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India's largest airline with a market share of 62.5% and Asia's biggest carrier by market valuation, <keyword id="19899182" type="General" weightage="100" keywordseo="IndiGo" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo" meta.hostid="261" meta.entityid="IndiGo">Indigo</keyword>, posted a net loss of Rs 986.7 crore for the last quarter ended September 30, 2024. Indigo's profits during this quarter in 2023 were Rs 188.9 crore. The main reason behind the carrier running into reds during the second quarter of FY25 was high <keyword id="21353061" type="General" weightage="20" keywordseo="fuel-costs" source="keywords">fuel costs</keyword>. Per the airline, its fuel costs jumped by 12.8% to Rs 6,605.2 crore, compared to Rs 5,856 crore in the year-ago period. Another expense area that witnessed an exponential surge was aircraft and engine rentals, which rose to Rs 763.6 crore in the second quarter. This stood at Rs 195.6 crore in the year-ago period. All in all, the company's total expenses burgeoned 22% to Rs 18,666.1 crore during the previous quarter. Indigo's <keyword id="20066400" type="General" weightage="20" keywordseo="revenue-from-operations" source="keywords">revenue from operations</keyword>, while down by 13.3% on a QoQ basis, from Rs 19,571 crore in June 2024 to Rs 16,970 crore as of September 2023, jumped 13.6% on a YoY basis. The company's revenue from operations during the September quarter in 2023 stood at Rs 14,944 crore. Indigo’s consolidated top line also jumped 14% YoY to Rs 16,970 crore, which included Rs 14,359 crore of <keyword id="23687772" type="General" weightage="20" keywordseo="ticketing-revenue" source="keywords">ticketing revenue</keyword> and Rs 1,875 crore earned from ancillary services. At the end of September 2024, Indigo had a fleet of 410 planes. For the last quarter, Indigo was plagued by mass groundings of its aircraft due to faulty engines manufactured by <keyword id="21405019" type="General" weightage="20" keywordseo="Pratt-and-Whitney" source="keywords">Pratt and Whitney</keyword> Group. This had forced the airline to ground around 75 planes, or about 1/5th of its fleet. However, in the earnings call today, the management noted that the worst was behind them. Indigo expects the number of non-operational planes to drop below 60 by the end of this year and further dip to 40 by March 2025. Already, the number of grounded aircraft had come down to the high 60s. IndiGo’s cost per available seat kilometer (<keyword id="23687771" type="General" weightage="20" keywordseo="CASK" source="keywords">CASK</keyword>)—a useful metric to assess an airline's operational efficiency—also inched up 12% YoY to stand at Rs 4.69. The company expects this figure to inch up to double digits by the next quarter. Indigo's stock was down by 3.23% during the day, closing the week at Rs 4,373.70.

IndiGo's bottom-line turns red for Q2, high fuel costs, and forced groundings main reason

<ul><li>Telecom operators have reported an increase in ARPU after the recent tariff hike.</li><li>At the same time, the telcos have also lost subscribers in the quarter.</li><li>Airtel has recorded the highest ARPU at ₹233 per month, followed by Jio with an ARPU of ₹195.</li></ul>India’s leading telecom operators Reliance Jio, Airtel and Vi have lost subscribers in this quarter while recording a robust increase in their average revenue per user (ARPU) because of <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms">recent tariff hikes</a> according to a report by Centrum. The ARPU for private telecom players was positively impacted due to tariff hikes implemented in July 2024. <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div> Bharti Airtel continues to maintain its lead with an ARPU of ₹233 per month for the quarter, up from ₹211 per month in the first quarter of FY25 Reliance Jio reported an ARPU of ₹195 per month compared to ₹182 per month in Q1FY25 whereas VIL reported an ARPU of ₹156 per month, up from ₹146 per month in Q1FY25. The report indicates that the tariff increases will aid telecom operators in achieving higher Average Revenue Per User (ARPU), and the full impact of these tariff increases will become evident within a few quarters. <div type="Article" hostid="261" msid="114944496" title="Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away" mstype="2" mssubtype="0"></div> Conversely, the operator's subscriber base declined due to SIM consolidation resulting from tariff increases implemented in July 2024. Bharti Airtel lost around 2.9 million mobile subscribers in the quarter to reach 352 million. Reliance Jio lost around 10.9 million subscribers in the quarter to reach 479 million subscribers whereas Vi lost 5.1 million subscribers in this quarter mainly in the 2G segment to reach 205 million subscribers. This quarter also saw increased porting to the government-owned telecom operator Bharat Sanchar Nigam Limited (BSNL), from private operators as tariffs were not raised by the telco. The report says SIM consolidation is expected to be largely over by the end of the third quarter of the current fiscal. It adds that besides tariff hikes, ARPU for the sector will continue to grow also led by subscribers moving from 2G to 4G and growth in post-paid subscribers. Average voice and data use is expected to increase with this migration. <div type="Article" hostid="261" msid="113548793" title="Jio and Airtel lost subscribers in July after tariff hike, BSNL records growth" mstype="2" mssubtype="0"></div> Both Airtel and Reliance Jio are adding more cities to their 5G coverage with presence across most districts of India. About 148 million Jio subscribers have migrated to 5G and 105 million Airtel subscribers moved to 5G. With more 5G subscribers, data usage is expected to increase thereby increasing revenue and ARPU for telecom operators. The report says with these changes and reforms of September 2021, the telecom sector is moving towards some sort of stability. Tariff hikes in December 2019, November 2021 and July 2024 have led to a steady rise in operator’s ARPU. About the revival of Vi, the report says the government now has a 24% equity stake in the telco. The company is in discussion with banks to raise debt capital of ₹250 billion for its capex plans of ₹500-550 billion over the next 3 years to improve its network capacity. The company has also announced its plan to launch its 5G services in another 6 months. However, the net debt of the company still stands at ₹2 trillion. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms">Tata to buy a majority stake in Pegatron's iPhone plant in India</a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Telcos report a rise in ARPU after tariff hike, lose subscribers

