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<ul><li>IMD forecasts a searing summer with “above normal” temperatures in most of northeast, eastern, central India and parts of northwest India.</li><li>Japanese electronics brand Panasonic expects a good summer with double digit growth.</li><li> JM Financial is of the view that demand for ACs will pick up this March and dealers are stocking up inventory.</li></ul>The summer of 2023 got off to an early start, and even with gusts of hail and wind, unpredictable and unseasonal weather is bringing cheer to makers of air conditioners. “We believe summer-23 is likely to be a healthy season for <keyword id="7743494" type="General" weightage="20" keywordseo="ac-manufacturers" source="Orion">AC manufacturers</keyword>, given soaring temperature and higher probability of occurrence of heat waves across cities and normalisation of commercial activities,” said a report by JM Financial. The report suggests that AC demand will pick up this March, and dealers have already started stocking up inventory in anticipation of good sales. Analysts at JM Financial believe that this year is widely expected to be a little hotter than the previous two years globally “mainly because of the expected end of the strongest ever La Niña event”. The India Meteorological Department (IMD) too forecasts a searing summer with “above normal” temperatures in most of northeast, eastern, central India and parts of northwest India. In fact in March, several parts of the country have been impacted with <a href="https://www.businessinsider.in/india/news/erratic-rains-thunderstorms-more-in-march-impacts-lives-and-livelihoods/slidelist/98807776.cms">erratic environmental changes </a>including early monsoon, hailstorms and strong winds. This was right after an unusually hot February. Besides, it also expects heat waves during March-May in most parts of India, except for the northeastern states, Jammu and Kashmir, Uttarakhand, Himachal Pradesh, Kerala and coastal Karnataka. Hot summer to bring hot sales for AC manufacturers Japanese electronics brand Panasonic also expects a good summer with double digit growth. “At Panasonic, we are expecting healthy growth for our summer products such as ACs, refrigerators, etc., to name a few. Last year for our cooling products like ACs and refrigerators, we registered around 35% (for April 2022 till February 2023 as compared to the same period in 2021). this year we are hoping for continued growth momentum registering double-digit growth,” said Fumiyasu Fujimori, MD, Panasonic Marketing India, Panasonic Life Solutions India. High demand from Mumbai &amp; Bengaluru Analysts say that demand has already picked up in anticipation of a hot summer. The report stated that demand in all major cities like Delhi, Chennai, Hyderabad and Kolkata witnessed moderation currently, whereas Mumbai, Bengaluru and certain pockets in Ahmedabad are witnessing pickup in demand given the early onset of summer. The brokerage firm has stated that Voltas remains their top pick, followed by <keyword id="152126" type="General" weightage="20" keywordseo="blue-star" source="Orion">Blue Star</keyword> and Amber Enterprises. Analysts feel that rising disposable income, improving standard of living and willingness to spend on comfort is the reason why demand for such white appliances is increasing. “With the increase in disposable income, rapid urbanization, improving standard of living, and easy financing options, consumers are willing to spend on appliances that are energy-efficient, smart, connected, and provide comfort and convenience that enhances their lifestyles,” said JM Financial. The Consumer Electronics and Appliances Manufacturers Association is expecting sales in the summer periods of March to May this year to be anywhere between 15% to 20% higher than last year, according to a report by <a href="https://www.cnbctv18.com/business/consumer-durable-makers-gear-up-make-hay-while-sun-shines-expect-20-percent-growth-in-sales-16226681.htm">CNBCTV18</a>. Channel check with dealers by JM Financial shows that demand for Voltas and other brands like Lloyd, Hitachi and Panasonic is better than previous years. They say that currently, demand for products of Voltas remains high, especially in lower tier cities because of higher brand awareness. However, with increased product offering by other brands, dealers anticipate pickup in demand from other brands as well. Analysts say Blue Star continues to be a preferred brand in Southern markets, while their presence in the North is also increasing. Other players such as Lloyd and LG continue to be preferred brands of choice for customers in South India whereas Daikin, Hitachi, LG and Panasonic are prominent in West India, says the report. Listed AC manufacturers <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">AC manufacturers </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;">% change YTD </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;">Blue Star </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;">21.53% </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;">Voltas </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;">3.94% </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;">Amber Enterprises India </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;">-0.73% </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;">Johnson Controls Hitachi Air Condition </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;">-1.21% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Room for growth Besides, the Indian summer has broken multiple heat records over the past decade and created a strong demand for air conditioning in Indian homes and offices, says Statista, a data platform. “Increasing demand for home appliances , along with a fairly low penetration rate, has left the Indian <keyword id="6365348" type="General" weightage="20" keywordseo="air-conditioner" source="Orion">air conditioner</keyword> market with plenty of room to grow and is estimated to reach 9.7 million units in the financial year 2023,” said Statista. Adding to the celebration, since October 2020, the Indian government has banned imports of ready-to-install air conditioners, providing a boost to manufacturers in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/first-82-days-of-2023-see-more-layoffs-than-the-entire-2022/slidelist/98960848.cms">First 82 days of 2023 see more layoffs than the entire 2022</a>

AC manufacturers expect strong growth this summer led by unseasonal weather

<keyword id="2746883" type="General" weightage="50" keywordseo="key-highlights" source="Orion">Key Highlights</keyword> for April '22: <ul><li>Room Air Conditioner category recorded an unprecedented growth of over 170%</li><li>The overall Cooling Products segment grew by more than 160%</li><li>Commercial Refrigeration category grew by 125%Voltas <keyword id="1762359" type="General" weightage="50" keywordseo="beko" source="Orion">Beko</keyword> home appliances segment grew by 75%.</li></ul> <keyword id="452495" type="General" weightage="50" keywordseo="voltas-limited" source="Orion">Voltas Limited</keyword>,, from the house of <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword>'s, recorded a triple-digit growth in April 2022 , due to an increase in demand for cooling products given the intense summer experienced across the country. The volumes of April 2022 in the cooling products segment has broken many records. <keyword id="6354999" type="General" weightage="100" keywordseo="voltas" source="Orion">Voltas</keyword> has been the undisputed market leader in the Room Air Conditioner category since more than a decade, consistently maintaining the No. 1 position and has steadily maintained its lead over competition, with a lead of more than 640 BPS over nearest competitor as on YTD March FY22. The brand is now gearing up to meet its business objectives for FY 23. Commenting on the performance, Mr. <keyword id="272815" type="General" weightage="50" keywordseo="pradeep-bakshi" source="Orion">Pradeep Bakshi</keyword>, Managing Director &amp; CEO, <keyword id="201377" type="General" weightage="50" keywordseo="voltas-ltd" source="Orion">Voltas Ltd</keyword> said, "The summer of April 2022, has helped us gain an unprecedented growth in comparison to the last three years. Our Room AC business has grown up by over 170% in volume. The overall cooling products business has grown by more than 160% while our Home Appliances grew by 75% in volume. In Commercial Refrigeration, the company has grown by 125% in volume in April 22. We believe that our wide presence, focus on the emerging channels, excellent distribution network, strongest brand equity and attractive consumer offers, will help the brand stay ahead of the industry" He further added, "We are well poised to meet the growing demand, and are optimistic about achieving our business objectives for the financial year FY23." Besides its 24,000 customer touch points, Voltas also has a widespread network of exclusive brand outlets (EBOs) and plans to launch many more Brand Shops and Experience Zones by the end of FY 23. The Company has recently launched a dynamic product portfolio for the summer, and several Brand Shops in Tier 1, 2, and 3 cities across the country, to meet the expectations of consumers in these markets and enable them to experience the best-in-class technologically advanced products. Disclaimer: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same.

