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<ul><li><keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword> has announced a partnership with <keyword id="9546503" type="General" weightage="20" keywordseo="jio-bp" source="Orion">Jio-bp</keyword> to boost two-wheeler charging and battery swapping infrastructure.</li><li>Jio-bp currently offers battery charging and swapping stations under the Jio-bp <keyword id="72069" type="General" weightage="50" keywordseo="pulse" source="Orion">Pulse</keyword> brand.</li><li>Hero Electric customers will get access to Jio-bp’s charging infrastructure.</li></ul>Indian electric scooter maker Hero Electric announced a partnership with Jio-bp to provide EV charging and battery swapping solutions. Jio-bp is a joint venture between Mukesh Ambani-led <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and British oil giant BP that was announced in 2020. The partnership between Hero Electric and Jio-bp will allow the automaker’s customers access to the latter’s charging and battery swapping infrastructure. “In addition to creating solutions for seamless customer journey on Hero Electric and Jio-bp apps, both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience that delights the consumer,” Hero Electric said in a statement. Jio-bp currently has battery charging and swapping stations across the country under the Jio-bp pulse brand. Customers can find nearby stations using the Jio-bp pulse app. Hero Electric currently has over 750 sales and service outlets across the country and has sold over 4.5 lakh electric two-wheelers. “Hero is committed to delivering the best electric mobility solutions to its consumers and this association will fasten the EV growth in the country while strengthening Hero Electric’s vision to transform the e-mobility sector in India,” Hero added. Jio-bp has partnered with other companies in the ecosystem like <a href="https://www.businessinsider.in/business/auto/news/reliance-mg-motor-and-castrol-team-up-to-build-electric-charging-infrastructure-across-india/articleshow/91966297.cms">MG Motor</a> and oil giant Castrol. It also partnered with TVS Motors, another domestic electric scooter maker to provide electric charging facilities for the latter’s two and three wheelers. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-benz-says-25-of-its-sales-in-india-will-be-electric-by-2027/articleshow/93771806.cms">Mercedes-Benz says 25% of its sales in India will be electric by 2027, plans to launch three new electric cars this year</a> <a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms">Government is reportedly reworking the FAME-II scheme to ensure companies use domestic components</a> <a href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-vs-ola-s1-vs-tvs-iqube-s-electric-scooters-comparison-of-price-and-features/articleshow/93594152.cms">Ather 450X Gen 3 vs Ola S1 vs TVS iQube S – price, specs and features compared</a>

Hero Electric partners with Jio-bp for EV charging and battery swapping solutions

<ul><li><keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword> sold 10,476 vehicles in one month while <keyword id="6077703" type="General" weightage="80" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword> sold 8,096 two-wheelers.</li><li><keyword id="4393078" type="General" weightage="80" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> sold 3,421 EV two-wheelers in August, a drop from 3,862 units the company sold in July.</li><li>Ather Energy saw a massive jump in selling 5,239 vehicles, from a mere 1,289 in July.</li></ul>Hero Electric once again led the Indian electric vehicle (EV) two-wheeler segment in August, selling a record and highest-ever 10,476 vehicles in one month, followed by Okinawa Autotech at 8,554 vehicles, the latest government VAHAN data has revealed. Hero Electric had sold 8,954 EV two-wheelers in July while Okinawa Autotech had sold 8,096 two-wheelers. Bhavish Aggarwal-run Ola Electric sold 3,421 EV two-wheelers in August, a drop from 3,862 units the company sold in July, indicating that it still needs to bring its strategy back on track. Ather Energy saw a massive jump at selling 5,239 vehicles, from a mere 1,289 in July. <keyword id="5929543" type="General" weightage="50" keywordseo="ampere-vehicles-pvt-ltd" source="Orion">Ampere Vehicles Pvt Ltd</keyword>, which sold 6,319 vehicles last