Our website use cookies to improve and personalize your experience and to display advertisements(if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, Youtube. By using the website, you consent to the use of cookies. We have updated our Privacy Policy. Please click on the button to check our Privacy Policy.
Ok, I Agree

News

Google lays off 12,000 employees: CEO Sundar Pichai takes ‘full responsibility for layoffs
22
Jan
2 Comments

Google lays off 12,000 employees: CEO Sundar Pichai takes ‘full responsibility for layoffs

As the world prepares for a significant economic slump this year, Google has announced 12,000 job cuts, making it the most recent tech behemoth to do so. In an email available to read on the company’s official blog, CEO Sundar Pichai informed the team about the firing.

Pichai, who has been at Google since 2004 and it’s promoted to chief executive in 2015, said the layoffs reflect a “rigorous review” by the company across all product and feature areas. The jobs removed “span across alphabets, product areas, functions, levels and sectors.”

Pichai stated in the letter that “we have seen remarkable growth over the last two years.”

“I have some upsetting news to impart. We have decided to eliminate 12,000 positions from our staff. To those employees in the US who affect, we have already sent a separate email. Due to customs and legislation, this procedure could differ in other nations. Saying farewell to some of the tremendously talented individuals we work so hard to hire and like working with will be necessary. I apologise profusely. These developments will impact the lives of Google employees. Quite a bit about myself, and I fully accept responsibility for the choices that led us to this point.” said Pichai.

According to Pichai, Google will offer 2022 bonuses, unused vacation time, payment for the entire notice period, six months of medical care, assistance with finding a job, and immigration support to employees to make the transition out of the firm easier.

The company will hold a public meeting on Monday to discuss plans to move forward.

Here is the full message of Pichai’s letter to the employees:

I need to break some bad news for you. We have decided to cut 12,000 employees from our staff. To those employees in the US who affect, we have already sent a separate email. The laws and customs of other nations will make this process longer elsewhere.

It will include bidding farewell to some extraordinarily exceptional individuals we worked hard to find and enjoyed working with. I apologise for this. I bear full responsibility for the choices that led us to this point because I am concerned about how these changes will affect the lives of Google employees.

Our progress over the last two years has been phenomenal. To match and fuel that growth, we contracted for a different economic reality than we have today.

Because of the power of our goal, the worth of our goods and services, and our early AI investments, I think we have a tremendous opportunity ahead of us. We must make difficult choices if we want to do this fully. To ensure that our employees and their jobs align with our business’s key priorities, we have rigorously reviewed our product areas and functions. The roles we are eliminating align with that analysis’s findings. They dispersed among alphabets, product categories, roles, levels, and geographical places.

To outgoing Google employees: Thank you for working hard to help people and businesses worldwide. Their contribution has been invaluable, and we are grateful to them.

While this transition will not be easy, we will support employees as they seek their next opportunity.

Products from Google are now better than ever due to those early investments. And for consumers, developers, and companies, we’re getting ready to provide some completely new experiences. With AI in our products, we have a tonne of opportunity, and we’re prepared to embrace it bravely and ethically.

This entire effort is an extension of our culture’s “healthy scorn for the unattainable” that has existed since its inception. Today, when I look around Google, I still see the same passion and drive guiding our work. That is why, even on the most challenging days, I have faith in our capacity to complete our mission. One of them is today.

I’m sure you have many questions about how we’re moving forward. We will host a town hall on Monday. See your calendar for more details. Please take good care of yourself as you digest this difficult news. As part of that, if you’re starting your workday, feel free to work from home today.

More news: Click here

Mary Kom-led panel to look into wrestlers’ #MeToo scandal
21
Jan
2 Comments

Mary Kom-led panel to look into wrestlers’ #MeToo scandal

Our sportswomen have brought honours from around the world home. They have had to overcome societal and economic obstacles to get where they are. However, as the current demonstrations against the head of the wrestling federation demonstrate, combating patriarchy, sexism, power, and bullying is an uphill battle.

The Indian Olympics authorities announced on Friday that a panel made up of reputable former athletes will look into charges of sexual harassment made against the head of India’s wrestling federation and a few trainers. The announcement came as the government rushed to end the issue.

Here are the top issues in this big scandal:

The Indian Olympic Association (IOA) has asked the Wrestling Federation of India (WFI) to withdraw its members accused of sexual misconduct from the Olympics. The decision was taken after an emergency meeting of the committee.

