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<ul><li>Indian benchmark indices opened in the red on Tuesday, a day after <a href="https://www.businessinsider.in/stock-market/news/here-are-the-top-gainers-and-losers-on-the-nifty500-index-today/articleshow/95829829.cms">closing at new all-time highs</a>, tracking mixed global cues.</li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.33% ahead of the markets opening on Tuesday.</li><li>The 30-stock index <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> opened 143 points lower at 62,362 while the Nifty50 opened 10 points lower at 18,553.</li><li>Adani Enterprises, NDTV, M&amp;M, L&amp;T and others will be among the stocks to watch out for on Tuesday.</li></ul>Indian benchmark indices opened in the red on Tuesday, a day after <a href="https://www.businessinsider.in/stock-market/news/here-are-the-top-gainers-and-losers-on-the-nifty500-index-today/articleshow/95829829.cms">closing at new all-time highs</a>, tracking mixed global cues. While markets in the US and Asia slid on Monday on growing protests in China against the country’s zero-Covid policy, there was a clawback on Tuesday morning in some of the Asian markets. SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of how the markets may perform, was down 0.33% ahead of the markets opening on Tuesday. The 30-stock index Sensex opened 143 points lower at 62,362 while the Nifty50 opened 10 points lower at 18,553. On Monday, the Sensex <a href="https://www.businessinsider.in/stock-market/news/here-are-the-top-gainers-and-losers-on-the-nifty500-index-today/articleshow/95829829.cms">closed</a> at a new all-time high of 62,505 while the Nifty50 closed at 18,563 points. “The undertone of the Indian market remains bullish despite the global headwinds. Indian markets could continue to do well with some intermittent corrections till the forthcoming Union Budget,” said Dhiraj Relli, MD &amp; CEO, HDFC Securities Rupee opened 6 paise higher at 81.60 per US Dollar on Tuesday as against 81.66 on Monday. Brent crude oil prices edged up to $84.6, from $81 on Monday. <cmsannotation type="cmsannotation" annotationid="Asian markets edge up" comment="subhead" text="Asian markets edge up">Asian markets edge up</cmsannotation> Most Asian indices were trading higher with Hong Kong’s Hang Seng surging 3.20% followed by China’s Shanghai SE Composite Index up 1.66% and Taiwan TSEC 50 Index up 0.22%. At the same time, Japan’s Nikkei 225 was down 0.58%. This comes after Beijing’s move to support the developers boosted the property sector despite public unrest remaining over zero COVID-19 policy. <cmsannotation type="cmsannotation" annotationid="US markets decline amid protests in China" comment="subhead" text="US markets decline amid protests in China">US markets decline amid protests in China</cmsannotation> US markets declined on Monday with the S&amp;P 500 sliding 1.54%, while the Dow Jones Industrial Average closed 1.45% in the red. The tech-heavy Nasdaq Composite was the most affected, with a decline of 1.58%, with the primary trigger being Apple’s iPhone production being affected by the zero-Covid protests in China. <cmsannotation type="cmsannotation" annotationid="Sensex at 80,000 by December 2023 a possibility, says Morgan Stanley" comment="subhead" text="Sensex at 80,000 by December 2023 a possibility, says Morgan Stanley">Sensex at 80,000 by December 2023 a possibility, says Morgan Stanley</cmsannotation> Analysts at Morgan Stanley said in a note on Monday that Sensex could touch 80,000 by December 2023. However, for this, India will have to be included in the global bond indices, which would help in bringing flows worth $20 billion in the Indian markets. It is worth noting that India’s inclusion in the global bond indices has already been delayed due to tax complexities. Other factors which could give Indian markets a boost next year include a correction in commodity prices and India Inc.’s earnings compounding at 25% through FY25. <cmsannotation type="cmsannotation" annotationid="Stocks in focus" comment="subhead" text="Stocks in focus">Stocks in focus</cmsannotation> Adani Enterprises: The Adani Group in an exchange filing has declined reports that said the flagship firm is looking to raise $5 billion from wealth funds. NDTV: The news media company’s promoter firm RRPR Holding has transferred shares constituting 99.5% of its equity capital to the Adani-owned entity Vishvapradhan Commercial (VCPL). HCL Technologies: The IT major has signed a multi-year contract with Switzerland-based SR Technics, a leading maintenance, repair and overhaul (MRO) service provider in the civil aviation industry, to digitally transform SR Technics’ operations. M&amp;M: The automaker has reportedly recalled the recently launched Mahindra Scorpio-N and XUV700 SUVs on grounds of quality control glitch at the vendor’s end. L&amp;T: The company has announced on exchanges that its arm L&amp;T Energy Hydrocarbon has been awarded with significant projects in the range of ₹1,000 crore to ₹2,500 crore. <cmsannotation type="cmsannotation" annotationid="Stocks in F&amp;O ban on Tuesday" comment="subhead" text="Stocks in F&amp;O ban on Tuesday">Stocks in F&amp;O ban on Tuesday</cmsannotation> Bharat Heavy Electricals (BHEL), Delta Corporation, and Indiabulls Housing Finance are in the F&amp;O ban list on Tuesday, according to the National Stock Exchange. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Unilever </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.37% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.01% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.95% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.81% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.91% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.53% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.76% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.51% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.59% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.47% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, Nifty50, as at 10:05 a.m., November 29, 2022 SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/digital-lending-platforms-see-3x-year-on-year-rise-in-disbursals-to-14016-crore-in-q2-fy23/articleshow/95821140.cms">Digital lending platforms see 3x year-on-year rise in disbursals to ₹14,016 crore in Q2 FY23</a> <a href="https://www.businessinsider.in/business/corporates/news/new-age-tech-companies-rake-in-business-but-are-still-making-losses/articleshow/95837559.cms">New-age tech companies rake in business but are still making losses</a> <a href="https://www.businessinsider.in/stock-market/news/here-are-the-top-gainers-and-losers-on-the-nifty500-index-today/articleshow/95829829.cms">Indian markets scale life-time peaks powered by BPCL and Reliance Industries</a>