month, saw a marginal hike at 6,396 sold units. In a bid to boost two-wheeler EV adoption and battery swapping infrastructure, Hero Electric is set to partner with Jio-bp to strengthen mobility solutions for electric two-wheelers. The customers of Hero Electric are expected to get access to the widespread charging and swapping network of Jio-bp, which is also open to other vehicles. A recent report revealed that only 1 per cent household consumers plan to buy an e-scooter in the next six months amid safety and performance concerns, as the government probes multiple fires in electric two-wheelers. Around 32 percent of respondents are not convinced about the safety and performance of electric scooters in August while in March this year, the number stood at 17 per cent - as more than two dozen electric two-wheelers caught fire in March and April, according to community social media platform LocalCircles. After more than two dozen electric two-wheelers caught fire in March and April, around 7,000 units were "voluntarily" recalled by electric scooter makers such as Ola, <keyword id="7583348" type="General" weightage="50" keywordseo="pure-ev" source="Orion">Pure EV</keyword>, and Okinawa. The government set up a committee of experts from Centre for Fire, Explosive and Environment Safety (CFEES) and the Indian Institute of Science to carry out detailed investigation and frame 'quality-centric' guidelines for EV manufacturers, which are expected to be released soon. The fallout of EV fires is that just 1 per cent of over 11,000 respondents said they plan to buy an e-scooter in the next 6 months. Nearly 5 per cent said they are keen to buy but "were not convinced about the infrastructure available for e-scooters where I live/work" and 7 percent said they do not have funds for buying e-scooters. While there are people keen to buy e-scooters, concern over safety and performance are rising. "It is critical for the government and industry to win consumer confidence," the report mentioned. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/asus-rog-flow-x16-review/articleshow/93894638.cms#:~:text=After%20using%20it%20for%20months,profile%20make%20it%20highly%20portable.">Asus ROG Flow X16 review: The perfect 2-in-1 gaming laptop</a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-g17-2022-review-a-lovable-gaming-laptop-with-high-end-specs/articleshow/91010424.cms">Asus ROG Strix G17 (2022) review — a good-looking gaming laptop with flagship performance</a>

Hero Electric tops two-wheeler EV sales charts in August, Ola Electric saw declined

<ul><li>A fire at an electric scooters showroom has killed eight people and injured several others.</li><li>The fire reportedly began at the EV showroom and spread to a hotel above the showroom.</li><li>Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> has announced compensation for the deceased and the injured.</li></ul>In a tragic incident, a fire at an electric scooter showroom killed eight people and injured several others. The incident occurred late last night and affected a hotel located above the EV showroom. While the fire reportedly began at the <keyword id="14969128" type="General" weightage="100" keywordseo="ruby-electric-scooters" source="Orion">Ruby Electric Scooters</keyword> showroom on the ground floor, it spread to the first and second floors of the <keyword id="14969532" type="General" weightage="50" keywordseo="ruby-pride-luxury-hotel" source="Orion">Ruby Pride Luxury Hotel</keyword>. The hotel reportedly had over 25 guests at the time. According to reports, eight people have already died from asphyxiation caused by the smoke. In addition, several people have reportedly been injured with burns and other injuries while trying to escape the fire. While the cause of the fire has not been announced yet, the officials suspect that the fire was caused by an electric scooter or a generator placed in the Ruby Electric Scooters showroom. "Fire broke out in electric scooter recharging unit on the ground floor, smoke from which overpowered the people staying on the first and second floor," said Hyderabad Police Commissioner CV Anand. Two fire engines were rushed to the spot to douse the fire. The fire brigade teams reportedly rescued seven people from the hotel trapped in the fire. Locals claimed that several people jumped from the building to escape the fire. Prime