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Ola Electric set to lay off 500 employees amid poor results-Telangana Today

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The company reported 43% increase in net loss at Rs 495 crore in the July-September period, from Rs 347 crore in the previous quarter

Published Date – 22 November 2024, 11:10 AM


Ola Electric set to lay off 500 employees amid poor results


New Delhi: Ola Electric, mired in controversies amid a government probe and mounting losses, is set to lay off at least 500 employees as part of an restructuring exercise.

The Bhavish Aggarwal-led electric vehicle (EV) company is trying to boost its operational efficiency by reducing redundancies and ‘drive profitability’, according to multiple reports. The restructuring exercise will impact employees from several departments, the reports added. According to an Inc42 report, citing sources, “the aim is to cut expenses to drive profitability and improve margins. There’s no set time period for the completion of the exercise”.

Ola Electric did not immediately comment on layoffs. The company reported a 43 per cent increase in net loss at Rs 495 crore in the July-September period (Q2 FY25), from Rs 347 crore in the previous quarter (Q1 FY25). The electric two-wheeler company also saw its revenue slump 26.1 per cent to Rs 1,214 crore (on-quarter) from Rs 1,644 crore in the first quarter of this fiscal.

The net loss, however, narrowed on a year-on-year basis. In the post-quarterly earnings call, Aggarwal said the company’s operating expenses had decreased quarter-on-quarter and that the company will focus on cost efficiencies. “As we continue to scale distribution, revenue will keep growing while the operating expenses are likely to remain flat or even decline over the next few quarters,” Aggarwal added.

The company also saw its market share plunge to 33 per cent in Q2, down from 49 per cent in the previous quarter. According to experts, increased competition and service network challenges have impacted Ola Electric’s market dominance. The shares of Ola Electric continue to slide, more than Rs 38,000 crore worth of investors’ money has been eroded in the company’s stock in just a couple of months.

On Friday, the company’s share was hovering around Rs 67 apiece, way below its market debut price of Rs 76 and more than 56 per cent down from its all-time high of Rs 157.40. The market cap had reached an all-time high of around Rs 69,000 crore, which has come down to around Rs 31,000 crore. Several Ola Electric customers have reported problems with software, battery and jammed tyres. The Central Consumer Protection Authority (CCPA) has also ordered a comprehensive probe into the EV company over its consumer complaint redressal practices.

Business

Majority of Adani Group stocks trade lower for second day on trot-Telangana Today

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Adani Green Energy dropped 10.95 per cent and Adani Energy Solutions tumbled 8.57 per cent to hit the 52-week low of Rs 637.85 on the BSE

Updated On – 22 November 2024, 11:42 AM


Majority of Adani Group stocks trade lower for second day on trot

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New Delhi: Shares of eight of the ten listed Adani Group firms were trading lower during the morning trade on Friday after billionaire Gautam Adani was charged by US prosecutors for allegedly being part of a scheme to pay $265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts.

Adani Green Energy dropped 10.95 per cent and Adani Energy Solutions tumbled 8.57 per cent to hit the 52-week low of Rs 637.85 on the BSE. The stock of the group’s flagship firm, Adani Enterprises, slumped 6.98 per cent to hit its 52-week low of Rs 2,030.

Shares of Adani Power tanked 6.38 per cent, Adani Total Gas went lower by 6.11 per cent, Adani Ports declined 5.31 per cent, Adani Wilmar plunged 5.17 per cent to hit the one-year low of Rs 279.20 and NDTV dipped 3.41 per cent. In contrast, ACC and Ambuja Cements were trading over 2 per cent higher even after falling in the opening deals.

In the equity market, the BSE benchmark Sensex quoted 781.02 points higher at 77,936.81 and the NSE Nifty climbed 228.90 points to 23,578.80. Shares of Adani group firms fell sharply on Thursday.

The stock of Adani Enterprises had plunged 22.61 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 18.80 per cent, Adani Ports dived 13.53 per cent, Ambuja Cements cracked 11.98 per cent, and Adani Total Gas tumbled 10.40 per cent on the BSE.