The Indian Olympic Association announced that a seven-member panel would probe the charges against Mr Singh after an emergency conference late in the evening. The committee will include noted athletes Mary Kom, Alaknanda Ashok, Yogeshwar Dutt, Dola Banerjee, and Sahdev Yadav.

In a first for international sports, it has been decided that a panel of judges will probe into what has come to be known as the #MeToo movement in Indian Wrestling.

The announcement came after some of India’s top wrestlers, protesting for three days, met Sports Minister Anurag Thakur after the initial round of words broke down last night.

Brij Bhushan Sharan Singh, president of the Wrestling Federation of India (WFI), has refuted all accusations and continued to hold office. “If I say there will be a tsunami. I’m not here as a result of someone’s kindness. The people chose me, “He told journalists in Gonda, Uttar Pradesh.

Minister Anurag Thakur called up Mr Singh and warned him against making any statement to the media; he met the protesting wrestlers for four hours between 10 pm and 2 am last night without any result.

The first meeting of the inquiry committee, held on Thursday, was marked by much discord. The panel had been set up in the wake of the #MeToo campaign by women athletes of the country, who wanted action against the accused. However, the members failed to agree on the terms of reference for the investigation. Before the second meeting, the wrestlers wrote PT Usha, the leader of the Indian Olympic organisation, requesting that Mr Singh be disciplined. Additionally, they demand that all international competitions be stopped until the inquiry committee has turned in its report.

In their letter to Ms Usha, the wrestlers said, “Vinesh Phogat was mentally tortured and tortured by the WFI chief after missing out on an Olympic medal in Tokyo. She almost thought of committing suicide.”

Vinesh Phogat agreed to reveal the identity of the victims to the committee of the Indian Olympic Association.

Olympic medalists Bajrang Punia, Sakshi Malik, Vinesh Phogat, and other well-known Indian wrestlers have been conducting a sit-in at Jantar Mantar against the WFI president for the past three days, accusing him of sexual harassment and intimidation. Demanded that the federation be dissolved.

The Ministry of Sports (MoS) has asked the Wrestling Federation of India (WFI) to submit its reply by 3 pm to the demand made by the female wrestlers on Monday for the resignation of the International Wrestling Federation (FILA) president, Marius Vizer and the other officials. Wrestlers also demand that those accused of sexual harassment at the trials for the Olympics should be suspended and investigated.

On Wednesday, the Wrestling Federation of India (WFI) faced a tough time in the wake of the #MeToo allegations levelled by some of its wrestlers.

More news: Click here

The Center had made it clear earlier on Wednesday that the sports ministry would “initiate action against the federation under the rules of the National Sports Development Code, 2011” if the WFI did not answer within the following three days.

Google promises to work with the Indian antitrust watchdog on the Android decision.
21
Jan
0 Comments

Google promises to work with the Indian antitrust watchdog on the Android decision.

Google said Friday it would cooperate with India’s competition authority after the Supreme Court upheld tough antitrust directives that forced the US company to change how it deals with its popular Android platform in a key growth market.

Google stated in an “Antitrust Issues” section of a filing made before the Supreme Court of India that it “would assist with the Indian administration.”

In October Month, the Competition Commission of India (CCI) led that Alphabet Inc (GOOGL.O)-owned Google took advantage of its dominant position in Android and asked device makers to lift restrictions, including those related to pre-installation include and ensure the uniqueness of your search. It also fined Google $161 million.

Google concerning India’s decision, as the actions are broader than those imposed in the landmark 2018 European Commission decision against Android. Counterpoint Research estimates that about 97% of the 600 million smart-phones in India run on Android, while the system accounts for 75% of the 550 million smart-phones in Europe.

On Thursday, Google lost a challenge in India’s Supreme Court to block CCI’s directions, giving it seven days to comply, a move that could change the way the company reaches deals with device makers will force.

A Google spokesperson told Reuters that the company “remains dedicated to our users and partners and will work with the ICC moving ahead.”

“We are reviewing the details of yesterday’s judgment, which limit to interim measures and do not decide the merits of our appeal,” he added.

The day the Indian government filed a complaint with the country’s Supreme Court seeking to suspend the Android operating system, Google announced it would cooperate with the authorities.

India’s Supreme Court also said that a lower court, where Google first challenged the Android directive, can continue to attend the company’s request and should rule before March 31. Google said on Friday that it would pursue the appeal “in parallel”.

