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☆ India minister to propose higher diesel vehicle tax, warns automakers
▼ + stars: | 2023-09-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

A worker switches on a fuel pump before filling a car with diesel at a fuel station in New Delhi September 13, 2012. REUTERS/Mansi Thapliyal/File photo Acquire Licensing RightsNEW DELHI, Sept 12 (Reuters) - India's road transport minister, Nitin Gadkari, on Tuesday said he will propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to cripple their ability to sell such high-polluting vehicles. Gadkari said he will later in the day ask the finance minister for an "additional 10%" goods and services tax on diesel vehicles to tackle problems related to pollution. The Indian government currently imposes a 28% tax on diesel cars and an additional so-called "cess" is levied depending on the vehicles' engine capacity. Shares in Indian automakers Tata Motors, Mahindra and Mahindra, Ashok Leyland (ASOK.NS), and Eicher Motors (EICH.NS) fell between 1.5% and 4.5%.

Persons: Mansi, Nitin Gadkari, Gadkari, Maruti Suzuki, Ashok Leyland, Aditi Shah, Tanvi Mehta, Christian Schmollinger, Tom Hogue Organizations: REUTERS, New, Tata Motors, Mahindra, Maruti, Volkswagen, automakers Tata Motors, Eicher Motors, Thomson Locations: New Delhi, DELHI, India

"Is there going to be a challenge to Royal Enfield? It sold fewer than 30,000 motorcycles - less than the number of bikes Royal Enfield sells each month. Triumph said it has received orders for over 14,000 Speed 400 bikes, exceeding its total India sales of the past decade. Still, the frenzy over the new models is reflected in the surge in Google searches about Harley-Davidson and Triumph in India. Improved financing options is also encouraging lower-income buyers to consider premium bikes, said HDFC Securities analyst Aniket Mhatre.

Persons: Davidson, Rishi Vora, brokerages, Harley, Kotak, Royal Enfield's, Eicher, Royal, Shubhabrata Marmar, Enfield, Varun Painter, MotoCorp, Sathish Rao, Aniket Mhatre, Priyanka Kochhar, Indranil Sarkar, Aby Jose Koilparambil, Nandan Mandayam, Saumya Singh, Navamya Ganesh Acharya, Varun, Dhanya Skariachan, Euan Rocha, Christopher Cushing Organizations: Reuters, Bajaj Auto Ltd, Handout, REUTERS, Royal Enfield, Securities, Harley, Royal, Eicher Motors, Reuters Graphics Reuters, ROYAL, Enfield, Mahindra, Mahindra's, TVS, Bajaj Auto, Bajaj, Triumph, HDFC Securities, Thomson Locations: REUTERS BENGALURU, India, Royal Enfield, Bengaluru

☆ Bajaj Auto launches India-made Triumph bikes, shares jump to record high
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

The launch of the two models, made in partnership with UK's Triumph Motorcycles, sent Bajaj Auto shares to a record high of 4,900 rupees. The Triumph Speed 400 will be priced at 233,000 rupees ($2,834), Bajaj Auto said, but did not disclose a price for the Scrambler 400X. Bajaj will oversee the production and distribution of these bikes as part of the partnership, the two companies had said in April. With the entry of Bajaj and Hero in the premium bike space, analysts see stiff competition, loss of market share and growth concerns for Eicher. Hero MotoCorp's shares closed up 4.2%, nearly matching their 4.5% jump on Tuesday, while Bajaj Auto's shares have gained roughly 6% in the past two days.

