Our ambition is to make EVs more acceptable to customers – Vivek Srivatsa, Tata Motors

2019年8月27日 0 Comments

India is transitioning to electric vehicles, and Tata Motors has played an important role by making EVs affordable. Tata launched the Nexon EV a few years ago, making it the first affordable vehicle in this segment with a usable real-world range. Now, further expanding the range, Tata Motors has launched the Tigor EV. Speaking to The numbers are going up every month, and in fact, the current situation is that the demand is much ahead of what we can produce. We have similar expectations from the Tigor EV as well, considering that it will open a slightly different kind of driving experience as its more aligned to the city kind of use. We think it will expand the basket of EV prospects, and we are quite prepared to be surprised again. The Nexon EV was made to satisfy the early adopters of EVs, and it was quite a well-rounded product. We thought about customers looking at buying ICE cars under Rs 15 lakh should start taking a look at an EV, that was the thought process behind developing the Tigor EV. We have not shared the range yet, which will be shared at the time of launch, but we have an optimised powerpack that delivers a sedan-like performance. It will offer an optimal range considering the Tigor is lower in kerb weight than the Nexon, so it is going to be a balance between range and performance. It will tick many different boxes compared to the Nexon EV and appeal to a slightly different set of customers. These are the kind of inputs that the development team had in mind, giving it unique character and attributes to the existing product to attract diverse customers. EM: You have now entered the EV space with a sedan, and EVs nowadays are mostly SUVs. Do you see the body style as a challenge here? Vivek – We think that people will not buy the Tigor EV because its a sedan but because its an EV that meets their requirements. To arrive at a certain price point and deliver attributes, it sat very well in that spot. Yes, sedans are going down, though, its not like these are nonexistent. Sedans are still about 12% of the market which is a substantial number. We are not going to position the Tigor EV as just a sedan. It is the price point that we are going to target, and at that price point, there are different kinds of body styles. So if any of those customers look at an accessible EV that is ideal for use in the city, we would like to attract those customers. To summarise, yes, it is a sedan, but it is not going to prevent us from targeting different kinds of customers. This is because EVs bring in more attributes to the table compared to IC engined cars. EM: If you look at your rivals, many have entered the EV space top to down, meaning the premium segment models first and now making their way to the mass market. But you started with a mass-market model, so what are the plans with premium space for electric vehicles at Tata Motors? Vivek One of the fastest-growing segments is compact SUVs, and we have a product there. With the Tigor EV, we will again be able to attract a strong price point where I estimate close to 45% of the industry sales will be around that price point. Our ambition is to make them more acceptable to the customers. The intent is clear, we want to start widening the portfolio, so today, you hear about the Tigor. Gradually, as the interest among EVs grow, and a lot of myths are broken, the potential and the volume of EVs will go up. So its a little bit of chicken and egg story, the more models you give, the market goes up. So we have taken the first step with the Tigor, and then maybe we wait for the market to grow further and then depending on the pace of growth, we will introduce more models in the future. We want more customers in the EV space and want to mainstream the electric car buyer, and I think we are continuing in the same direction. EM: Considering that the Tigor is significantly lighter than the Nexon, it is expected to have a higher range? Beyond that weight loss, have you done anything else to increase the range, like changes in the battery pack or the chemistry or BMS? Vivek – The Tigor EV wont have that outright power like the Nexon EV, which sometimes converts into a jerky ride. We have smoothened that out. So that in itself will help out in squeezing a little bit of more range. I can tell you that it will be a bit of a surprise when you see the range of this car. EM: You mentioned that you will be looking at different models and body styles, so can you share a plan in terms of by what