Indian markets open in the red on mixed global cues – Adani Enterprises, NDTV, M&M, L&T among stocks to watch out for today

<ul><li><keyword id="45224" type="General" weightage="80" keywordseo="mahindra" source="Orion">Mahindra</keyword> &amp; Mahindra’s electric vehicle business is still in its nascent stages, but investors have valued it on par with <keyword id="42747" type="General" weightage="100" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>’ EV biz.</li><li>While pure numbers may not be enough to justify the steep valuation of <keyword id="46869" type="General" weightage="20" keywordseo="mm" source="Orion">M&amp;M</keyword> EV biz, investors might be looking at the company’s future prospects.</li><li>While Tata Motors has sold nearly 100x more electric cars than Mahindra in the last year, two financial metrics are bogging it down.</li><li>We try to decode why investors are giving M&amp;M and Tata Motors’ EV businesses the same value, despite the massive differences.</li></ul>Mahindra &amp; Mahindra has raised fresh funds from British International Investment (BII), valuing its <keyword id="5713739" type="General" weightage="20" keywordseo="ev-business" source="Orion">EV business</keyword> at ₹70,000 crore or $9 billion — almost on par with Tata Motors’ EV business. Tata Motors’ EV business was valued at $9.1 billion after it raised $1 billion from TPG Rise Climate in October last year. The M&amp;M deal comes as a surprise to sector watchers – mostly because of an absolute data mismatch. Tata Motors has been beating M&amp;M in space – literally 100 to one. According to the latest FADA report, in FY22, M&amp;M sold a total of 156 electric cars in the passenger vehicles segment. On the other hand, Tata Motors, which has two models in the market, sold nearly 15,200 electric cars —that’s 100 times more than what M&amp;M sold. <cmsannotation type="cmsannotation" annotationid="The electric rickshaw" comment="subhead" text="The electric rickshaw">The electric rickshaw</cmsannotation> M&amp;M’s EV business however is not just about cars. It also has a few electric three-wheelers in its portfolio, at price points which are several times lower than electric cars. This is why analysts are bullish on its EV business, and label it as a ‘proactive’ auto company, in spite of a single electric car in its portfolio – the eVerito. This car is mostly used as a cab. “M&amp;M is also proactive on the electrification front and already has an electric 3W and e-rickshaw as well as PV (e-Verito) running on Indian roads. With a pipeline of interesting launches in the electric PV as well as LCV front, the company is steadily transforming amid change in technology landscape in the auto space,” stated a report by ICICI Direct. It sold a little over 8,000 electric three-wheelers in FY22, according to FADA – also this too is comfortably lower than Tata Motors’ EV sales. Coupled with Mahindra’s strong brand recall in rural areas thanks to its tractor business, this sets the company up very well as far as electric 3Ws are concerned – a segment where Tata Motors registers a blank. <div type="image" title="M&amp;amp;M Tata Motors EV sales FY22." msid="92742847" hostid="261" caption="&amp;lt;p&amp;gt;M&amp;amp;amp;M and Tata Motors EV sales in FY22&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="The EV roadmap" comment="subhead" text="The EV roadmap">The EV roadmap</cmsannotation> The key to understanding the future of Mahindra’s auto