Shares of Adani Wilmar declined 9.98 per cent, Adani Power slumped 9.15 per cent, ACC fell 7.29 per cent, and NDTV dipped 0.06 per cent. Adani group on Thursday denied charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.

It said all possible legal recourse will be sought. “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the group spokesperson said in a statement.

Business

Internationalisation of UPI progressing rapidly: RBI-Telangana Today

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The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities like successful instant debit reversals at 86 per cent (77 per cent in the same month last year)

Published Date – 24 November 2024, 01:49 PM


Internationalisation of UPI progressing rapidly: RBI

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New Delhi: The internationalisation of the unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change, according to a Reserve Bank of India (RBI) report.

The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities like successful instant debit reversals at 86 per cent (77 per cent in the same month last year).

“India’s UPI, an open-ended system that powers multiple bank accounts into a single mobile application of any participating bank, is propelling inter-bank peer-to-peer and person-to-merchant transactions seamlessly,” said RBI Deputy Governor Michael Debabrata Patra in the report.

According to Patra, innovations in the digital credit landscape such as Account Aggregators, OCEN, and financial services on ONDC have also contributed to productivity gains. As of March 2024, ONDC operates in over 720 cities, with orders at 49.72 million.

The Trade Receivables Discounting System (TReDS) addresses the credit gap of MSMEs estimated at around Rs 52.2 trillion by connecting them with banks, and clients, with a reduction in funding costs up to 2.5 percentage points.

“The value of invoices financed through TReDS have surged more than 23 times. As of October 2024, around 5,000 active FinTechs are involved in providing various financial and technical solutions to businesses, including MSMEs, helping businesses better manage their operations and improve supply chain finance,” wrote Patra.

Around 40 per cent of the rural population and 78 per cent in the 20-30 years age group in the overall population use internet in India, with approximately one-third of households engaging in online purchases of consumables and services, one-fourth in buying of consumer durables, and nearly one-tenth in food purchases.

The rising importance of embedded financing is reflected in its share in FinTech funding, which has grown from two per cent in 2020 to nine per cent in 2024, wrote Patra. Taking these developments into account, a summary measure of digitalisation for India has been constructed by using a dynamic factor model (DFM).

“The index has been rising, reflecting the ongoing digital revolution. The spread of digitalisation has spurred research on assessing the effects of digitalisation on the economy and the transmission of monetary policy,” said Patra.

India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology (IT) sector and a burgeoning youth population, including one of the largest AI talent bases, noted the RBI Deputy Governor.”

Business

Ola Electric launches Gig and S1Z range of scooters-Telangana Today

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Ola Electric has said that the new range of scooters offers durable, reliable, affordable, and flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers

Published Date – 26 November 2024, 05:57 PM


Ola Electric launches Gig and S1Z range of scooters


Bengaluru: Ola Electric has announced the launch of its Gig and S1 Z range of scooters on Tuesday. The new range of scooters comprises Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ available at an introductory pricing of ₹39,999 (ex-showroom), ₹49,999 (ex-showroom), ₹59,999 (ex-showroom), and ₹64,999 (ex-showroom), respectively.

The reservations for both the Gig and S1 Z series are open at just ₹499, starting from November 26.

In a press release, Ola Electric has said that the new range of scooters offers durable, reliable, affordable, and flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers.

With the new range of products, coupled with the existing portfolio, Ola Electric aims to further revolutionise access to EVs with a wide range of affordable offerings across categories, catering to a broad spectrum of customers, thereby democratising electric mobility for all. Deliveries of the Ola Gig and Ola S1 Z series will begin starting April 2025, and May 2025, respectively, said the press release.

Ola Electric Chairman & Managing Director Bhavish Aggarwal said: “we are committed to taking the EV revolution to every nook and corner of the country. With the launch of the Ola Gig & S1 Z range of scooters, we will further accelerate EV adoption, catering to a wide range of personal and commercial use cases with affordability, reliability, and safety as the core pillars.”