Voltas records an unprecedented triple-digit growth in April '22

<ul><li>After the lockdown froze the sales of the cooling products last summer, Voltas witnessed a good come-back during the festive period due to pent-up demand.</li><li>Pradeep Bakshi, Managing Director and CEO, Voltas Limited is confident that this trend will continue in 2021 and help them achieve a double digit growth.</li><li>He shares how the brand has managed to stick to its leadership position despite the curveballs that COVID has sent its way and his plan to expand its market share this year.</li></ul> The onslaught of sweltering summer and the extention of working from home for most people has had an obvious, positive impact on the air conditioning industry. As people try to make their homes more comfortable during the summer as they spend more time indoors, the direct effect has been higher demand for air conditioning and cooling products. Anticipating the increased demand for its products, leading AC manufacturer Voltas has outlined a 360-degree marketing plan to further increase its market share. It is confident of witnessing double-digit growth this summer, which is its peak season as it brings in more than 50% of its room AC sales. According to Motilal Oswal Research study, Indian Room AC market has grown at ~10% CAGR (in volume) over FY10–20 and Voltas is the leading player in the market. <div type="image" title="Indian AC market" msid="82035328" hostid="261"></div> <div type="image" title="ac players" msid="82035336" hostid="261"></div> The Indian AC industry is sized at Rs 180–200 billion. According to Tech Scientific data, it is projected to grow at a CAGR of more than 17%, to surpass $ 11 billion by 2023. However, the air conditioning and cooling products market was adversely affected in the first half of last year due to the nation-wide lockdown, with sales coming to a grinding halt during the category’s peak season. AC is a highly seasonal sales product and it sees its peak during the March-June period. However, despite the Covid-induced speedbump, Voltas was able to maintain its leadership position in the AC category, thanks to the resurgence of demand during the festive season. “We are delighted to report that despite the pandemic situation, we maintained our market leadership with a 26% market share in the room air conditioners category. The Cooling Products business made good recovery, post easing of the lockdown situation. As of last quarter, we achieved a YoY growth of 46% over the same quarter (non-covid period) of the previous year,” shared Pradeep Bakshi, Managing Director and CEO, Voltas Limited. Voltas earned Rs 28,516 million revenue last year, as per Motilal Oswal. The brand maintained its leadership position, followed by Daikin at Rs 26,166 million. Voltas is hoping to see a similar momentum this year as well. Sharing his outlook for this year, Bakshi added, “The performance of the Air cooler vertical too has been satisfactory with a growth of 11% over the previous year. Based on latest market share figures, we are now at the number two position overall. We expect this momentum to continue in the next few quarters. Overall, I am optimistic about double-digit industry growth this summer.” Elaborating on why Voltas is optimistic about seeing a double digital growth, Bakshi said, “This summer, we are already witnessing a robust demand for Room Air Conditioners and our range of Cooling products like Air Coolers and Commercial Refrigeration products. This is due to the India Meteorological Department’s (IMD) forecast of a strong summer this year, across most regions of India. The work-from-home hybrid routine is expected to continue for some more time, thus leading consumers to continue looking for home appliances and cooling products that help with the burden of household chores, and make their work-from-home scenario more comfortable." Marketing strategy this year In line with the motto of ‘Keeping India Cool’ since 1954 and being the ‘cooling experts of India,’ Voltas recently launched its Air Cooler <a href="https://twitter.com/myvoltas/status/1374591244500750338" data-type="tilCustomLink">campaign </a>‘Ab Garmi Ke Mazey Lo, Bina Garmi Ke.’ The campaign taps into the emotions of Indian summer and highlights that with Voltas’ Air Fresh Coolers, the consumers can enjoy all the good things that summer season brings along, and say goodbye to heat, humidity and sweat. And this year, Voltas is spending 25% of its marketing monnies on digital media. To increase its affinity and sales further, Voltas will stick to a 360-degree approach. “We, at Voltas, believe in having a holistic 360° strategy, where we focus on being accessible to our customers in multiple formats. As part of this, we have adopted an Omni-channel strategy with an emphasis on offline as well as online channels. This largely helps us customise our approach to suit the different markets in the rural, as well as urban areas, across the country. With consumers at the centre of our universe, our marketing initiatives have always included campaigns that can easily identify with consumers. We have a record of demystifying technologies and creating meaningful campaigns, which stay relevant for the consumers for years. We will continue to have the highest Share of Voice in the Cooling products category, with a heavy presence across electronic media. Further, keeping in mind the trend of consumer media habit consumption, over 25% of our Advertising spends will be on Digital,” said Bakshi. Vision for 2021 According to Motilal Oswal research study, India’s AC industry is highly competitive, with 35–40 brands playing the penetration story in India. The Top 6 players enjoy 75–80% market share. So, there’s still a huge scope for Voltas to grow further. It also outsources 40% of its services and Indian companies are working towards minimising their dependence on external sources and imports. Sharing the brand’s strategy to increase its market share this year, Bakshi said, “Voltas has strengthened its market leadership with close to 26% market share in the Room Air conditioners. And we are not just ramping up production in our existing factories in Pantnagar, Waghodia and Sanand but also working towards enhancing the production capacity of Air Conditioners through another plant in the Southern region of the country. So, for the upcoming summer season, we expect more traction in urban and mini-metros, due to the high level of penetration of branded cooling products in these markets. To address this growing demand, we have taken some key steps like shifting stocking focus to high demand goods, penetration in more rural, less affected zones and increasing the manufacturing capacities. As the pace of electrification increases and the expected trickle-down effect on consumer durables is likely to be witnessed, given the increasing disposable incomes, demand from rural as well as Tier 2 and 3 cities will also increase.” The brand has opened new shops in Tier II and III cities. It aims to drive the highest distribution reach and market share across all Tiers of population strata and strengthen its leadership position in urban and semi-urban areas this year.