business is identifying its product roadmap. M&amp;M’s executive director Rajesh Jejurikar said the company’s SUV lineup will be 20-30% electric by 2027. Eight new electric vehicles are to be launched by 2027. Of these, four will be brand new cars and four will be ‘conversions’ of existing petrol and diesel cars. IDBI Capital too has impressed with M&amp;M’s three new ‘blockbuster’ launches – the new Thar, XUV 700 and Scorpio-N – stating that it has made a comeback. The brokerage also says that the company is ‘unlocking value’ of its EV business — and is no longer just a tractor company. <div type="Article" hostid="261" msid="90775731" title="Electric two-wheeler sales surge over 5 times – Hero Electric, Okinawa corner half the market, Ather’s market share declines" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Money’s gonna attract more money" comment="subhead" text="Money’s gonna attract more money">Money’s gonna attract more money</cmsannotation> BII’s Nick O’Donohoe has another angle to valuation. In the press release, he said that this investment will “attract additional sources of private capital” into Mahindra Electric. While he did not go into further details, he said that this venture is “exciting”. Green funds, and their large appetites, could also be one of the reasons behind the large investment into M&amp;M. “Climate change is one of the biggest challenges of our time. The investment into Mahindra’s EV business is in line with our decarbonization strategy and focus of supporting sustainable business models that create new jobs, particularly for women,” said Samir Abhyankar, managing director of BII. He also underlined that this is aimed at attracting other “like-minded investors in the future”. <cmsannotation type="cmsannotation" annotationid="Lock, stock and debt" comment="subhead" text="Lock, stock and debt">Lock, stock and debt</cmsannotation> There are other advantages that M&amp;M has over Tata Motors that makes it an attractive investment. The former has much less debt. Its overall debt is ₹75,000 crore – that’s half of what’s on Tata Motors’ books. M&amp;M is also a profitable company, while Tata Motors has reported losses in four out of the last five years, at over ₹64,000 crore. Moreover, the former’s stock has been outperforming the index too. Since the beginning of 2022, it has outperformed the Nifty Auto index by four times, surging over 38% while the index gained less than 9%. “Within OEMs, M&amp;M remains our top pick as it relatively outperformed within the auto OEM space after a multiyear breakout that spells structural turnaround,” a report by ICICI Direct stated. <div type="image" title="M&amp;amp;M 01_01_22 to 08_07_22." msid="92742889" hostid="261" caption="&amp;lt;p&amp;gt;M&amp;amp;amp;M share price in 2022&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/cooling-crude-oil-prices-companies-in-these-sectors-could-benefit-the-most/articleshow/92738107.cms">Cooling crude oil prices – companies in these sectors could benefit the most</a> <a href="https://www.businessinsider.in/stock-market/news/gone-with-the-windfall-tax-ongc-loses-a-fifth-of-its-market-value/articleshow/92721451.cms">Gone with the windfall tax: ONGC loses a fifth of its market value</a> <a href="https://www.businessinsider.in/investment/news/infy-lic-reliance-and-6-more-stocks-that-mutual-funds-are-going-long-on/articleshow/92693363.cms">Infosys is the most favourite mutual fund stock – find out the eight others</a>