year, how many EVs are you looking at launching in India? Vivek – We are the only company with two mass-market EVs, and I think that is a strong intent shown by us, and we will have to extract the best possible volumes out of these two cars. They are being implemented is in close consultation with Tata Motors as well. We are focussing on key density highway routes, so Mumbai-Pune, Delhi-Jaipur or Delhi-Agra, Chennai-Bengaluru-Mysore, Hyderabad-Vijaywada-Vizag etc, are the examples I can give you right now. Heading four-digits wont be too far away if you ask. That said, we have a good understanding of the driving and charging habits, and I can share that more than 90% of the charging requirements are fulfilled by the home charging that we install with every EV that we sell. Its only on the rare occasion of intercity travel that fast chargers are required. Fast chargers are growing, but you and I know how often the customers take driving vacations or drive outside the city, probably once or twice a year. But on most other days, the charging that happens overnight at homes is more than sufficient to cover their daily use in the city or outskirts. Considering that the Nexon EV comfortably gives around 200 km range on a single full charge, charging infrastructure and range anxiety is in itself a bigger bubble than what it is. Its a bigger worry than it should be. Customers have started realising this, and that is the reason why more customers are now gravitating towards EVs. I see two ways – obviously, there is the monetary benefit that people buy it now, but the bigger benefit is if the Government keeps talking about EV adoption. That by itself creates confidence in customers minds going for EVs. So these kinds of things are going to accelerate the consideration of EVs. The mainstreaming of EVs is going to be substantially empowered by these kinds of actions by the Government. EM: If you look at the way the market is growing, what is the one single bottleneck that you see in the growth of electric mobility in India? Also, what is the biggest area of opportunity for you? Vivek The second level is breaking the myths, people are reading about the range, and it is often seen as only the rich people can experiment on it. So that is one area that we have to break, but I think that will happen organically as we bring more cars on the roads. So these are the two key areas. I am not calling that a challenge because a challenge is to overcome the mindset of the customer or the hurdle he or she sees in buying an EV. I have two Nexon EVs in my apartment, and their owners are completely satisfied with using them as their daily cars around Mumbai. So I think the charging infrastructure is more of an opportunity, rather than a challenge because if more customers see the fast chargers than petrol pumps, it is going to accelerate the adoption. EM: Over the coming years, as the EV sales increase, what is the kind of penetration you are looking for in Tata Motors? What kind of percentage of total sales could be EVs by what year? If there is any specific figure you can share with us? Vivek – What I can share are two extremes in terms of what many consultants and market observers predicted, it ranges between 10%market penetration of TIB by 2027, going up to above 30%, that So it should be somewhere in that range is what I can estimate. EM: Sometime back there was an issue with the Nexon EV and the Delhi Government, the vehicle was removed from the list. Is there any progress been made in that area? Vivek – So, it does not apply to others as well. Considering that we have sold a lot of Nexons in Delhi, I think its done the job, but realistically in the future, we need to be prepared. It has to make a standalone case to the customer, it just can So we have to be mentally aligned to that. Close to 30% of overall Nexon customers are interested in EVs already, so there is no mainstreaming required. We believe that the introduction of the Tigor EV will open another price point which is very attractive and it will keep growing. EM: Tata Motors has had the experience of having two EVs that too, mass-market ones, is the Indian component industry geared up to match it? Vivek Currently, we have a semiconductor issue that is global and not specific to India. I dont see a challenge at all in terms of Indian suppliers managing to scale up. We have never seen that happen in any of the products so far, not just in EVs, but other products as well. It should not be an issue. EM: Can people expect any more EVs from Tata Motors this year? So right now, its only the Tigor EV.