Air conditioner and cooling brand Voltas India eyes double digit growth this summer

<ul><li>At 7:50 am, the SGX Nifty was up 0.52%, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, on the back of positive cues from the Asian peers. At 7:50 am, the SGX Nifty was up 0.52%, indicating a strong start for Nifty50. Other Asian markets were also trading in green such as — Hang Seng Index up over 1.1%, Nikkei 225 up 2% and Shanghai Composite Index was also up over 1%. These are the stocks to watch out for during the trading session today: Cipla The pharma giant Cipla reported a 38.95% jump in its consolidated net profit to ₹659.35 crore for the quarter ended September 30, led by the robust sales in all markets. The company said a sustained focus on cost optimisation during the quarter helped deliver an EBITDA (earnings before interest, taxes, depreciation, and amortization) margin of over 23%. The shares of Cipla ended 0.62% lower on Friday. ITC On Friday, Consumer staples-to-hospitality major ITC reported an 18.23% drop in its consolidated net profit to ₹3,413.44 crore. The drop came despite a 2.18% growth in its revenue from operations to ₹13,147.81 crore during the period under review. Its FMCG segment delivered a decent sales growth of 15.4% (YoY), but wasn’t enough to offset the volume decline of 12% in its cigarette segment. The shares of ITC ended 0.54% lower on Friday. Divi’s Labs Drug firm, Divi’ ’s Laboratories, reported a 45.63% rise in its consolidated net profit to ₹519.59 crore for the quarter ended September 30, mainly on account of robust sales. Consolidated total income stood at ₹1,762.94 crore compared to ₹1,492.60 crore for the same period a year ago. The shares of Divi’s Labs ended 0.40% higher on Friday. Biocon Kiran Mazumdar Shaw-led Biocon’s subsidiary, Biocon Biologics, had received a ₹1,125 crore investment from Goldman Sachs. This capital injection will enable Biocon Biologics to make prudent investments in R&amp;D, high-quality manufacturing, as well as, establish a global commercial footprint, the company said. The shares of Biocon ended 0.17% higher on Friday. Lakshmi Vilas Bank Private sector Lakshmi Vilas Bank (LVB) reported a net loss of ₹397 crore in the second quarter ended September 30 due to a rise in bad loans and provisions. Sequentially, the loss widened against ₹112.28 crore in the June quarter of this fiscal. The<a href="https://www.financialexpress.com/industry/banking-finance/made-significant-progress-with-clix-group-says-lakshmi-vilas-bank/2123468/"> bank also said</a> that despite logistical challenges arising due to the COVID-19 situation, the bank has made significant progress with Clix group for the proposed amalgamation of Clix Capital Service and Clix Finance India into the bank. The shares of Lakshmi Vilas Bank ended 0.64% higher on Friday. Voltas Electronics major Voltas reported 25.74% decline in consolidated net profit to ₹79.66 crore for the quarter ended September 30. The company also decided to restructure its business; it would transfer 100% of the B2B businesses to its wholly-owned subsidiary — Rohini Industrial Electricals Ltd (RIEL). The shares of Voltas ended 1% higher on Friday. Vedanta Vedanta reported a 61.8% decline in consolidated net profit to ₹824 crore for the quarter ended September 30, on the back of one-time tax expense. The decline came despite the stellar 33% growth in its revenue to ₹20,804 crore during the quarter under review. The shares of Vedanta ended 0.21% higher on Friday. Tata Consumer Products Tata Consumer Products reported an 18% rise in consolidated net profit to ₹234.33 crore for the quarter ended September 30, helped by an increase in domestic sales and volumes. Its revenue from operations was up 18.50% to ₹2,781.34 crore during the quarter under review. The shares of Tata Consumer Products ended 0.64% higher on Friday. IndiaMART InterMESH, Equitas SFB and VIP Industries IndiaMART InterMESH, Equitas SFB and VIP Industries are slated to report their second-quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-world-has-surpassed-50-million-confirmed-coronavirus-cases/articleshow/79116745.cms">The world has surpassed 50 million confirmed coronavirus cases</a> <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-heal-in-america-president-elect-joe-biden-uses-his-victory-speech-to-address-a-fractured-country/articleshow/79108211.cms">'This is the time to heal in America': President-elect Joe Biden uses his victory speech to address a fractured country</a>

Top stocks to watch — ITC, Biocon, Tata Consumer, Cipla, Divi’s Labs, Voltas, IndiaMART, Equitas SFB, and others

<ul><li>The 30-share BSE index Sensex was up 341 points, and the NSE Nifty was trading 0.74% higher at 9:50 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex rebounded in opening trade on Friday, led by intense buying in banking and IT stocks. The 30-share BSE index Sensex was up 341 points, and the NSE Nifty was trading 0.74% higher at 9:50 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td></tr></tbody></table>*as of October 16, 10:00 am These are the top stocks in news today. IDBI Bank shares gain 10% The shares of IDBI Bank were up 10% after<a href="https://economictimes.indiatimes.com/markets/stocks/news/lic-keen-to-divest-its-stake-in-idbi-bank-report/articleshow/78683359.cms?from=mdr"> news reports </a>surfaced that the Life Insurance Corporation of India (LIC) which holds 51% stake in IDBI is keen to divest its stake. HCL Tech cracks 5% The shares of IT giant HCL cracked 5% during the early trading hours after its consolidated sales stood at ₹17842 crore down 4% from the previous quarter and down 8.61% from the year-ago quarter. United Phosphorus down 6% The shares of United Phosphorus cracked 6% after KPMG, Mauritius resigned as the auditor of UPL Corporation, effective October 8. However, UPL clarified that “the auditors viz. KPMG, Mauritius had in their letter to UPL Corporation Limited noted that there are no circumstances connected with its resignation which it considered should be brought to the notice of the members.” Voltas, Symphony, Amber Enterprises and Blue Star trade in green The shares of Voltas, Symphony, Amber Enterprises and Bluestar were trading in the green after the Indian government banned the import of air conditioners with refrigerants. This move aims to push domestic manufacturing of such goods under a self-reliant India programme. Voltas and Blue Star shares were up 4%, Symphony was up over 1%, and Amber Enterprises gained over 8%. Mindtree cracks 8% post-second-quarter results The shares of Mindtree cracked 8% after opening in green as the second quarter revenue remained flat at ₹1,926 crore compared to the same period last year. However, there was 88% jump in its net profit to ₹253.7 crore AstraZeneca Pharma India up 1% The shares of AstraZeneca Pharma India gained over a percent after the drug major said it would launch its Acalabrutinib 100 mg capsules under the brand name ‘Calquence’ on October 21 — the drug is used for the treatment of various types of blood cancers. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-jones-ends-lower-for-third-day-as-weak-jobless-claims-stimulus-impasse-weigh-on-sentiment/articleshow/78692395.cms" data-type="tilCustomLink"> Dow Jones ends lower for third day as weak jobless claims, stimulus impasse weigh on sentiment</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms" data-type="tilCustomLink">HCL Tech's second quarter to see a boost from cloud adoption — analysts expect it to breach 3.5% revenue growth guidance</a> <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms" data-type="tilCustomLink">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a>

Top stock movers — IDBI Bank, HCL Tech, Voltas, Amber Enterprises, Blue Star, Hero MotoCorp and others

