Automakers Hyundai Motor and Kia are aiming for a rebound in domestic electric vehicle (EV) sales in the second half of the year with reasonably priced new entry-class compact models.

According to industry data, Hyundai Motor sold a total of 16,842 EVs domestically in the January-June period, down 54.7 per cent from a year ago. In June alone, sales fell 36.4 per cent on-year to 3,625 units.

Kia sold a total of 16,537 units during the six-month period, recording a 39.9 per cent decrease from last year. By model, sales of the Niro EV plummeted 80.4 per cent, while sales of the EV6 went down 50 per cent to 5,305 units, reports Yonhap news agency.

Hyundai Motor Group’s weakened domestic EV performance is attributable to a slowdown in demand due to the weak economy and also reflects the so-called EV adoption chasm in the country taking its toll on the market.

In light of such developments, Hyundai Motor and Kia are aiming for a rebound by launching new EVs targeted at mass adoption with driving ranges comparable to internal combustion engine counterparts.

According to industry sources, the number of preorders for Kia’s new small electric SUV, the EV3, has surpassed 10,000.

Pricing for the all-new battery SUV will range between $35,000-$50,000 depending on the market. In the domestic market, the EV3’s entry version will be available at around 35 million won ($26,000) with government subsidies, according to Kia.

Hyundai Motor also started receiving preorders this week for its new Casper Electric mini SUV in South Korea. The company has opened preorders for the long-range “Inspiration” variant of the Casper Electric, which was unveiled at the Busan International Mobility Show last month.

The Casper Electric will be available in two other variants as well — base and off-road style variants. Preorders for those will also be opened sequentially. AGENCIES

 Indians travelled close to 1,000 cities across 68 countries over the year, a new report revealed on Wednesday.

According to the ride-hailing platform Uber, summer holidays appear to be the most popular travel time for Indians to travel abroad as schools and colleges go into a break.

The most popular month for overseas travel in 2023 was May, compared to June in 2022.

“Indians have been breaking all travel records over the past couple of years,” said Prabhjeet Singh, President, Uber India and South Asia.

The data reflected a sharp increase in the number of Indians using the ridesharing app abroad during 2023, with the number of overseas travellers being second only to Americans.

While overseas, Indians travelled 25 per cent longer distances on average compared to their trips in India, and tried as many as 21 different products across countries, according to the report.

During the ongoing summer travel season, Indians are expected to cross records set in the previous years, the report mentioned. AGENCIES

Domestic smartphone brand Lava on Wednesday launched a new smartphone under its Blaze series — Lava Blaze X, with a curved AMOLED display.

The new Blaze X comes in two stunning colour variants — Starlight Purple and Titanium Grey.

It will be available on Lava e-store and Amazon from July 20 at a starting price of Rs 13,999 (inclusive of bank offers).

“The new Blaze X, the latest addition to the line-up is developed with three key parameters at the epicentre-segment – first curved AMOLED display, performance and aesthetics,” Sumit Singh, Product Head, Lava International, said in a statement.

The smartphone comes with a 6.67-inch 120 Hz display with a punch-hole design to provide an immersive experience to the users.

The new Blaze X comes equipped with a 64MP+2MP rear camera featuring the Sony sensor and a 16MP front camera.

It offers several shooting modes, including Dual View Video, Film, Pro Video, Slow Motion, Timelapse, UHD, GIF, Beauty, HDR, Night, Portrait, AI, Pro, Panorama, Filters, Macro, AI Emoji.

Moreover, the device comes with the latest MediaTek Dimensity 6300 processor and a 5000mAh battery along Type C port and 33W Fast charging. AGENCIES

Maruti Suzuki India Ltd on Wednesday announced that it is expanding the accelerator programme to include global startups, as it aims to further support the government’s ‘Make in India’ and ‘Startup India’ initiatives.

Both Indian and global startups, with innovative solutions relevant to automobile manufacturing and mobility space, can apply for the ninth cohort of the Maruti Suzuki Accelerator, the company said in a statement.

“By opening the programme to global startups, we are determined to further accelerate the development of innovative technologies relevant to the Indian market,” said Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India.

The benefits to startups include guidance from mentors associated with domestic and international startup ecosystems and domain experts from Maruti Suzuki; opportunity to do a paid proof of concept with Maruti Suzuki; participate in educational visits to Japan and get an opportunity to develop global market connect and secure funding through Maruti Suzuki Innovation Fund.

“This expansion will help drive technological advancements and generate good employment opportunities for the youth, thereby contributing to the nation’s economic growth,” said Takeuchi.

Since its inception in 2019, Maruti Suzuki has screened over 2,000 startups over eight cohorts, and engaged with 56 startups.

Of these, 18 of them have been onboarded as business partners. So far, Maruti Suzuki has generated a combined business of over Rs 100 crore for these 18 startups.