Sharp uptick in blue-collar employment likely in H2 2021; Maharashtra may be biggest contributor: Report

2019年8月20日 0 Comments

With the gradual easing of COVID-19-related restrictions and an increase in movement, over 50 per cent jump in demand for blue-collar workers is likely in the second half of this year across four major industrialised states ? Maharashtra, Telangana, Tamil Nadu, and Karnataka, according to a report. There is likely to be seven million new blue-collar jobs (50 per cent jump as compared to the first half of this year) in the second half of 2021 in Maharashtra, Telangana, Tamil Nadu and Karnataka to drive demand, according to a report by technology platform for blue-collar workforce management BetterPlace. Maharashtra is expected to be the largest contributor, accounting for 17 per cent of the demand, it added. The report is based on data from the first six months of 2021 and spans hiring trends and projections across more than 1,500 customers, 10 million employees and 20,000 PIN codes. Since the onset of the pandemic, the country has witnessed a steep fall in employment. The worst-hit was the blue-collar workforce, which struggled to retain jobs or secure opportunities, BetterPlace CEO Pravin Agarwala said. He added that the report shows that the impact of the second COVID-19 wave on jobs was not as severe as the first with the overall job demand rising marginally. In time, the demand is likely to reach pre-COVID-19 levels, which was 104 per cent by 2019. During the second wave, segments like drivers and security personnel were affected badly, he said. Agarwala added that the drivers, facility workers and security segments shrank quarter-on-quarter by 40 per cent, 25 per cent and 40 per cent, respectively, during the second wave. The delivery segment, meanwhile, grew 175 per cent quarter-on-quarter. Logistics, healthcare, e-commerce and retail are witnessing a hiring pick-up, he added. He also said that if there is a third wave, the transportation, facility workers, security and retail segments will be negatively impacted by as much as 25-50 per cent. We dont expect any impact on the delivery segment. The report also showed that with increased mobile and internet penetration, blue-collar workers are adopting digital tools to find jobs that match their skills and desired locations. The pandemic has also accelerated the adoption of technology by employers looking at large-scale applications to make informed decisions through smarter data analytics, it added.

Rakesh Jhunjhunwala picks up stake in Canara Bank; stock may rally 19% from current levels

2019年8月20日 0 Comments

Rakesh Jhunjhuwala has added PSU lender Canara Bank stock to his portfolio, according to the latest shareholding pattern of the bank available with the stock exchanges. With the addition of Canara Bank to his portfolio, Rakesh Jhunjhunwala now owns shares of at least three bank stocks, including Federal Bank and Karur Vysya Bank. The billionaire investor is known for picking value stocks and holding them for years at a stretch while they turn multi-baggers. According to the regulatory filing of Canara Bank, Rakesh Jhunjhunwala now owns 1.59% of Canara Bank or 2,88,50,000 equity shares of face value Rs 10 each. Earlier Canara Bank had announced the completion of a Qualified Institutional Placement (QIP), where the bank approved the allotment of 16,73,92,032 equity shares to eligible qualified institutional buyers at an issue price of Rs 149.35 per equity share, aggregating up to Rs 2,500 crore. The QIP opened on August 17 and closed on August 24. Currently, shares of Canara Bank trade at Rs 155.7 per share after gaining nearly 2% yesterday. LIC has bought 2.66 crore shares or 15.91% of the total issue size. BNP Paribas has picked up 2.1 crore shares. Earlier in June, the billionaire investor had said in an interview that he was bullish on banks. Canara Bank Stock Call: Up to 19% upside Analysts believe that Canara bank will benefit from the QIP, which will help the lender shore up capital levels. the large peers (9.8% – 11.6%). Thus, we believe that CBK needs to further raise capital either from the market or via a stake sale in subsidiaries, Emkay Global has a 8% upside. (The stock recommendations in this story are by the respective research and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)

Gold Price Today, 24 Aug 2021: MCX Gold falls, mirror global trends; rates over 47600 will lead rally to 48000