Google has warned the Supreme Court that the development of its Android ecosystem will come to a standstill, hoping to stall the implementation of the CCI directions. If the directive goes into effect, they claimed they would be compelling to renegotiate contracts with more than 1,100 device manufacturers and thousands of software developers.

Google’s filing to the Supreme Court of India also states that “no other jurisdiction has called for such far-reaching changes.”

On January 21, the Supreme Court of India ruled against the country’s Restrictive Trade Practices Act and allowed Google to offer its Android operating system for free, widely seen as a victory for the company. The ruling also affects Microsoft’s Windows operating system, which bans in India.

Neil Shah, research director at Counterpoint Research, said the “India directive” will set a precedent for how compelled Google is to open up the Android platform to third-party local app stores, apps and services.

“It will be a challenge,” he said. “We’re talking about 600 million Android users here; this will be a significant shakeup, causing confusion and chaos.”

In Europe, Google fined the Commission for imposing illegal restrictions on manufacturers of Android mobile devices. Google is still challenging a record $4.3 billion fine in that case.

More news: Click here

There, Google made changes, including allowing users of Android devices to choose their default search engine, and such device makers could license Google’s suite of mobile apps, each from the Google Search app or the Chrome browser.

Google told the Supreme Court that if smart-phone makers choose which apps to preload as per the ICC order, it would “prevent Google from obtaining pre-installations of its revenue-generating apps and result in Google entitling to royalties”. Will force.” License. ,

The company warned that this could make mobile phones more expensive due to increased input costs for manufacturers.

Apple’s New HomePod smart speakers have been introduced
21
Jan
5 Comments

Apple’s New HomePod smart speakers have been introduced

Apple announced the updated HomePod earlier this week. The business also unveiled new MacBook Pro models and a new Mac mini. The electronics company with headquarters in Cupertino has covertly increased costs for the 24-inch iMac and HomePod mini in other regions, including India. On the official Apple website, the updated pricing is show. However, in the nation, the brand’s accredited resellers and online marketplaces are still charging the original pricing for them.

The Apple HomePod Mini 

The device has four microphones in addition to S5 and U1 chips. Additionally, since its launch, a remote temperature sensor has remained inactive. Apple did not activate it; however, with the second generation of the HomePod featuring the sensor, it is expect to come to the affordable smart speaker with the upcoming HomePod 16.3 software update. The temperature sensor will allow users to record and monitor the temperature and humidity of the room around them.

Apple has announced the follow-up to the HomePod, Apple’s smart speaker. Instead of the new HomePod Minis, it’s updating the large smart speaker for 2023.

So, what’s new? Primarily the sound and Siri capabilities.

HomePod cost

When the new HomePod launches on February 3, it can be yours for $299, cheaper than 2017’s first-gen HomePod, which debuted at $349.

Enhance smart speaker sound

Deep bass, precisely defined mids, and crystal-clear highs make the sound superior to the original HomePod.

HomePod supports spatial audio, putting it right in the middle of your playlist. Room-sensing technology means HomePod can adapt to your room by using reflections to identify whether it’s placed against a wall or centred in the space.

Apple said the new specifications include:

  • a custom-designed high-excursion woofer
  • Powerful motor driving the 20mm diaphragm
  • A built-in Bass-EQ microphone
  • Five tweeters surround the base, separating and outputting direct and ambient audio.

An S7 chip with software and system-sensing technology to adjust for optimal playback

  • Design

Apple has slightly updated the HomePod design. It is available in white, and the new colour is “midnight.” The fabric mesh is a 100% recycled material, and the touchscreen surface is attractively backlit.

  • Features

The HomePod and Apple Music operate together, as you might think, and you can use them with the Apple TV 4K for a real cinematic experience.

HomePod uses ultra-wideband technology, so you can instantly switch whatever is playing on your iPhone to the smart speaker.

Anyone in the house with an iPhone may operate the speaker or receive song and podcast recommendations based on what appears to be a buzz.

  • HomePod pairing

For 360-degree surround sound, connect up to two HomePods. AirPlay allows users to manage many speakers at once. Additionally, HomePods can using as an intercom to convey messages that will be playing in a different room.

New, improved Siri capabilities and smart home use

HomePod supports up to six voices, each of which may create reminders and order specific playlists. With MultiCamera View, we Will use HomePod and Siri n conjunction to control cameras and lights.