Perth: (The Conversation) Last week, three tiny Australian satellites from Curtin University's <keyword id="23932163" type="General" weightage="20" keywordseo="Binar-Space-Program" source="keywords" meta.keywordsubtype="org" meta.entityname="Binar Space Program" meta.hostid="261" meta.entityid="Binar Space Program">Binar Space Program</keyword> burned up in Earth's atmosphere. That was always going to happen. In fact, Binar means "fireball" in the Noongar language of the First Nations people of Perth. When a satellite is in low Earth orbit (2,000km or less), it experiences orbital decay as it drags closer and closer to the surface, eventually burning up. But these cube satellites (<keyword id="21533654" type="General" weightage="20" keywordseo="CubeSats" source="keywords">CubeSats</keyword>), known as Binar-2, 3 and 4, entered the atmosphere much sooner than originally planned. They only lasted for two months - a third of what was expected. This significantly reduced valuable time for science and testing new systems. The reason for their untimely demise? Our Sun has kicked into high gear, and the Binar satellites are far from the only casualty. Recent high <keyword id="20792842" type="General" weightage="100" keywordseo="Solar-activity" source="keywords">solar activity</keyword> has been causing an unexpected headache for satellite operators in the last few years, and it's only increasing. <h2>Why is the Sun so active? </h2> Solar activity includes phenomena such as sunspots, solar flares and solar wind - the stream of charged particles that flows toward Earth. This activity is a product of the Sun's ever-changing magnetic field, and approximately every 11 years, it completely flips. At the midpoint of this cycle, solar activity is at its highest. While this cycle is known, specific solar activity is challenging to predict - the dynamics are complex and solar forecasting is in its infancy. In the last few months, indicators of solar activity were more than one and a half times higher than predictions for this point in the current cycle, labelled <keyword id="22712826" type="General" weightage="20" keywordseo="solar-cycle-25" source="keywords">solar cycle 25</keyword>. <h2>The impact of <keyword id="20087207" type="General" weightage="20" keywordseo="space-weather" source="keywords">space weather</keyword> </h2> Space weather refers to the environmental effects that originate from outside our atmosphere (mostly the Sun). It affects us on Earth in a variety of noticeable and unnoticeable ways. The most obvious is the presence of auroras. In the past few months, auroras have been visible far more intensely and closer to the equator than in the last two decades. This is a direct result of the increased solar activity. Space weather, and solar activity in particular, also creates additional challenges for satellites and satellite operators. Higher solar activity means more solar flares and stronger solar wind - resulting in a higher flux of charged particles that can damage or disrupt electrical components on satellites. It also means an increase in ionising radiation, resulting in a higher dose for astronauts and pilots, and potential disruptions to long-distance radio communications. But for satellites in low Earth orbit, the most consistent effect of solar activity is that the extra energy gets absorbed into the outer atmosphere, causing it to balloon outward. As a result, all satellites less than 1,000km from Earth experience a significant increase in <keyword id="23473319" type="General" weightage="20" keywordseo="atmospheric-drag" source="keywords">atmospheric drag</keyword>. This is a force that disrupts their orbit and causes them to fall towards the planet's surface. Notable satellites in this region include the International Space Station and the Starlink constellation. These satellites have thrusters to counteract this effect, but these corrections can be expensive. Low Earth orbit also contains many university satellites, such as the Binar CubeSats. Cube satellites are rarely equipped with tools that can adjust their altitude, so they're entirely at the mercy of space weather. <h2>What happened to Binar? </h2> The Binar Space Program is a satellite research program operating out of Curtin University. It aims to advance our understanding of the Solar System and lower the barrier for operating in space. The program began operations with its first satellite, Binar-1, in September 2021. This was less than a year into solar cycle 25 when solar activity was relatively low. In these conditions, the ten-centimetre cube satellite started at an altitude of 420km and survived a full 364 days in orbit. The program's follow-up mission - Binar-2, 3, and 4 - were three equally sized CubeSats. However, they were expected to last approximately six months owing to the extra surface area from new deployable solar arrays and a forecast increase in solar activity. Instead, they only made it to two months before burning up. While cube satellite missions are relatively cheap, the premature ending of a mission will always be costly. This is even more true for commercial satellites, highlighting the need for more accurate space weather forecasting. The good news is the Sun will calm down again. Despite the current unexpectedly high solar activity, it will likely slow down by 2026, and is expected to return to a solar minimum in 2030. While this was not an explicit goal of the mission, the Binar Space Program has now poignantly demonstrated the dramatic effects of solar activity on space operations. While the untimely loss of Binar-2, 3 and 4 was unfortunate, work has already begun on future missions. They are expected to launch into far more forgiving space weather. (The Conversation).

