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End of the crypto craze? Indian investors wary as mega sell-off continues

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As foreign portfolio investors continue to pull out money from the Indian equity market, the sell-off in the crypto market and the digital asset space has also accelerated in the wake of global economic meltdown.

More than $200 billion were wiped off the entire cryptocurrency market this week and the globally crypto market capitalisation fell below $1 trillion for the first time since February 2021, according to data from CoinMarketCap.

The already sinking cryptocurrency market in India is also witnessing a huge sell-off as the prices of Bitcoin and other cryptocurrencies nosedive amid volatile market conditions triggered by factors like high inflation, rising interest rates, the Russia-Ukraine war, and China lockdowns.

According to experts, crypto investors and traders in India are currently exercising caution and a distinct dip in crypto buying has been noticed.

Nischal Shetty, co-founder of cryptocurrency exchange WazirX, said: “Indian investors are cautious and are taking the ‘wait and watch’ approach.”

Bitcoin (BTC), the world’s largest cryptocurrency, has plunged about 70 per cent since its record high of $69,000 in November last year.

It was hovering around Rs 20,000-Rs 21,000 per coin this week.

According to analysts, Bitcoin may hit a grim $14,000 this year at this rate.

Smaller cryptocurrencies, which tend to move in tandem with Bitcoin, also fell.

Ethererum, the second-largest digital token, fell as much as 12 per cent to $1,045, a new 15-month low.

The current decline means that Ethererum has shed 77 per cent of its value since November 2021.

According to Cointelegraph, Ethereum sell-off resumed this week, with its price risking another 25 per cent decline in June.

However, in such a gloomy scenario, India’s own Gari digital token by short-video making app Chingari has risen about 40 per cent.

Chingari, the fastest-growing Blockchain social app, this week announced the ‘GARI Mining’ programme to empower 4 crore monthly average users (MAU), becoming the first social app in the world to offer crypto to its creators and users on its platform.

“This programme will ensure a level playing field for big and humble creators. Now, creators and users on the app can earn GARI tokens which can be traded on exchanges for money and creators will not be at the mercy of brand collaborations as their only source of income,” said Sumit Ghosh, Co-founder and CEO, Chingari and GARI token.

Meanwhile, the fate of cryptocurrencies in India is still hanging in balance, and the much-awaited crypto bill is yet to see the light of the day.

In April, Finance Minister Nirmala Sitharaman reiterated her doubts about the size of the cryptocurrency market worldwide and stressed the need for a regulatory mechanism acceptable to all countries to prevent its use to launder money and fund terrorism, which, she said, were big concerns for India.

India distinguishes between cryptocurrency and crypto assets as a result, and the minister had in February announced a 30 per cent tax on income from these transactions, which includes a 1 per cent deduction at source.

The country is poised to have its own digital currency by the Reserve Bank of India (RBI) next year that will be based on Blockchain technology.

According to Sathvik Vishwanath, Co-founder and CEO, Unocoin, “the cryptocurrencies industry is fast evolving and hence it would need regulations to be constantly updated”.

“It is unlikely to be successful if we just try to bring guidelines for cryptos,” he said.

Not only cryptocurrencies, investors of DeFi (decentralised finance) platforms also need to exercise “caution and scrutiny” amid growing concerns about the liquidity of this certain type of cryptocurrency service, experts have warned.

The warning came as Celsius Network, a DeFi platform and one of the largest crypto lenders, announced that it was “pausing all withdrawals, Swap, and transfers between accounts” for its 1.7 million clients.

“The wider crypto ecosystem has been rocked again — not by ‘real’ cryptocurrencies like Bitcoin, but by DeFi,” said Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisories.

“There are legitimate and serious concerns about networks’ high yields, links to failed dollar-pegged stablecoin Terra, and reserves,” said Green, urging people to exercise caution and scrutiny on crypto lending firms which offer clients lucrative double-digit yields on assets like Bitcoin and Ethereum.

Decentralised finance or DeFi offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a Blockchain.

Business

Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy

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Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.

The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.

The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.

Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.

Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”

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Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs

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New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

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‘Made in India’ iPhone 6e not SE variant but a next-gen entry point for consumers

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New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.

The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.

According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.

When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.

“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.

The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.

However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.

According to Shah, consumers now prefer better cameras, bigger displays and faster processors.

“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.

According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.

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