Sound recognition is a new feature that comes in the Spring software update. It works with the Home app, which means HomePod can listen to alarms like carbon monoxide and smoke alarms and notify the iPhone. It measures the home environment, so users can set automation to close the blinds or turn on the fan when needed.

With the help of Siri, customers may create automation for particular times of the day by connecting HomePod to other smart home appliances like heaters or blinds. You don’t need to check the device in another room to know if a request can make because a new confirmation tone will let you know. You may set the sound of rain or switch on the heater to go along with your alarm because ambient noises have been remaster.

The formula doesn’t appear to have changed all that much. If you’re an Apple user looking for a smart speaker, the new HomePod appears to be a wise investment.

Hindustan Zinc’s 3rd Quarter net profit fell by 20% to Rs 2,156 crore, and the company declared a dividend of Rs 13.
20
Jan
4 Comments

Hindustan Zinc’s 3rd Quarter net profit fell by 20% to Rs 2,156 crore, and the company declared a dividend of Rs 13.

On Thursday, Vedanta subsidiary Hindustan Zinc reported a consolidated net profit of Rs 2,156 crore for the December quarter, down 20% from Rs 2,701 crore reported in the same period a year ago.

The profit after tax (PAT) decreased by 19% on a sequential basis. In the third quarter of September, it was 2,680 crore (Q2FY23).

Meanwhile, revenue from operations declined by 2% to ₹7,628 crore from ₹7,841 crores in the same quarter last year.

The decline in revenue was due to lower LME volumes that coincided with lower volumes of refined metals and silver, partially offset by favourable exchange rates and strategic hedging benefits.

The company’s EBITDA for the three months came in at ₹3,717 crores, down 15% year-on-year from ₹4,392 crores.

The mining business has declared its third interim dividend, worth Rs. 5,493 crore or Rs. 13 per share. The Vedanta-backed metals company has a proven track record of giving its investors large dividend returns.

Hindustan Zinc has fixed January 30 as the record date for determining the shareholders eligible for the third interim dividend.

“Hindustan Zinc has achieved the best metal in 9 months based on the highest ever mined metal base. We succeeded in mining one million tonnes of metal in FY22, and this year, if things continue, we anticipate producing one million tonnes of refined metal. Metal Mark and are all set to deliver yet another astonishing annual performance,” said Arun Mishra, Chief Executive Officer.

“Achieving this milestone in FY23, as well as a flexible pipeline of projects, will bring us closer to our vision of mining 1.2 million tonnes of the metal over the next few years,” he added.

Hindustan Zinc is the country’s only integrated Zinc, Lead and Silver producer. The company’s headquartered in Udaipur, Rajasthan, where it has Zinc, lead mines and smelting complexes.

Hindustan Zinc shares were up 4.28% at ₹376.80 on the NSE at the end of trading on Thursday.

Mined metal production for the quarter was 254 kilotonnes (kt), marginally higher than Q3 FY22 and marginally lower than the previous quarter due to higher ore production and overall mined metal grades. The company posted the nine-month highest mined metal production at 761 kt, a growth of 5.4% year-on-year, driven by higher ore production, better-mined metal grades and operational efficiency.

Zinc production during the quarter was 210 kt, lower by 1.7% over last year and higher by 11.3% sequentially. The company said nine-month integrated zinc production was 606 kt, up 7.3% year-on-year.

Silver production for the quarter was 161 MT, which was 6.9% lower than last year due to lower feed grade at SK mine as per the mine plan.

The board also approved a third interim dividend of Rs 13 per capital share of directors of the corporation. January 30 is the record date for dividend payments.

The company said it would also buy the capital shares of THL Zinc Limited, Mauritius, which includes Hindustan Zinc for Black Mountain Mining Private Limited, South Africa (69.6 per cent) and THL Zinc Namibia Holdings (Pte) Limited (100 per cent), Namibia. Are included. Through its wholly owned subsidiary, not to exceed $2,981 million on a tiered basis for cash consideration. Eventually, THL Zinc Limited will become a wholly-owned subsidiary of the company.

More news: Click here

This investment is an exciting opportunity for Hindustan Zinc to expand its presence overseas and take its brand globally. Hindustan Zinc will have combined reserves and resources of over 1 billion tonnes of ore and over 65 million metric tonnes of the metal in India and Africa.