Right now, the Sun is far more active than predicted - and small satellites are paying the price

In Maharashtra’s Thane district, police have registered a case of alleged fraud involving two construction company owners accused of deceiving a family of ₹1.2 crore. The incident came to light after a 28-year-old woman from Thane’s Rabodi area lodged a complaint against the two accused, who are brothers. The accused allegedly persuaded the woman, her mother, and her sister to invest the substantial sum in their construction company based in Mumbai’s Bandra area. Promises were made of a significant payout within five years or, alternatively, the option of acquiring two or three apartments in the city’s prime real estate zone. According to the complaint, the woman’s family entered the deal on December 31, 2022, convinced by assurances of either a return of ₹3 crore over five years or property options in Bandra. To meet the required investment amount, the family borrowed funds from various sources, entrusting their money with the accused based on the lucrative promises. The police official handling the case noted that the family, enticed by the seemingly profitable terms, had not foreseen the outcome that would follow. In May 2023, however, when the family attempted to reclaim their funds and the anticipated profit, the accused allegedly declined the request. The complainant stated that the brothers not only refused to pay but also reportedly threatened the family, citing powerful connections that would shield them from legal repercussions. This behaviour alarmed the family, leading them to seek legal recourse. The Rabodi police have filed a case against the accused under various sections of the Indian Penal Code, including Section 420 for cheating, Section 406 for criminal breach of trust, and Section 506 for criminal intimidation. Additionally, charges were filed under Section 34, indicating common intention, along with relevant provisions of the Maharashtra Protection of Interest of Depositors Act. The case highlights the dangers that investors may face when lured by high-return promises in unregulated sectors. Fraudulent schemes in real estate and construction have been known to target individuals and families looking for profitable investments, often leaving them with financial losses and emotional distress. Authorities are continuing investigations, with the Rabodi police closely monitoring the case to gather further evidence. This incident is expected to bring more attention to regulatory practices within the real estate industry and underscore the need for stricter oversight to protect potential investors from falling prey to deceitful operators. (with PTI inputs)

Thane family loses Rs 1.2 crore as they get cheated by construction company, details here

<ul class="summary-list"><li>Interest rates and stock returns are expected to decline, impacting investment strategies.</li><li>Historically, stocks and bonds have alternated in performance, affecting portfolio decisions.</li></ul>A diversified investing strategy means a split between stocks and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-a-bond">bonds</a>, at minimum. But for the better part of the last two decades, interest rates were near zero, and real returns in bonds were lacking.Still, investors added them to their portfolios because history has shown us that asset classes can zig and zag, with long <a target="_blank" class="" href="https://www.businessinsider.com/stock-and-bond-market-correlation-normal-2014-2">periods of stock market outperformance</a> relative to bonds and intervals where that dynamic flipped.The last two years were great for both asset classes. Elevated rates put the bond market back on investors' minds, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> had a solid 26% total return. But depending on who you ask, the future may not be as bright.Yields will be less attractive as the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11#:~:text=The%20Fed%20cut%20interest%20rates,country%20recovered%20from%20the%20pandemic.">Fed begins its rate cuts</a> for this cycle. Meanwhile, Goldman Sachs expects stock-market returns to be muted for the coming decade. The S&amp;P 500 is predicted to see a mere 3% annualized return over the next 10 years, which could lag the 10-year Treasury at an expected 4% yield, according to a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-beat-stock-market-returns-next-decade-goldman-sachs-2024-10">recent note</a> by the investment bank's chief US equity strategist David Kostin.If the bears are right, investors may be forced to take on more risk for returns. Sounds gloomy, but for bond traders like Mark Rieder, who has over two decades of experience in the sector, it could be an opportunity to dig for bargains in corporate credit.Generating alpha for a credit trader could mean beating a peer, a Bloomberg fixed income index that matches the category of bonds traded, or simply remaining in positive territory in terms of total returns when the market is down, Rieder told Business Insider."Over the past 10 years, when interest rates were very low, it was not an exciting time to be a credit analyst and a portfolio manager," Rieder said. "But it's much more interesting today, and I'm really excited about that."However, active debt investing takes a good level of skill and consistent effort to make the right credit selection, according to his new book, "Reminiscences of a Bond Operator." Like the stock-picking process, following the crowd or consensus won't result in alpha. A credit trader must conduct the same level of fundamental analysis and dig into a company's balance sheet, earnings calls, 10Qs, and 10Ks, among other things, to determine valuation."I've always believed that a good credit analyst is also a really good equity analyst because you really need to understand the capital structure of the companies that you're evaluating and all of their different needs," Rieder said. "Most companies want to have their stock price go up, and so as a credit analyst, you need to understand that so that you can understand what their motivations are."It's especially important now, as the credit space faces its own set of challenges. Like the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/are-we-in-a-recession">business cycle</a>, credit has its booms and busts based on macro conditions and supply and demand. In a strong economic environment, corporate cash flows rise, and companies increase borrowing with favorable lending terms. But when times are tight, companies deleverage until their debt is less than their cash flow. Once that equilibrium is satisfied, more borrowing ensues, according to his book.Rieder said credit is in the boom part of the cycle. This might sound surprising, considering debt has been expensive for the better part of the last two years. But most companies were locked into low yields before rates rose, he noted. As debt turnover increases, investors need to be cautious."There's a lag impact on the increase in rates. Most companies borrow for long periods of time, five years, 10 years," Rieder said. "A lot of companies issued debt when interest rates were very low. They're now only starting to refinance that low-coupon debt. That, in turn, is what causes an impact."He doesn't expect that the Fed's cutting cycle will mitigate the crunch. The central bank can impact front-end yields, but the back end is driven by additional considerations, he noted. The 10-year rose to 4.3% shortly after the first rate cut of September, a signal that <a target="_blank" class="" href="https://www.businessinsider.com/us-election-forecast-most-accurate-economist-predicts-outcome-economic-impact-2024-10">investors were looking ahead</a> at other economic risk factors, including concerns over the government's ballooning deficit, he added. Additionally, economic conditions such as elevated credit card debt pose concerns for future corporate profits.<h2 id="101d0bc7-10c7-46f9-a758-eea160588283">Trading credit</h2>Right now, investment-grade credit spreads are tight. The yields in corporate bonds aren't much higher than in government bonds, meaning less compensation for more risk. But if we move from the boom to the bust phase, credit spreads could widen, and that could create opportunities in the credit space, he said.While spreads are tight, he prefers front-end yield or pairing trades with cheap optionality. The cost of shorting a credit index like the CDX Investment Grade 5-Year Index, a credit-default-swap index that tracks the credit risk of large US investment-grade companies, is low. And since spreads are trading at historically tight levels, it's less likely to get much lower, which could limit potential losses, he said. This position can then be paired with a trade expected to perform positively.An example he provides of a market-neutral pair trade could look like buying a corporate bond in a sector with structural tailwinds, such as a natural gas producer set to benefit from increased demand and rising energy prices, or airplane lessors who benefit from higher lease rates due to a tight aircraft supply — a situation that's unlikely to ease in the near term because of production challenges faced by manufacturers. Then, take a short position in an interest-rate future to hedge against the bond's interest-rate risk."This trade works if natural gas prices remain stable or rise, leading the energy bond to outperform the overall corporate bond market," Rieder said. "It's an excellent opportunity to capitalize on the current tight credit spread conditions and complacency in the overall credit market."Having liquidity can also give you an upper hand. As spreads widen, investors may be forced into selling higher-quality credit because they can't offload the lower-quality ones, he said."There are huge opportunities in credit if you remain liquid during dislocations," Rieder said. "Other investors are going to be looking for liquidity. They can't sell what they want to, so they sell what they can, and that can lead to opportunities to buy cheap assets."