Ola Gig
The scooter offers an impressive IDC-certified range of 112 km and a top speed of 25 kmph. It comes with a removable 1.5 kWh battery, a hub motor, 12” tyres for superior braking. With an introductory price of ₹39,999, the Ola Gig will be available for B2B purchases and rentals.

Ola Gig+
Built for gig workers having to travel longer distances with heavier payloads, the Ola Gig+ scooter comes with a top speed of 45 km/h and a removable single/dual battery of 1.5 kWh each with an IDC-certified range of 81 km (157 km X 2). The scooter is powered by a hub motor with a peak output of 1.5 kW. With an introductory price of ₹49,999, the Ola Gig+ will be available for B2B purchases and rentals.

Ola S1 Z
S1 Z is a personal-use electric scooter aimed at urban commuters who value style, performance, and convenience. The scooter sports removable dual batteries of 1.5 kWh each with an IDC-certified range of 75 km (146 km X 2) and comes with a top speed of 70 kmph, an LCD display, and a physical key. Powered by a 2.9 kW hub motor, it can clock 0-20 kmph in 1.8 seconds and 0-40 km in 4.8 seconds. It is is priced at ₹59,999 (Introductory price).

Ola S1 Z+
A dual-usage electric scooter designed for both personal and light commercial,Ola S1 Z+ is aimed for urban, semi-urban and rural commuting.
The Ola S1 Z+ is priced at ₹64,999 (Introductory price).

Business

Silver rates in Hyderabad drop to lowest since October-Telangana Today

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Market experts attribute recent slump to global factors, including declining industrial demand and fluctuations in international commodities market

Published Date – 27 November 2024, 01:31 PM


Silver rates in Hyderabad drop to lowest since October

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Hyderabad: Silver prices in Hyderabad fell to a one-month low on Wednesday, trading at Rs 97,900 per kilogram.

This marks a marginal drop of Rs 100 from the previous day’s rate of Rs 98,000 per kilogram and shows a significant downward trend from earlier this month, when the rates hovered above Rs 1,00,000 per kilogram.

Data from the last 10 days reveals that silver prices remained steady at Rs 1,01,000 per kilogram from November 20-24, before witnessing a sharp decline of Rs 500 on November 25 and a more substantial Rs 2,500 drop on November 26.

Wednesday’s decline brings the total drop in silver prices to Rs 3,100 in the past three days.

A one-month performance analysis shows that silver traded at Rs 1,05,000 per kilogram at the beginning of November. However, a steady decline was observed mid-month, as prices dipped to Rs 99,000 by November 18 before temporarily rebounding to Rs 1,01,000.

The current level of Rs 97,900 is the lowest recorded since late October.

According to market experts, the recent slump is driven by global factors, including declining industrial demand and fluctuations in the international commodities market.

Business

and QC1 electric scooters, bookings start from Jan 1-Telangana Today

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Bookings for the latest offerings will commence from January 1 next year while the deliveries will start from February, Honda Motorcycle &Scooter India Ltd (HMSI) said without revealing the vehicles’ prices.

Published Date – 27 November 2024, 02:47 PM


Honda unveils ACTIVA e: and QC1 electric scooters, bookings start from Jan 1


Bengaluru: Japanese two-wheeler maker Honda Motorcycle & Scooter on Wednesday unveiled two electric scooters, ‘ACTIVA e:’ and ‘QC1′ here, marking the company’s entry in the fast-growing domestic electric two-wheeler market.

Bookings for the latest offerings will commence from January 1 next year while the deliveries will start from February, Honda Motorcycle &Scooter India Ltd (HMSI) said without revealing the vehicles’ prices.

“The introduction of ACTIVA e: and QC1 marks a defining step in our commitment to sustainable mobility in India. It is in line with Honda’s global ‘Triple Action to ZERO’ concept to realize carbon neutrality by 2050, which focuses on three areas: carbon neutrality, clean energy, and resource circulation,” said Tsutsumu Otani, Managing Director, President & CEO, Honda Motorcycle & Scooter India.