Tata Motors sells 100x more EVs than M&M – but both are valued at around $9 billion

<ul><li><keyword id="44883" type="General" weightage="100" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> will launch its first <keyword id="6084414" type="General" weightage="20" keywordseo="electric-car-in-india" source="Orion">electric car in India</keyword> in 2025.</li><li><keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> currently leads the electric passenger vehicle segment in the country.</li><li>Maruti has been working on its electric vehicle for over a year now.</li></ul>Maruti Suzuki, the largest carmaker in India is looking to introduce multiple electric vehicles in the country to catch up with its rivals such as Tata Motors. The company currently does not offer any electric vehicles in the country. Maruti Suzuki’s new managing director and chief executive officer Hisashi Takeuchi during an <a href="https://gadgets360.com/transportation/news/maruti-suzuki-multiple-ev-electric-vehicle-models-planned-2896861">interaction</a> revealed that the company’s first electric vehicle (EV) will be released in 2025. Takeuchi added that the company’s first EV will be rolled out from its Gujrat plant and other factories will start producing EVs once the demand in the country increases. “We are a little behind our competitors in introducing the (EV) model to the Indian market, but we see that still, the market demand for those EVs is limited. Actually, sales of EVs in the Indian market are still very, very limited.” Takeuchi said. The company has been testing EVs using its existing platforms. As per Takeuchi, the company has replaced the internals of several cars, adding batteries and the motor to test the EVs in the Indian environment. The tests were reportedly started over a year ago. “We have been doing this test for more than a year with multiple cars in the Indian environment so that we are sure that our EV technology will be good in the environment, which is very, very tough in India,” Takeuchi added. <cmsannotation type="cmsannotation" annotationid="Tata Motors is the current leader in India" comment="subhead" text="Tata Motors is the current leader in India">Tata Motors is the current leader in India</cmsannotation> <div type="image" title="Electric cars market share chart FY22." msid="90909812" hostid="261" caption="&amp;lt;p&amp;gt;Electric cars segment&amp;lt;/p&amp;gt;"></div> Currently, Tata Motors is leading the passenger electric vehicle segment in India. According to data from the Federation of Automobile Dealers Associations (FADA), Tata Motors accounts for over 85% of sales in the electric car segment. MG Motors with a share of 11.49% is a distant second and the remainder is occupied by other companies such as Mahindra. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-surge-over-5-times-in-2021-22/articleshow/90775731.cms">Electric two-wheeler sales surge over 5 times – Hero Electric, Okinawa corner half the market, Ather’s market share declines</a> <a href="https://www.businessinsider.in/business/auto/news/kia-has-showcased-the-2023-niro-ev-at-the-new-york-international-auto-show/slidelist/90841453.cms">Kia shows off the 2023 Niro EV – here’s our first look at the upcoming electric car</a> <a href="https://www.businessinsider.in/business/auto/news/okinawa-dealership-burns-down-after-another-electric-scooter-catches-fire-company-recalls-over-3200-praise-pro-scooters/articleshow/90904129.cms">Okinawa dealership burns down after another electric scooter catches fire, company recalls over 3,200 Praise Pro scooters</a>

