Indian companies Mahindra and Suzuki are making big moves in the electric vehicle market with the launch of several new models. Flipkart, India's leading e-commerce platform, is also joining the trend by deploying over 10,000 electric vehicles for deliveries. In addition to company initiatives, Indian government policies and regulations are also pushing for an increase in electric vehicle adoption. With so many players entering the market, it's clear that electric vehicles are the future of transportation in India.
Mahindra, a prominent carmaker, is set to launch its first ever battery electric vehicles - BE 6e and XEV 9e - in early 2025. These SUVs are built on Mahindra's INGLO platform, specifically designed for electric vehicles. The BE 6e is a sporty coupe with rugged features, while the XEV 9e has an "SUV coupe" appearance. These vehicles are expected to compete with other popular electric cars in the market. The starting prices for BE 6e and XEV 9e are around Rs 18.90 lakh and Rs 21.90 lakh respectively (ex-showroom).
Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
M&M has reported a growth of 35% in their consolidated net profit for the second quarter of 2024, reaching ₹3,171 crore. The company attributed this impressive growth to the strong performance of all its businesses, with consolidated revenue growing by 10%. The auto business saw the highest quarterly volumes at 231,000 units, with a growth of 9%, while financial services' Asset Under Management increased by 20%.
Mahindra and Mahindra, one of India's leading auto majors, reported a 35% increase in consolidated profit for the September quarter of 2024. The company saw strong growth across all its businesses, with the highest-ever utility vehicle volumes and market share in the SUV segment. Despite this positive performance, the company's stock traded lower on the BSE after the earnings report. According to Managing Director & CEO, Dr. Anish Shah, the company's growth gems are progressing well on their 5x challenge. Stay updated on the latest business news, stock market updates, and personal finance tips through Zee Business.
In the midst of the festive season, auto companies in India saw a significant uptick in their stock prices on Friday as October sales data was released. The Nifty Auto index recorded a 1.5% intraday jump, led by major players like Mahindra & Mahindra, Eicher Motors, and Tata Motors. M&M in particular had a record-breaking month, with the highest ever monthly SUV sales. Other companies like Royal Enfield and Hyundai Motor India also saw impressive numbers, providing relief from previous concerns about sluggish demand in the industry.
The stock market kicked off the new Samvat Year 2081 with a strong start as the BSE Sensex rose nearly 448 points in a special Muhurat trading session. This increase was attributed to widespread buying by investors, with all of the index's constituents trading in the green. The 50-issue Nifty also saw a significant rise, with 47 of its constituents ending in the green. Major contributors to the Sensex's gains were Mahindra & Mahindra, Adani Ports, and Tata Motors.
In a session marked by selling pressure in financial, auto, and FMCG shares, the Nifty50 and Sensex closed lower, with the Sensex down 0.3% and Nifty50 down 0.1%. The market saw only brief moves above the flatline, with the Nifty50 moving within the 24,900-25,000 range. The top losers in the Nifty50 basket included M&M, ICICI Bank, Cipla, Adani Enterprises, and Maruti Suzuki, while top gainers included Trent, Hindalco, HCLTech, Tech Mahindra, ONGC, and JSW Steel. Despite the overall weak market trend, midcap and smallcap shares bucked the trend, with gains of 0.5% each in the Nifty Midcap and Nifty Smallcap indices. Keep up with the latest stock market updates and all other business news on Zeebiz.com.
In a departure from the norm, players and fans alike couldn't contain their excitement and were cheering their favorite players, Anish Giri, Nodirbek Abdusattarov, and Magnus Carlsen, ahead of the match between PBG Alaskan Knights and Alpine SG Pipers. This unorthodox and electrifying atmosphere is just one of the many ways the Tech Mahindra Global Chess League is changing the game of chess, making it more accessible and entertaining for all. Get ready for a thrilling match between two of the top chess teams in the league, as they battle it out for the prestigious title!
"World's Top Chess Players Battle it Out in London for the Global Chess League" Top chess stars from around the world, including Viswanathan Anand, Magnus Carlsen, Hikaru Nakamura, and Hou Yifan, are gathering in London for the second edition of the Tech Mahindra Global Chess League. This unique event, organized by Tech Mahindra and FIDE, features male, female, and junior players on each team, with a different points system and time control. The league comes at a perfect time, following India's historic victory at the Chess Olympiad and before the World title match between Ding Liren and D. Gukesh. The league's CEO, Sameer Pathak, expressed excitement for the sold-out weekend matches and the intriguing matchups between India's gold medal winners from the Olympiad.