Minister Narendra Modi expressed his anguish over the incident and announced compensation for the deceased and the injured from the Prime Minister's National Relief Fund. “Saddened by the loss of lives due to a fire in Secunderabad, Telangana. Condolences to the bereaved families. May the injured recover soon. Rs. 2 lakh from PMNRF would be paid to the next of kin of each deceased. Rs. 50,000 would be paid to the injured,” the PMO India’s Twitter account quoted the prime minister. “It is a very unfortunate incident. Fire brigade teams tried their best to rescue people from the lodge but due to heavy smoke, some people died. Some others were rescued from the lodge. We are probing how the incident happened," Telangana home minister Md. Mahmood Ali said. <cmsannotation type="cmsannotation" annotationid="Not the first incident at an EV showroom" comment="subhead" text="Not the first incident at an EV showroom">Not the first incident at an EV showroom</cmsannotation> This is not the first fire incident where an EV has caught on fire. Over the last few months, there have been several EV fires, including an <a href="https://www.businessinsider.in/business/auto/news/electric-scooter-fire-accident-claims-another-mans-life-leaves-his-wife-and-two-daughters-with-severe-burns/articleshow/91063992.cms">incident</a> in Vijaywada, which resulted in the death of a man and severe burns to his wife and daughter. The government had tasked the Defence Research and Development Organisation (DRDO) to <a href="https://www.businessinsider.in/business/news/drdo-examines-ev-fire-incidents-finds-serious-battery-defects/articleshow/91743079.cms">investigate</a> the fire incidents, and the agency found serious defects in the batteries. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a> <a href="https://www.businessinsider.in/business/auto/news/lamborghini-to-reportedly-launch-its-first-hybrid-car-in-india-next-year-electric-car-may-debut-in-2028/articleshow/93793333.cms">Lamborghini to reportedly launch its first hybrid car in India next year, electric car may debut in 2028</a> <a href="https://www.businessinsider.in/business/auto/news/hero-electric-partners-with-jio-bp-for-ev-charging-and-battery-swapping-solutions/articleshow/93780099.cms">Hero Electric partners with Jio-bp for EV charging and battery swapping solutions</a>

A fire at an EV showroom has killed 8, several injured while trying to escape

<ul><li>The Indian stock markets could open on a positive note on September 17, with enough steam left in the bulls even now. </li><li>Trends on SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> showed an increase of 89 points, suggesting that Nifty could open in the green despite mixed cues in other Asian markets. </li><li>Biocon, <keyword id="6357252" type="General" weightage="20" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword>, TVS Motor and banks could be among the top stocks to watch out for on September 17. </li></ul><cmsannotation type="cmsannotation" annotationid="Biocon" comment="subhead" text="Biocon">Biocon</cmsannotation> Its subsidiary, Biocon Biologics, has entered into an agreement with Serum Institute of India to offer it a 15% stake in the company in exchange for 100 million vaccine doses per year for 15 years, and commercialisation rights for Serum Institute’s vaccine portfolio for the global market. <cmsannotation type="cmsannotation" annotationid="Hero MotoCorp" comment="subhead" text="Hero MotoCorp">Hero MotoCorp</cmsannotation> To increase prices of its scooters and bikes by up to ₹3,000 from September 20, to offset the increase in commodity prices. <cmsannotation type="cmsannotation" annotationid="TVS Motor" comment="subhead" text="TVS Motor">TVS Motor</cmsannotation> Acquired a majority stake in EGO Movement, a Swiss technology company with a portfolio of electric bikes, scooters and cargo bikes. <cmsannotation type="cmsannotation" annotationid="Banks" comment="subhead" text="Banks">Banks</cmsannotation> Finance Minister Nirmala Sitharaman announced a framework for India’s bad bank, guaranteeing up to ₹30,600 crore for security receipts. The National Asset Reconstruction Company will buy bad loans from banks by offering them 15% of the net asset value in cash, and the rest in the form of security receipts. <cmsannotation type="cmsannotation" annotationid="IPO Watch" comment="subhead" text="IPO