Electric Cars
Mobile app soon to provide real time data on charging stations
According to sources privy to developments, the app and web portal will provide real time information to motorists on the move, about the nearest active charging stations available on their route. BEE is the central nodal agency for developing these softwares and work on this is expected to be completed soon, sources informed further. Power Ministry had issued guidelines for developing these softwares in January this year.
Profitability of domestic broking companies moderates after a strong FY2022: ICRA
"As the incremental retail participation dampened in the current fiscal, the pace of new client additions slowed compared to the last fiscal. Also, notwithstanding the recent trend reversal, the Foreign institutional investors (FII) remained net sellers in H1 CY2022, which also weakened investor sentiment. Amid this, DIIs helped the market in FY2022," said Deep Inder Singh, Vice President, ICRA.
Global EV powertrain systems market to reach $107 bn by 2029
The EV production will grow at a CAAGR (compound annual average growth rate) of 26 per cent over 2021 to 2026, with volumes approaching 54.1 million units by 2029, reports global research firm Strategy Analytics. This, in turn, will drive demand for xEV powertrain electronics systems to reach $107 billion by 2029 -- a CAAGR growth of 37 per cent. The push to electric vehicles is being dictated by consumer awareness and government regulations and mandates related to climate change and the need to reduce emissions and reverse the impacts of global warming.
Warren Buffett sells $47 mn worth stake in Chinese EV firm BYD
Berkshire sold 1.33 million shares in the automaker (under 1 per cent of its holding) in BYD for around $47 million, according to a filing with the Hong Kong Stock Exchange, reports Nikkei Asia. There is widespread speculation that Buffett will soon sell out his entire stake in BYD. The sale came as BYD this week reported better-than-expected results for the first half of the year, registering $21.7 billion in revenue that was nearly 66 per cent up from the same period last year.
Input cost inflation continues to push up corporate revenues but disrupts margins: ICRA
Sectors like hotels, power, retail, and oil & gas, among others, reported significant QoQ growth in revenues in Q1 FY2023. However, a few other sectors like airlines, construction, capital goods, and iron & steel witnessed a sequential decline. The sequential growth in revenues during the quarter was dismal at 1.5 per cent and the trends varied across sectors.
GDP growth projected to spike to four-quarter high 13.0% in Q1 FY2023: ICRA
The gross value added (GVA) at basic price in Q1FY23 is projected at 12.6 per cent from 3.9 per cent earlier. ICRA expects the sectoral growth in Q1 FY2023 to be driven by the services sector (+17-19 per cent; +5.5 per cent in Q4 FY2022), followed by the industry (+9-11 per cent; +1.3 per cent).
Only 1% Indians plan to buy e-scooters in next 6 months, safety top concern
Around 32 per cent of respondents are not convinced about the safety and performance of electric scooters in August while in March this year, the number stood at 17 per cent - as more than two dozen electric two-wheelers caught fire in March and April, according to data provided by community social media platform LocalCircles.
AT1 bond issuances likely to fall to around Rs 200 billion in FY2023: ICRA
"Public sector banks are expected to raise Rs 201 billion in AT-I bonds during FY2023, but private sector issuances are expected to remain modest depending on market opportunities. Unlike in FY2022, when issuances were mostly driven by rollover requirements, issuances by public banks in FY2023 are primarily driven by growth requirements," said Anil Gupta, Vice President, ICRA.
Tamil Nadu power utility to float tenders for EV charging stations at 100 spots
According to the office of the electricity minister, the Central power ministry has accorded sanctions for 256 charging stations across Tamil Nadu and 151 charging stations are already functional. This includes stations of private sector entities and public sectors like the Chennai corporation. The Tamil Nadu electrical policy 2019 envisages a charging station every 25 km.
4.2 mn EVs sold in first half of 2022 globally, China leads
China alone witnessed the sale of 2.4 million EVs, 26 per cent of all passenger cars delivered in the country against just 10 per cent in the first half of 2021, according to latest Canalys research. EVs include 4.2 million electri (BEVs) and plug-in hybrid electric vehicles (PHEVs). "EV sales in Mainland China more than doubled in H1 2022 and it is now by far the biggest EV market. Fifty-seven per cent of global EV sales were in Mainland China. With 118 per cent year-on-year growth, it is the fastest-growing market as well," said Jason Low, principal analyst at Canalys.
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