Despite export headwinds Indian auto component makers to post 5-8% growth in FY2024 says ICRA
The rating agency expects a YoY improvement of 100-150 bps in operating margins in FY2024 with the same returning to pre-Covid levels of 11-11.5 percent. Key Points
FinancialexpressEV sales in local market will continue to increase, with or without subsidies: ACMA
ACMA President Sunjay Kapur informed with deeper focus on localisation of advanced technologies, vehicle electrification will continue to rise in the local market driven by cost economics. These investments in developmental capabilities will also help the industry neutralize threats if at all Teslas Chinese suppliers were to set up base in the country. Key Points
Economic TimesCREDAI-MCHI urges finance minister to change redevelopment projects’ GST structure
Real estate developers of Mumbai's Metropolitan Region have approached the Indian Ministry of Finance with concerns that the Goods & Services Tax is impacting the viability of rehabilitation projects. Redevelopment is a key aspect of the regions property market, with around 19,000 properties awaiting such a project. Key Points
Economic TimesAir India signs component program with SIA Engineering for A320 aircrafts
India Business News: Air India signs component program with SIA Engineering for A320 aircrafts. Get extensive component support coverage and repair services for airframe and engine components. Key Points
Times Of IndiaMoon to hide a bright star in a rare celestial event in November
Spica, located in the constellation Virgo, is known for its brilliant blue-white hue and is one of the brightest stars visible from Earth. It is approximately 250 light-years away and is classified as a binary star system, with its primary component being a massive blue giant. Key Points
India Today
ITC demerger a sell-on-news in short term; more catalysts in future: Andrew Holland
Andrew Holland says that Kotak Mahindra Bank's cost of deposits creates concern regarding interest margins and the bank's future post-Uday Kotak. He suggests focus lies on auto component stocks rather than two-wheelers for the sector's future growth and explains he is unsure of which electric vehicle (EV) manufacturer will be the strongest in India's open playing field. Key Points
Economic TimesLocalisation, warranty norms stricter in Electric Mobility Promotion Scheme
EMPS replaces the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME II) programme. “The manufacturers comprehensive warranty will have to cover the EV battery, the most crucial component of the vehicle, besides ensuring that there are adequate facilities for after-sales service for the life of sold vehicles,” a senior government official told ET. Key Points
Economic TimesTop Nifty50 stocks analysts suggest buying this week
Earnings rating is calculated based on three factors - earnings surprises, estimate revisions and recommendation changes. Profitability, debt, earnings quality and dividend trends are evaluated under the fundamentals component in the report. Relative valuation has three components - price to sales (50% weight), trailing P/E (25% weight) and forward P/E (25% weight). These metrics are evaluated against the overall market, index and company’s own historic 5-year averages. Key Points
Economic TimesRailways plans PLI scheme for train parts
The Indian Government is planning a production-linked incentive (PLI) scheme for train component makers, aiming to attract foreign manufacturing firms and reduce imports. A consultancy firm will be selected this month to work on the scheme. Key Points
Economic Times75 smallcap stocks that have offered double-digit weekly returns in bearish market
Talbros Automotive component was the top gainer in the smallcap segment with a nearly 31% return, followed by Zen Technologies (28.5%), Tasty Bite Eatables (28%), and Banco Products (27%). About 9 stocks, including Bajaj Hindusthan, Onmobile Global, Force Motors, Windlas Biotech, ZEE Media, and BF Utilities, offered returns between 20 and 25% during the week Key Points
Economic Times
Government to soon issue SOPs for Rs 26k crore auto PLI
“A draft SOP has been prepared in consultation with the players that were shortlisted,” a senior government official told ET. “Issues regarding documentation required to establish local sourcing have been addressed.” Key Points
Economic Times