A veteran bond operator shares an alpha-generating strategy for dropping yields and muted stock-market returns

<ul class="summary-list"><li><keyword id="19945948" type="General" weightage="100" keywordseo="Spirit-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Spirit Airlines" meta.hostid="261" meta.entityid="Spirit Airlines">Spirit Airlines</keyword> may file for Chapter 11 amid major debts after a failed merger with JetBlue.</li><li>The airline is saddled with debt of about $3.3 billion.</li></ul>Spirit Airlines stock plunged in premarket trading on Friday after a report that it may file for <keyword id="20424206" type="General" weightage="20" keywordseo="Chapter-11-bankruptcy" source="keywords">Chapter 11 bankruptcy</keyword> protection. Following a failed merger with <keyword id="20245146" type="General" weightage="20" keywordseo="JetBlue-Airways" source="keywords" meta.keywordsubtype="org" meta.entityname="JetBlue Airways" meta.hostid="261" meta.entityid="JetBlue Airways">JetBlue Airways</keyword>, Spirit had been grappling with heavy losses, making it difficult to manage its $3.3 billion debt load that includes $1.1 billion of secured bonds due within the next year, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/articles/spirit-airlines-in-talks-with-bondholders-over-terms-of-potential-bankruptcy-filing-fdd23fae?st=oS9e7Q&amp;reflink=desktopwebshare_permalink">reported</a> late Thursday. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is also exploring restructuring options to alleviate some of its financial pressures, though no filing is imminent, the Journal reported. The report pushed the carrier's stock down as much as 36% in premarket trade on Friday. The shares have fallen 86% this year. <keyword id="23550986" type="General" weightage="20" keywordseo="CEO-Ted-Christie" source="keywords">CEO Ted Christie</keyword> said on an August earnings call that Spirit was in talks with advisors and bondholders over its debt. While Spirit faces a turbulent future with a potential Chapter 11 filing, it isn't necessarily a death sentence for the airline. Rather, <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/what-is-chapter-11-bankruptcy">Chapter 11</a> allows businesses to reorganize their debts while continuing their operations. Other airlines have used the process to stay afloat. Most recently, <a target="_blank" href="https://www.businessinsider.com/scandinavian-airlines-filed-chapter-11-bankruptcy-after-pilot-strike-sas-2022-7">Scandinavian Airlines</a> filed for Chapter 11 in the US in 2022 following a pilot strike. The airline underwent a $3 billion restructuring plan to revise its fleet and raise money, while continuing to operate. The company emerged from bankruptcy in August. In 2005, <a href="https://www.businessinsider.com/companies-went-bankrupt-bounced-back-successful#delta-air-lines-filed-for-bankruptcy-in-2005-and-spent-a-year-and-a-half-restructuring-3" target="_blank">Delta Air Lines</a> filed for bankruptcy after shedding 6,000 jobs and slashing $1 billion in labor costs. By optimizing its Atlanta hub and increasing its international routes, the company recovered from its financial troubles and remains one of the <a href="https://www.businessinsider.com/best-and-worst-airlines-in-the-us-according-to-the-points-guy-2024-6" target="_blank">largest airlines</a> in the US. A potential bankruptcy filing could serve as a similar lifeline for Spirit's management of debt and finances. This came as Spirit <a target="_blank" href="https://www.businessinsider.com/spirit-airlines-ticket-changes-bundled-fares-bags-snacks-premium-seats-2024-7">bumped</a> its ticketing prices in July, shifting away from its ultra-low-cost model to boost revenue after suffering a $143 million loss in the first quarter of this year and a <a target="_blank" href="https://www.businessinsider.com/airlines-spirit-southwest-jetblue-struggle-profit-scrambling-changes-tickets-seats-2024-8">$193 million</a> loss in the second quarter. Spirit has been bogged by annual losses since before the COVID-19 pandemic, despite the travel industry's recovery, and continues to struggle against larger airlines that offer competitive fares. The airline has cut routes, furloughed pilots, and shrunk its operational capacity by nearly 20%. Spirit Airlines did not respond to a request for comment from Business Insider outside normal working hours. Correction: October 4, 2024 — An earlier version of this story misstated the year Delta filed for bankruptcy protection. It was 2005, not 2007.