Maruti Suzuki to launch its first electric car in 2025, several models expected in coming years

Indian auto manufacturer Mahindra &amp; Mahindra is recalling around 23,000 units of a select variant of its popular <keyword id="6356028" type="COMPANY" weightage="60" keywordseo="Sports">sports</keyword> utility vehicle (SUV) Scorpio to rectify faulty pressure-regulating valves.
 The Mumbai-based company said it would hold preventive inspection of some parts of its <keyword id="2410406" type="UNKNOWN" weightage="80" keywordseo="Scorpio-Ex">Scorpio Ex</keyword> variant manufactured between May 2012 and November 2013. 
	 

	According to a statement issued by the company, “This recall is limited only to the Scorpio Ex variant manufactured during the said period and does not affect any other Scorpio variants.”
 

	The statement also said that the inspection and necessary part replacement, if any, would be carried out with immediate effect. It would be done free of cost for Scorpio Ex customers, who would be individually contacted by the company or authorised dealers, it added.
 

	The automaker had undertaken a similar exercise on 985 units of Scorpio Ex variant in 2014.
 Nearly 6.09 lakh vehicles have been recalled ever since auto industry body <keyword id="108827" type="CITY" weightage="80" keywordseo="SIAM">SIAM</keyword> (<keyword id="82374" type="ORGANIZATION" weightage="80" keywordseo="Society-of-Indian-Automobile-Manufacturers">Society Of Indian Automobile Manufacturers</keyword>) initiated voluntary recall policy for safety reasons in July 2012. Chennai-based <keyword id="106216" type="CITY" weightage="80" keywordseo="Ford-India">Ford India</keyword> has recalled as many as 2,95,648 units of various models. On the other hand India's largest car manufacturer <keyword id="6365618" type="CITY" weightage="80" keywordseo="Maruti-Suzuki-India">Maruti Suzuki India</keyword> has recalled 1,03,311 units of Swift, Dzire and Ertiga this year. (Image: Mahindra)

Mahindra & Mahindra Recalls 23,000 Units Of Its Popular SUV Scorpio Ex

Czech car maker <keyword id="6361542" type="CITY" weightage="100" keywordseo="Skoda">Skoda</keyword> is recalling 539 units of its premium sedan Octavia in India to fix faulty manual child lock of two rear doors. "The campaign is related to 539 Octavia units produced between November 2015 and April 2016," <keyword id="330666" type="COMPANY" weightage="20" keywordseo="Skoda-India">Skoda India</keyword>, the Indian unit of the Czech carmaker, said in a statement. To check the manual child lock of two rear doors, Skoda dealers will contact Octavia customers across India for a service appointment, it added. The Czech carmaker said the assessment of the locks will be done in 12 minutes only. "In case the locks need to be replaced under the service campaign, the process will conclude in 45 minutes and will be done at no cost to the customer," it added. 
 
The company currently sells four models¬¬Rapid, Yeti Octavia and Superb in India. Octavia is priced between Rs 16.58 lakh and Rs 22.41 lakh (ex¬showroom Delhi). Last week Mahindra &amp; Mahindra had recalled in India an unspecified number of its SUV Rexton manufactured on or before September 2014 to rectify faulty rear drive shaft. Over two million vehicles have been recalled by various automakers in India ever since the auto industry body SIAM started voluntary vehicle recalls for safety related issues in July 2012.

