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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'?

<ul><li>The Indian electric two-wheeler industry recorded its best-ever month in March 2024.</li><li>The sales of electric two-wheelers reported a growth of over 60% year-on-year.</li><li>Ola Electric recorded its highest-ever sales in March 2024 and emerged as the leader in FY24.</li></ul> The Indian electric two-wheeler industry has reported its best-ever month in terms of sales in March 2024, crossing the 1 lakh mark for the second time. This comes as the FAME (Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India) subsidy ended at the end of the financial year. The electric two-wheeler industry recorded sales of 1,39,288 vehicles in March 2024, up from 86,358 vehicles sold in March 2023, marking over 61% year-on-year growth. In addition to companies offering year-end discounts to boost sales, this was also fuelled by the FAME subsidy scheme coming to an end in March 2024. <cmsannotation type="cmsannotation" annotationid="EMPS replaces the FAME Scheme" comment="subhead" text="EMPS replaces the FAME Scheme">EMPS replaces the FAME Scheme</cmsannotation> The popular FAME subsidy scheme, which offered subsidies to electric vehicles to boost their adoption has come to an end. This has been replaced by the new Electric Mobility Promotion Scheme (EMPS) 2024, which was announced during the<a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms"> interim budget</a> in February and is valid for four months from April 2024. The EMPS 2024 scheme, which kicked off on April 1, 2024, is valid till July 31, 2024. As part of the scheme, the subsidy on electric two-wheelers has been set at INR 5,000 per kilowatt-hour of battery capacity with a capping of INR 10,000 per vehicle. This is lower than what was earlier offered with the FAME scheme. This has led to an increase in the prices of electric scooters and is something which the companies have been advertising for the last few weeks to push the sales before the FAME Scheme ends. <cmsannotation type="cmsannotation" annotationid="Ola Electric crosses the 50K mark" comment="subhead" text="Ola Electric crosses the 50K mark">Ola Electric crosses the 50K mark</cmsannotation> Ola Electric, which has been leading the electric two-wheeler segment in India for a while now recorded its highest-ever monthly sales at 50,545 vehicles, crossing the 50K mark for the first time. The company had sold 33,923 vehicles in February 2024. Coming to FY24, Ola Electric has ended the year with sales of 3,26,428 vehicles, becoming the first company to cross the 3-lakh mark. The company had sold 1,72,791 vehicles in FY23 and reported a growth of nearly 90%. The company currently commands a 35% market share in the Indian electric two-wheeler segment, up from its 24% market share in FY23. <cmsannotation type="cmsannotation" annotationid="TVS Motor comes in second" comment="subhead" text="TVS Motor comes in second">TVS Motor comes in second</cmsannotation> TVS Motor recorded its best-ever monthly sales of 26,478 vehicles in March 2024 to take its FY24 sales to 1,82,933 vehicles, up from 82,108 vehicles sold in FY23, recording a growth of over 122%. With this, the company commanded a market share of nearly 20% in FY24, up from 19.4% in FY23. <cmsannotation type="cmsannotation" annotationid="Ather Energy beats Bajaj Auto for the third position" comment="subhead" text="Ather Energy beats Bajaj Auto for the third position">Ather Energy beats Bajaj Auto for the third position</cmsannotation> Ather Energy, which has been facing tough competition from TVS Motor and Bajaj Auto has emerged as the third biggest player in FY24 with sales of 1,08,870 vehicles, up from 76,939 vehicles in FY23, registering a growth of over 40%. The company recorded a market share of 12% in FY24, up from 10.6% in FY23. However, the company lost the third position to Bajaj Auto when it comes to March 2024 despite recording its highest-ever monthly sales. Ather sold 17,221 vehicles in March 2024. Ather is all set to launch the<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms#slideid=108869815"> Rizta</a>, a family electric scooter at its community event on April 6 in Bengaluru. Rizta is expected to help the company take on the iQube and the Chetak. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto takes the fourth position" comment="subhead" text="Bajaj Auto takes the fourth position">Bajaj Auto takes the fourth position</cmsannotation> Bajaj Auto, which sells the Chetak electric scooter has emerged as the fourth biggest player in FY24. The company sold 1,06,431 scooters in FY24, up from 28,357 scooters in FY23, clocking a growth of 275%, the highest in the industry. With this, the company commanded a market share of 11.3% in FY24, up from 4% in FY23. The company sold 17,933 scooters in March 2023, putting it slightly ahead of Ather Energy for the sixth consecutive month. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hyundai-retakes-the-second-spot-from-tata-motors-records-its-highest-ever-sales/articleshow/108962655.cms">Hyundai retakes the second spot from Tata Motors, records its highest-ever sales</a> <a href="https://www.businessinsider.in/tech/news/hp-omen-transcend-14-review/articleshow/108980896.cms">HP Omen Transcend 14 review – a feature-packed, lightweight gaming laptop with excellent display</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms">Upcoming cars and two-wheelers launching in India in April 2024</a>