<ul><li>The US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed sentiments from the global markets, the Indian equities are likely to open flat on Friday. In the Asian market, the SGX Nifty was trading 0.73% higher at 7:51 am, indicating a positive start for Nifty50. However, the US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. The Dow Jones Industrial Average slid 19.80 points, whereas the S&amp;P 500 fell 0.15%. These are the stocks to watch out for during the trading session on October 16: Mindtree Larsen &amp; Toubro (L&amp;T) owned Mindtree posted an 88% jump in its net profit to ₹253.7 crore for the second quarter ended September 30. The company’s revenue for the quarter stood at ₹1,926 crore, marginally up 0.6% year-on-year. The shares of Mindtree ended over 7% lower yesterday. IndiaMart InterMesh The Indian e-commerce company IndiaMart InterMesh has clarified that the media reports claiming potential investment opportunities from Tata Group were incorrect and purely speculative in nature. The shares of IndiaMart InterMesh ended flat yesterday. Persistent Systems The technology services company Persistent Systems said it has entered into an agreement to acquire the US-based CAPIOT Software for $6.34 million (₹465.42 million). The shares of Persistent Systems ended 6% lower yesterday. AstraZeneca Pharma India The drug major AstraZeneca Pharma India said it would launch its Acalabrutinib 100 mg capsules under the brand name ‘Calquence’ on October 21 — the drug is used for the treatment of various types of blood cancers. The shares of AstraZeneca Pharma India ended flat yesterday. Dhanuka Agritech The agrochemical company Dhanuka Agritech’s ₹100 crore buyback will open on October 20 and remain open until November 2. The shares of Dhanuka Agritech ended 2% lower yesterday. Sun Pharma The drug major Sun Pharma clarified to stock exchanges that it had not received any information or notice either from SEBI or anyone regarding the news of SEBI probe of its ex-board member Ashwin Dani. The shares of Sun Pharma ended 3% lower yesterday. Bharti Airtel Competition Commission of India approved completion of the first closing of the telecom giant Bharti Airtel subsidiary Nxtra Data to the Carlyle Group. The shares of Airtel ended 4% lower yesterday. Voltas, Symphony, Bluestar, among others The shares of Voltas, Symphony, Bluestar will also remain in focus during the trade today as the Indian government has banned the import of air conditioners with refrigerants. This move aims to push domestic manufacturing of such goods under a self-reliant India programme. HCL Technologies, Federal Bank, Tata Communications, Bajaj Consumer Care and others <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms">HCL Technologies,</a> Federal Bank, Tata Communications, Bajaj Consumer Care among others are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-jones-ends-lower-for-third-day-as-weak-jobless-claims-stimulus-impasse-weigh-on-sentiment/articleshow/78692395.cms" data-type="tilCustomLink" style=""> Dow Jones ends lower for third day as weak jobless claims, stimulus impasse weigh on sentiment</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms" data-type="tilCustomLink" style="">HCL Tech's second quarter to see a boost from cloud adoption — analysts expect it to breach 3.5% revenue growth guidance</a> <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms" data-type="tilCustomLink">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a>

Top stocks to watch — HCL Tech, Airtel, IndiaMart, Mindtree, AstraZeneca Pharma, Sun Pharma, Voltas, and others

New Delhi, Feb 7 () Tata group airconditioner maker Voltas Ltd on Friday reported a 12.64 per cent increase in its consolidated net profit at Rs 87.95 crore in the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 78.08 crore in the same quarter last fiscal, Voltas said in a regulatory filing. Revenue from operations during the period under review stood at Rs 1,492.51 crore as against Rs 1,491.78 crore in the year-ago quarter, the company said. Voltas said its revenue from unitary cooling products for comfort and commercial use segment increased 14 per cent at Rs 601 crore as compared to Rs 526 crore in the corresponding quarter last year. Air Coolers and other products also witnessed increased traction and healthy growth. The company's electro-mechanical projects and services segment had a revenue of Rs 808 crore as compared to Rs 875 crore in the year-ago quarter primarily due to slow pace of execution of projects. Carry forward order book of the segment was higher at Rs 7,024 crore, including major orders booked in water projects as compared to Rs 4,994 crore in the corresponding quarter last year, Voltas said. Engineering products and services segment revenue remain unchanged at Rs 83 crore as compared to the previous year, the company added. RKL SHWSHW