This is a milestone moment in Honda’s journey to electrification, he said, adding “with every step forward, we are focused on building a future that is safer, more sustainable & meets the evolving needs of our society.” “With ACTIVA e:’s swappable battery technology and QC1’s fixed battery set-up along with the industry-leading hassle-free ownership experience, we are striving to meet the diverse needs of our customers,” said Yogesh Mathur, Director, Sales and Marketing, Honda Motorcycle & Scooter India.

Business

Sensex, Nifty rebound on Adani stocks rally and foreign fund inflows-Telangana Today

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The BSE benchmark Sensex gained 230.02 points, or 0.29%, closing at 80,234.08. It had earlier surged by 507.09 points, or 0.63%, to reach 80,511.15 during the day. The NSE Nifty rose by 80.40 points, or 0.33%, ending at 24,274.90. Among the 30 Sensex stocks, Adani Ports saw a 6% rise, while other gainers included NTPC, HDFC Bank, Bajaj Finance, Maruti, and Axis Bank.





Published Date – 27 November 2024, 04:50 PM


Sensex, Nifty rebound on Adani stocks rally and foreign fund inflows


Mumbai: Equity benchmark indices Sensex and Nifty rebounded on Wednesday, driven by a sharp rally in Adani group stocks and fresh foreign fund inflows.

The BSE benchmark Sensex climbed 230.02 points or 0.29 per cent to settle at 80,234.08. During the day, it surged 507.09 points or 0.63 per cent to 80,511.15.

The NSE Nifty rose 80.40 points or 0.33 per cent to 24,274.90.

From the 30-share Sensex pack, Adani Ports surged 6 per cent. NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were among the other gainers.

In contrast, Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank and ICICI Bank were among the laggards.

Shares of Adani Group firms, including Adani Power, Adani Total Gas, Adani Enterprises, Adani Energy Solutions and Adani Green Energy, surged after an Adani Group entity said on Wednesday that Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

Some of the group firms hit their upper circuit limits.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,157.70 crore on Tuesday, according to exchange data.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The US markets ended in positive territory on Tuesday.

Global oil benchmark Brent crude climbed 0.63 per cent to USD 73.23 a barrel.

On Tuesday, the BSE benchmark declined 105.79 points or 0.13 per cent to close at 80,004.06. The Nifty dipped 27.40 points or 0.11 per cent to 24,194.50.

Business

Mahindra launches two new EVs ‘BE 6e’ and ‘XEV 9e’-Telangana Today

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The newly launched EVs are built on a grounds-up revolutionary electric origin architecture INGLO and are powered by MAIA.

Published Date – 27 November 2024, 05:46 PM


Mahindra launches two new EVs ‘BE 6e’ and ‘XEV 9e’


Chennai: Mahindra has launched its flagship Electric Origin SUVs, the BE 6e and XEV 9e on Wednesday. The newly launched EVs are built on a grounds-up revolutionary electric origin architecture INGLO and are powered by MAIA. The introductory prices* of BE 6e and XEV 9e were announced at the Global Premiere.

In a press release, the automaker said that the vehicles embody Mahindra’s vision of “Unlimit India”— an era where Indian innovation and design not only challenge global benchmarks but set new ones.

The BE 6e, with its sporty, performance-driven appeal, is crafted for explorers and those who love pushing boundaries. The XEV 9e, on the other hand, offers unparalleled luxury with refined elegance, the press release said.

Automotive Sector, Mahindra & Mahindra Ltd. and Joint Managing Director, Mahindra Electric Automobile Limited President, Veejay Nakra said, “The insight that inspired our brand idea is rooted in the most powerful human emotion – Love, which is eternal, inspires our deepest choices and defines who we are. Our electric origin SUVs, BE 6e and XEV 9e are about Unlimit Love that will inspire our customers to live a life without limits, filled with experiences that will make them feel alive.”

Automotive Product Development, Mahindra & Mahindra Ltd. and Joint Managing Director, Mahindra Electric Automobile Limited President, R Velusamy said, “The BE 6e and XEV 9e are the next Indian icons that will be world beaters.