Spirit Airlines stock plunges after report it's considering filing for Chapter 11 bankruptcy

India’s electric vehicle (EV) sector, often seen as a key player in the country’s clean energy transition, has been called “irrelevant” without government <keyword id="20231384" type="General" weightage="20" keywordseo="incentives" source="keywords">incentives</keyword> by a recent Bernstein research report. The report highlights the serious challenges automakers face in achieving profitability and scaling operations in the EV segment, which remains heavily reliant on financial support from the government. <h2>Struggling to achieve profitability</h2>The Bernstein report reveals that generating profitable margins in the Indian EV sector is proving to be an uphill battle for automakers. “It is tough to generate sufficient margins and get scale in EVs. Even with hefty incentives, incumbent OEMs are still unprofitable,” the report stated. This underscores the fact that even with <keyword id="20022183" type="General" weightage="20" keywordseo="government-subsidies" source="keywords">government subsidies</keyword> aimed at promoting <keyword id="20138204" type="General" weightage="20" keywordseo="electric-mobility" source="keywords">electric mobility</keyword>, automakers are struggling to make EVs financially viable. High production costs, limited infrastructure, and relatively low consumer demand all contribute to this issue. Traditional automakers, particularly in India’s two-wheeler market, are facing significant financial losses. According to Bernstein, while some niche startups may survive, their long-term market share will likely remain limited, and competition will primarily be between established original equipment manufacturers (OEMs). The key challenge for these OEMs is achieving the scale and cost reductions required to compete with the well-entrenched internal combustion engine (ICE) sector. <h2>Reliance on incentives</h2>One of the most striking conclusions from Bernstein’s analysis is the deep reliance of the EV sector on government subsidies. Without these incentives, the <keyword id="19952060" type="General" weightage="100" keywordseo="EV-Industry" source="keywords">EV industry</keyword> would be unable to compete with traditional ICE vehicles. “The EV Industry is not relevant without incentives currently, and to break the ICE sector, it needs intense focus, scale, and continued cost downs,” the report emphasised. This indicates that while government schemes like GST benefits have helped reduce the cost difference between EVs and ICE vehicles, they are not enough to ensure the long-term sustainability of the EV sector. Bernstein estimates that the overall EV two-wheeler industry in India generates around USD 1.3 billion in annual revenues, but without government support, the sector incurs an EBIT loss of approximately USD 300-400 million. The high cost structure of EVs, combined with the relatively low sales volumes, makes it difficult for companies to operate without subsidies. <h2>Established players face mixed fortunes</h2>Among India’s leading two-wheeler manufacturers, Bernstein noted that <keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="265" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="20326963" type="General" weightage="20" keywordseo="TVS-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motors" meta.hostid="265" meta.entityid="TVS Motors">TVS Motors</keyword> are on a similar footing in terms of their performance in the EV space. Bajaj Auto received an "Outperform" rating from Bernstein due to its lower valuations, while TVS Motors was rated "Market Perform" after it was found to be losing approximately 7.5% in EBITDA, or Rs 11,000 per vehicle, despite generating a gross profit margin of 7% without subsidies. <div type="Article" hostid="261" msid="113631992" title="Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh" mstype="2" mssubtype="0"></div>Hero MotoCorp, a major player in India’s automotive market, lags behind both Bajaj and TVS in terms of its EV offerings. Bernstein also pointed out that Eicher Motors, which is expected to launch its own <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> soon, is likely to remain “sub-scale and less relevant” in the competitive EV landscape. Interestingly, <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> (Ola-E) stands out as a startup that has been able to generate positive operating earnings (EBITDA) from its premium models like the S1 Pro and S1 Air, even as it incurs losses on its mass-market model, the S1X. “Our analysis indicates that Ola-E is generating positive operating EBITDA from its premium models, such as the S1 Pro and S1 Air while incurring a loss on its mass-market model, the S1X,” the report said. While Ola has shown some promise, it too remains heavily dependent on subsidies to maintain its financial health. <h2>Long-term outlook</h2>Bernstein’s report paints a challenging picture for the future of India’s EV sector, suggesting that while dominant startups may survive, the majority of the competition will come from traditional automakers. However, without significant scale and continued cost reductions, the EV industry will struggle to become self-sustaining. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Bernstein emphasised that to truly compete with ICE vehicles, the EV sector needs to focus on scaling up operations, reducing costs, and maintaining long-term commitment. Until these conditions are met, India’s EV industry will remain highly dependent on government support and may continue to face an uphill battle for relevance. In conclusion, while India’s EV sector is seen as a vital part of the country’s clean energy future, Bernstein’s analysis highlights that it is far from being self-reliant. The industry’s heavy dependence on government incentives raises questions about its long-term sustainability and relevance, particularly in the face of ongoing challenges with profitability and scale. (With inputs from ANI)

Why has Bernstein called India’s EV sector 'irrelevant'?

