India's exports of diesel and petrol fell by a fifth year-on-year to USD 33 billion in 2023-24 due to declining international prices. Diesel generated the largest share of export revenues for Indian refiners, accounting for USD 22 billion of the USD 48 billion earned by exports of refined fuels. The war in Ukraine and Western sanctions on Russia caused fuel prices to rise, boosting export earnings for Indian refiners.
Ampin Energy Transition raised USD 35 million to expand solar capacity to 10GWp by 2030, supporting India's 500 GW renewable energy target. The investment aims to drive the transition for commercial and industrial customers, led by CEO Pinaki Bhattacharyya.
VST Zetor Private Ltd, in collaboration with HTC Investments, introduced three 41-50 HP tractors, featuring a DI Engine and dual-acting power steering. These tractors aim to meet various farming applications in India.
Russia continued to be the largest crude oil supplier to India, with shipments valued at USD 3.61 billion in February, despite a 19% decrease from January's USD 4.47 billion.
MG Motor India aims to expand its presence in tier III and IV cities by establishing 100 new touchpoints by the fiscal year end. With plans to increase touchpoints to 520 across 270 cities by 2024-25, MG Motor embarks on its growth phase 'MG 2.0', focusing on production capacity enhancement and introducing new models.
Irrespective of the volatility in global oil prices, domestic retail prices of petrol, diesel and cooking gas are unlikely to rise for the next two months due to elections, industry executives said.
China has expressed disapproval of Elon Musk's plan to open a Tesla factory in India. The Global Times has predicted challenges for Tesla in the immature Indian market, recommending India to partner with Chinese companies for EV manufacturing.
According to an official, additional secretary, coal, M Nagaraju this week reviewed the coal production targets for FY25. Representatives of 74 coal mines were present in the review meeting.
Musk’s satellite internet venture has been trying for more than three years to get a licence in India, but has failed to pass govt scrutiny, even being reprimanded by the department of telecom in late 2021 for accepting customer bookings, without licence.
Stellantis India CEO & MD Aditya Jairaj told PTI that the company will be the first 'multinational OEM' in India to achieve this feat (to export EVs). Stellantis, which was formed after the merger of Italian-American conglomerate Fiat Chrysler Automobiles and French PSA Group, currently sells its Jeep and Citroen brands in India.
Rising oil prices pose inflation risks for India, with a USD 10/barrel hike potentially increasing consumer prices by 0.2-1.4%. Asian economies, especially net importers of crude, are sensitive to CPI and could face challenges.
Between 2013-14 and 2023-24, the annual consumption of petrol increased 117%, diesel 31%, aviation turbine fuel 50% and LPG 82%, according to the petroleum and natural gas ministry data. Kerosene consumption slumped 93% during this period as the government's clean cooking drive increased access to LPG.
Tata Steel has raised INR 2,700 crore through unsecured fixed-rate bonds at 7.79%, show documents filed with National Securities Depository Ltd. Niva Bupa Health Insurance invested INR 25 crore in Tata Steel's bonds that were issued in the last week of March.
Avendus Capital foresees USD 125 billion investment in India by 2030, propelled by green hydrogen and green ammonia segments. The growth is fueled by sustainability focus, commercial viability, regulatory push, electrolysis of water, and steel industry off-take contracts.
Speaking to ETEnergyworld in an exclusive interview, Jain emphasized the need for lower prices and improved efficiencies, acknowledging the government's efforts to subsidize transmission costs and promote adoption through schemes like the production-linked incentive (PLI) scheme.
And, share of hatchbacks (minis), that were once the staple of Indian car buyers and accounted for one out of every two cars sold in the country, slipped to around 28%, beaten down by growing popularity of SUVs. With prices of hatchbacks rising as much as 65% over the past few years and income of their buyers inched up much slower, the humble mini car has failed to keep pace.
Car sales in India soared by 9% to 4.23 million units last fiscal, driven by SUV demand. Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Toyota Kirloskar Motor, and MG Motor India all reported significant sales growth across various segments. Around 370,000 cars, sedans and utility vehicles were sold last month, compared to 336,000 units in the year-ago period, making it the 15th consecutive month that PV sales have breached previous monthly records.
Industry estimates show domestic two-wheeler sales rose about 13% to 18.4-18.5 million units in FY24. Petrol-powered models comprised more than 95% of the total sales at about 17.5 million units.
Indian-origin startups considering relocating to India face tax implications, aiming for better valuations. Minister Goyal emphasized using tax revenue for social development. Walmart paid significant taxes during PhonePe's separation. Angel tax and valuation norms are being regulated for startup balance.
"With Kutch Copper commencing operations, the Adani portfolio of companies is not only entering the metals sector but also driving India's leap towards a sustainable and 'aatmanirbhar' (self-reliant) future," said Gautam Adani, Founder and Chairman of Adani Group.
| Name | DIN | Designation | Date of joining | |
|---|---|---|---|---|
| Arun Goyal | Unlock to View | Unlock to View | Additional Director | 19 Dec,2020 |
| Sandeep Kapur | Unlock to View | Unlock to View | Director | 07 Feb,2019 |
| Manjul Pahwa | Unlock to View | Unlock to View | Wholetime Director | 17 Oct,2018 |
| Rachna Pahwa | Unlock to View | Unlock to View | Wholetime Director | 27 Mar,1998 |
| Priyanka Arora | Unlock to View | Unlock to View | Director | 30 Sep,1994 |
| Sanjeev Pahwa | Unlock to View | Unlock to View | Managing Director | 02 Mar,1991 |
| Krishna Rani | Unlock to View | Unlock to View | Wholetime Director | 15 Jun,1974 |
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