THL Zinc Limited is a wholly-owned subsidiary of THL Zinc Ventures Limited, a wholly-owned subsidiary of Vedanta Limited.

FPO pricing, Adani Enterprises shares fell as much as 4.7%.
20
Jan
4 Comments

FPO pricing, Adani Enterprises shares fell as much as 4.7%.

 

Adani Enterprises (AEL) shares fell 4.7 per cent on Thursday after the company reduced the price band for its follow-on public offering (FPO) from 9 per cent to 13 per cent. The stock closed marginally at ~3,462, down 3.7 per cent from the previous day’s closing price.

AEL has specified a price band of Rs 3,112-3,276 per share for its Rs 20,000 crore FPO. Retail investors applying for shares worth less than Rs 2 lakh are getting an additional discount of Rs 64 per share.

Selling pressure is not uncommon during a follow-on share sale as arbitration traders seek to sell already documented shares in the secondary market and subscribe to discounted shares. However, this strategy will not be as successful during Adani’s FPO, which will be open from January 27 to 31.

Analysts said the Gautam Adani-led firm had hit a masterstroke by issuing partially paid-up shares, which would be trade separately till fully converted.

“A simple arbitration strategy will not work in this FPO. Technically, you cannot trade in the secondary market and use the same number of shares in the FPO. The partially paid shares will be converte into fully paid ones in 18 months.

AEL is boosting Rs 10,000 crore in the first tranche. The remaining amount will be raise from investors through one or two additional instalments over 18 months. Till then, the partially paid-up shares of AEL will be trade separately on the exchanges, as was the case with Reliance Industries (RIL) following its ~53,124-crore rights issue in 2010.

Analysts said the partially paid-up shares of AEL will deal at a premium-to-intrinsic value as long as the fully paid-up shares are in the money (above the FPO price).

“FPOs subscribing to partially paid-up shares will lock themselves in at value. Subsequent payments will have to be complete at a later date. Technically, the interest cost gets embedded in the pricing,” explained an analyst, giving the example of RIL, whose partially paid-up shares were trading at the double their intrinsic value in 2020.

In contrast to RIL, AEL has not yet determined the dates for the call for additional tranches. Just 25% of the Mukesh Ambani-led company’s required issuance, scheduled in May 2020, gathered in the first tranche. The remaining sum will be divide into 25% in May 2021 and 50% in November 2021.

“With no fixed date for the call option, the company will have the flexibility. If the price of the fully-paid shares falls below the FPO price, the company may delay the date of movement of the call option.

When asked if Volatility is a concern to raise Rs 20,000 crore in one go, Adani Group Chief Financial Officer Jugshinder Singh said, “We cannot make decisions based on short-term Volatility. Short-term fluctuations in share prices Volatility can affect us. We aim for long-term capital formation.

Adani Enterprises is the biggest listed corporation incubator in the country and generates businesses across four key sectors – Energy & Utilities, Transport & Logistics, and Consumer and Primary Industries.

A green hydrogen ecosystem, data centres, airports, highways, food/FMCG, digital, mining, defence, and industrial production are all currently part of its business portfolio. The business also utilises market potential in the data centre, green hydrogen, and aviation industries.

AEL is currently building the Navi Mumbai airport and operating and managing seven airports, including Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.

The business intends to invest USD 50 billion in the green hydrogen ecosystem over the following ten years to produce up to 3 million tonnes of green hydrogen. In addition, it plans to expand its solar module manufacturing capacities to 10 GW per annum at the Mundra SEZ in Gujarat.

Adani Group said on Thursday it has no plans to enter the country’s telecom sector. Nevertheless, it plans to enter the water segment as it is a key element of its core infrastructure business.

PhonePe receives $350 million from General Atlantic, At a $12 billion valuation
20
Jan
0 Comments

PhonePe receives $350 million from General Atlantic, At a $12 billion valuation

PhonePe The Walmart-backed business is now the most valuable fintech in India after raising $350 million in a new round of funding from General Atlantic at a valuation of over $12 billion. PhonePe is a payments and financial services unicorn. According to a statement released on January 19, the company plans to raise $1 billion in tranches during this round.

 

PhonePe is the company’s spin-off from fundraising e-commerce startup Flipkart, announced in December. The Flipkart spin-off also completes PhonePe’s transition into a fully India-resident company, starting in 2022.