India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, <keyword id="23043782" type="General" weightage="20" keywordseo="factory-closures" source="keywords">factory closures</keyword>, and widespread <keyword id="20013745" type="General" weightage="20" keywordseo="job-losses" source="keywords">job losses</keyword>, according to a report by the Global Trade Research Initiative (<keyword id="19962754" type="General" weightage="20" keywordseo="GTRI" source="keywords" meta.keywordsubtype="org" meta.entityname="GTRI" meta.hostid="261" meta.entityid="GTRI">GTRI</keyword>). The think tank highlighted that the sector is struggling with unsold <keyword id="20237406" type="General" weightage="20" keywordseo="rough-diamonds" source="keywords">rough diamonds</keyword> and increasing competition from lab-grown alternatives. Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the urgent need for intervention to address these issues and ensure the survival of the sector. <h2>Declining imports and exports</h2>Data from GTRI paints a grim picture of the industry. Imports of rough diamonds have dropped by 24.5%, from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-24, reflecting weakened global demand and fewer orders for diamond processing. After accounting for re-exported rough diamonds, net imports saw a 25.3% decrease, signalling reduced interest in processing diamonds in India. The situation is even worse on the export front. Exports of cut and polished diamonds fell by 34.6%, from USD 24.4 billion in FY 2022 to USD 13.1 billion in FY 2024. Net exports experienced an even sharper decline, dropping by 45.3% from USD 15.9 billion to USD 8.7 billion, indicating a weak global market and rising inventories of unsold diamonds. <h2>Rising inventories and market competition</h2>The report also highlighted that the percentage of unsold diamonds returned to India increased from 35% to 45.6% during this period. Additionally, the gap between net rough diamond imports and net exports of cut and polished diamonds widened from USD 1.6 billion in FY 2022 to USD 4.4 billion in FY 2024, signifying a growing stockpile of unsold inventory and insufficient export demand. Several factors contribute to this crisis. Global economic uncertainty, inflation, and geopolitical tensions — particularly in key markets like the US, China, and Europe — have led to decreased spending on luxury items such as diamonds. Fluctuating global diamond prices have added to this uncertainty, causing buyers to hesitate in purchasing rough diamonds. <div type="Article" hostid="261" msid="113445065" title="&amp;#39;The pressure became too much for her&amp;#39;: Mother blames &amp;#39;work stress&amp;#39; for 26-year-old EY employee&amp;#39;s death" mstype="2" mssubtype="0"></div>Moreover, the Russia-Ukraine conflict has disrupted the global diamond supply chain, with sanctions on Russia, a major producer of rough diamonds, further complicating trade. This slowdown has impacted the global market, stalling the flow of diamonds and affecting India’s processing sector. Another challenge facing the industry is the shift in consumer preferences toward <keyword id="20662742" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="keywords">lab-grown diamonds</keyword>, which are seen as more affordable, ethical, and sustainable. This shift is particularly evident in markets where customers are becoming more conscious of the environmental and ethical implications of their purchases. <h2>Internal regulatory and operational hurdles</h2>Internally, the Indian diamond sector is facing a host of challenges. Many polishing units are burdened with unsold inventories of polished diamonds, discouraging them from importing new rough diamonds. Rising operational costs, including labour, energy, and materials, have also made it difficult for many polishing units to remain profitable. These factors have led to the closure of many shops and significant layoffs, particularly in Surat, the world’s largest hub for diamond cutting and polishing. The sector's heavy reliance on financing has also become a problem. Tighter credit conditions and reduced lending from banks have made it increasingly difficult for businesses to purchase rough diamonds, further stalling production. Additionally, a significant number of cut and polished diamonds exported from India are being returned due to quality issues, overstocking, and price fluctuations, creating costly delays and adding to the strain on exporters. <h2>Dubai's rising influence</h2>An interesting development highlighted by GTRI is the increasing share of rough diamond imports from Dubai, which does not produce diamonds itself. Instead, Dubai imports diamonds from countries like Botswana, Angola, South Africa, and Russia and re-exports them to India. Dubai’s share in India’s rough diamond imports surged from 36.3% in FY 2020 to 60.8% in FY 2024, further rising to 64.5% in April-June 2024. In contrast, Belgium’s share of these imports fell from 37.9% in FY 2020 to 17.6% in FY 2024. One major reason for Dubai's increasing role is India’s high corporate tax regime, which pushes foreign suppliers of rough diamonds to re-export their diamonds to Dubai before sending them to India. This has rendered India’s Special Notified Zones (SNZs) in Mumbai and Surat largely ineffective. <h2>Revitalising the sector</h2>To help revitalise the struggling sector, GTRI has proposed several measures. These include extending export credit terms, exempting foreign rough diamond sellers from corporate taxes in India, regulating the lab-grown diamond industry, and reconsidering the zero-tariff import of cut and polished diamonds from Dubai under the India-UAE trade agreement. The think tank also suggested that the Reserve Bank of India (RBI) extend the export credit period for cut and polished diamond exporters from six months to 12 months, as buyers are increasingly demanding longer credit terms. India’s strong foreign exchange reserves make this feasible. <div type="Article" hostid="261" msid="113449316" title="Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report" mstype="2" mssubtype="0"></div>The Indian diamond industry, which consists of over 7,000 companies — many of them small or medium enterprises — provides direct employment to about 1.3 million workers, with Surat alone employing nearly 8,00,000 people. The industry is also crucial for millions of indirect jobs in sectors like logistics, transport, and retail. With the sector being such a vital part of India’s economy, immediate and coordinated efforts are needed to address its current challenges and ensure its long-term viability. (With inputs from PTI)