India’s electric two-wheeler industry records highest-ever monthly sales as FAME subsidy ends

The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

The government on Tuesday said it received bids from seven companies including <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and <keyword id="20226597" type="General" weightage="20" keywordseo="JSW-Neo-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Neo Energy" meta.hostid="261" meta.entityid="JSW Neo Energy">JSW Neo Energy</keyword> for production-linked incentives to set up battery manufacturing facilities of 10 GWh capacity with an outlay of Rs 3,620 crore. The other bidders on the list included ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, <keyword id="21402810" type="General" weightage="20" keywordseo="Lucas-TVS" source="keywords">Lucas TVS</keyword> Limited, and Waaree Energies Limited. The bids for manufacturing facilities with a cumulative capacity of 70 GWh came in response to a global tender issued by the Heavy Industries Ministry on January 24 this year. "The scheme received an overwhelming response from industry as bids received is 7 times the manufacturing capacity of 10 GWh to be awarded," the ministry stated. The ministry had announced the re-bidding of Production Linked Incentives (PLI) for 10 GWh <keyword id="20049274" type="General" weightage="20" keywordseo="Advanced-Chemistry-Cell" source="keywords">Advanced Chemistry Cell</keyword> (ACC) manufacturing. The pre-bid meeting was held on 12 February. The last date for receiving applications was April 22 and the technical bids were opened on Tuesday. In May 2021, the Union Cabinet had approved the PLI scheme for the National Programme on ACC battery storage with an outlay of Rs 18,100 crore. The scheme aims to achieve domestic manufacturing capacity of 50 Giga Watt hours (GWh) of battery storage. The first round of bidding was concluded in March 2022 and three companies were allocated a total capacity of 30 GWh. The agreement with selected companies was signed in July 2022. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance, JSW Neo Energy and 5 others bid for govt incentives to set up battery manufacturing units

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. 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Reliance, Tata on TIME's list of world's most influential companies

Top rated 55-Inch 4K LED TVs in India

New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

<ul><li>The <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The tech and electronics industry’s expectations from the Budget 2024 include a push for localisation, <keyword id="20335594" type="General" weightage="20" keywordseo="reduced-GST" source="keywords">reduced GST</keyword> and more.</li><li>Here are the key expectations from the tech and electronics industry from Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian tech and electronics industry is ready with its list of expectations from the Narendra Modi-led government in the upcoming budget. The Indian government has been pushing for an increase in electronics manufacturing in India with schemes like Make in India and the Production Linked Incentive (PLI) scheme. This article delves into the key budget expectations of the tech and electronics industry in India. <h2><keyword id="19869633" type="General" weightage="20" keywordseo="Budget-2024-expectations" source="Orion">Budget 2024 expectations</keyword></h2>In the last budget, the government had reduced taxes on key smartphone components such as camera lenses and lithium-ion batteries. This move was aimed at boosting smartphone production in India and bringing the costs down. Companies and consumers both will hope for similar boosts in the upcoming budget as well. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> The <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has played a key role in boosting domestic production in various sectors. The introduction of a revamped PLI scheme for the manufacture of various consumer technology products such as smartphones, laptops, wearables and more will give a good boost to domestic production. “Guided by Aatmanirbhar Bharat, we seek government support for extensively localizing component production, fostering a lucrative environment where homegrown brands can lead globally. Incentivizing domestic production through tax breaks, subsidies, and R&amp;D funding will enhance India's manufacturing capabilities,” said Amit Khatri, co-founder, Noise. Industry leaders are hoping for steps aimed at boosting the disposable income of consumers. “Higher disposable incomes will lead to a promising growth impetus. We look forward to a budget that will create a stable and growth-oriented tax environment, which will help in ease of doing business, and will lead to increased economic activity and demand generation,” said Pradeep Bakshi, chief executive officer, Voltas. Companies are also hoping for simplified GST rules and reduced GST rates. In one such instance, TV makers are hoping for a reduced GST rate for TVs sized above 32 inches. “One expected move is reducing the GST rate on LED TVs larger than 32-inches from 28% to 18%. This change aims to boost consumer spending in the electronics sector. Expanding PLI schemes to include smart TVs, refrigerators, and washing machines is also important for market growth and improving manufacturing capabilities,” said Avneet Singh Marwah, chief executive officer, Super Plastronics. In addition to measures aimed at boosting domestic production, companies are also hoping for antidumping duties to ensure fair competition with Chinese companies. "While the government has made significant strides in supporting Indian manufacturers through initiatives like the 'Made in India' campaign and the PLI scheme, there is a pressing need to level the competitive playing field. Anticipations include measures such as antidumping duties to ensure fair competition against Chinese and other international companies in the industry,” said Imran Kagalwala, co-founder, UNIX India. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-public-sector-investment-drives-infrastructure-growth-but-private-investment-needed/articleshow/111927594.cms">Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-key-sustainability-and-energy-initiatives-that-indian-government-plans-to-implement-this-year/articleshow/111917956.cms">Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year</a>