PhonePe has now become a decacorn or startup company valued at over $10 billion, joining the ranks of Flipkart, which Walmart acquired; Paytm, which went public last year; Byju’s and Swiggy. PhonePe’s valuation has also exceeded Razorpay, the digital payments and neo banking unicorn, valued at around $7.5bn.

The business said in a statement on January 19 that PhonePe will use the funds to make infrastructure investments, including data centre development.

The business also plans to invest in new businesses, including insurance, wealth management and lending. The company said PhonePe would also focus on UPI Lite and Credit on UPI.

The new fundraiser in the middle of startup funding winter is a rare case of a late-stage round in which investors write small checks when the macro environment deteriorates. When Flipkart spun off PhonePe as a separate entity, its value was $5.5 billion. Flipkart had put in $700 million at that time.

PhonePe’s fundraising has seen its valuation tumble by over 60 per cent since its nearest rival, Paytm, went public in November 2021, prompting public shareholders to question the company’s ability to reach profitability. Paytm had a total market capitalization of over $4.3 billion as of January 19.

But Paytm’s revenue is much more than PhonePe. As of FY22, Paytm’s revenue was Rs 3,892.40 crore, while PhonePe’s revenue was Rs 1,646 crore. Furthermore, PhonePe reported a loss of Rs 2014 crore in FY22 (2021-22), which enlarged from Rs 1729 crore in FY21 (2020-21). Paytm reported a net loss of Rs 2,325 crore for FY22, widening from Rs 1,560 crore in FY21.

PhonePe’s fundraising arrives at a particularly difficult time for fintech corporations in India, as the Reserve Bank of India (RBI) has struck the sector hard, impacting businesses across the board.

Additionally, valuations of technology and financial services companies have declined significantly this year due to macroeconomic uncertainties amid a broad correction in global financial markets. In October, Prosus-owned PayU backed out of a $4.7 billion Billdesk deal in one of the country’s biggest stress indicators over fintech valuations.

PhonePe was launch in 2015 by former Flipkart executives Sameer Nigam, Burzin Engineer and Rahul Chari.

The fintech is the market leader in Unified Payments Interface (UPI) transactions. Also, fintech has over 400 million registered users. The company has 47 per cent market share in monthly UPI volumes.

In 2017, the corporation developed into financial services, permitting customers to buy gold, insurance and mutual funds and make bill and utility payments on its platform.

On September 5, PhonePe started developing its payment gateway to extend its current quick response in-app payments and (QR) code-based UPI payment service.

The company will compete with Paytm, Razorpay and Pine Labs as it may offer its payment gateway to large offline players and small and medium-sized corporations.

In the last year, PhonePe has acquired GigIndia, Wealthdesk and OpenQ and completed the long-awaited acquisition of IndusOS.

More News: Rbi Moots Charges on Payment Systems; Can Impact Gpay and Phonepe Dealings

04
Oct
0 Comments

Car sales approach September 2022 as buying frenzy continues.

September 2022 is approaching fast, and a car buying frenzy comes with it. According to industry analysts, the reason for this surge is higher semiconductor supply. The start of the holiday season and a lower base effect than last year.

Car sales in India grew in September as car companies continued to dispatch their dealers for the festive season. That is an excellent economic report and suggests that consumers are confident about spending on big-ticket items. Industry analysts are optimistic that automakers will see an increase in shipments this year due to several factors. It includes a higher supply of semiconductors, the start of the holiday season, and a lower base effect than last year.

In September 2022, MSIL saw a 135.10% growth in the domestic passenger vehicle (PV) segment to 148,380 units sold, compared to 63,111 units in the same month last year. In the same month, sales of its utility vehicles stood at 45,271 units, 72.11% more than the 26,303 units sold a year ago.

In September, we sold 176,306 units, including 150,885 domestically, 4,018 units to other OEMs, and 21,403 units in exports.

“We faced a smallish deficit in electronic features, but we quickly resolved the problem by performing with our suppliers. The company did everything possible to reduce the impact as much as possible,” MSIL said.

Last month, Hyundai Motor India Ltd reported an impressive 63,201 cumulative sales units, overall growth of 38% from the 45,791 units sold last year. In the domestic market alone, 49,700 units in September 2022 – up 50.2% from the previous year’s time. Exports also increased by 6.3%, rising to 13,501 units from 12,704.