Watch">IPO Watch</cmsannotation> Sansera Engineering IPO subscribed 11.47 times on the final day. Paras Defence announces IPO, offer opens on September 21. <cmsannotation type="cmsannotation" annotationid="Kotak Mahindra Bank" comment="subhead" text="Kotak Mahindra Bank">Kotak Mahindra Bank</cmsannotation> Acquired Volkswagen group’s vehicle loan arm, Volkswagen Finance, giving it access to 30,000 customers with a loan outstanding of ₹1,340 crore. <cmsannotation type="cmsannotation" annotationid="Infosys" comment="subhead" text="Infosys">Infosys</cmsannotation> Selected by Frost Bank, a Texas, US-based bank, to launch a new mortgage loan product. <cmsannotation type="cmsannotation" annotationid="JSW Steel" comment="subhead" text="JSW Steel">JSW Steel</cmsannotation> Raised $1 billion by way of bonds in the overseas market. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/indias-bad-bank-get-government-nod-green-lights-narcl-with-30600-crore-guarantee/articleshow/86262155.cms">India's bad bank gets government nod — green lights NARCL with ₹30,600 crore guarantee</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/corporates/news/itc-surprises-investors-by-rallying-7-5-suddenly-today/articleshow/86255237.cms">ITC finally starts rallying, but Twitter can't stop trolling it</a>

Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17

<ul><li>Essential fuels like petrol and diesel are already too expensive.</li><li>The <keyword id="1881337" type="PERSON" weightage="20" keywordseo="rise-in-food-prices">rise in food prices</keyword> is relatively low compared to last year but still rising fast.</li><li>From <keyword id="6357252" type="DOMAIN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> to <keyword id="6912" type="LOCATION" weightage="20" keywordseo="maruti">Maruti</keyword>, from Havells to Blue Star, from <keyword id="186975" type="DOMAIN" weightage="20" keywordseo="TTK-Prestige">TTK Prestige</keyword> to Finolex, companies are looking to hike prices to meet rising costs.</li><li>Meanwhile, falling savings and rising household debt, coupled with an uncertain future due to the second wave of COVID-19 infections, is likely to put severe pressure on people’s finances and their confidence.</li></ul>The year 2020 was bad but 2021 has hardly been a relief for Indian families. The second wave of COVID-19 cases has filled WhatsApp chats (and other social media) with fearful exchanges about the possibility of yet another lockdown. The possible dent in consumer confidence, which improved in January, may take a further knock from rising cost of everyday essentials. What makes this threat to people’s livelihood even worse are the rising prices of daily essentials and the depleted savings. To top up the miserable feeling, the salaried class in the private sector is going to see a fall in take home pay due to <a href="https://www.businessinsider.in/personal-finance/news/your-take-home-salaries-could-shrink-sharply-in-april-with-indias-new-definition-of-wages/articleshow/81631662.cms#:~:text=India's%20new%20labour%20codes%2C%20which,like%20gratuity%20and%20leave%20encashment.">the new definition of wages that kicks in</a> from April 1. Food and fuel are already taking a big chunk out of people’s earnings Essential fuels like petrol and diesel are already too expensive. At 8.76%, food inflation was already high in February 2020. So compared to that a 4.25% rise in food prices in February this year may seem slower but it is still significant. <div type="image" title="B3FC84F1-0AB9-4D7E-BB9E-EB94502CE6E9_edited" msid="81667538" hostid="261" caption="&amp;lt;p&amp;gt;Attendant shows price of fuel at a petrol pump in Nagpur&amp;lt;/p&amp;gt;"></div> While the Reserve Bank of India (RBI) expects prices to be stable hereon, any supply disruption due to measures taken to curb the spike in COVID-19 cases will only make it worse. Raw materials such as palm oil, copra and edible oils have risen sharply. Since price hikes have been quite limited over the past two years, Dabur has room to raise prices this year, the management told analysts recently. The company sells everyday items like toothpaste and fruit juices to branded honey and mosquito repellents. Soap makers have already hiked prices by 5–6%, and another round of a 3% hike is likely, an Edelweiss report dated March 19 said. Crude oil prices are up 26% compared to a