Voltas Q3 net profit up 12.64% at Rs 87.95 cr

<ul><li><keyword id="20181490" type="General" weightage="20" keywordseo="GoPro" source="keywords" meta.keywordsubtype="org" meta.entityname="GoPro" meta.hostid="261" meta.entityid="GoPro">GoPro</keyword> has launched the <keyword id="20062409" type="General" weightage="20" keywordseo="Hero" source="keywords">Hero</keyword> and <keyword id="23041364" type="General" weightage="20" keywordseo="Hero-13-Black" source="keywords">Hero 13 Black</keyword> in India.</li><li>While the Hero is priced at ₹23,990, the Hero 13 Black is priced at ₹44,990.</li><li>The Hero 13 Black comes with support for new magnetic mounts, new <keyword id="23041366" type="General" weightage="20" keywordseo="HB-Series-Lenses" source="keywords">HB-series lenses</keyword> and more.</li></ul>GoPro, the popular action camera manufacturer has announced two new cameras, the Hero 13 Black and the Hero in India. While the Hero 13 Black is the company's new top-of-the-line camera, while the Hero is a smaller, more affordable option. While the Hero 13 Black brings several new features to the Hero line-up, the new Hero weighs just 86 grams, making it the smallest Hero device with a display. In addition to the two new cameras, the company has also announced HB-Series Lenses, a new battery and new mounts. “This year’s two new GoPro cameras are inspired by and built for the GoPro Community,” said, Nicholas Woodman, founder and chief executive officer, GoPro. <h2><keyword id="23026094" type="General" weightage="100" keywordseo="GoPro-Hero-13-Black" source="Orion">GoPro Hero 13 Black</keyword> price and availability</h2>The <keyword id="18524534" type="General" weightage="20" keywordseo="GoPro-Hero" source="Orion">GoPro Hero</keyword> 13 Black has been priced at ₹44,990 for the standalone variant. The company has also announced two bundles, equipped with various mods. Accessory Bundle at ₹49,990: Includes the Hero 13 Black, The Handler (Floating Hand Grip), an extra Enduro battery, a Curved Adhesive Mount, a 64GB SD card, and a carrying case. Creator Edition at ₹64,990: Includes the Hero 13 Black, Volta Power Grip, Media Mod and Light Mod. The Hero 13 Black, along with its Creator Edition and Accessory Bundle, is available for pre-order starting today, with shipping and retail availability beginning on September 10, 2024. <h2>Hero 13 Black features and specifications</h2>The Hero 13 Black is the company’s latest flagship offering, bringing several improvements over its predecessor. The Hero 13 Black supports 5.3K video at 60 FPS, HyperSmooth stabilisation and more. It supports 13x burst slo-mo, allowing it to capture up to 400 frames per second (FPS) at HD quality. It can capture 5.3K video at 120 FPS and 900p videos at 360 FPS. To make it easier for users to mount and un-mount their GoPro, the company has added magnetic latch mounting to the device. This is in addition to built-in mounting fingers and the 1/4-20 mounting threads. The device comes with Hybrid Log Gamma (HLG) HDR video, offering professional-grade 10-bit colour depth and a broader colour gamut for more vibrant and accurate video capture. It comes with GPS and performance stickers, which allow users to track speed, ath, terrain, altitude and g-force, and help with geotagging in third-party media apps. The Hero 13 Black is equipped with a new 1900mAh battery that is 10% larger and more power-efficient. It comes with Wi-Fi 6 support, which is claimed to provide up to 40% faster content transfer speeds. <h3>HB-Series Lenses</h3>GoPro has also released a new line of HB-Series Lenses that are compatible with the HERO13 Black. These lenses include: <ul><li>Ultra Wide Lens Mod (₹9,990): Captures a 177° field of view in a 1:1 aspect ratio. </li><li>Macro Lens Mod (₹12,990): Captures macro shots with variable focus. The variable focus ring lets you manually adjust the focus distance from as close as 4.3 inches </li><li>Anamorphic Lens Mod: Captures ultra-wide-angle footage with a 21:9 aspect ratio. </li><li>ND Filter 4-Pack (₹6,990): Creates cinematic motion blur. </li></ul><h2><keyword id="23041365" type="General" weightage="20" keywordseo="GoPro-Hero-price" source="Orion">GoPro Hero price</keyword> and availability</h2>The GoPro Hero is priced at ₹23,990. The camera can be pre-ordered from September 16, 2024, with retail availability to begin from September 22, 2024. <h2>GoPro Hero features and specifications</h2>The Hero is the company’s smallest, lightest, and most affordable 4K camera. It weighs just 86 grams and includes built-in mounting fingers. It is 35% smaller and 46% lighter than the Hero 13 Black. Being an action camera, it is designed to withstand harsh conditions and is waterproof up to 16 feet. It features an LCD screen to help frame shots, switch modes and view settings. The Hero can record in 4K and 1080p, with the ability to capture slow-motion footage at 2.7K 60 FPS. It can record up to 100 minutes of continuous video at the highest settings on a single charge. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-declined-in-august-2024-but-year-on-year-growth-continues/articleshow/113050150.cms">Electric two-wheeler sales declined in August 2024, but year-on-year growth continues</a> <a href="https://www.businessinsider.in/tech/news/indian-tablet-market-records-good-growth-in-q2-2024-1-in-2-tablets-sold-was-from-samsung/articleshow/113011836.cms">Indian tablet market records good growth in Q2 2024, 1 in 2 tablets sold was from Samsung</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-rufus-ai-assistant-beta-launched-in-india-will-answer-customers-questions/articleshow/112872099.cms">Amazon Rufus AI assistant beta launched in India, will answer customer’s questions</a>