2019年8月20日 0 Comments

Gold Rate Today, Gold Price Today in India: Gold prices in India fell on Tuesday, mirroring the global trends. On Multi Commodity Exchange, gold October futures were trading Rs 100 or 0.21 per cent down at Rs 47,485 per 10 gram, as against the previous close of Rs 47,584. Silver September futures fell Rs 147 or 0.23 per cent to Rs 62,780 per kg. In the previous session, silver futures closed at Rs 62,927 per kg. Globally, spot gold eased 0.2% to $1,801.78 per ounce, having jumped about 1.4 per cent in the previous session. US gold futures were little changed at $1,804.90. Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities Gold finally managed to break $1800 yesterday after the disappointing U.S. Manufacturing Purchasing Managers Index weakened the US Dollar. Hedge funds have also exited their short positions and increased their long positions ahead of Jackson Hole summit this week. Enthusiasm toward gold has grown by Hedge funds and retail participants due to doubts that the US central bank will take convincing actions to reduce its asset purchase program as the economy faces pressure from the fourth Covid wave. Gold In MCX, because of the strong rupee, we might not see gold jumping as much as in COMEX but the trend still remains positive and traders should adapt buy on dips strategy. Rs. 47700-47800 will be resistance for today while support comes in vicinity of Rs. 47150-47000. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities COMEX gold trades marginally lower near $1805\/oz after a 1.3% gain yesterday. Gold steadied as the US dollar index paused after yesterday Supporting price is reduced expectations of Fed Weighing on price is continuing ETF outflows and recovery in equity markets. Golds break above $1800\/oz shows positive momentum however gains may be limited if bulls fall in keeping it above $1800 NS Ramaswamy, Head of Commodities, Ventura Securities Today, we expect the MCX Gold Oct prices to trade with positive bias as prices managed to cross the key averages on the daily chart yesterday. Prices traded above 100 EMA level on daily chart yesterday. On the hourly chart, key support level is seen at 47,300 level. Breaking above 47,600 level on hourly closing basis we expect prices to head towards 48,000 level. On the Comex front, yesterday prices crossed the key level of $1800 Breaking above $1810\/ounce, we may expect prices to test the next resistance of $1840\/ounce level. MCX SILVER Sep prices are also likely to trade with positive bias for intraday. On hourly chart, prices need to sustain above the 63,000 mark on an hourly closing basis. The RSI indicator on hourly chart is indicating strength in momentum on the upside for the Silver prices. We may see prices heading towards 64,000 mark for intraday. Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart Comex gold manages to break the 1800 resistance mark on the back of some weakness in the dollar index but still, it has resistance in the 1805-1835 supply zone so there is a risk of profit booking from here. 1790 will be the immediate support level while 1775 is a critical support level. MCX gold has a supply zone of 47750-48000 and 47300 is an immediate support level while 47000 will be a crucial support level. (The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

No report of Covid vaccine shortage received from states, UTs in past 2-3 weeks: Centre

2019年8月20日 0 Comments

No report of COVID-19 vaccine shortage has been received from states and Union Territories in the past two to three weeks and the present situation is Responding to a question at a press conference, Union Health Secretary Rajesh Bhushan said states and Union Territories (UTs) have been asked to increase the pace of their vaccination drives. We give daily reports of unutilised and balanced vaccine doses and in the past two-three weeks the balance unutilised vaccine doses quantity has not gone below 2.5 crore so we believe that the present situation is satisfactory, We had a meeting with states on the matter just yesterday and results are also being seen that 80 lakh doses were administered in the last 24 hours and even today, 47 lakh doses were administered, On reports that second dose was missed by over three crore people, he said a range of periods have been given for people to take this dose. When you cross the outer limit of that range then it becomes absolutely imperative that prior to crossing that outer limit you are administered the second dose, This fact must be clear, and at any given moment Better way would be to ask for three or four consecutive dates to get a complete picture,

Nifty seen at 17700 by Dec-end: Buy ICICI Bank, SBI, other financial shares to gain from this rally

