Source : PTI | Union Minister R K Singh on Wednesday assured stakeholders that additional funds will be allocated for decarbonisation of the steel sector under National Green Hydrogen Mission, if required. Singh chaired a meeting of government and industry stakeholders of the iron and steel sector in order to discuss pilot projects under the mission, an official statement said.

Officials of Ministry of New & Renewable Energy, Ministry of Steel and industry representatives from the iron and steel sector participated in the deliberations. Continue reading “More funds for steel sector under green hydrogen mission if required, says R K Singh”

Source : PTI | Battery maker Exide Industries Ltd on Wednesday reported 2.3% increase in consolidated profit after tax at INR 202.69 crore for the third quarter ended December 31, 2023. The company had posted a consolidated profit after tax (PAT) of INR 198.14 crore in the same quarter last fiscal, Exide Industries said in a regulatory filing.

Revenue from operations in the quarter under review was at INR 3,979.83 crore as compared to INR 3,538.5 crore in the year-ago period. Total expenses were higher at INR 3,724.3 crore as against INR 3,286.36 crore in the same quarter a year ago, the company said. Continue reading “Exide Industries Q3 results: PAT rises 2.3% YoY to INR 203 cr”

Summary

• Hyundai Motor Q4 net profit up 31%, misses forecast
• N. America 2024 sales tipped to rise, China to fall
• EV market may have ‘bit of a hiccup’, exec says

Continue reading “Hyundai Motor projects slower growth in 2024 on weak demand, macro uncertainty”

Continue reading “EU top court backs Audi in trademark dispute with spare parts firm”

Continue reading “Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver”

Continue reading “Tesla CEO Musk: Chinese EV firms will ‘demolish’ rivals without trade barriers”

Continue reading “Norway’s traffic regulator says it won’t recall Tesla cars”

Continue reading “Tesla set to erase $50 billion in valuation after Musk’s sales warning”

Continue reading “Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver”

Continue reading “GM to invest $1.4 billion in Brazil by 2028”

Continue reading “Carmaker Audi’s Mexico union workers strike over wage increase”

Continue reading “Ford sees $1.7 bln hit to fourth-quarter results”

Continue reading “Exclusive: Tesla plans to build new electric vehicles in mid-2025”

Continue reading “UAW, Fain endorse Biden, say Trump ‘stands against everything we stand for’”

Continue reading “Tesla warns of slowing growth before new model launch next year”

Source : PTI | Union Minister for Coal and Mines Pralhad Joshi on Tuesday said for the first time, the country’s coal production is going to cross 1 billion tonne. India is going to stop the import of substitutable coal from next year, Joshi said at the second State Mining Ministers’ Conference here.

The union minister said there are going to be many difficulties in the coming days as the country will have to do gasification of coal. Continue reading “Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi”

Source : PTI | CESC Ltd, RP Sanjiv Goenka group’s flagship company, is looking to acquire over 50,000 acres in Rajasthan and Gujarat to fuel its 3 GW hybrid renewable energy portfolio. The company is exploring possibilities to make substantial investments in renewable energy generation of up to 3 GW in a hybrid portfolio through its subsidiaries in more than one state in the country.

The company’s green ambition envisages a mix of solar, wind, and green hydrogen projects. “We are carrying out a study exploring increasing our renewable energy footprint and partially meeting renewables purchase obligations of our distribution business,” a top company official told PTI.

Continue reading “CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push”

Source : PTI | The government is aiming to increase the share of scrap in steel making process to 50 % by 2047, Union minister Jyotiraditya Scindia said on Wednesday. The steel minister emphasised on usage of scrap in steel making as manufacturing the metal through scrap and other waste products is less polluting and termed it as a step “towards green steel initiative”.

“As per our ministry’s vision 2047 document, in the next 25 years, the percentage of scrap will be 50 % along with the balance 50 % as iron ore,” Scindia said at the 11th International Material Recycling Conference in Kolkata.

Continue reading “Govt aiming to increase scrap share in steel making to 50% by 2047 to aid green steel initiative: Scindia”

Source : PTI | Mahindra Logistics Limited (MLL) on Tuesday announced the construction of its warehousing facility in Phaltan, near Pune with an investment of INR 170 crore. Spread over 6.5 lakh square feet (sq ft), the new facility will be developed in two phases. The first phase, comprising 3.5 lakh sq ft, is scheduled to be operational by the end of 2024, the company said in a statement.

Mahindra Logistics will manage inbound logistics to manufacturing and distribution solutions of diverse clients in automotive and manufacturing sectors located in the region, the company said.

Continue reading “Mahindra Logistics to invest INR 170 cr on warehousing facility near Pune”

Source : PTI | New Delhi: Bajaj Auto Ltd on Wednesday said its Vice Chairman Madhur Bajaj has resigned due to health reasons. In a regulatory filing, Bajaj Auto said Madhur Bajaj has tendered his resignation from his position in the company with effect from the close of business hours on January 24, 2024.

In his resignation letter, Bajaj said considering his age and current health and after being associated with the company for 44 years he wished to step down as the Vice Chairman and non-executive Director of Bajaj Auto.

Continue reading “Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons”

Source : PTI | Automotive battery maker Amara Raja Batteries Ltd on Wednesday said its first giga factory will start operating before the end of 2025. The company also said that giga factories require an integrated approach that marries high technology, large capex, giga scale factories with an ecosystem.

In May last year, the company laid the foundation stone for its first giga factory in Mahbubnagar district in Telangana. It is for producing Lithium Cell and Battery Packs, with an ultimate capacity of up to 16 GWh and 5 GWh, respectively.