GoPro Hero 13 Black and Hero launched starting at ₹23,990

<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

The other day I took a late-afternoon walk around the building formerly known as the headquarters of the <a target="_blank" class="" href="https://www.businessinsider.com/twitter-director-esther-crawford-sleeping-in-office-photo-employee-burnout-2024-8">company formerly known as Twitter</a>.From the front door of X, which is <a target="_blank" href="https://www.businessinsider.com/twitter-x-closing-san-francisco-office-bay-area-elon-musk-2024-7">closing up shop in San Francisco</a> on Friday, Market Street runs straight through downtown to the bay. In 1905 the famed urban planner Daniel Burnham called this spot "the center of the city." He wanted to make it a concourse intersected by an array of grand boulevards, like the spokes of a wheel. The 1906 earthquake put the kibosh on that idea.Now the city is living through a <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-doom-loop-fix-american-city-housing-transit-2023-7">different kind of earthquake</a>.On the first floor of X's abandoned headquarters, a high-end food hall stands mostly empty, its grocery shelves half-stocked. Most of the eat-in counters have "for rent" signs. The surrounding streets are pockmarked by boarded-up storefronts, many of them fronted by puddles of urine. The Whole Foods that opened down the street in March 2022 is <a target="_blank" class="" href="https://www.businessinsider.com/whole-foods-closes-flagship-san-francisco-store-year-after-opening-2023-4">already gone</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/bank-financing-urban-planning-pandemic-retail-apocalypse-vacant-storefront-2023-10">commercial vacancy rate</a> in the neighborhood is a whopping 46%. Behind the HQ, young techies in workout gear share the street with folks living in tents. In July, Elon Musk tweeted that he'd "had enough of dodging gangs of violent drug addicts just to get in and out of the building." The <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-moving-spacex-x-texas-headquarters-california-law-2024-7">neighborhood was too scary</a>, the <a target="_blank" class="" href="https://www.businessinsider.com/26-billionaires-paid-fraction-in-taxes-average-american-owes-2022-5">taxes too high</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-david-sacks-dinner-anti-biden-hollywood-hills-2024-4">state too woke</a>. So he was <a target="_blank" href="https://www.businessinsider.com/san-francisco-opinion-elon-musk-x-relocation-texas-california-2024-8">packing up X</a> and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-twitter-fail-collective-superintelligence-2022-11">moving it to Austin</a>.It wasn't supposed to play out this way. Back in 2010, when Twitter was threatening to flee San Francisco and move to the suburbs, the city put considerable effort into getting the company to stay put. In what became known as the Twitter Tax Break, it waived millions of dollars in taxes for the company to induce it to set up shop in a gritty building on Market Street. The goal was to spur other tech companies to follow suit. By attracting young, oversalaried nerds to downtown, along with the upscale shops and restaurants they liked, the city hoped to remake the neighborhood into a utopian Tomorowland. It was an audacious neoliberal plan: fix Market with the power of the market. <a target="_blank" href="https://www.businessinsider.com/its-official-twitter-is-staying-in-san-francisco-2011-4">Twitter went for it</a>, and by 2012 it had moved into its <a target="_blank" href="https://www.businessinsider.com/twitter-brand-new-office-high-res-photos-2012-6">shiny new headquarters</a>.It <a target="_blank" href="https://www.businessinsider.com/look-how-much-twitters-neighborhood-has-changed-in-3-years-2014-11">kind of worked</a>. And then it didn't. Now, as X leaves its spot, Market Street is still suffering from all the same problems it had before Twitter. After handing over millions of dollars in tax breaks to one of the world's wealthiest corporations, San Francisco has nothing to show for it. So what happened? Why didn't Twitter make the kind of difference the city was looking for?Twitter got its start in South Park, the downtown-adjacent neighborhood that has served as the heart of San Francisco's tech culture since the early days of the web. But by 2010, the company had a problem: It was getting really, really successful.At the time, San Francisco was the only city in California that taxed companies for their payrolls. It wasn't much — a paltry 1.5%. But back in 2010, it provided the city with its second-largest source of revenue — some $345 million.The problem was, the city didn't just tax salaries. It taxed all compensation, including stock options. Which meant that a booming tech company like Twitter would have to pay supersized taxes when its employees exercised their skyrocketing options. So maybe it wasn't a coincidence that Twitter started thinking about moving down Highway 101 to the town of Brisbane, where the rents were cheap and the taxes were Texas-style.To keep that from happening, San Francisco cooked up what was officially known as the Central Market Street and Tenderloin Area Payroll Expense Tax Exclusion. At the time, <a target="_blank" href="https://sf.streetsblog.org/2009/03/23/will-we-ever-get-market-street-right">the neighborhood was an urban wasteland</a>. Drug dealing and homelessness were everywhere; even the peep shows were going out of business. And smack in the middle was a mostly vacant furniture showroom. Getting Twitter into it, city officials believed, would be the key to taking the neighborhood <a target="_blank" href="https://time.com/14335/twitter-tax-break-san-francisco/">from scuzzy to glossy</a>. According to their calculations, if the company's relocation spurred other businesses to occupy the more than 2 million square feet of commercial real estate on the verge of going vacant across the city, then granting Twitter a massive tax break would actually fuel payroll-tax growth — to the tune of $2.7 million a year."The large office properties in mid-Market hadn't been occupied, even through the dot-com boom of the late 1990s," Ted Egan, the city's chief economist, tells me. "It was sort of inducing tech companies to use office space that no one had used."<div type="image" title="Twitter HQ in San Francisco" height="683" width="1024" msid="113291889" hostid="261" sizebytes="125216"></div>The Twitter Tax Break was wildly controversial; locals didn't want the city to gentrify downtown with a bunch of techies with fleece vests and iPods. But at first, it worked. Once Twitter got its big light-up sign installed on its shiny new headquarters, more tech companies moved in nearby: Square, Uber, Zendesk, Dolby. Construction cranes started arriving. An empty lot across the street turned into a glass tower; others went up, too, full of housing for the kind of people who expect WiFi to be included in their utility bill. And the restaurants! The neighborhood grew thick with the kinds of places that boast seasonal menus and ambitious cocktail programs — AQ, Alta, Oro, Bon Marché, Dirty Water, Fénix, Cadence, Corridor, Volta, Kaya, The Perennial. It was a time.Even better, the tax deal required Twitter to contribute money, staff, and expertise to benefit the community. In 2014 alone, the company pledged nearly $1 million in purchases, grants, and donations to neighborhood groups, including a local center for low-income women and children and an arts program for disadvantaged youth. The Bay Area Video Coalition, a longtime hub for media makers in the Bay Area, received more than $130,000 in cash and in-kind donations from Twitter between 2014 and 2021 — including 25 Apple laptops that the organization gave to kids for remote schooling during the pandemic. "They were great community partners," says Paula Smith Arrigoni, the group's executive director. "They made the grant process easy, and they trusted our expertise."But the good times were short-lived. By 2019, all those restaurants I mentioned had closed. Some of them didn't even last a year. Part of it was the neighborhood: Then, as now, restaurateurs complained about homeless people and drug-related crime. But mostly they griped about an unexpected problem. All the techies who worked at places like Twitter and Uber and Dolby didn't go out to eat in the neighborhood. Instead, they sat at their desks and enjoyed all the free food their companies served up in-house. They might work in the Tenderloin, but they ate their tenderloin at work. "A lot of people, us included, missed our projections regarding how much foot traffic these offices would bring," one <a target="_blank" href="https://www.sfchronicle.com/restaurants/article/Mid-Market-s-restaurant-scene-pending-boom-8376942.php">restaurant owner explained</a> at the time. "Our likely clientele are staying in their offices and getting really high-quality food that's free." SF's Eater reported that the cafeterias in Square, Dolby, Uber, and Twitter <a target="_blank" href="https://sf.eater.com/2018/9/19/17862118/central-market-tax-exclusion-restaurants-post-mortem-future">served 10,000 people every day</a>. That's a lot of people not going out for lunch.So the Twitter Tax Break turned out to be a whiff. In 2019, Egan wrote a report for the city that looked at what happened. Over the six years the payroll-tax exemption was in effect, he found, the city gave up $70.1 million in tax revenue. But even though it lost money, it succeeded, at least briefly, in attracting hundreds of new businesses to Market Street. "The neighborhood grew faster than the surrounding city as a whole," Egan says. "It was a neighborhood that really didn't have any economy at all, and then sort of did have one."But those days are over. And we can't blame the city's doom loop entirely on COVID. Even before the pandemic struck, the Twitter boom had already gone bust. Dolby's headquarters is still on Market, but Square moved to Oakland in 2020. Uber decamped to the shiny new Mission Bay neighborhood. And now Twitter, the original migrant, is X-ing out as well. The tech companies may have moved to the inner city, but they never actually inhabited it. Instead, they holed up inside shiny glass fortresses, enjoying their sushi and their kombucha on tap, while the neighborhood continued to crumble around them.The local officials who wooed X to Market Street have responded to the company's departure like a scorned lover. In August, the county supervisor who cosponsored the Twitter Tax Break told The New York Times that his <a target="_blank" href="https://www.nytimes.com/2024/08/24/technology/elon-musk-x-san-francisco.html">attitude about being jilted by Musk</a> was "good riddance."But the city's mistake was to assume that it was in an actual relationship with Twitter. In reality, it paid for what is known in the sex trade as a "girlfriend experience." It was transactional, and when the transaction ended, the girlfriend moved on.I keep remembering a work trip I took to San Francisco in 1999, a few years before I moved here. Glitzy restaurants were opening in the once sketchy South Park to serve all the newly arrived web workers. It seemed like every old industrial building was stuffed with CD-ROM startups; everyone had an expensive light-up sign with a fancy logo. Sony had even opened what was essentially a reinvention of the shopping mall. It was called the Metreon, and it featured the country's first Microsoft store, a video arcade, movie theaters, and high-end restaurants. It was designed to be a neon-drenched symbol of the dot-com era, a mecca of high-tech fun.Like the Twitter boom on Market Street, the Metreon's techie glamour didn't last long. By 2006, Sony had sold it to a mall developer. Today it's mostly a Target. It was part of the never-ending cycle of tech booms and busts. Things were great! Then they weren't. Then they were again! And now they aren't.<div type="image" title="A city street, looking slighly uphill, narrow, lined with multistory buildings and the sidewalks blocked with unhoused people and their tents and makeshift shelters" height="683" width="1024" msid="113291893" hostid="261" sizebytes="91854"></div>So what's to be done about Market Street? It's not all bleak, to be sure. A big new Ikea has set up shop, complete with a nice food hall. The city is working on streetside improvements, like trees and plazas. Mayor London Breed, facing a tough reelection fight amid concerns about retail crime and homelessness, is betting big on street festivals. But those approaches don't exactly seem sufficient to escape San Francisco's persistent doom loop.I asked Breed's press representative how the mayor is thinking about X's departure, and the rep sent me a list of "what we're excited about." Social media? Never heard of it. Have you met our new savior, artificial intelligence? AI companies, the rep told me, have leased 4 million square feet of commercial real estate in the city. And 21 of America's top 50 AI companies are based in San Francisco. "Our focus remains on working with and supporting the many businesses that call San Francisco home," the statement reads.It's a revealing response. If the history of tech busts teaches us anything, it's that you can't build a stable city on such an inherently shaky industry. It's not entirely San Francisco's fault; California's screwed-up governance forces the city to chase booms. Taxes on homeowners are capped in weird ways, putting severe constraints on the state's budget. So taxes on local businesses are to cities in the 21st century what gold and silver mines were to the 19th. The only solution is for the state to revamp its tax code so businesses don't have to shoulder the entire tax burden.But economics is only part of the problem. In San Francisco, chasing after tech and its booms is also a kind of addiction. Railroads, shipping, banks, dot-coms, search giants, social media, AI — whenever a boom goes bust, as it has with Twitter, the city goes looking for new tech, like a junkie looking for a fix. When gold puts you on the map, you never stop craving the rush.<a target="_blank" href="https://www.businessinsider.com/author/adam-rogers">Adam Rogers</a> is a senior correspondent at Business Insider.

