New Delhi, March 14: Elon Musk-led Tesla Inc. has initiated the process for the certification and homologation of two of its electric cars in India, which is an essential requirement for all vehicles before they can be sold in the country.

Tesla India Motor & Energy Pvt. Ltd., the local unit of Musk’s firm, has submitted two new applications for homologation of the Model Y and Model 3 cars in India, according to industry sources.

Homologation is the process of certifying that a vehicle is roadworthy and meets the norms laid out for all vehicles manufactured in India or imported into the country. The tests ensure that the vehicle matches the requirements of the Indian market in terms of emission and safety and roadworthiness in accordance with the Central Motor Vehicle Rules.

The company had earlier submitted seven applications for homologation in India earlier which were meant for test cars. An eighth application was approved recently.

The move comes amid talks with the US and India on a free trade agreement under which tariffs are expected to be lowered by both countries to enhance bilateral trade.

Musk has been keen to enter India as he is looking for a foothold in the world’s third-largest car market as an alternative to China, after the communist country came under strict US sanctions.

While the Indian government is keen that Musk set up a plant in India to make Tesla for the local market, the billionaire wants to export the car to the country without any immediate manufacturing plans.

Electric car sales in India recorded a 20 per cent jump to 99,165 units in 2024, from 82,688 units in 2023. Tata Motors and JSW MG Motors are currently the market leaders.

In addition, the luxury electric vehicle market also posted an increase in sales during the year, with 2,809 EVs sold by BMW, Mercedes Benz India, Volvo Cars India, Audi, and Porsche in 2024, up from 2,633 units in 2023.

According to the Federation of Automobile Dealers Associations (FADA), the electric passenger vehicle retail sales in India grew by nearly 20 per cent.

The EV market is expected to continue growing, with industry forecasts predicting a compound annual growth rate (CAGR) of 43 per cent.

Government initiatives and subsidies under the PM E-Drive scheme are also contributing to the growth of the EV market in India, as the country transitions to green energy in the fight against climate change.

The electric two-wheeler segment recorded significant growth, with 1.13 million units sold in 2024, up from 860,000 units in 2023.

The overall EV penetration in the country increased to 7.46 per cent in 2024, up from 6.39 per cent in 2023.

Seoul, March 13: South Korea’s top court on Thursday rejected social media giant Meta’s appeal against a 6.7 billion-won ($4.6 million) fine imposed by the data protection watchdog for sharing user information without their consent, judicial sources said.

In November 2020, the Personal Information Protection Commission (PIPC) fined Meta, formerly known as Facebook, after its probe found that the personal information of at least 3.3 million South Korean users had been provided to third parties without their knowledge from May 2012 to June 2018, reports Yonhap news agency.

In response, Meta filed a lawsuit in March 2021, disputing the fine, claiming the information sharing was made upon the users’ agreement and it did not induce them to agree.

The Supreme Court, however, found the PIPC’s measures lawful and dismissed the case, upholding lower court rulings made in October 2023 and September last year, according to the sources.

With the top court’s ruling, the PIPC said it would proceed with enforcing corrective measures, which had been suspended due to the ongoing lawsuit.

Last year, Meta Platforms Ireland lost a legal battle to defy the South Korean data protection watchdog’s decision to slap a fine for providing users’ personal information to other operators without consent.

Meta then filed a complaint against the ruling, claiming the information sharing was made upon the users’ agreement and it did not induce them to do so.

According to the PIPC’s investigation, the personal information of a user’s Facebook friends was provided to other operators without their knowledge when someone uses another operator’s service through Facebook login.

The compromised information included their academic background, family and marriage status.

The watchdog also said Meta had not been cooperating with the probe by belatedly submitting data and providing false documents.

Mumbai, March 11: IndusInd Bank shares were locked in a 20 per cent lower circuit on Tuesday as the lender’s internal review projected an adverse impact of approximately 2.35 per cent on its net worth (as of December 2024).

The steep fall erased around Rs 14,000 crore in the bank’s market value. The stock hit a 52-week low of Rs 720.35, to go below the lower band on the NSE.

The bank’s net worth is expected to decline by nearly Rs 2,100 crore after accounting discrepancies of 2.35 per cent of its net worth were found in its derivatives portfolio during an internal review.

The Hinduja-promoted lender plans to absorb this loss in its Q4 earnings or the first quarter of the next fiscal year (FY26).

The internal review findings have sparked a string of target price cuts from several brokerages for the bank’s stock amid fresh turmoil, days after the Reserve Bank of India allowed only a one-year extension to Chief Executive Officer, Sumant Kathpalia.

The bank has appointed an external agency to independently review and validate its internal findings on the derivatives portfolio, as per the Reserve Bank of India’s September 2023 guidelines on bond investment classification and valuation.

IndusInd Bank will face a “litmus test” from the succession viewpoint and the board is likely to evaluate both external as well as internal candidates, Citi said. Recent developments have raised the risk perception and impact disclosed borrowings cost too, it added.

“We downgrade IIB to ‘HOLD’ from ‘BUY’ as we cut multiple to 1.0x from 1.4x driven by uncertainties relating to earnings quality and future leadership. Woes continue for IIB since an irregularity was unearthed in derivative accounting,” said Gaurav Jani from PL Capital- Prabhudas Lilladher.

This discrepancy spanned across a 5-7 year period till March 31 2024, however, due to an RBI directive, there are no irregularities with effect from Apr 1 2024.

“In our view, this episode had a bearing on RBI’s decision to extend MD and CEO’s tenure only for 1 year. Valuation is 0.9x on FY27 ABV and we trim target price to Rs 1,000 from Rs 1,400,” said Jani.