2019年8月20日 0 Comments

NSE Nifty 50 index is set to hit 17,700 levels by December 2021, as range bound volatility suggests the continuance of a strong bull run, said Axis Securities. The brokerage firm has upgraded its Nifty 50 December target from 17,400 earlier. In August 2021, India VIX, the volatility index, traded around the level of 13, which is lower than the long-term average of 22, suggesting a positive setup for the market with limited downside. Axis Securities believes that if VIX continues to fall, it will trigger a further rally in the broader market. Since November 2020, midcap and smallcap stocks have been picking up steam, and are expected to post robust returns in 2021 as the economic uncertainties and volatility decline. In over six months, the Nifty 50 index has rallied over 12 per cent, and the market positioning has slowly shifted towards defensive and selective cyclical plays that have outperformed the sensitive sectors play since February 2021. As Nifty 50 is heading towards 17,700, implying a rally of 500 points from the current levels, Axis Securities has suggested buying a few financial stocks which may deliver up to 30 per cent returns. The brokerage firm continues to remain optimistic on the market, and believes that focus on earnings sustenance will be a key, moving forward. Top 4 financial stocks to buy ICICI Bank Buy, CMP: Rs 719.20, Target: Rs 810, Upside: 13% Axis Securities sees a 13 per cent rally in ICICI Bank stock. It believes that higher loan growth, improving operating profits, and a strong provision buffer coupled with a strong deposit franchise will help ROAE\/ROAA expansion over FY22-23E. While the key risks include a significant deterioration in retail asset quality, and delay in the resolution of stressed assets. State Bank of India (SBI) Buy, CMP: Rs 430.90, Target: Rs 555, Upside: 28.8% It will take SBI stock to jump nearly 30 per cent from the current levels to hit the target price pegged by the brokerage firm. It believes SBI to be the best play among PSU banks on the gradual recovery in the Indian economy given its healthy PCR, robust capitalization, a strong liability franchise, and an improved asset quality outlook. We believe credit costs normalization and improved operational performance will lead to double-digit ROEs of 13-15% by FY22-23E, Axis Securities said. Federal Bank Buy, CMP: Rs 82.40, Target: Rs 100, Upside: 21.4% Federal Bank is cautiously building a loan mix toward high-rated corporate and retail loans. Key positives are increasing retail focus, strong fee income, adequate capitalization, and prudent provisioning. Key risks include asset quality trends in coming quarters, and loan growth outlook. Equitas Small Finance Bank Buy, CMP: 62.65, Target: Rs 76, Upside: 21.3% The brokerage firm believes Equitas Small Finance Bank is eligible for re-rating given its improving profitability, asset quality as well as return ratios. Recently, the bank has approved the scheme of amalgamation (reverse merger) with the promoter (Equitas Holdings), which would ensure compliance with the regulatory requirements. (The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

All-India House Price Index slows to 2% in Q1: RBI

2019年8月20日 0 Comments

The growth in all-India House Price Index (HPI) slowed to 2 per cent in the first quarter this fiscal against 2.8 per cent in the year-ago period, according to RBI data released on Tuesday. The Reserve Bank releases a quarterly house price index (HPI) based on transaction-level data received from housing registration authorities in ten major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. All-India HPI recorded 2.0 per cent annual growth (y-o-y) in Q1:2021-22 as compared with 2.7 per cent growth in the previous quarter and 2.8 per cent a year ago, the central bank said in a release. The HPI growth varied widely across the cities. It ranged from an expansion of 8.8 per cent (Ahmedabad) to a contraction of (-) 5.1 per cent (Chennai). On a sequential or quarter-on-quarter basis, the all-India HPI registered a 0.5 per cent growth in the April-June period of 2021-22. Mumbai, Delhi, Chennai, Kanpur and Lucknow recorded a sequential decline in HPI, whereas it increased in the other five cities.

NTPC Darlipali Thermal Power Station’s Unit 2 to start commercial operation from Sep 1

2019年8月20日 0 Comments

State-run power giant NTPC on Tuesday said the second unit of Darlipali Super Thermal Power Station in Odisha will start commercial operation from September 1. Unit-2 of 800 MW capacity of Darlipali Super Thermal Power Station, Stage-I (2 x 800 MW) is declared on commercial operation w.e.f 00:00 Hrs of 01.09.2021, NTPC said in a regulatory filing. The Unit-1 of Darlipali power project had started commercial operation in March 2020. With this, the commercial capacity of NTPC and NTPC group will become 53,225 MW and 66,650 MW respectively, the filing added. Shares of NTPC Ltd were trading at Rs 115.55 apiece on BSE, up 0.48 per cent over its previous close.