year earlier, which makes nylon more expensive. That, in turn, will increase prices of cotton that is a competing commodity. Wholesale prices of cotton are already up 24% between October 2020 and February this year. And that could, eventually, reflect in the prices of textiles and apparels. Hooked to WhatsApp, Facebook, Instagram or Youtube? Prepare to shell out more The glory days of India’s famous dirt-cheap mobile data plans are well behind us. The market is shrinking, effectively, into <a href="https://www.businessinsider.in/business/telecom/news/how-the-latest-spectrum-auction-may-affect-your-mobile-phone-bills-and-quality-of-network-service/articleshow/81325496.cms">a duopoly between Airtel and Reliance Jio</a>. While Vodafone Idea is getting relegated to the margin, the Aditya Birla Group company may have to increase tariff to stay in the game, allowing Mukesh Ambani and Sunil Mittal to follow suit. So mobile bills are going to get more expensive. <div type="image" title="man on mobile phone_edited" msid="81667557" hostid="261" caption="&amp;lt;p&amp;gt;The market is shrinking, effectively, into a duopoly between Airtel and Reliance Ji0, which could result in a hike in prices of data&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Cost of metals like steel, aluminium, palladium, platinum and rhodium are up 30% in the last six months, according to JM Financial. These are key inputs for automobiles and the rise in prices reflect in the cost of buying with a lag of a few months. No wonder, India’s largest motorbike maker Hero MotoCorp just announced <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/b4e500a3-9a79-4dc6-b18d-ec23916af252.pdf">a hike of up to ₹2,500 per unit from April 1</a>. Other major players in the two-wheeler space like Bajaj Auto and TVS Motor have already hiked by 2-3% in the last few months, over and above a 20% rise in the last couple of years due to the shift to BS-VI models to reduce pollution. Those who planned to buy cars may have to shell out more too. <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-increase-price-of-cars-from-april-2021/articleshow/81632209.cms">Maruti Suzuki</a> and <a href="https://www.businessinsider.in/business/auto/news/nissan-india-to-increase-prices-of-all-models-for-nissan-and-datsun-from-april-1/articleshow/81647750.cms">Nissan</a> have already announced that the rising price of raw materials will force these companies to raise prices in April. <div type="image" title="maruti_edited" msid="81667591" hostid="261" caption="&amp;lt;p&amp;gt;Cars at a Maruti dealership in New Delhi&amp;lt;/p&amp;gt;"></div> India’s <a href="https://m.economictimes.com/markets/stocks/news/ttk-prestige-raised-prices-by-4-5-price-so-far-will-take-more-hikes-during-the-week-t-jagannathan/videoshow/79795003.cms">largest consumer appliances maker, TTK Prestige</a>, known for its pressure cookers hiked prices, on average, by 9% across product categories including mixer grinders and gas stoves. The company’s smaller peer Butterfly Gandhimathi has hiked prices by 5% in December but, yet another one, Hawkins hasn’t followed suit yet. The price of copper is near an all-time high nearly twice of what it was five years ago. So, cable makers like Finolex Cables and Polycab have already passed the pressure on to their customers. KEI Industries, which makes cables, is revising prices every 15 days based on the prices of the key raw material copper, Edelweiss said. And, that means the cost of production is significantly higher for electrical appliance makers like Havells and V-Guard Industries. Especially in the case of V-Guard, which is popular for its inverters and voltage stabilisers, over 46% of the cost is copper, according to analysts at Edelweiss. Air cooler major Symphony raised prices in January, long before the summer sun started to sting. Why will air conditioners be left behind? Blue Star, which raised prices by 5-8% in January, will push prices further up by another 3-5% from April, <a href="https://economictimes.indiatimes.com/industry/cons-products/durables/blue-star-to-increase-prices-in-first-week-of-april-md/articleshow/81648037.cms">Managing Director B Thiagarajan told the Economic Times on March 23</a>. A lot of dream homes were stalled by the pandemic and the lockdown. While the construction of these homes has resumed in full gusto, the cement needed to build these is at least 7-8% on average in the last one year. Dealers told analysts at Emkay Global that companies like Ultratech, ACC and Ambuja Cement tried to increase prices again, by ₹10-20 a bag, but it has not been implemented yet. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> There is added pressure on families in terms of healthcare, either in terms of COVID-19 treatments or the cost of vaccination or both. Even for salaried employees in India, who form a small proportion of the total workforce, the <a href="https://www.businesstoday.in/sectors/jobs/india-inc-to-offer-77-average-salary-hike-in-2021-aon/story/432174.html#:~:text=Global%20professional%20services%20firm%20Aon's,6.1%20per%20cent%20in%202020.">average rise in remuneration is likely to be 7.7%</a>. But a big chunk of the rise may not land in their bank accounts ⁠— it will go into provident fund and gratuity contribution, instead⁠ — because the new labour codes would have kicked in from April 1. Of course, if the second wave triggers another economic crisis, many families may not even have the same amount of cushion from their past savings. In the last five years, the average annual household savings in India has grown 64%. However, in the same time, average household debt has increased 133%, according to the latest data from the RBI. None of this would be comforting for households staring at a limited income and an uncertain future. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/inequality-is-only-increasing-in-india-the-resulting-lack-of-trust-may-make-climate-change-a-tougher-challenge-to-tackle/articleshow/81666431.cms">Inequality is only increasing in India — the resulting lack of trust may make climate change a tougher challenge to tackle</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% soon after listing</a> <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">You can now buy a Tesla with Bitcoin, tweets Elon Musk</a>

From Maruti to Nissan, from Hero to Havells, from cotton to cement– everyday products are set to get more expensive in India

<ul><li><keyword id="20459161" type="General" weightage="20" keywordseo="RBI-MPC" source="keywords">RBI MPC</keyword> left the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5% while governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> expressed optimism about declining inflation and buoyant <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword>.</li><li>The top gainers in Nifty are <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, Dr. Reddy’s Laboratories, SBI Life Insurance, Divi’s Laboratories and Hero Motocorp.</li><li>Crude oil prices have trended up to $90 per barrel for the first time since October.</li></ul>Benchmark indices <keyword id="19925635" type="General" weightage="20" keywordseo="Nifty50" source="keywords">Nifty50</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> traded flat after the Reserve Bank of India’s (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC) left the repo rate unchanged at 6.5%. Nifty50 was trading 0.01% down at 22,511 points, while Sensex was trading flat at 74,231 at 11:10 a.m. on Friday. The indices hit a fresh lifetime high on the last close, on Thursday. RBI remained focused on the withdrawal of accommodation in the <a href="https://www.businessinsider.in/finance/news/rbis-mpc-keeps-rates-unchanged-to-be-actively-disinflationary/articleshow/109053104.cms">first monetary policy of FY25</a>. “Last year, the elephant in the room was inflation. It had gone to the forest but has been walking back now. We want the elephant to return to the forest and remain there,” said Shaktikanta Das, Governor of the Reserve Bank of India. On Friday, the top gainers in Nifty are HDFC Bank, Dr. Reddy’s Laboratories, SBI Life Insurance, Divi’s Laboratories and Hero Motocorp. At the same time, the top losers are Bharat Petroleum, Larsen &amp; Toubro, Grasim Industries, Hindalco and Bajaj Finance. The RBI today left the repo rate unchanged at 6.5% while governor Shaktikanta Das expressed optimism about declining inflation and “buoyant” GDP growth. “Weak sentiment is likely to prevail in early trades owing to corrections in overnight US markets and its negative impact on most of the Asian indices. There could be sideways movement ahead of the RBI announcement on monetary policy and <keyword