Twitter's last day in San Francisco

<ul class="summary-list"><li>Automakers are scrambling to react to a shift in demand for expensive battery-powered vehicles.</li><li>The EV segment has enjoyed a long period of exponential growth.</li></ul>Car companies talk a big game about the transition to electric cars. But behind the scenes, many of these automakers are scrambling to react to a change in demand for expensive battery-powered vehicles.Take the last few weeks for example: <a href="https://www.wsj.com/business/autos/ford-considers-cutting-shift-at-f-150-lightning-pickup-plant-uaw-memo-says-91075154" target="_blank" rel="noopener">Ford temporarily dropped an F-150 Lightning production shift</a> (despite <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2023/08/01/ford-restarts-expanded-rouge-electric-vehicle-center--f-150-ligh.html" target="_blank" rel="noopener">upping capacity for the electric pickup</a> just months earlier), and said it would renew its focus on hybrids. <a href="https://www.cnbc.com/2023/10/17/gm-to-delay-ev-truck-production-at-michigan-plant.html" target="_blank" rel="noopener">General Motors said it would postpone some of its electric truck production</a> by a year.All the while, the <a href="https://www.businessinsider.com/electric-vehicle-startups-trouble-insiders-reveal-layoffs-production-manufacturing-2022-8">once bustling EV startup industry is shrinking by the day</a>, with former Wall Street darlings like Lordstown, Volta, and Lucid folding or missing predictions.Electric-car shoppers have more options than ever before, a turning point many in the industry hoped would draw more buyers away from gas-powered cars into the battery-powered segment. But the first real test of a fully-loaded EV market <a href="https://www.businessinsider.com/electric-vehicle-revolution-hits-delays-production-sales-tesla-china-2023-4">isn't going so well</a>. Electric vehicle inventories are <a href="https://www.businessinsider.com/dealers-turning-away-evs-velectric-cars-demand-cools-inventory-2023-8">building up on dealer lots</a> quickly. While the companies argue this bloat is normal for a new vehicle ramp-up, it's still <a href="https://www.businessinsider.com/electric-vehicle-inventory-most-least-dealerships-availability-hyundai-kia-2023-6">taking dealers longer to sell these cars</a>, sending <a href="https://www.businessinsider.com/electric-vehicle-incentives-at-dealerships-high-affordability-price-parity-2023-10">EV discounts to an all-time high</a>. "It's always been the 'build it and they will come' strategy," Vince Sheehy, a car dealer in the Washington, D.C. area, told Insider. "And they're just not coming."Sheehy, who sells a stable of brands including Ford, Hyundai, Volkswagen, and GMC, says electric cars are the slowest sellers on his lots right now. He currently has enough electric cars to last for 100 days across all brands.Though the <a href="https://www.coxautoinc.com/wp-content/uploads/2023/10/Q3-EV-share-chart.jpg" target="_blank" rel="noopener">EV share of some automakers' businesses is small</a>, the EV segment has been enjoying a long period of exponential growth. Hovering for years around under 1% of the total US market, EV sales hit a record of 300,000 last year and, through September 2023, the segment accounts for 9% of all sales, according to JD Power.But that pace of growth – easy to achieve in such a small segment – is showing clear signs of slowing. That begs the question as to whether automakers pushed their transition just a little early."It's not necessarily bad news, it's just a matter of, they over-anticipated," said Cameron Johnson, CEO of Magic City Auto Group, a Virginia dealership group selling mostly domestic brands. "The customer and the dealer started to say, 'Can you turn off the faucet or can you at least slow these things down?' Because they're coming so fast. We're not able to fill all the seats," he said. <h2>A perfect storm for EVs</h2>As tons of highly-anticipated electric models hit dealer lots, the entire auto industry was hit with <a href="https://www.businessinsider.com/car-loan-vehicle-shoppers-denied-what-to-do-2023-7">a wave of macroeconomic changes</a>. It's a perfect storm of headwinds for the plug-in market, with high interest rates, difficulty getting loans, and monthly payments at record highs making the already-expensive vehicles hard to justify for the average driver.Sheehy is seeing this play out on his lots. With the wealthy early adopters largely sated at this point, he says the profile of the average EV shopper has changed dramatically even in the last six months."People are no longer evaluating EVs as 'I'm gonna buy an EV, but which one?' It's, 'I'll buy an EV depending on the value proposition relative to a plug-in hybrid, a hybrid, or a traditional ICE vehicle," Sheehy said. "When you look at it that way, you almost invariably don't choose the electric vehicle."The industry is trying to react to this change, lathering on discounts and taking advantage of <a href="https://www.businessinsider.com/tesla-tax-credit">new federal programs</a> to bring the average price paid for an EV in September to $50,683, down from more than $65,000 a year ago. But even that is still a price point unobtainable for many, and, as automakers like <a href="https://www.businessinsider.com/tesla-price-cuts-ford-mach-e-discounts-angry-customers-different-approaches-2023-1">Ford and Tesla have found out</a>, price <a href="https://www.businessinsider.com/teslas-price-cuts-margins-ever-musk-not-giving-up2023-7">cuts cut deeply into the margins of already-unprofitable vehicles</a>. Price parity between EVs and gas-powered cars is getting closer in the luxury market, but the same can't be said yet for mass-market cars, which cost<a href="https://www.businessinsider.com/electric-vehicles-pricing-mass-market-luxury-parity-2023-10"> an average of $16,000 more than their fossil-fueled counterparts</a>. "The one glaring issue," Eric Frehsée, president of the Tamaroff Group of dealerships said, "is frankly, the unrealistic timelines that are being set. I don't know if that means we need to change some of the timelines."<h2>Understanding the new EV shopper</h2>All of this is a sign that fully-electric cars – and even their hybrid counterparts – are likely to be relegated to the luxury and ultra-luxury segment for several years to come while the industry inches more slowly toward mass-market affordability.Stewart Stropp, executive director of EV intelligence at JD Power, said the firm is still forecasting significant increases in EV share moving forward, but the rate of that growth will depend on external factors like improvements to charging infrastructure and a proliferation of EVs that stack up more evenly against their gas-powered counterparts in terms of price and performance."Those are absolutely essential elements that need to be in place in order for us to shift out of the early adoption phase," Stropp said.High-spending, early adopters are harder to come by some 10 years after Tesla reshaped the segment. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.One Ford dealer in the Midwest, who turned away Mustang Mach-E allocation earlier this year, said the electric options on his lot aren't matching up with what his customers are looking for – or even what they can afford. Fully-loaded Mach-Es sit on his lot for weeks and months at a time because customers can't justify the hefty price tag – especially while <a href="https://www.businessinsider.com/tesla-model-3-model-y-less-than-average-gas-car-2023-10">Tesla keeps dropping its prices.</a>Martin French, managing director at automotive consultancy Berylls, says the transition to EVs is coming. But the inflection point is at least five years off because the industry still hasn't done enough to make an electric car an attractive alternative to a gas-powered car, he said."The future is definitely going to be EVs," French said, "but the future for EVs is 2030."