States’ fiscal deficit to moderate to 4.1 pc of GDP in FY’22: India Ratings

2019年8月13日 0 Comments

India Ratings and Research Friday said it expects the aggregate fiscal deficit of states in the country to moderate to 4.1 per cent of GDP in the current financial year from its earlier expectation of 4.3 per cent. In line with the slight moderation in its forecast for fiscal deficit in FY22, the agency expects the aggregate debt\/GDP ratio to come in lower at 32.4 per cent in FY22 as against the previous estimate of 34 per cent. We expect the aggregate fiscal deficit of Indian states to moderate to 4.1 per cent of the gross domestic product (GDP), the agency said in a report. The revenue receipts of state governments are expected to improve, backed by an economic recovery, resulting from a large section of the populace receiving vaccinations, it said. This would lead to states further easing restrictions on business and commercial activity, the agency said. We now expect the aggregate revenue deficit of states to come in marginally lower at 1.3 per cent of GDP in FY22 than the earlier forecast of 1.5 per cent of GDP, it said. After analysis of information of 14 states for Q1 FY22, the agency found that the aggregate revenue receipts of these states grew 30.8 per cent to Rs 3.95 lakh crore during the period. Although the considerable improvement is due to a low base, revenue receipts grew 1.5 per cent in Q1 FY22 over the pre-COVID 19 period of Q1 FY20, it said. The agency further said the aggregate own tax and non-tax revenue receipt of 14 states grew 77 per cent Y-o-Y and 46 per cent y-o-y, respectively, in Q1 FY22. This indicates that these states revenue collection was resilient to the disruptions from the second Covid wave. All states gross market borrowings were Rs 7.88 lakh crore in FY21. During April-July 2021, states aggregate market borrowing was lower at Rs 1.94 lakh crore than Rs 2.1 lakh crore in April-July 2020, the report said adding that this is primarily attributable to an improvement in states aggregate revenue receipts during Q1 FY22. The agency estimates the gross market borrowings of states, in aggregate, will increase to Rs 8.2 lakh crore in FY22 compared to its previous estimate of Rs 8.4 lakh crore. The net market borrowings would be Rs 6.2 lakh crore in FY22 compared to Rs 6.45 lakh crore in FY21, it said.

Work-life balance: Majority SMBs feel stressed, burnt out as remote work chips away at personal time

2019年8月13日 0 Comments

Ease of Doing Business for MSMEs: The majority of small and medium business (SMB) leaders are feeling stressed and burnt out as remote work has blurred the line between work life and personal life while free time has just become more work time during the Covid era. According to an Adobe survey titled The Future of Time of 5,000 SMB owners and enterprise workers globally in August, 56 per cent SMB owners said they now work longer hours than they would like to – average 45.1 hours, more than the standard workweek. Also, three in five SMB leaders feel pressured to respond to emails and customer issues even after clocking out for the day. The survey was conducted to gauge where do respondents feel the most time pressure and how it has impacted their work and personal lives. Covid-induced burnout has gotten worse in the past year. Over a third of SMB owners said they have seen employee burnout and attrition due to work pressures during the pandemic. The impact is more on minority-owned, women-owned, and essential small businesses as 67 percent, 49 percent, 67 percent of them respectively felt more stretched for the time at work than non-minority-owned, men-owned, and non-essential small business owners. Minority business is an American term for entities that are at least 51 per cent owned and operated by ethnic minorities. Essential small businesses are defined as businesses that retailed crucial consumer products or services such as groceries, healthcare, and emergency services during the pandemic. Subscribe to Financial Express SME newsletter now: 64 per cent minority-owned, Consequently, more minority-owned (55 percent) and essential small business (51 percent) leaders said they are losing the passion that spurred them to launch their own businesses. In fact, nearly half of essential small business owners said they would be willing to sell their business tomorrow if they could. Particularly with respect to the Indian small businesses, according to a study by the Khadi and Village Industries Commission (KVIC) earlier this year to assess the impact of the pandemic on micro-units set up under the Prime Minister However, the government currently doesn