Upon seeing the numbers, Tarun Garg, director of sales, marketing, and service for Hyundai Motor India Ltd. It stated: “The Indian economy has indicated excellent stability in recent quarters. The festive season has given an additional demand boost.” He added that Creta continues to book more sales in the midsize SUV space, with a 36 percent growth in bookings for September compared to last year.

Tata Motors continued its growth momentum in September 2022, with its passenger vehicle business posting 85 percent year-over-year sales growth. The domestic automaker sold 47,654 units last month, up from 25,730 units in September 2021.

While sales of internal combustion engine (ICE) vehicles grew 78 percent to 43,999 units, electric vehicle (EV) sales grew 239 percent to 3,655 units in September 2022 from 1,078 units a year ago.

Shailesh Chandra, Managing Director (MD) of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd. They said: “The PV industry performed well during the second quarter of fiscal 2013 thanks to the festive season and new product launches. We envision this momentum to continue in the coming quarters.”

Tata Motors hit a new peak in passenger vehicle sales, with 142,325 units sold during the quarter. That marks nearly a 70 percent growth from the second quarter of fiscal 2022. Attributing this impressive feat to our innovative and reliable products that resonate with our customers.

Kia India had its highest monthly domestic PV sales in September 2022, with 25,857 units sold. That is a 79 percent increase from the previous year. The company had sold just 14,441 units in India in September when the COVID-19 pandemic was hitting the domestic auto industry.

30
Sep
3 Comments

Adani ready to invest 20 thousand crore rupees in Ambuja

Mumbai: The Adani family has completed the acquisition of Ambuja Cements Ltd and ACC Ltd through a particular purpose vehicle, Endeavor Trade and Investment Ltd, along with the purchase of Holcim’s stake in Ambuja and ACC through an open offer in both the entities have taken included. Following SEBI regulations, the Adani Group said in a statement on Friday.

First announced the transaction in May.

With the acquisition of the stake in Holcim, Adani is on track to become one of the essential cement producers in the country. Adani’s addition was significant as the company sought to capitalize on India’s growing momentum. This trend of the company has been there in the past as well. The company has acquired large stakes in several cement companies, including some of India’s largest suppliers.

That has established Adani as one of the most prominent players in the market. It is clear that the company has a very close eye on the cement market and will continue to take strategic steps to strengthen its position, as well as India’s most significant M&A in infrastructure and materials, the statement said.

The Adani Group has settled to acquire a controlling stake in cement maker ACC and its subsidiary Ambuja Cements for about Rs 5,200 crore. In a filing to BSE, Adani said that its wholly owned subsidiary Adani Investments Private Limited had acquired a 63.15% stake in Ambuja Cements (of which 56.69% through Ambuja Cements) from the promoters of Adani Group and Has agreed on A definite agreement.

The filing said Tata Sons, through its subsidiary Tata Investment Corp (TIC), will sell its entire 44.99% stake in ACC and 56.69% in Ambuja Cements to Adani for around Rs 5,200 crore.

“After the transaction, TIC will have an 18% stake in Ambuja Cements. The proposed transaction is subject to critical regulatory approvals and expects to be complete in the next three months,” the filing said.

The council of Ambuja Cements has approved an investment of Rs 20,000 crore in Ambuja through preferential allotment of warrants, the statement said, to help Ambuja capture the boost in demand.

In a statement to its shareholders, Ambuja Cements said the company warrants to meet the capital requirement for reducing capital expenditure on preferential issues of logistics infrastructure, logistics ESG compliance, acquisitions, consolidation, and digitization. The proceeds will be utilized for capital requirements—investment in plant optimization, technology and general corporate objectives.

“What creates a thrilling business is a headroom for growth in India, which is more than every different country after 2050,” said Gautam Adani, Chairman, Adani Group.

“Cement is a game of economics hanging on power costs, logistics and disbandment costs, and the capacity to leverage a digital medium to change production and reach significant reserve chain efficiencies. Each of these efficiencies is a challenge that we need to overcome.”

The core business provides a set of unmatched adjacencies to our cement business. This proximity ultimately drives competitive economics. Furthermore, our position as one of the world’s largest renewable energy companies allows us to achieve a circular economy. It will help manufacture premium quality Green Cement in line with the principles.

He said that all these dimensions set the Adani Group to become the largest and most efficient cement manufacturer by 2030.