Skoda recalls 539 units of Octavia sedan in India

France-based automobile manufacturer <keyword id="43777" type="General" weightage="80" keywordseo="renault" source="Orion">Renault</keyword> and Japan-headquartered <keyword id="46283" type="General" weightage="100" keywordseo="nissan" source="Orion">Nissan</keyword> on Monday committed investments of USD 600 million (around ₹5,300 crore) in the country 15 years after foraying into the <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> automobile industry. The fresh round of investments would witness rollout of six new models between the two companies, including two electric vehicles, representing the two global brands, Nissan Global Chief Operating Officer and Member, Alliance Board Ashwani Gupta said here. Currently, both automakers produce four models at the Chennai plant located at Oragadam, about 45 kilometres from here. According to Gupta, the Renault-Nissan manufacturing facility would also become 100 per cent carbon neutral by 2025 with use of renewable energy. The investments would see creation of 2,000 new jobs at the Renault Nissan Research and Development and Business Centre located at Mahindra Research City in Singaperumalkoil. Gupta, in the presence of Chief Minister M K Stalin, Renault <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> Country CEO Venkatram Mamillapallee exchanged memorandum of understanding with the Tamil Nadu government promoted nodal agency Guidance Bureau MD and CEO <keyword id="16485351" type="General" weightage="50" keywordseo="vishnu-venugopal" source="Orion">Vishnu Venugopal</keyword> at an event here. Elaborating on the new models, Gupta said: "Today is almost 15 years of Renault-Nissan announcing plans of a manufacturing facility in Chennai following the signing of an agreement with the Government of Tamil Nadu." "Since then, our factory (in Chennai) has produced more than 2.4 million cars and exports to over 108 countries. I am delighted to announce that our partnership (Renault-Nissan) continues with a new agreement with Government of Tamil Nadu," he said. Gupta termed the signing of agreement with the government as a 'long-term commitment' of the automakers to India and the wider region. On the signing of the new agreement, he said India is one of the key markets and it is poised to become the third largest automotive market in the world. "That is why we are thrilled to announce our new long-term vision for the country where we will introduce six new models, including two battery-operated vehicles to be made at our plant in Chennai. This plant will become an international export hub," he said. The increased activity in new projects at its technical centres including digital and software development would see creation of up to 2,000 jobs at Mahindra World City, he added. "We are (also) transforming our Chennai plant into a carbon neutral manufacturing power house. This is really a great day for the alliance...," he said. The Chennai plant already sources more than 50 per cent of its electricity from renewable energy including solar, biomass and wind. The existing solar plant would become more than six times bigger, expanding to a 14 MW plant from 2.2 MW currently, the company said. On the rollout of new products, Gupta said, "Of the six new models manufactured here, three will be made by Nissan and three by Renault -- to the four existing Nissan and Renault vehicles. These vehicles will be built on a common alliance platform while keeping individual distinctive brand identities." Gupta said the new manufacturing products would include four new 'C' segment Sports Utility Vehicles (SUVs) while it would be the first for Nissan in India. "Importantly, this lineup will include Nissan and Renault's first-ever electric vehicles for India," he said. Two new 'A' segment electric vehicle products would be built on both brands (Renault and Nissan) and would have mass market electrification, he said referring to the success of the company's electric vehicles Nissan Aria and Secura. The investment announcements made by the company signals significant increase in exports from India showcasing the skilled manufacturing capabilities that would benefit the customers in the world, he said. "Our plant will boost plant utilisation, up to 80 per cent securing thousands of jobs in years to come," he said. By 2025, 100 per cent of the electricity used in the plant would be renewable energy, Gupta said. "This is an ambitious and important target as you can see we are fully committed to the Indian market in electrification..." Under the new framework of agreement, Renault Nissan Automotive India Pvt Ltd would move to an ownership of 51 per cent Nissan and 49 per cent Renault. Renault Nissan Technology Business Centre would move to an ownership of 51 per cent Renault - 49 per cent Nissan. "This reinforces the partnership for the long-term and will empower the joint ventures with more responsibility and more autonomy," the company said in a statement. Gupta recalled that he was present during the inauguration of the company's research and development and formation of Renault Nissan Automobile India Pvt Ltd about 17 years ago in Chennai and in other parts of the country. "It is personally very significant for me to be back here and to be a part of building a future for the company and for our people," he said. According to a company statement, the new models to be produced at the Chennai plant would not only serve the domestic customers but also signal a significant increase in exports from India, boosting plant utilisation levels to 80 per cent. Nissan's Africa, Middle East, India, Europe and Oceania region Chairperson Guillaume Cartier said: "Renault and Nissan are fully committed to the Indian market, committed to electrifying the Indian market and committed to minimising our impact on the environment." "India was the first Alliance plant and India will be at the centre of this new chapter of the alliance, with new vehicles, new R&amp;D activities and new export markets taking our joint operations to the next level," he said. "Renault and Nissan have renewed their commitment to India today and we thank the Tamil Nadu government for their strong partnership and support," Cartier said. Tamil Nadu Industries Department additional chief secretary S Krishnan said, "The Renault-Nissan Alliance in Tamil Nadu has had manufacturing and design facilities in operation in the state for more than 15 years now. This is a very valuable and important relationship for the Government of Tamil Nadu and the Alliance. It employs about 15,000 people indirectly in the State..." "We are very excited about this new proposal of modernisation and fresh investment by the Renault-Nissan Alliance in Tamil Nadu. This genuinely brings to life 'Make in Tamil Nadu' and 'Make in India for the World'," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/yamaha-bikes-to-be-e20-compliant-by-end-of-this-year-drives-in-new-range-with-traction-control-system/articleshow/97865654.cms">Entire motorcycle range to be E-20 compliant by end of the year: Yamaha</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/cancer-diagnosis-can-affect-a-persons-ability-to-keep-a-job-says-a-study-in-american-academy-of-neurology/articleshow/97866989.cms">Cancer diagnosis can affect a person's ability to keep a job says a study in American Academy of Neurology</a>

Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs

French automobile manufacturer <a href="http://www.businessinsider.in/searchresult.cms?query=PSA+Peugeot+Citroen">PSA Peugeot Citroen</a> is planning to make its way to India. Reports suggest that Peugot is currently in talks with <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> to forge a partnership under which Tata Motors will produce and distribute Peugeot cars in India. 
 
Moreover, the two companies may also share their engine technologies. Tata’s Sanand plant in Gujarat will make cars for the French giant if things work out between the duo, reported The Economic Times. However, the news hasn’t been confirmed by the involved companies yet. 
 
Official sources told the business daily that PSA is looking for a tie-up with a reputed local carmaker that has its own product, popular brand recall and spare parts distribution reach. This clearly hints at Tata Motor’s Sanand plant, which has ample capacity to meet the French automaker’s requirements. 
 
The PSA Group, however, didn’t respond to an email seeking comment while a <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Motors">Tata Motors</a> spokeswoman said that her company doesn't comment on future product plans, capacity expansion or utilisation. 
 
The internal sources who do not want to be named said that Emmanuel Delay, head of India Pacific Operation at the PSA Group, is steering discussions with senior executives of Tata Motors, including president and head of product engineering Tim Leverton and chairman Cyrus Mistry. 
 
Delay recently visited Bombay House, the Tata headquarters in Mumbai, to discuss the contours of a deal. Initial discussions were held between the two at the recent Frankfurt show and Tavares is understood to have given a clear mandate to Delay to fast track the India plans, they said. 
 
PSA held talks with other car makers including Mahindra &amp; Mahindra, General Motors as well as Hindustan Motors, but Tata Motors is likely to be the main contender. 
 As part of wider discussions, even the possibility of PSA sharing the high-tech DW10 2-litre diesel engine with Tata Motors-owned <keyword id="42034" type="COMPANY" weightage="20" keywordseo="Jaguar">Jaguar</keyword> <keyword id="44719" type="PERSON" weightage="20" keywordseo="Land-Rover">Land Rover</keyword> is being considered. 
 
PSA had hired a consultant to chart its India comeback plan. Its proposals are likely to be submitted to Tavares before the end of 2015. 
 Image: thinkstock

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