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Tuesday,15-June-2021

Business

Electrified Tata Motors set to roll small commercial e-vehicle

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After buses and passenger cars, automobile giant Tata Motors might soon roll-out an electric variant of its small commercial vehicle.

In a conversation with IANS, Girish Wagh, President, Commercial Vehicle Business Unit of Tata Motors said the company has participated in ‘FAME Phase I’ scheme for electrification of buses.

Centre had introduced the ‘Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India’ (FAME India) scheme to promote the manufacturing of electric and hybrid vehicle technology.

“We have supplied more than 200 buses and cumulatively they have now covered more than seven and a half million kilometres, which has given us a very good experience.

“We are also keeping track of other segments to see what the customers are looking for, where it makes economic sense and therefore we are engaging with them, especially in the E-commerce sector to understand their needs,” Wagh said.

According to Wagh, the economic attractiveness of electric vehicles has been on the rise with respect to the ICE engine due to falling battery prices and rising cost of ICE engine vehicles with respect to increase in regulations.

“We are exploring quite a few segments and actually after buses, small commercial vehicles do appear to have more chance of being electrified. Both from the perspective of the requirements of the customers and also being that economical sense,” Wagh said.

Besides, he cited that the CV segment is getting the added push from an economic rebound which started towards the end of Q2FY21 and the Centre’s push for infrastructure creation.

“I think the infrastructure push by the government has a very positive impact on the commercial vehicle industry. Secondly, the E-commerce sector has been doing pretty well, the rural economy is doing well, and gradually I see that urban consumption has also picked up as a result of all this.

“More than interest rate, the actual availability of credit has improved. This has also helped the industry.”

On the rising ownership cost as well as fuel prices, he pointed out that so far the ‘actual demand’ has till now withstood this stress and the growth is expected to be maintained.

“We do have some headwinds. The pandemic is still not over, the commodity prices have risen, so off-late we have witnessed these headwinds.

“But as of now, the tailwinds in terms of overall economic recovery, seems to be picking up us ahead in the commercial vehicle industry,” Wagh said.

Business

TASMAC sold Rs 164 cr worth of liquor in just one day

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The Tamil Nadu State Marketing Corporation (TASMAC) has sold liquor worth Rs 164 crore in the state in just one day.

All liquor outlets and bars opened in the state on Monday.

According to reports from the TASMAC, Madurai zone accounted for the maximum sales of Rs 49.54 crore followed by Chennai region with sales worth Rs 42.96 crore, Salem Rs 38.72 crore, and Trichy region accounting for the sale of Rs 33.65 crore worth of liquor.

However there was no sale in the Coimbatore region as the shops are closed in the area following the higher number of Covid-19 cases. Shops in Nilgiris, Erode, Salem, Tiruppur, Karur, Namakkal, Thanjavur, Tiruvavur, Nagapattinam, and Myladuthurai remain closed as the number of cases are high.

Of the 5,338 shops in Tamil Nadu, 2,900 reopened on Monday.

The founder president of Pattali Makkal Katchi(PMK), Dr S. Ramadoss has called upon the state government to rework its policy on liquor and to enforce a total prohibition in the state for the health of the people of the state. He has also said that the claims of Chief Minister Stalin that TASMAC shops were allowed to function following the brewing of illicit liquor in the state as well as to prevent smuggling of liquor from neighbouring states.

Ramadoss has in a statement said, “Stalin should work his way to enforce total prohibition in the state of Tamil Nadu for the sake of the health of the people of the state, both mental and physical.”

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Business

Sensex, Nifty climb new record highs

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The key Indian equity indices continued their record run on Tuesday.

The BSE Sensex touched a fresh high of 52,836.31 and the Nifty50 on the National Stock Exchange hit an all-time high of 15,889.60 points.

Healthy buying was witnessed in banking and realty stocks.

Around 9.40 a.m., Sensex was trading at 52,813.83, higher by 262.3 points or 0.50 per cent from its previous close of 52,551.53 points.

It opened at 52,751.83 and has touched an intra-day low of 52,671.29 points.

The Nifty50 on the National Stock Exchange was at 15,875.05, higher by 63.20 points or 0.4 per cent from its previous close.

The top gainers on the Sensex were Asian Paints, IndusInd Bank and Tata Steel, while the losers were Dr Reddy’s Laboratories, SBI, Titan Company and L&T.

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Business

Fuel price hike paused: Petrol, diesel prices unchanged

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The Oil marketing companies paused the hike in fuel prices on Tuesday providing respite to people already burdened with all time high petrol and diesel retail rates.

Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi.

OMCs had raised the price of the two petroleum products on Monday to take retail levels at new highs across the country.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. Diesel price also increased to reach Rs 94.70 a litre, the highest among metros. The price levels remain unchanged on Tuesday.

Across the country as well petrol and diesel price rise was paused on Tuesday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also already reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Tuesday’s price pause, fuel prices have now increased on 24 days and remained unchanged on 22 days since May 1. The 22 increases hasve taken the petrol prices up by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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