id="20065292" type="General" weightage="20" keywordseo="banking-stocks" source="keywords">banking stocks</keyword> are likely to be in the spotlight,” said Prashanth Tapse, senior VP at Mehta Equities. US stocks closed sharply lower on Thursday after a Federal Reserve officer dashed hopes of rate cuts this year, ahead of Friday's jobs report. S&amp;P fell by 1.23% in Thursday trade while tech-heavy Nasdaq Composite fell by 1.4%. The US nonfarm payrolls report is to be released in the overnight trades today. The US Fed’s rate cut hopes are not the only factor that might impact trading today. Crude oil prices have trended up to $90 per barrel for the first time since October. "The Middle East skirmishes have pushed up Brent crude to $91 and if oil continues to rise that can pose macro headwinds for India. It is possible that the exuberant Indian investors or domestic institutional investors DIIs flush with money may ignore the headwinds buy the dips imparting resilience to the market,” said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Banking stocks are a good bet in the market as data on deposit and loan growth from banking majors, particularly HDFC Bank are positive, adds Vijayakumar. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-pro-with-snapdragon-7-gen-3-125w-charging-launched-in-india/articleshow/109023956.cms">Motorola Edge 50 Pro with Snapdragon 7 Gen 3, 125W charging launched in India</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-5-million-subscribers-in-january-2024/articleshow/109040220.cms">Reliance Jio and Airtel add nearly 5 million subscribers in January 2024</a> <a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheeler-industry-records-highest-ever-monthly-sales-as-fame-subsidy-ends/articleshow/109030516.cms">India’s electric two-wheeler industry records highest-ever monthly sales as FAME subsidy ends</a>

Status quo: Markets trade flat after RBI MPC leaves repo rate unchanged at 6.5%

<ul><li>There is a consensus amongst analysts that FY24 would ring in high single-digit growth for the Indian automobile as well as auto component sectors despite export headwinds. </li><li>CareEdge expects two-wheeler and three-wheeler sales volumes to cross pre-pandemic levels in the next financial year. </li><li>Price hikes due to BS6 Phase 2 norms and inflationary pressures, El Niño and its impact on the rural sentiments will be amongst the key factors to watch out for in FY24. </li></ul>The Indian auto industry is expected to register sales volume growth of 7-9% in FY24, building on the robust momentum of FY23, according to a report by CareEdge. Passenger vehicle (PV) and commercial vehicle (CV) segments are both expected to drive growth in the next financial year, with the latter especially benefiting from the government’s thrust on capital expenditure. Despite a challenging global environment in FY23, Indian auto companies made the most of the first disruption-free year after the Covid-19 pandemic. Overall, domestic sales rose 21% year-on-year in the 11 months of FY23 when compared to the same period in FY22. Urban demand, festive sales and pre-buying due to the BS6 Phase 2 transition helped boost the overall volumes – once again driven by passenger vehicles and commercial vehicles – despite supply chain challenges and a semiconductor chip shortage, according to the research firm. Exports, however, registered a decline of 14% in the 11 months of FY23, largely on account of weakness in foreign markets. <cmsannotation type="cmsannotation" annotationid="Analysts expect high single-digit growth in FY24" comment="subhead" text="Analysts expect high single-digit growth in FY24">Analysts expect high single-digit growth in FY24</cmsannotation> There is a consensus amongst analysts that FY24 would ring in high single-digit growth for the Indian automobile as well as auto component sectors despite export headwinds. “The growth momentum is expected to continue after the robust demand seen in FY23, supported by favourable demand sentiments and various government initiatives for rural and urban development,” said Tanvi Shah, director, CareEdge. According to a report by ratings agency ICRA, the auto components industry is also expected to witness 5% to 8% growth in revenue in FY24, primarily due to strong demand from the domestic market. “Over the long term, opportunities in the electric vehicle market, premiumisation of