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

<ul><li><keyword id="19896911" type="General" weightage="100" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> and <keyword id="19896909" type="General" weightage="20" keywordseo="Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Airtel" meta.hostid="261" meta.entityid="Airtel">Airtel</keyword> have reported an increase in subscribers in June 2024.</li><li><keyword id="20116054" type="General" weightage="20" keywordseo="Vi" source="keywords" meta.keywordsubtype="org" meta.entityname="Vi" meta.hostid="261" meta.entityid="Vi">Vi</keyword> has once again reported a decline in subscribers, along with state-owned BSNL.</li><li>The overall <keyword id="20376437" type="General" weightage="20" keywordseo="subscriber-base" source="keywords">subscriber base</keyword> in India has recorded an increase.</li></ul>India's leading <keyword id="20055601" type="General" weightage="20" keywordseo="telecom-operators" source="keywords">telecom operators</keyword>, Reliance Jio and Airtel have recorded an increase in their subscribers in May 2024, while Vi has once again recorded a decline in its user base. The overall net additions to the Indian telecom user base in June 2024 were 1.57 million, down from 2 million recorded in May 2024. This takes the total subscriber base from 1.169 billion in May 2024 to 1.171 billion in June 2024. The effect of the recent price hike by the telecom operators should be visible in July's report as the price hike was announced towards the end of June and came into effect from July. <div type="Article" hostid="261" msid="111331794" title="Reliance Jio and Airtel price hike – new plans and how you can save money" mstype="2" mssubtype="0"></div> <h2>Reliance Jio adds nearly 2 million new subscribers</h2>Mukesh Ambani-led Reliance Jio added 1.91 million subscribers in June 2024, continuing to dominate the telecom segment. With this, Jio's subscriber base has increased from 474.62 million in May 2024 to 476.53 million in June 2024. Out of the 476.53 million subscribers, the company’s <keyword id="22859675" type="General" weightage="20" keywordseo="active-subscriber-base" source="keywords">active subscriber base</keyword> stood at 440.94 million, which is 92.53%. <h2>Airtel adds 1.25 million subscribers</h2>Sunil Mittal-led Bharti Airtel has once again added 1.25 million subscribers, just like May 2024. With this, the company's subscriber base has increased from 387.77 million in May 2024 to 389.02 million in June 2024. Airtel continues to enjoy a high active subscriber base. The company's active subscribers stand at 384.83 million users out of its 389.02 million users, which is 98.92% of its total user base. <h2>Vi continues to bleed subscribers</h2>Vi, which is yet to launch 5G services in the country has once again reported a decline in subscribers. The company lost nearly a million users in June 2024 with a decline of 860,889 users. The company’s subscriber base decreased from 218.16 million in May 2024 to 217.30 million users in June 2024. Out of the 217.30 million users, the company’s active user base stands at 188.26 million users, which is 86.64%. <h2>State-run BSNL loses subscribers</h2>State-run telco Bharat Sanchar Nigam Limited (BSNL) reported a loss of 0.75 million subscribers in June 2024. With this, the telco's user base has decreased from 86.33 million in May 2024 to 85.58 million in June 2024. <h2><keyword id="22859674" type="General" weightage="20" keywordseo="MNP-requests" source="keywords">MNP requests</keyword> continue to grow</h2>Mobile number portability (MNP), which allows users to shift from one telecom operator to another, recorded 11.84 million requests during May 2024. With this, the total number of MNP requests received since the introduction of this in November 2010 has reached 997.44 million. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">Indian smartphone market records 7.2% growth in the first half of 2024, Vivo leads the market in Q2</a>

Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million

<ul class="summary-list"><li>Russia appears to have lost one of its new S-70 Okhotnik (Hunter) drones over the weekend.</li><li>The suspected drone crashed in eastern Ukraine, but the cause is still unknown.</li></ul>An aircraft believed to be a new heavy Russian combat drone crashed in Ukraine over the weekend. Losing one would not only be a major blow for Moscow; it could be a significant intelligence win for Kyiv and its NATO partners, including the US.Russia hasn't built very many of the S-70 Okhotnik-B (Hunter) drones, which made their combat debut during the ongoing Ukraine war.Video footage circulated across social media on Saturday showing the suspected <a target="_blank" class="" href="https://x.com/clashreport/status/1842513328217760059">S-70 plummeting out of the sky</a> while leaving a trail of smoke in its wake, an indication that the aircraft had suffered damage of some kind. Photos later showed the aircraft's <a target="_blank" href="https://x.com/PEnssle/status/1842590071402434807">wreckage</a> on the ground.The wreckage of the Russian aircraft was discovered in Kostyantynivka, a city in eastern Ukraine's Donetsk region just a few miles behind the front lines. It's unclear what type of mission the drone was on when it crashed.<div type="image" title="Ukrainian service members inspect parts of a Russian S-70 drone in eastern Ukraine on October 5." height="3769" width="5653" msid="114023434" hostid="261" sizebytes="2603090"></div>The exact cause of the crash is unknown, but there's been speculation about what might have happened. Neither Russia nor Ukraine has commented publicly on the incident.Conflict analysts at the Institute for the Study of War think tank said that some Russian sources have claimed that Moscow accidentally shot down the S-70 in a friendly-fire incident. Open-source intelligence accounts on social media <a target="_blank" class="" href="https://x.com/clashreport/status/1842513328217760059">amplified this theory</a>, asserting that the drone was shot down by one of Russia's few <a target="_blank" class="" href="https://www.businessinsider.com/russia-feared-losing-su-57-combat-ukraine-hit-one-anyway-2024-6">Su-57 fifth-generation fighter jets</a>.As to whether the downing of the aircraft was an accident or intentional, other Russian sources have suggested that the drone operators lost control of the aircraft and shot it down on purpose to prevent Ukraine from gaining access to the system's advanced technology, the analysts wrote in a Sunday <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-october-6-2024">assessment</a>.Business Insider is unable to immediately verify any of the theories, but Ukraine, based on photos taken at the crash site, has access to the wreckage.<div type="image" title="Russia's S-70 drone is seen taking off at an unidentified location in August 2019." height="2377" width="3400" msid="114023444" hostid="261" sizebytes="62340"></div>Samuel Bendett, an advisor with the Center for Naval Analyses and an expert on drones and Russian defense issues, said that the apparent loss of the S-70 a "significant win" for Western intelligence given that it has been Moscow's flagship drone project for more than a decade.Photos captured at the crash site show Ukrainian troops already examining the suspected S-70 wreckage, a scenario Russia — or any military — would probably prefer to avoid with new and sensitive technology."Presumably it has top resources and investments, materials and products, including microelectronics and other key components," Bendett told Business Insider.Bendett said that NATO countries, which are ahead of Russia in unmanned combat aerial vehicle development, are likely working on their own designs. Getting ahold of this aircraft could provide insight into its workings, as well as its weaknesses and how best to counter it. Additionally, because there aren't many S-70s, losing one could set Moscow's program back, although it "will not stop its ongoing experimentation with such designs," he said.<div type="image" title="Ukrainian scene investigators examine the wreckage the S-70 in eastern Ukraine on October 5." height="3915" width="5873" msid="114023439" hostid="261" sizebytes="1416530"></div>The S-70 "Hunter," which looks similar in shape to the US military's RQ-170 Sentinel built by Lockheed Martin, has been <a target="_blank" class="" href="https://www.businessinsider.com/russia-testing-loyal-wingman-drone-for-su57-stealth-fighter-2020-12">under development</a> since the early 2010s and took its first flight in 2019. Only two of the jet-powered drones — which weigh some 20 tons and have a 65-foot-long wingspan — are <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-october-5-2024">thought to have been built</a>.Both Ukraine and Russia have relied heavily on drones to wage war, although they have primarily employed <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-beating-russia-in-the-drone-production-race-2024-10">mass-produced, cheap drones</a> instead of heavier and more expensive systems.Bendett said that Ukraine and Russia are fielding drones with impressive ranges that can cause extensive damage and issues for air defenses as the S-70 was intended for, but some other drones can perform these tasks at a fraction of the price.This poses a dilemma for Moscow, Bendett said. Should it continue developing the S-70, even though the few it has would be at great risk, or spend more resources on long-range attack drones that are much cheaper? The answer remains to be seen.