The auto industry overestimated EV demand this year. Now companies are scrambling.

<ul><li>According to a report by BNP Paribas, 8% Indian households had an ACs in fiscal year 2020.</li><li>The cost of ACs and the energy they consume is the main reason why ACs are considered luxury items.</li><li>The increase in commodity inflation and high competition has been limiting the <keyword id="13221674" type="General" weightage="20" keywordseo="ac-companies" source="Orion">AC companies</keyword>’ ability to increase their margins.</li></ul>The business of selling air conditioners has still not reached its full potential as it continues to be a luxury item for most Indian households. Even though several large brands like Voltas, LG, Daikin, Hitachi, Blue Star and Lloyd have been selling ACs for the past five to seven decades, they have still not been able to enjoy higher margins from this about-to-boom segment. This year however may be a good one. The demand for air conditioners is expected to increase due to scorching heat across several parts of India, according to a report by international financial services company BNP Paribas. The mercury has crossed 45 degree celsius in several places and<a href="https://www.businessinsider.in/science/environment/news/what-happens-to-the-human-body-when-the-temperature-reaches-50-degree-celsius/articleshow/91589906.cms"> touched 49 degrees in Delhi</a>, so people have been rushing to buy ACs in order to keep themselves cool. “We estimate the Indian AC industry market size at ₹180 billion (₹18,000 crore) with a potential CAGR [compound annual growth rate] of 15% over FY21-25,” the report said. BNP Paribas noted that 8% of Indian households had an AC in 2020, with 7 million units being sold in the same year. This is quite low when compared with the fact that four in ten — or 42% — households across the world have an AC. <div type="image" title="Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players" msid="91655539" hostid="261"></div> The cost of ACs and the energy they consume is the main reason why ACs are considered a luxury item — making it unaffordable for many Indian households. The increase in commodity prices is hurting the manufacturers even further. <cmsannotation type="cmsannotation" annotationid="High competition is limiting ACs companies in India" comment="subhead" text="High competition is limiting ACs companies in India">High competition is limiting ACs companies in India</cmsannotation> Covid-19, the resultant lockdown and the Russia-Ukraine conflict that followed have had a major impact on commodity prices. Even a bag of detergent now costs <a href="https://economictimes.indiatimes.com/news/economy/indicators/how-a-detergent-could-have-helped-rbi-act-swiftly-on-inflation/articleshow/91587940.cms">20% more </a>than last year, but FMCG companies have the option of increasing the price of their products and passing it on to the customers. <div type="image" title="Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players" msid="91655586" hostid="261"></div> However, the same price increase has not been possible in the whitegoods space like ACs, refrigerators or washing machines because they are already expensive compared to other fans or coolers, and competition in the industry is extremely high. “Moreover, the Indian whitegoods industry is highly competitive, given the presence of large MNCs like Samsung, LG, Whirlpool, Haier, Daikin, Hitachi, etc. as well as strong Indian brands like Voltas, Lloyd (Havells brand), Blue Star, IFB to name a few. Such high competitive intensity also limits the ability to hike prices,” BNP Paribas said in its latest report. <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;">Change in gross margins (bps) </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;">FY2018 </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;">FY2019 </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;">FY2020 </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;">FY2021 </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;">Blue Star </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;">(361) </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;">(62) </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;">13 </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;">(177) </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;">Voltas </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;">(110) </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;">(255) </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;">133 </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;">(129) </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;">Whirlpool </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;">(344) </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;">(46) </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;">161 </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;">(255) </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;">Johnson Controls-Hitachi Air </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;">(70) </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;">83 </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;">94 </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;">IFB Industries </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;">178 </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;">(247) </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;">187 </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;">74 </td></tr></tbody></table>Source: BNP Paribas, Company Data Note: BPS stands for Basis Points, which is a unit of measure to describe the percentage change in value. The top six companies in the whitegoods space include Voltas, LG, Daikin, Hitachi, Blue Star and Lloyd, which cumulatively controlled 70-75% of the market share by volume in the fiscal year 2020. “Over the long run, we expect the market to consolidate in favour of the top 4-5 companies,” BNP Paribas noted, citing the Production Linked Incentive Scheme (PLI) as one of the major reasons for this expected consolidation. <cmsannotation type="cmsannotation" annotationid="High price is not the only thing muting demand" comment="subhead" text="High price is not the only thing muting demand">High price is not the only thing muting demand</cmsannotation> The industry size of air conditioners in India is almost double that of fans, which have made a mark on 80% households in India, but still the margins continue to be low on this white commodity. One of the main reasons is that AC is a seasonal item and has higher inventory costs due to the volume of the product. <div type="image" title="Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players" msid="91655604" hostid="261"></div> Secondly, the market has been affected since 2016 due to the disruptions such as demonetisation and introduction of goods and services tax (GST). The Covid-19 wave, which compelled people to stay at home for almost two years, also hindered the demand. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/itc-aditya-birla-fashion-lic-housing-finance-among-stocks-to-watch-out-for-on-may-19/slidelist/91653552.cms">ITC, Aditya Birla Fashion, LIC Housing Finance among stocks to watch out for on May 19</a> <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-heres-how-you-can-check-the-allotment-status/articleshow/91650014.cms">Delhivery IPO: Here’s how you can check the allotment status</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms" data-type="tilCustomLink">Reliance Jio Vs Bharti Airtel — Four Charts That Showcase How The Indian Telecom Giants Faired In 2022 </a>

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Twitter's last day in San Francisco

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