“Starting with the ninth Cohort, the erstwhile Mobility and Automobile Innovation Lab (MAIL) will be known as Maruti Suzuki Accelerator,” said the company. AGENCIES

More than seven in 10 (75 per cent) of large Indian companies have set clear sustainability goals, with 84 per cent voluntarily sharing their targets, as environmental, social and governance (ESG) strategy become paramount in the corporate sector, a report showed on Wednesday.

About 61.3 per cent of manufacturing companies expect to see measurable outcomes from their ESG initiatives in the medium to long term in the country, with 13.3 per cent anticipating results in the very near term (zero-1 years), according to the report by research company IMA India and Uniqus Consultech.

Large companies in India revealed that their ESG strategies are fully integrated into their organisational strategies while small and medium enterprises (SMEs) have some road to cover, the findings showed.

Ethical responsibility and corporate citizenship are primary drivers of ESG adoption, as cited by 85 per cent of respondents while more than half of them said they are leveraging or exploring ‘Green Finance’ and technology for their ESG efforts but have not made progress yet.

“Companies are not only recognising the ethical and regulatory imperatives but are also seeing the financial benefits of sustainable practices,” said Suraj Saigal, Research Director, IMA India.

The fact that a majority of companies have embedded ESG into their core strategies and are taking concrete steps towards sustainability is a testament to the growing importance of ESG in India.

“We are optimistic about the growth in ESG consciousness and action in India, especially with new technologies poised to be a game changer in driving positive trends across industries,” added Jamil Khatri, Co-Founder and CEO of Uniqus Consultech.

India has introduced new ESG reporting requirements for the top 1,000 listed companies in the country by market capitalisation.

According to markets regulator Securities and Exchange Board of India (SEBI), the disclosure must be made through the Business Responsibility and Sustainability Report (BRSR). AGENCIES

The telecom equipment manufacturing sales have crossed Rs 50,000 crore under the production-linked incentive (PLI) scheme, creating more than 17,800 direct jobs and many more indirect jobs, the government said on Wednesday.

Within three years of the telecom PLI scheme, it attracted an investment of Rs 3,400 crore, the telecom equipment production exceeded the milestone of Rs 50,000 crore with exports at about Rs 10,500 crore, said the Ministry of Communications.

The sales of telecom and networking products by PLI beneficiary companies in FY2023-24 increased by 370 per cent in comparison to base year (FY 2019-20).

The gap between telecom imports and exports has reduced significantly with the total value of goods (both telecom equipment and mobiles put together) exported is over Rs 1.49 lakh crore as against imports of over Rs 1.53 lakh crore in FY 23-24, the Centre informed.

“This milestone underscores the robust growth and competitiveness of India’s telecom manufacturing industry, driven by government initiatives to promote local production and reduce import dependency,” said the ministry.

India was a large importer of mobile phones in 2014-15, when only 5.8 crore units were produced in the country, while 21 crore units were imported.

In 2023-24, 33 crore units were produced in India and only 0.3 crore units were imported and close to 5 crore units were exported, according to latest ministry data.

The value of exports of mobile phones has gone up from Rs 1,556 crore in 2014-15 and just Rs 1,367 crore in 2017-18, to Rs 1,28,982 crore in 2023-24.

“Import of mobile phones was valued at Rs 48,609 crore in 2014-15 and has dropped to just Rs 7,665 crore in 2023-24,” the government informed.

By encouraging local production, the PLI scheme has significantly reduced the country’s reliance on imported telecom equipment, resulting in import substitution of 60 per cent.

India has become almost self–reliant in Antennae, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment).

According to the government, the Indian manufacturers are increasingly competing on a global scale, offering high-quality products at competitive prices.

Over the last five years, the trade deficit in telecom (both telecom equipment and mobiles put together) has reduced from Rs 68,000 crore to Rs 4,000 crore and both the PLI schemes have started to make Indian manufacturers globally competitive, attracting investment in the areas of core competency and cutting-edge technology. AGENCIES

 Indian equity indices opened in red on Wednesday following pressure in banking stocks.

At 9:55 a.m., Sensex was down 228 points or 0.28 per cent, at 80,123 and Nifty was down 58 points or 0.24 per cent, at 24,378.

Banking stocks are leading the fall. Nifty Bank is down 261 points or 0.50 per cent, at 52,307.

In the Sensex pack, M&M, SBI, Kotak Mahindra Bank, HCL Tech, TCS, JSW Steel, Axis Bank, and Reliance are the top losers. Maruti Suzuki, NTPC, Titan, Bharti Airtel, Bajaj Finance, and Tata Steel are top gainers.

