BUSINESS
Top players showcase next gen EV models at Hyderabad E-Motor Show
Leading automobile/component brands including Apollo, Mahindra, Amara Raja, Citroen, TVS, ETO Motors, Ola, MG Motor, Switch Mobility, Piaggio, BYD, Hyundai, and ZF among others are participating in the three day show at Hitex Exhibition Centre. Telangana Industries and Commerce Minister K.T. Rama Rao inaugurated the E-Motor Show organised as part of Hyderabad E-Mobility Week.
Zypp Electric raises $25 mn led by Gogoro, to expand EV fleet to 2 lakh
With the new funds, Zypp aims to increase its fleet size from 10,000 to 200,000 electric vehicles and expand its footprint to 30 cities in India by 2025. The round is a mix of $20 million in equity and $5 million in debt. The $20 million equity round also saw participation from Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip.
No coal shortage in country, says Centre
In the current financial year up to January 2023, the country has produced about 698.24 million tonnes of coal as against 602.49 million tonnes produced during the same period of last year, with a growth of about 16 per cent, Coal, Mines and Parliamentary Affairs Minister Pralhad Joshi told the Lok Sabha in a written reply to a question on coal supplies.
Several pumps in major Pakistan cities close down due to fuel shortage
The situation has reached a boiling point with people left high and dry as they scramble to find ways to keep their vehicles running, Samaa TV reported. Several pumps in major cities, including Lahore, Faisalabad and Gujranwala, have closed down, the report said. The fuel stations have limited filling to bikers to only Rs 200 and only Rs 5,000 to those having four-wheelers, Samaa TV reported.
UK's blue-chip shares index hits a fresh all-time high
The FTSE 100 index rose by almost 1 per cent at the open on Wednesday morning to hit 7,928.03, surpassing the former high of 7,906.58 set on 3 February, The Guardian reported. Before that date it had taken more than four years to surpass the previous high set in May 2018, it added.
Inflation a concern and 25 bps policy rate hike expected: Experts
As a matter of fact, RBI Governor Shaktikanta Das, announcing the upward revision in the repo rate, said the outlook for inflation is mixed." While prospects for the rabi crop have improved, especially for wheat and oilseeds, risks from adverse weather events remain. The global commodity price outlook, including crude oil, is subject to uncertainties.
India wearable market ships 100 mn units in 2022, boAt takes top spot
Smartwatch (inclusive of basic and advanced) shipments were 30.7 million last year, a growth of 151.3 per cent YoY. The smartwatch average selling price (ASPs) continue to decline, at $42.5 (vs $61.2 a year ago), according to an IDC report. Basic smartwatches continued to dominate with a 95.5 per cent share, growing by 158 per cent annually.
Fundraising gets tougher, 2023 super challenging for startup founders: Report
Founders expect this year to be challenging, with 58 per cent of founders expecting a tough fundraising environment, according to the report by InnoVen Capital, Asia's leading venture debt firm. Hiring is also expected to slow down with only 38 per cent of startup founders expecting a higher pace of hiring predominantly in early-stage companies.
AI-driven market research platform Entropik raises $25 mn
Entropik said it has grown seven times in the last two years, riding on its patented Emotion AI Technologies and driven by its expansion into the US, Europe, Southeast Asia, and the Middle East. Over 150 global brands across finance, media, consumer goods, food and beverage, and entertainment leverage Entropik's consumer research stack to make better consumer-centric decisions faster.
Japan's current account surplus drops 50 pct to 8-year low in 2022
According to the Ministry, the current account in 2022 stood at 11.44 trillion yen ($87.26 billion), with a record contraction year on year, resulting from surging import costs coming despite the primary income logging a record surplus, reports Xinhua news agency. The country's trade deficit totaled 15.78 trillion, with imports climbing 42 per cent to 114.47 trillion yen and exports up 19.9 per cent to 98.69 trillion yen, it said, adding that the value of both was the largest since record-keeping began.
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