Budget 2024 expectations – PLI scheme to GST reduction, budget expectations from the tech industry

<ul><li>The Indian electric two-wheeler market has recorded a growth of 26% in January 2024.</li><li><keyword id="19897349" type="General" weightage="100" keywordseo="ola-electric" source="keywords">Ola Electric</keyword> recorded its highest ever monthly sales as it continues to lead the market.</li><li>TVS Motor and <keyword id="19982986" type="General" weightage="20" keywordseo="bajaj" source="keywords">Bajaj</keyword> Auto continue to hold the third and fourth positions respectively.</li></ul>The electric two-wheeler market in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> has reported a year-on-year growth of 26% in January 2024, marking a good start for the industry in 2024. This comes after electric two-wheeler makers recorded a 36% growth in sales in 2023. The electric two-wheeler industry recorded sales of 81,343 vehicles in January 2024, up from 64,692 vehicles sold in January 2023, marking a 26% year-on-year growth. <cmsannotation type="cmsannotation" annotationid="Ola Electric continues to lead, records its highest monthly sales" comment="subhead" text="Ola Electric continues to lead, records its highest monthly sales">Ola Electric continues to lead, records its highest monthly sales</cmsannotation> Bhavish Aggarwal-led Ola Electric continues to lead the electric two-wheeler market in India, commanding a market share of nearly 40%. The company recorded its best ever monthly sales in January 2024 at 32,160 units, up from 18,353 vehicles sold in January 2023, recording a growth of 75%. Ola Electric had become the first company to cross the 30K mark in December 2023 and has broken its own record just a month later. “It is a phenomenal start to 2024 as our registrations reached an all-time high in January. We believe our strong product lineup, comprising S1 Pro, S1 Air, and S1 X+, will keep the momentum going and encourage more customers to transition to electric vehicles,” said Anshul Khandelwal, chief marketing officer, Ola Electric in a statement. <cmsannotation type="cmsannotation" annotationid="TVS Motor records strong growth" comment="subhead" text="TVS Motor records strong growth">TVS Motor records strong growth</cmsannotation> It’s not just Ola Electric that is performing well. TVS Motor, one of India’s most popular two-wheeler makers sold 15,181 electric scooters under its iQube lineup, occupying a 19% market share in the electric two wheeler market in the country. The company’s sales have increased from 12,293 vehicles in January 2023 to 15,181 vehicles in January 2024, marking a growth of 45%. Interestingly, TVS Motor, which already has a well-established manufacturing, distribution and service infrastructure in the country is also expanding the sales of its electric two-wheelers to Nepal and Europe in a bid to further boost its sales. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto and Ather Energy continue to fight for the third position" comment="subhead" text="Bajaj Auto and Ather Energy continue to fight for the third position">Bajaj Auto and <keyword id="19993823" type="General" weightage="20" keywordseo="ather" source="keywords">Ather</keyword> Energy continue to fight for the third position</cmsannotation> In a fight of the old vs new, Bajaj Auto, one of the country’s biggest two-wheeler makers and Ather Energy, one of the first companies to launch a proper electric scooter continue to fight for the third position. Bajaj Auto sold 10,742 electric scooters in January 2024, up from 9,227 vehicles sold in January 2023, registering a 17% growth. On the other hand, Ather Energy sold 9,209 vehicles in January 2024, with the company failing to grow its sales. This is the fourth consecutive month where Bajaj has outsold Ather to grab the third position. In a bid to boost its sales, Ather in January 2024 had announced a<a href="https://www.businessinsider.in/business/auto/news/ather-450s-electric-scooter-price-cut-only-five-months-after-launch/articleshow/106700488.cms"> price cut</a> of ₹20,000 for its affordable electric scooter, the<a href="https://www.businessinsider.in/business/auto/news/ather-announce-new-electric-scooter-450s/articleshow/102642216.cms"> Ather 450S</a> just five months after it was launched in India. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-car-launches-in-india-in-february-2024/slidelist/107286755.cms">From Kia Carnival facelift to Tata’s CNG offerings – Upcoming launches in February</a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/tatas-punch-is-indias-most-affordable-electric-suv-and-comes-with-a-range-of-421-km/slidelist/106923825.cms">Tata Punch EV is India’s most affordable electric SUV and comes with a range of 421 km</a>