The Nifty midcap 100 index is down 85 points or 0.17 per cent, at 56,976, and the Nifty smallcap 100 index is down 68 points or 0.36 per cent at 18,888.

Among the sectoral indices, FMCG, realty, energy, and infra are in the green, and Auto, IT, PSU Bank, and pharma are in the red.

Deven Mehata, Research Analyst at Choice Broking said: “Nifty has given a strong breakout above 24,400 levels and has closed at all-time high levels. Now on the lower side, 24,250-24,300 will act as a strong support.”

“Traders holding a long position should hold with a trailing stop loss of 24,250 on a closing basis. Fresh long positions should be entered on dips with the mentioned stop loss,” he added. AGENCIES

 Data cloud company Snowflake, on Wednesday, announced that e-commerce enablement platform Shiprocket has successfully deployed its artificial intelligence (AI) Data Cloud, which will empower 1.5 lakh Indian merchants providing faster access to data to allow businesses to make data-driven decisions quickly, gaining a competitive edge.

This will also empower Shiprocket to streamline data operations, gain real-time insights, and deliver an enhanced customer experience for its vast network of merchants.

“This strategic collaboration empowers our sellers to scale their data infrastructure seamlessly as their businesses grow,” Saahil Goel, MD & CEO of Shiprocket, said in a statement.

“The enhanced data processing capabilities and real-time insights provided by Snowflake will enable our sellers to optimise their operations more efficiently,” he added.

Leveraging Snowflake’s AI Data Cloud has significantly reduced data processing time from days to minutes. This newfound agility has allowed Shiprocket to optimise operations, improve decision-making, and ultimately deliver a seamless e-commerce experience for its seller base, the company said.

“As Shiprocket expands its operations, Snowflake’s AI Data Cloud provides a scalable, cost-effective, secure platform to support their diverse data needs to drive business value,” said Vijayant Rai, MD India, Snowflake.

Moreover, Shiprocket plans to explore advanced applications within the AI Data Cloud, like Generative AI (GenAI) and large language models (LLMs) in the future. AGENCIES

Unionised workers at Samsung Electronics, staging the biggest labour action in the technology giant’s 55-year history, declared an “indefinite general strike” on Wednesday, stepping up pressure over their demand for a pay raise.

After a three-day strike scheduled to come to an end on Wednesday, the National Samsung Electronics Union (NSEU), the largest labour union at the world’s largest memory chipmaker, had planned to stage another five-day strike, starting July 15.

But the union said it changed its plan to go straight to an indefinite strike as the company did not attempt to engage in any dialogue during the three-day strike, reports Yonhap news agency.

The NSEU said more than 6,000 members had expressed their intention to participate in the labour action. More than 5,000 of them were from the mainstream semiconductor division, it added.

Despite the strike, Samsung said there had been no disruptions to production during the first two days of labor action.

Since January, the two sides have held several rounds of talks but have been unable to narrow their differences over the wage increase rate, vacation system and bonuses.

The union has demanded a one-day vacation for all employees and a significant salary raise for the 855 members who did not sign the 2024 salary negotiation agreement.

The union also demanded the company offer more paid leave and provide compensation for economic losses incurred during unpaid strikes.

The NSEU reports a total membership of 31,000, accounting for approximately 24 percent of Samsung Electronics’ total workforce of about 125,000. AGENCIES

 The prices of Urad have started declining in the domestic market on the back of a higher procurement of the summer crop by government agencies and the outlook for the kharif crop has improved with the increase in sown area this year due to a better monsoon, the Ministry of Consumer Affairs said on Wednesday.  

As of July 6, wholesale prices of Urad have witnessed a week-on-week decline of 3.12 per cent and 1.08 per cent in the Indore and Delhi markets respectively. In alignment with domestic prices, the landed prices of imported Urad are also on a declining trend, the ministry said in a statement.

The procurement of summer Urad under the Price Support Scheme (PSS) by NAFED and NCCF is in progress.

As of 5th July, the area sown for Urad has reached 5.37 lakh hectares, as compared to 3.67 lakh hectares for the corresponding period last year. The 90-day crop is expected to experience a healthy kharif production this year.

Ahead of the Kharif sowing season, there has been significant momentum in the pre-registration of farmers through government agencies such as NAFED and NCCF. These efforts are part of the government’s strategy to encourage farmers to shift towards pulse production during the Kharif season, aiming for self-sufficiency in this sector.

In Madhya Pradesh alone, a total of 8,487 Urad farmers have already registered through NCCF and NAFED. Meanwhile, other major producing states such as Maharashtra, Tamil Nadu and Uttar Pradesh have seen pre-registrations of 2037, 1611 and 1663 farmers respectively, indicating widespread participation in these initiatives.

These measures underscore the government’s commitment to balancing market dynamics while supporting both, farmers and consumers, the official statement added. AGENCIES