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India economy & business news in brief for Jan 30: Tata Motors becomes India’s most valuable auto firm by market capitalisation

Tata Motors logo (Photo by SAJJAD HUSSAIN/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Tuesday, January 30, 2024:

On Tuesday, Tata Motors emerged as India’s most valuable auto company by market capitalisation, surpassing Maruti Suzuki India. Tata Motors’ shares rose 2.19 per cent to close at Rs 859.25 (£8.17) on the BSE, reaching a peak of Rs 886.30 (£8.42) during trading, marking a 52-week high. Meanwhile, Tata Motors Ltd – DVR stock increased by 1.63 per cent to Rs 572.65 (£5.44). Conversely, Maruti’s shares dropped by 0.36 per cent to Rs 9,957.25 (£94.63). The combined market value of Tata Motors and Tata Motors Ltd – DVR reached Rs 314,635.06 crore (£29.9 billion), surpassing Maruti by Rs 1,576.56 crore (£149.8 million). Tata Motors led gains among Sensex and Nifty firms.

The Narendra Modi government has plans to raise dividend earnings significantly in the interim budget it will present on Thursday (1), months ahead of the general elections, targeting about Rs 70,000 crore (£6.6 billion) from the Reserve Bank of India and financial institutions, reports said. According to news agency Press Trust of India, this comes following a successful financial year with higher-than expected dividends from the central bank. The interim budget will be presented by finance minister Nirmala Sitharaman. A significant increase in dividends from banks and financial institutions, besides higher tax collections, is expected to help the government with a plan to reduce the fiscal deficit.

The Indian Railways has made a record capital expenditure (Capex) between April 1, 2023, and December 31, 2023, — a period that marked the highest-ever Capex utilisation in nine months, the railways ministry said in a statement. A release by the Indian government’s Press Information Bureau said that data indicate that 75 per cent of the allocated budget has been used by the railways in the first nine months of the 2023-24 fiscal. It was learnt that the total expenditure incurred by the railways in the April-December period amounts to Rs 195,929.97 crore (£18.6 billion), representing nearly 75 per cent of the overall Capex budget of Rs 2.62 lakh crore (£24.8 billion) allocated for the entire fiscal. Finance minister Nirmala Sitharaman, who will present India’s interim budget on Thursday (1), had announced a gross budget support of Rs 240,000 crore (£22.8 billion) for Capex for the railways in the 2023-24 period.

Indian prime minister Narendra Modi will address the participants of Bharat Mobility global exhibition on Friday (2), a senior official said on Tuesday. The three-day show will begin on Thursday (1) at Bharat Mandapam in New Delhi. The exhibition aims to showcase India’s strengths to the global market and position the country as an international player across industries. With over 800 exhibitors from 50 countries, the expo will highlight cutting-edge technologies and breakthroughs in mobility. The 28 leading vehicle OEMs (original equipment manufacturers) that would participate include Ashok Leyland, Ather Energy, Honda, Hyundai, and BMW. More than 25 leading vehicle manufacturers will unveil new models and EVs.

Toyota Industries Corporation (TICO) has disclosed irregularities in horsepower output certification tests for three diesel-engine models, affecting 10 globally, including six in Japan. Following TICO’s announcement, Toyota Kirloskar Motor (TKM) halted dispatches of three models in India — Innova Crysta, Fortuner, and Hilux, collectively constituting about 30 per cent of TKM’s Indian sales. A TKM spokesperson clarified to PTI that the irregularities concern power and torque curve smoothing but did not result in overstatements of horsepower, torque, or other powertrain values.

Anil Kumar Lahoti on Tuesday assumed charge as chairman of TRAI (Telecom Regulatory Authority of India) and said his top priority will be to ensure quality of services, curb call drops and a level-playing field to facilitate the telecom sector’s overall growth. After taking charge, Lahoti held meetings with telecom minister Ashwini Vaishnaw; Neeraj Mittal, secretary, department of telecommunications; and other officials of TRAI. Vowing that top priority will be accorded to curbing call drops and ensuring the quality of services, the new TRAI chief said he would work towards facilitating all-around growth of the telecom sector, providing a level-playing field. “Of course, the first priority is quality of service. It is a big domain, and that is the prime role of the Telecom Regulatory Authority of India,” Lahoti said.

(With agencies)

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