Continue reading “Amara Raja aims to start operating giga factory before end of 2025”

Continue reading “Danish EV charger software provider Monta raises $87mln”

Continue reading “US union membership rate hits fresh record low in 2023 -Labor Dept”

Continue reading “Volkswagen shares rise after “confident” message over 2024″

Continue reading “Stellantis CEO says Italy’s hard line on incentives is hurting output”

Summary

• Kingdom faces tough competition, from China to United States
• Only factory so far has reassembled 800 cars
• Past attempts to attract auto-manufacturers failed

Continue reading “Riyadh’s multi-billion EV dream risks crashing into reality”

Continue reading “In EV catch-up race, legacy automakers hitch a lift with Formula E”

Source : PTI | The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20% growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said.

The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge.

Continue reading “PV segment likely to see record 18-20% growth in FY24: Report”

Continue reading “Tesla to kick off Cybertruck’s China tour in late Jan -media”

Continue reading “UAW president criticizes Trump but says union not yet endorsing Biden”

Continue reading “Hapag-Lloyd to offer land transit through Saudi Arabia amid Red Sea disruption”

Continue reading “Foreign auto brands boost exports as China sales remain weak – data”

Source : PTI | Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government to remove import duty on raw materials in the upcoming Union Budget, a move, the industry leader said, will provide a level-playing field to domestic players. He suggested levying Basic Customs Duty (BCD) on imports as the domestic market is being affected by cheap and sub-standard stainless steel products from select group of countries like China and Vietnam.

“One long-standing requirement of the stainless steel industry has been that there are certain raw materials that are not present in the country like ferro nickel and ferro molybdenum,” Jindal told.

Continue reading “Request government for protectionist measures in Budget; remove duty on raw materials: Abhyuday Jindal”

Source : PTI | New Delhi: Demand for industrial and logistics spaces hit an all-time high across eight major cities last year with leasing activity rising annually by 8 per cent, according to CBRE. In its latest report, real estate consultant CBRE said that the leasing of industrial and logistics spaces rose to 38.8 million square feet in 2023 from 36 million square feet in the previous year driven mainly by demand from third-party logistics (3PL) companies.

Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said, “As we envision the future of the industrial and logistics sector, this robust growth is a testament to the sector’s resilience despite global economic challenges.”

Continue reading “Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE”

Source : PTI | New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd will commission a new energy giga complex in Gujarat in the second half of 2024, the company said in an earnings statement and investor call. Reliance is building a giga complex spread over 5,000 acres in Jamnagar in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel cell system, green hydrogen, energy storage and power electronics.

“On track to commence new energy facilities in phases this year,” the company said in a post-third-quarter earnings call with investors.

Continue reading “Reliance to commission new energy giga complex this year”

Source : PTI | New Delhi: Expressing satisfaction with the ongoing Ahmedabad-Mumbai bullet train project, the Chief Representative of JICA India, Saito Mitsunori, said that the PM Gati Shakti plan has accelerated public works in the country. In an interview with PTI, Mitsunori also expressed Japan’s interest in enhancing India’s border road networks and participating in the transnational power transmission project with Bhutan, Nepal and Bangladesh.

“Once the project concept is in the pipeline, meaning the official preparatory route within the government, clarity is there, and everybody is able to assess and monitor progress …. So, that has helped a lot in accelerating public works in this country,” Mitsunori said. Continue reading “Ahmedabad-Mumbai bullet train project progress satisfactory, says JICA India chief”

Source : PTI | The vision to make India a developed nation by 2047 includes a major shift towards electric vehicles, supported by tax incentives, production linked incentive schemes, and the mandatory provision of charging infrastructure, a top government official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the development and adoption of Electric Vehicles (EVs) play a pivotal role in India’s transition to a low-carbon economy.

Continue reading “EVs development, adoption to play major role in India’s transition to low carbon economy: DPIIT Secy”

Source : PTI | New Delhi: Hero MotoCorp on Monday said it will set up a facility for assembling products in Nepal in partnership with CG Motors, its newly appointed distributor in the country. The facility will be located in Nawalpur district and have a capacity of 75,000 units per annum, the country’s largest two-wheeler maker said in a statement.

Operations will begin in March 2024, it added.

Hero MotoCorp forayed into Nepal in 2014. Over the years, the company has established itself as a leading player in the country. Continue reading “Hero MotoCorp to set up assembly plant in Nepal with partner CG Motors”

Source : PTI | State-owned IREDA on Saturday posted a 67 % rise in net profit to INR 335.54 crore for the quarter ended in December 2023, bolstered by higher income. It had clocked INR 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

The company’s total income surged to INR 1,253.19 crore in the third quarter of FY24 from INR 868.97 crore a year ago.

Its expenses were INR 867.05 crore in the period under review, as against INR 634.27 crore in the year-ago period. Continue reading “State-owned IREDA Q3 profit zooms 67% to INR 335 crore; loan book at INR 50k cr”

Source : PTI | Only zero emission cars can contribute towards a reduction in air pollution, cutting burgeoning fuel imports and attaining net zero targets, according to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra. Amid demands from a certain section of the industry to cut taxes levied on hybrid cars, Chandra said that such vehicles do not align with the key national objectives of achieving net carbon-zero target, improving air quality levels, and reducing fossil fuel imports.

He noted that hybrid and CNG technologies in cars help in improving fuel efficiency and meeting emission-related regulatory compliances but cannot be compared with pure battery electric vehicles.

Continue reading “Only zero-emission cars can help tackle air pollution, reduce oil imports: Tata Motors”