Russia's apparent loss of one of its new heavy Hunter drones over Ukraine could be an intelligence win for Kyiv and the West

<ul class="summary-list"><li>Ukraine struck three ammunition depots deep inside Russia this month, causing significant damage.</li><li>According to UK intel, the strikes caused the largest loss of Russian and North Korean ammo in the war.</li></ul>Recent Ukrainian strikes on Russian arms depots caused the largest loss of Russian and North Korean ammunition recorded so far in the Ukraine war, according to British intelligence.The UK's Ministry of Defence made the <a target="_blank" class="" href="https://x.com/DefenceHQ/status/1840286075094266195">assessment</a> on Sunday, citing satellite images showing the aftermath of strikes on three Russian <a target="_blank" class="" href="https://www.businessinsider.com/before-after-satellite-images-ukraine-wipe-out-russian-ammo-depots-2024-9">ammunition depots</a> in the Tver and Krasnodar Krai regions in September."The total tonnage of ammunition destroyed across the three sites represents the largest loss of Russian and North Korean-supplied ammunition during the war," the MOD said.It said that the "major" strikes in close succession showed that Russia is still struggling against Ukrainian drones used in deep-strike operations inside Russia.This is despite the country's deployment of a robust layered air defense posture, including fighter jets, it added."It is highly likely that it will force further dispersals in the Russian logistics chain for fear of additional strikes, increasing the burden on an already stretched system," the UK MOD said.The losses came despite restrictions on the weapons Ukraine can use to strike targets inside RussiaUkraine has to rely on domestically produced drones and long-range weapons to strike targets deep inside Russia, as it has been barred from using Western-provided long-range missiles to <a target="_blank" rel="" class="" href="https://www.businessinsider.com/ukraine-says-it-destroyed-bombs-in-deep-strike-russian-airbase-2024-8">go after strategic targets</a> there.The Pentagon justified the US decision not to allow such strikes earlier this month, <a target="_blank" rel="" href="https://www.defense.gov/News/Transcripts/Transcript/Article/3896569/deputy-pentagon-press-secretary-sabrina-singh-holds-a-press-briefing/">saying</a> that 90% of Russian aircraft launching glide bombs are out of range of Ukraine's ATACMS, and also cited the potential for an <a target="_blank" rel="" class="" href="https://www.defense.gov/News/Transcripts/Transcript/Article/3896569/">escalation in the conflict</a>.Pressure, however, is building. Last month, Josep Borrell, the EU's foreign policy chief, <a target="_blank" rel=" nofollow" class="" href="https://apnews.com/article/russia-ukraine-war-eu-weapons-restrictions-05bb594069ae7f9afdec8910ae65f467">said</a> EU countries should lift restrictions on the use of weaponry against Russian military targets "in accordance with international law."Several top House Republicans signed a <a target="_blank" class="" href="https://foreignaffairs.house.gov/wp-content/uploads/2024/09/ATACMS-letter-FINAL.pdf">letter</a> on September 9 urging President Joe Biden to lift the remaining restrictions on US-provided long-range systems, including the ATACMS, against "legitimate" military targets deeper inside Russia.Last week, war experts from the <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-strikes-russia-ammo-depots-show-impact-of-west-sanctuary-2024-9">Institute for the Study of War</a> said that Western restrictions barring Ukraine from firing Western-supplied weapons into Russia had given Russian command the "flexibility" to avoid protecting its rear and to marshal supplies to attack Ukraine at scale there.It said this in the context of Ukraine's successful strikes on the three ammo depots.In a separate <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-september-27-2024">update</a> on Friday, the ISW said even a small number of effective long-range Ukrainian strikes could have asymmetric impact and force Russian forces to relocate important military and storage facilities farther from the front lines, complicating Russian logistics.

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