Ambuja Cements and ACC have an incorporated installed production capacity of 67.5 MTPA. Ambuja Cements has an installed capacity of 35 MTPA, out of which 30 MTPA capacity is in operation. Its cement manufacturing plants are located at Bhadravati in Shimoga district and Nanjangud in Mysore district. ACC has a cement plant at Adichunchanagiri in Hassan district and a grinding unit at Gubbi in Tumkur district.

They financed The transaction with $4.5 billion in facilities acquired from 14 international banks. Barclays Bank plc and Deutsche Bank AG worked as M&A advisors to the Adani family, with Standard Chartered Bank acting as structure advisor.

Mahindra launched Scorpio Classic S and Scorpio Classic S11 in India
21
Aug
2 Comments

Mahindra launched Scorpio Classic S and Scorpio Classic S11 in India

Mahindra has announced the price of the new Scorpio Classic SUV for the Indian market. The SUV is available in Scorpio Classic S and Scorpio Classic S11. SUV will go on sale as a more affordable option with Scorpio N. Mahindra launched Scorpio Classic S and Scorpio Classic S11 in India; go to price and glasses.

In India, Scorpio Classic S’s fixed price is Rs 11.99 lakh (ex-showroom). At the same time, the feature-loaded Scorpio Classic S11 has priced at Rs 15.49 lakh. The Cost of Classic’s S11 variant at the Middle-Spec Z6 version of Scorpio N. However, the base variants of the two versions carry the cost of about 1.5 lakhs.

Mahindra Scorpio Classic in five exterior colors: Red Rage, DSAT Silver, Napoli Black, Pearl White, and The New Galaxy Gray.

Mahindra launched Scorpio Classic S and Scorpio Classic S11 in India

Mahindra Scorpio Classic: What’s new?

Mahindra is the updated version of the Scorpio Classic Old Scorpio. Mahindra has made several changes in Scorpio classic compared to the previous recurrence of the SUV.

These include a new bumper, vertical chrome slats, and a redesigned grill in front of Mahindra’s new ‘Twin Pix’ logo with LED DRL in Fog Lamp Housing.

Scorpio Classic S and Scorpio Classic S11 A ‘Classic’ badge on sports boot. With the launch of Scorpio Classic S and Scorpio Classic S11, Mahindra has introduced new features, engines, and updates. The SUV also finds newly designed alloy wheels and vertical reflectors in the taillights. The side-facing door also receives a classic badging on the SUV.

The company has also introduced a new dual-tone theme inside the cabin. A dual-tone black and beige theme now replace the dark theme seen on the car. It also provides:

  • A unique and giant 9-inch touchscreen.
  • A height-yellow driver seat.
  • An auto AC with a rear vent.

Scorpio is Mahindra’s first SUV with an automatic transmission. Both 5-speed automatic transmission and 2.2-liter diesel engines can get from Mahindra. The Mahindra Scorpio has a ‘classic’ badge on the passenger side of the dashboard and a leather-listed steering wheel. A part in the SUV is also a digital, part analog instrument cluster. Its internal location is about 3620 liters.

Scorpio Classic is a 7- or 9-weight SUV that combines modern and fossil design with a Mahindra product’s required quality and performance. You can choose between Captain seats and bench seat options in the second line. However, the former is available only on high classic S11.

The first of these is the front-facing bench seat, which comes with the option of 2 or 4 side-facing seats. It is a shame that these seats do not have seatbelts. The second exclusive feature is fog lights integrated into the front grille. These lights are handy for the visibility of the car at night time. The third exclusive feature is the underbody air Intake for the added aircraft. These are some characteristics that make Scorpio classic S unique and make it a car that you have.

More News: Rbi Moots Charges on Payment Systems; Can Impact Gpay and Phonepe Dealings

Security facilities on SUVs include ABS and two standard airbags.

Engine

Only one diesel version introducing. Mahindra has packed the new gene 2 MHAWK 2.2-liter diesel engine in the SUV, which produces 130 bhp and 300 Nm. The engine places in a 6-speed manual transmission and gets a cable shift. There is no automatic, 4WD, or mechanical locking difference option. Mahindra is claiming to improve the NVH level on the car and is also promising the quality of a better ride. Mahindra Scorpio Classic Skoda Kushak, Kia Celtos, MG Estore, Hyundai Buyer, Volkswagen Tiguan, Toyota Hyder, and Maruti Grand Vitara Duo will rival the choice.