vehicles, a focus on localisation, improved export potential, and changes in regulatory norms will result in healthy growth for auto component suppliers,” ICRA said. The ratings agency underlined that the rise in mobility due to the reopening of schools and offices, improved freight movement and purchases being pushed back due to elevated inflation should boost sales in FY24. “We believe, in the coming months, with a favourable base for both PVs and 2-wheelers till H1 FY24, maintaining current retail volume levels would help both the segments deliver 10%+ growth in FY24E,” said a report by ICICI Securities. <cmsannotation type="cmsannotation" annotationid="2W and 3W sales expected to rise to pre-pandemic levels" comment="subhead" text="2W and 3W sales expected to rise to pre-pandemic levels">2W and 3W sales expected to rise to pre-pandemic levels</cmsannotation> Sales in the two-wheeler (2W) segment have stagnated in the past three months due to factors like continued price hikes, hot inflation and weakness in rural demand. <keyword id="6359783" type="General" weightage="80" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword>, which depends heavily on exports, also bore the brunt of weakness in key foreign markets like Nigeria. Its exports declined to 45% of its total sales in February 2023, from 52% in January 2022. While the threat of El Niño still looms large and could play spoilsport for two-wheeler sales by affecting crop output and hence incomes in rural areas –traditionally a large market for 2Ws, analysts at CareEdge remain optimistic about not just 2Ws but also three-wheeler sales going into FY24. The ratings agency expects sales volumes in these two segments to cross pre-pandemic levels in the next financial year. <cmsannotation type="cmsannotation" annotationid="What to watch for in FY24 – steep price hikes, El Niño and rural sentiments" comment="subhead" text="What to watch for in FY24 – steep price hikes, El Niño and rural sentiments">What to watch for in FY24 – steep price hikes, El Niño and rural sentiments</cmsannotation> Analysts also underlined factors which could have a significant impact on the auto industry’s performance in the upcoming financial year, ranging from price hikes to weather. The implementation of BS6 Phase 2 norms from April 1, 2023 is expected to drive steep price hikes – leading automakers like <keyword id="42747" type="General" weightage="50" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, Hero MotoCorp,<a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-cars-to-get-costlier-by-1-1-from-today/articleshow/97022345.cms"> Maruti Suzuki</a> and Honda have already<a href="https://www.businessinsider.in/business/news/time-to-buy-your-new-hot-wheels-automakers-set-to-increase-prices-of-vehicles-to-meet-stricter-emission-norms/articleshow/98940916.cms"> announced</a> price hikes. The adherence to new emission norms, in addition to inflationary pressures, could lead to more price hikes down the road and “potentially affect demand”, according to CareEdge. El Niño could lead to a drier year and further dampen rural sentiments, which could delay the much-anticipated recovery in the two-wheeler segment and derail tractor sales. However, overall, the Indian auto industry looks well placed heading into FY24 – the passenger and commercial vehicle segments are expected to retain their momentum, while the two- and three-wheeler sales are expected to inch back to pre-pandemic levels. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-stage-a-rebound-led-by-adani-enterprises-group-market-capitalisation-rises-by-22011-crore/articleshow/99084630.cms">Adani group stocks stage a rebound led by Adani Enterprises: Group market capitalisation rises by ₹22,011 crore</a> <a href="https://www.businessinsider.in/finance/news/npci-introduces-interchange-fees-on-upi-transactions-done-via-prepaid-payment-instruments/articleshow/99080455.cms">Will UPI payments now attract charges? Decoding NPCI’s interchange fee on UPI transactions via prepaid payment instruments</a> <a href="https://www.businessinsider.in/business/telecom/news/increased-competition-delayed-tariff-hikes-could-effectively-lead-to-a-jio-airtel-duopoly/articleshow/99065537.cms">Increased competition, delayed tariff hikes could effectively lead to a Jio-Airtel duopoly</a>

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