While the BE 6e is launched at a starting price of ₹18.90 lakh (ex-showroom), the XEV 9e starts at a price of ₹21.90 lakh (ex-showroom).

Business

Shares of nine Adani Group firms trade higher; Adani Total soars 19%-Telangana Today

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The stock of Adani Total Gas soared 18.58 per cent, Adani Power zoomed 11.44 per cent, Adani Energy Solutions jumped 9.99 per cent

Published Date – 28 November 2024, 12:01 PM


Shares of nine Adani Group firms trade higher; Adani Total soars 19%

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New Delhi: Shares of nine of the 11 listed Adani Group firms were trading higher during morning trade on Thursday, with Adani Total Gas soaring nearly 19 per cent.

The stock of Adani Total Gas soared 18.58 per cent, Adani Power zoomed 11.44 per cent, Adani Energy Solutions jumped 9.99 per cent and Adani Green Energy surged 9.99 per cent on the BSE.

Shares of Adani Enterprises climbed 5.32 per cent, NDTV (3.35 per cent), Adani Wilmar (3.17 per cent), Adani Ports (2.25 per cent) and Sanghi Industries (2.19 per cent). Adani Energy Solutions and Adani Green Energy also hit their highest trading permissible limit for the day.

However, ACC and Ambuja Cements were trading marginally lower. The BSE benchmark Sensex traded 688.82 points lower at 79,545.26 and the NSE Nifty quoted 222.20 points lower at 24,052.70.

On Wednesday, shares of all Adani Group firms ended sharply higher, with Adani Total Gas and Adani Power soaring nearly 20 per cent. Embattled billionaire Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act, an Adani Group entity said on Wednesday, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

The US Department of Justice’s (US DOJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, or Vneet Jaain in any count related to conspiracy to violate the FCPA, Adani Green Energy Ltd (AGEL), said in a stock exchange filing.

AGEL is at the heart of the allegation of $265 million bribes being paid to Indian officials to secure solar power sale contracts that could bring in $2 billion of profits over a 20-year period to the firm.

The three — executives at AGEL — have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery. Adani Group had last week denied all allegations as baseless, and said it would seek legal recourse to defend itself.

Business

Adani Group stocks extend rally for third straight day; Adani Green jumps 15%-Telangana Today

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Shares of Ambuja Cements up by 2.90%, Sanghi Industries 2.44%, Adani Ports 2.25%, Adani Wilmar 2.24%

Published Date – 29 November 2024, 11:35 AM


Adani Group stocks extend rally for third straight day; Adani Green jumps 15%

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New Delhi: Shares of all 11 listed Adani Group firms rallied in morning trade on Friday, with Adani Green Energy surging nearly 15 per cent. The stock of Adani Green Energy jumped 14.64 per cent, Adani Energy Solutions zoomed 13.54 per cent, Adani Total Gas climbed 7.33 per cent, Adani Power surged 4.90 per cent and NDTV soared 4.54 per cent on the BSE.

Shares of Ambuja Cements went up by 2.90 per cent, Sanghi Industries (2.44 per cent), Adani Ports (2.25 per cent), Adani Wilmar (2.24 per cent), Adani Enterprises (2.11 per cent) and ACC (1.34 per cent). The BSE benchmark Sensex traded 688.31 points higher at 79,732.05 and the NSE Nifty jumped 192.65 points to 24,106.80.

Abu Dhabi’s International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate’s founder chairman Gautam Adani.

“Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC, one of Adani group’s key foreign investors, said in a statement. “As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.”

The IHC statement comes soon after Adani group emphasised that its chairman and his aides have not been charged under the US Foreign Corrupt Practices Act but faced three other charges, including securities and wire fraud that are punishable with monetary fines.

The US Department of Justice’s (US DoJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar or Vneet Jaain in any count related to conspiracy to violate the FCPA, AGEL – the firm at the heart of allegation of $265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could benefit bring in $2 billion of profits over 20 year period to the firm, had said in a filing to the stock exchange.