Electric scooter sales grow 26% in January as Bajaj, Ather jostle behind TVS and Ola

<ul><li>Among the three players, Bajaj Auto has reported poor performance in the March quarter although it managed to grow on a yearly basis.</li><li><keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> and Hero MotoCorp delivered strong profit and sales growth in FY23 as well as in the recent March quarter.</li><li>All the automakers have delivered growth in profitability and sales.</li><li>This is reflected in the overall growth of the domestic two wheeler industry in FY23, which rose 17% on year after three years of decline.</li></ul>The most popular brands in the <keyword id="3312762" type="General" weightage="20" keywordseo="Indian-two-wheeler-industry" source="Orion">Indian two wheeler industry</keyword> -- Bajaj Auto, Hero MotoCorp and TVS Motor have come out with their performance for the financial year 2023 and all of them have beat analysts estimates. All the automakers have delivered growth in profitability and sales. This is reflected in the overall growth of the domestic two wheeler industry in FY23, which rose 17% on year after three years of decline. The industry clocked sales of 15.86 million units in FY23 from 13.57 million in the last fiscal year, according to Society of Indian Automobile Manufacturers (SIAM) However, reports say that the segment is still at a nine year low. Among the three players, Bajaj Auto has reported poor performance in the March quarter although it managed to grow on a yearly basis. Bajaj Auto’s Q4 standalone net profit fell 2% on year to ₹1,433 crore. Rising input costs and shrinking exports ate into the two-wheeler maker's volumes as well as bottomline, even as the company’s topline expanded by 12% to ₹8,905 crore during the quarter. In fact, analysts believe it may continue to underperform its peers because of weak presence in the domestic market. “Even so, we believe the company would underperform peers such as Eicher Motors (12% growth in FY24E) and TVS Motors (10% growth). Bajaj Auto’s underperformance is likely to persist owing to its weak presence in scooters in the domestic market, not to mention its large exposure to overseas markets,” said a report by Nuvama Institutional Equities. Stress of rising input costs in FY23 was clearly visible – Bajaj Auto’s input costs rose by nearly 9% to ₹24,073 crore, eating into its profits. Comparison of the three two wheeler maker’s financial performance <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,491 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,628 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,911 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% YoY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,378 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹36,428 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹33,806 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% YoY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">140 basis points </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 basis points </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 basis points </td></tr></tbody></table> Meanwhile, TVS Motor and Hero MotoCorp delivered strong profit and sales growth in FY23 as well as in the recent March quarter. Hero MotoCorp beat analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hero-motocorp-q4-results-pat-beats-estimates-jumps-37-yoy-to-rs-859-cr-revenue-up-12/videoshow/99989882.cms">estimates</a> to deliver a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. Further, the company said that in the coming fiscal year, it has lined up a slew of product launches in different segments with an aim to strengthen its premium portfolio as well as premiumisation of existing models, which will help deliver improvement in market share. On the other hand, TVS Motor outperformed the other two and registered 67% on year growth in net profit along with sharp 140 basis points expansion in operating margin as well. After posting strong March-quarter earnings, the shares of the motorcycle manufacturer hit a 52-week high at ₹1,235, up nearly 6% on Friday. The management said that it expects to outperform the industry in both domestic and export segments due to demand recovery led by the premium and electric vehicle (EV) segment. “With supply challenges now largely over, we expect TVS’ outperformance to continue on the back of the ramp-up of its launches. Even in EVs, it seems to be ahead of its listed peers with a strong product pipeline in place for the next 24 months; it has signed up with industry experts and joint venture partners to emerge as a leading player in EVs,” said a report by HDFC Securities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/beauty-the-best-luxury-cosmetics-behemoth-este-lauder-hunkers-down-on-india-as-its-sales-double-in-2-years/articleshow/100064628.cms">Beauty &amp; The Best: Luxury cosmetics behemoth Estée Lauder hunkers down on India as its sales double in 2 years</a>

FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins

<ul><li><keyword id="19897758" type="General" weightage="100" keywordseo="samsung" source="keywords">Samsung</keyword> will lay off over 200 people in India</li><li>Employees across various departments will be affected</li><li>Affected employees will receive three months of salary</li></ul> The tech industry has seen a wave of layoffs in the recent months and another company has now joined the fray. <keyword id="19945681" type="General" weightage="20" keywordseo="samsung-electronics" source="keywords">Samsung Electronics</keyword>, known across the world for its smartphones, appliances, and much more, has now decided to cut more than 200 jobs in India. The layoffs come at a time when the company is grappling with lesser sales due to lower consumer demand, a report in ET reveals. <h2>Samsung plans to lay off people in India </h2> Industry insiders told ET that the layoffs will affect various departments including mobile phones, home appliances, and consumer electronics. The cuts are part of Samsung’s broader effort to lower costs and maintain profitability during this challenging period. The layoffs represent around 9-10 percent of Samsung’s managerial staff in India, where the company employs about 2,000 executives. Those affected will receive three months’ salary along with a severance package offering one month’s salary for every year of service. <h2>Samsung's restructuring plans </h2> As part of its cost-cutting measures, Samsung is also considering merging some of its business divisions, such as television and home appliances. This restructuring, which aims to streamline operations and reduce inefficiencies, could lead to further layoffs. While no official decision has been made yet, reports suggest that the final plan will be confirmed after Diwali, a key festival season in India. The report also mentioned that Samsung has already frozen new hires, and positions left vacant by executives who have resigned are not being filled. Additionally, the company is expected to reduce the number of off-roll employees to further cut costs. <div type="Article" hostid="261" msid="112853351" title="Samsung launches AI-powered washing machines, all you need to know" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div> <div type="Article" hostid="261" msid="112165411" title="India&amp;#39;s smartphone shipments dip 2% in Q2 2024 as heatwave, slower demand takes toll" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div>

Samsung Electronics plans to lay off over 200 Indian employees to reduce costs, details inside

New Delhi: The adoption of <keyword id="20643295" type="General" weightage="100" keywordseo="Electric-two-wheeler" source="keywords">electric two-wheeler</keyword> vehicles in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on a gradual rise and it is expected that their share will rise to upwards of 13 per cent by 2026-27, investment banking company <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="261" meta.entityid="Jefferies">Jefferies</keyword> asserted in a report. In the financial year that ended in March 2024, the share of electric two-wheelers was at 5 per cent. Share of EVs in two-wheeler sales rose from just 0.4 per cent in 2020-21 to 5.4 per cent by early 2023, led by rising subsidies and new launches. However, Jefferies claimed that a subsequent reduction in incentives has resulted in the share remaining in the 4-7 per cent range for most of the past 24 months, despite the introduction of lower-priced vehicles by manufacturers. "We currently assume share of E2Ws rising from 5 per cent (0.9mn units) in FY24 to 7 per cent/10 per cent/13 per cent (1.4mn/2.3mn/3.4mn units) in FY25E/FY26E/FY27E, although we now see a downside risk to these estimates in the context of the new scheme targeting just 2.5mn E2Ws over two years," Jefferies said in its report released earlier this week. <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword>, which has recently become a publicly listed company, has emerged as the dominant manufacturer in India's electric two-wheelers market, said Jefferies, noting that its market share rose from 21 per cent in 2022-23 to 35 per cent in 2023-24 and further to 49 per cent in 1Q-2024-25. However, as per the Jefferies report, Ola's market share has subsequently fallen to 31 per cent in August and just 29 per cent in September (month-to-date). Bajaj, TVS and Ather, on the other hand, have gained 5-9 percentage points each since June quarter, it said. This week, the Union Cabinet has approved a scheme for the promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over two years. The Cabinet's approval for the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' was based on a proposal from the Ministry of Heavy Industries (MHI). Among others, subsidies or demand incentives worth Rs 3,679 crore would be provided to incentivise e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, a release said. The Ministry of Heavy Industries is also introducing e-vouchers for EV buyers to avail of demand incentives under the scheme.

Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies

<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>’s <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword> meeting is set to begin today.</li><li>The central bank will announce the outcome of the <keyword id="22684891" type="General" weightage="20" keywordseo="MPC-meeting" source="keywords">MPC meeting</keyword> on October 9.</li><li><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> has kept the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged for the last nine consecutive meetings.</li></ul>The Reserve Bank of India (RBI) is set to begin its three-day monetary policy meeting on Monday and will run from October 7 to October 9. All eyes are on the outcome, as the central bank has kept the repo rate unchanged for the last nine consecutive meetings. The repo rate, currently at 6.50%, has remained steady since the RBI adopted a cautious stance to balance inflation control and economic growth. The Monetary Policy Committee (MPC), headed by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword>, is expected to weigh key factors like inflationary trends, global economic uncertainties, and domestic growth prospects. Inflation continues to be a challenge, particularly in food and fuel prices, which saw a surge earlier this year. As per the data from the Ministry of Statistics &amp; Programme Implementation, though the All India Consumer Price inflation in August was 3.65%, which is under the RBI target band the food inflation stands at 5.65% and it remains above the RBI's medium-term target of 4%. Despite these inflationary pressures, the RBI has opted for a status quo on the repo rate, primarily to support economic recovery post-pandemic. However, there are rising concerns that external factors, like the rising global crude oil prices and tensions in West Asia, may compel the RBI to reconsider its current stance. Earlier this month the central government appointed three new members to the monetary policy committee. The MPC comprises three members from the RBI and three external members appointed by the Central Government. The newly reconstituted committee consists of the Governor of the Reserve Bank of India as the Chairperson, ex officio; the Deputy Governor of the Reserve Bank of India, in charge of monetary policy--Member, ex officio, and one officer of the Reserve Bank of India, nominated by the Central Board -- Member, ex officio. The new external members included in the MPC are Professor Ram Singh, Director, Delhi School of Economics, University of Delhi, Saugata Bhattacharya, economist; and Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development. Market participants and analysts are closely monitoring this meeting for any forward guidance on future rate actions. Many believe the central bank will continue its wait-and-watch approach, but a surprise rate hike cannot be entirely ruled out. On September 18, the <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword> announced a steep 50 basis points interest cut in its review meeting. US Fed announced the rate cuts after holding interest rates steady for eight straight meetings. The outcome of the MPC meeting will be announced on October 9 and will set the tone for future monetary policies amid the changing global economic landscape. The Reserve Bank of India (RBI) will commence its three-day monetary policy meeting on Monday, October 7th, and continue until October 9th. The result of this meeting is eagerly anticipated, as the central bank has maintained a steady repo rate for the past nine consecutive meetings. The repo rate has remained at 6.50% since the RBI adopted a cautious approach to balance inflation control and economic growth. The Monetary Policy Committee (MPC), led by RBI Governor Shaktikanta Das, will consider various factors, including inflationary trends, global economic uncertainties, and domestic growth prospects. Inflation remains a challenge, particularly in food and fuel prices, which surged earlier this year. According to data from the Ministry of Statistics &amp; Programme Implementation, All India Consumer Price inflation in August was 3.65%, within the RBI's target band, however, food inflation stands at 5.65%, exceeding the RBI's medium-term target of 4%. Despite inflationary pressures, the RBI has opted to maintain the repo rate to support economic recovery post-pandemic. Nonetheless, rising concerns about external factors, such as increasing global crude oil prices due to tensions in West Asia, may prompt the RBI to reassess its current stance. Earlier this month, the central government appointed three new members to the monetary policy committee. The MPC consists of three members from the RBI and three external members appointed by the Central Government. It is worth noting that on September 18, the US Federal Reserve announced a substantial 50 basis points interest rate cut in its review meeting, reversing its previous stance of holding rates steady for eight consecutive meetings. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a>

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