BUSINESS
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Dec- 2023 -19 December
EV sale picking up despite removal of tax exemptions in Telangana
Hyderabad: Electric car sales, which saw a substantial drop after the State government withdrew the lifetime road tax and registration fee exemption enjoyed by electric passenger cars in July, are once again picking up with EV car manufacturers and dealers deciding not to pass on the tax amount to customers. The government has replaced the exemption from paying road tax for electric cars with a fee that ranges from 11 to 15 percent. Currently, EV car dealers in the State are deducting the road tax amount from the total price of the vehicle. In fact, they are using the tax amount as an incentive to attract customers. The customers are saving amounts ranging between Rs.1.6 lakh to Rs.2.5 lakh (Under Rs.…
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18 December
Tata Motors to increase price of commercial vehicles from January
Hyderabad: Heavy and commercial vehicle manufacturer Tata Motor has on Monday announced that it will increase the prices of all its commercial vehicles from January 1, 2024. In an official release, Tata Motors stated that there will be a price increase of up to 3 percent across the entire range of commercial vehicles. The increase, the company says, is to offset the residual impact of the past input costs. The global automobile manufacturer produces cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market. With operations in India, the UK, South Korea, Thailand, South…
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18 December
Adani acquires majority stake in news agency IANS
New Delhi: Billionaire Gautam Adani’s group has acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expands its presence in the media space. In a regulatory filing, Adani Enterprises — the firm that holds the group’s media interest — said its subsidiary “AMG Media Networks Ltd has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.” The company did not disclose the acquisition price. Adani had forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV. AMNL was the…
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Jun- 2023 -10 June
Despite best Saudi attempts, crude ends another week in the red
Investing.com — “Patience, patience,” the Saudi oil minister must be telling himself. While OPEC’s top brain did his best to get a barrel nearer to $80 or above, crude prices finished Friday’s trading even lower than before last weekend’s meeting of the world’s top oil producers, where Saudi Arabia tried to “surprise” the market with another production cut. That surprise is in inverted commas because many market watchers had already appeared to know that minister Abdulaziz bin Salman and his Saudi contingent would announce a unilateral output cut if there was no willingness by the rest to put up one. The million-barrel cut that Abdulaziz tried to cutely label as a “Saudi lollipop” couldn’t sustain its sweetness beyond a couple…
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9 June
Oil Marketing Companies Likely To Slash Petrol, Diesel Prices
Oil marketing companies (OMC) are likely to reduce prices of petrol and diesel, citing government sources news agency ANI reported on Thursday. The OMCs have almost recovered their losses and are nearing normalcy as evident by their positive quarterly results. As a result, the expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels, according to the source from the government said on Wednesday. Sources privy to the development said, “OMCs have good quarterly results and they are going for another good quarterly results. So, expecting OMC’s to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol.” According to the sources, oil…
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7 June
US car giant Ford recalls 125,000 vehicles over engine failures that can cause fires
Ford Motor Co said on Tuesday it is expanding and issuing a new recall for 125,000 sport utility vehicles and trucks because engine failures may cause a fire. The recall covers various Escape and Lincoln Corsair SUVs and Maverick compact pickup trucks from the 2020-2023 model years with 2.5L hybrid or plug-in hybrid engines, according to a filing with the National Highway Traffic Safety Administration. Ford said isolated engine manufacturing issues can cause the engine to fail prematurely and in that event engine oil or fuel vapor may be released, increasing the risk of fire and injury. Ford initially recalled 100,000 Escape, Corsair and Maverick in the United States in July 2022 after identifying 23 reports globally of a fire…
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6 June
Rs 1462 crore firm on the verge of collapse, founder Rahul Yadav lived life of luxury as employees went unpaid
In another stunning case of business failure, the lead investor in Rahul Yadav’s new startup saw Rs 280 crore “vanish”. Rahul Yadav, the Indian startup industry’s ex-poster boy, first grabbed headlines with his meteoric rise and fall with Housing.com. He is now accused of splurging on luxuries instead of paying his employees. Yadav’s 4B Networks, which operates Broker Network, is on the verge of an exceptional collapse. As per lead investor InfoEdge, the company has burnt more than Rs 280 crore in less than 18 months. However, over 150 employees have not received their salaries since November 2022. On the other hand, founder Rahul Yadav reportedly moved around in a Mercedes-Maybach and rented a boardroom at Mumbai 5-Star Taj Land’s…
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5 June
Saudi Arabia slashes oil production and threatens to do ‘whatever is necessary’ to boost prices
Saudi Arabia has announced plans to cut its oil production by 1 million barrels per day (bpd) as the Kingdom pledged to do “whatever is necessary” to prop up sagging prices. Oil prices were expected to jump on Monday after the surprise unilateral decision by the Gulf state. Saudi oil minister Prince Abdulaziz bin Salman said the country would voluntarily slash oil production in an attempt to boost prices, after the Opec cartel and its allies failed to agree a collective deal on cuts. The move, which takes effect from July, amounts to a reduction of around 1pc of global supplies. A further production fall is likely to inflame tensions with Joe Biden, who has encouraged producers to turn on the taps to keep…
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3 June
Mukesh Ambani firm invested Rs 50 crore in EV firm, it will be valued at Rs 2895 crore if…
Altigreen Propulsion Labs Pvt Ltd, a company backed by Mukesh Ambani’s Reliance, is mulling raising Rs 700 crore. The company manufactures electric cargo three-wheelers. The company counts Mukesh Ambani as its backers. If the company gets investment at the valuation it seeks, it will come to be around 350 million dollars (Rs 2895 crore). The company is hoping to wrap the fundraising exercise by July. The company was founded in 2013 by Amitabh Saran, who is also his CEO. The company’s annual production is 55000. The company raised Rs 300 crore last year. Mukesh Ambani’s Reliance New Energy Limited was among the investors. The company last year entered an agreement with Altigreen to invest Rs 50.16 crore. The company has…
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2 June
Anger as Amazon avoids millions of pounds of corporation tax thanks to Rishi Sunak scheme
Critics have lashed out after it emerged Amazon’s main UK division paid no corporation tax for the second year in a row. The online giant picked up a £7.7million tax credit as it benefited from a Government scheme rewarding its investment in infrastructure – including its use of robots. It has sparked claims it has been able to undercut smaller businesses. New accounts filed at Companies House reveal Amazon UK Services was spared paying corporation tax thanks to Mr Sunak’s “super-deduction” scheme, brought in while he was Chancellor. It rewards businesses that plough cash into helping them expand, but detractors say Amazon would have done so anyway without the incentives. Paul Monaghan, chief executive of the Fair Tax Foundation, fumed:…
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