Taiwan. The US took note of the air space harassment. In a statement Washington said: "The United States is very concerned by the People's Republic of China's provocative military activity near Taiwan, which is destabilizing, risks miscalculations, and undermines regional peace and stability. We urge Beijing to cease its military, diplomatic, and economic pressure and coercion against Taiwan." The US, which is a strong ally to a democratic Taiwan, reinforced that it will "continue to assist Taiwan in maintaining a sufficient self-defense capability". Washington added that American commitment to Taiwan is "rock solid and contributes to the maintenance of peace and stability across the Taiwan Strait and within the region". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-has-bought-a-geo-spatial-startup-ahead-of-its-ipo/articleshow/86776170.cms">Ola has bought a geo-spatial startup ahead of its IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paras-defence-space-technologies-stock-remains-in-5-upper-circuit-this-week/articleshow/86775804.cms">The party isn’t over for Paras Defence shareholders as the stock breaks through the ceiling three days in a row</a>

Over 145 Chinese air force planes violate Taiwan airspace

If you thought doing MBA after engineering would have landed you a plum job offer, well only, engineering can also do the same. 
 
Engineers, especially IITians, are a happy lot as startups and emerging e-commerce firms are hiring them for every role in the company, including corporate functions. 
 
Yes, startups like Ola, Oyo Rooms, CarDekho.com, Jabong, etc are hiring more engineers for roles and responsibilities like operations, marketing, business finance, procurement, etc. 
 
This will spell bad news for MBAs as they have always been the first choice for such roles. 
 
Reportedly, Ola is planning to hire 125 IITians for non-tech roles and the taxi hailing service hired 20 such engineers last year. 
 
"IIT graduates are strong analytically and good with numbers. Hence, we approach them for non-tech roles, too," Amit Mathur, director and head of talent acquisition at leading taxi aggregator Ola Cabs, told ET. 
 
Likewise, CarDekho.com will hire more analysts from IITs. 
 
Experts say that engineers are quite adjusting than MBAs and are willing to take more risks and do not expect a comfortable job. 
Many startup owners say they prefer fresh graduates from IITs. 
 
"Start-ups have been telling us this year that they want to increase the number of hires in non-tech/managerial roles. We also expect an upward revision in the compensation being offered for these roles," Babu Vishwanath, advisor - placements at IIT Madras, told ET. 
 
(Image: Thinkstock)

You Searched For "Ola Corporate" and got 14 results

India's corporate credit quality is getting stronger: S&P Global

ANI

Ola Electric aims to raise nearly Rs 5,800 cr via IPO, to file DRHP

IANS

Popular Vehicles and Services to float IPO on March 12

PTI

Ola appoints Mike Rake as non-executive chairman and Leon Daniels as non-executive director to the UK board

PTI

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

Anagh Pal

Ola launches free mini-ambulance service in Delhi for non-coronavirus medical emergencies

Navdeep Yadav

Maruti Suzuki to discontinue petrol-powered cars in 10 years

IANS

Ex-Flipkart exec Sanjiv Saddy joins Ola as SVP Corporate Affairs

PTI

Ola restructuring biz ahead of IPO, narrows losses

PTI

Petrol and diesel prices increase by 15 paise and 18 paise, respectively, after a 18-day hiatus

PTI

Ola will race Zoomcar in self-drive car rentals with a $500 million bet

Sanchita Dash

Maruti Suzuki reports over two-fold dip in production in September

PTI

Over 145 Chinese air force planes violate Taiwan airspace

IANS

Grim news for MBAs-engineers are eating up marketing, finance jobs too. Thanks to startups!

BI India Bureau

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