Mercedes Benz, Skoda-Volkswagen, Hyundai, and Kia have expressed interest in manufacturing electric vehicles in India, according to Heavy Industries Minister H D Kumaraswamy. This follows discussions regarding the 'Scheme to Promote Manufacturing of Electric Passenger Cars in India'. The scheme aims to attract global manufacturers with incentives like reduced customs duty on imported electric cars.
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Bank deposits in metro cities have increased to 53.2% in March 2025, while their share in bank credit has decreased. This shift is driven by a growing preference for personal loans and the movement of capital to semi-urban areas. Personal loans have seen significant growth, with housing loans becoming more affordable.
Brazilian aerospace giant Embraer is planning to significantly increase its sourcing from India and may even establish a final assembly line if it secures a firm order for 200 aircraft from Indian clients. Currently, Star Air is the sole Indian airline using Embraer planes. The company is in talks with Air India, IndiGo, and several startups for potential orders.
Infosys promoters are set to receive a substantial dividend payout of Rs 2,330 crore, driven by their significant 14.6% stake in the company. Nandan Nilekani and NR Narayana Murthy will earn Rs 175 crore and Rs 65 crore respectively, while even the grandchildren of promoters, like Ekagrah Rohan Murty, are benefiting from substantial dividend earnings.
A public feud between Trump and Musk triggered a significant drop in Tesla shares, impacting major US indexes like the S&P 500 and Nasdaq 100. Tesla's decline highlighted concerns about index concentration in large-cap stocks, particularly the 'Magnificent Seven,' and its wide market exposure through numerous ETFs, affecting funds like the Consumer Discretionary Select Sector SPDR Fund.
Maruti Suzuki reports that its production remains unaffected by China's rare earth magnet export restrictions, crucial for vehicle components. The company has applied for import permits and is engaging with the government to understand the new regulations' impact.
The Indian auto industry is facing a potential production shutdown due to China's export restrictions on rare earth magnets, crucial for various vehicle components. Companies like Maruti Suzuki, Mahindra, and Bajaj Auto are at risk, with Bajaj Auto anticipating a significant impact on EV production by July.
Vedanta Ltd is poised to raise up to Rs 5,000 crore through private placement of secured non-convertible debentures (NCDs). The offering, with staggered maturities, features a coupon of around 9.35%-9.45%, higher than sovereign bond yields. Proceeds will be used for debt repayment and capital expenditure. Anchor investors include prominent mutual funds and insurance companies.
OpenAI has broadened its AI for Impact Accelerator in India, granting $150,000 in technical assistance to 11 nonprofits. These organizations are developing AI tools for healthcare, education, and agriculture. The program, aligned with IndiaAI Mission, aims to democratize AI access and address socio-economic challenges, with plans for further expansion and initiatives in the region.
Starting July 2025, the GST Network will time-bar GST returns after three years from the due date, impacting filings like GSTR-1 and GSTR-3B. Implemented from August 2025, this measure, stemming from the Finance Act, 2023, aims to improve compliance and clear backlogs.
The Indian government has reduced the basic customs duty on crude edible oils to 10%, a move lauded by SEA and IVPA. This aims to support domestic refiners by discouraging refined palmolien imports. The decision widens the duty gap between crude and refined oils, potentially lowering domestic prices and benefiting consumers.