Persons: Hero MotoCorp, Harley, Davidson, Hero MotoCorp's, Nandan Mandayam, Savio D'Souza Organizations: India's Bajaj, Eicher Motors, UK's, Bajaj Auto, Meteor, Bajaj, Triumph, Hero, Eicher, Bajaj Auto's, Thomson Locations: BENGALURU, India, Bengaluru

☆ Jail Guards Charged in Death of Detainee Who Was Forcibly Restrained
▼ + stars: | 2023-04-25 | by ( Tracey Tully | ) www.nytimes.com time to read: +1 min

After being handcuffed by the police, Mario Terruso Jr. was hallucinating, complaining of extreme nausea, and appeared to be high on drugs. But the New Jersey officers instead brought him directly to jail, concerned about getting bogged down on a Sunday shift awaiting a lengthy medical evaluation, according to an investigation by the state attorney general’s office. Thirteen hours later, after being forcibly restrained in jail, Mr. Terruso, 41, was dead. On Monday, a grand jury took the unusual step of handing up indictments against eight officers involved in the 2019 arrest and the subsequent restraint of Mr. Terruso inside Atlantic County’s jail. Eric Tornblom and Mark Jenigen, both correction officers at the jail, are charged with manslaughter.

☆ Indian shares fall ahead of inflation data; Adani stocks slide
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 13 (Reuters) - Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group's market rout continued to create an overhang. Investors await India's retail inflation data for January, due today. A Reuters poll of economists showed that India's annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI's tolerance band in January. India's market regulator is probing the group's links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises. ($1 = 82.5250 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares set to fall after Adani group calls off $2.5 bln share sale
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 2 (Reuters) - Indian shares are set to open lower on Thursday after a sustained selloff in Adani group stocks as the group cancelled the secondary share sale of its flagship company Adani Enterprises. India's market regulator is said to be examining the crash in the Adani group company shares and looking into possible irregularities in Adani Enterprises' secondary share sale. Indian markets closed lower on Wednesday, hit by Adani group stocks and a fall in insurance companies after the union budget proposed to limit tax exemptions for insurance proceeds. STOCKS TO WATCHBritannia Industries (BRIT.NS): Co posts rise in consolidated net profit in the third quarter on price hikes, sustained demand. Alembic Pharma (ALEM.NS): Co reports consolidated net profit that beat estimates in Q3, on higher domestic sales.

☆ India's utility vehicles sales rise in Dec, demand for entry-level cars muted
▼ + stars: | 2023-01-02 | by ( Nandan Mandayam | ) www.reuters.com time to read: +2 min

BENGALURU, Jan 2 (Reuters) - India's top automakers in December reported a double-digit rise in the sale of the more expensive utility vehicles, while entry-level cars saw muted demand despite discounts. Auto sales numbers are keenly watched as they are among the key indicators for assessing private consumption, which has more than 50% weightage in calculating the country's economic growth. Utility vehicles (UV), among the fastest-growing segments, saw a 22.3% rise in sales at Maruti Suzuki India (MRTI.NS) and 62.2% at Mahindra and Mahindra (MAHM.NS). Hero MotoCorp (HROM.NS), the world's largest bikemaker, reported a marginal fall in sales, while Bajaj Auto's (BAJA.NS) two-wheeler sales dropped 22%. The commercial vehicles (CV) segment reported a double-digit growth for December, with sales at industry leaders Eicher Motors (EICH.NS) and Ashok Leyland (ASOK.NS) rising 17.3% and 44.9%, respectively.

☆ A fund manager who oversees $14 billion in equities breaks down why emerging markets offer attractive growth opportunities even during a worldwide economic slowdown — and shares his top 7 foreign stoc
▼ + stars: | 2022-11-15 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

Vontobel's Ramiz Chelat says that certain emerging markets can weather a global economic slowdown. Chelat is particularly bullish on the economies of India, Indonesia, and Brazil. While domestic investors have their hands full with potential recession, portfolio manager Ramiz Chelat believes that the best investment opportunities may be slipping away. Chelat — who manages $5 billion in emerging market equities and $9 billion in global equities at Vontobel Asset Management — is particularly bullish on the emerging economies of Brazil, India, and Indonesia. Chelat believes that all three nations are strong enough to weather any future fallouts from the Russia-Ukraine war, and may even be net beneficiaries in some cases.

☆ INDIA STOCKS Indian shares set to open lower ahead of US inflation data
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 10 (Reuters) - Indian shares are expected to open a tad lower on Thursday, with investors bracing for crucial U.S. inflation data that will provide clues about the severity of Federal Reserve's future interest rate hikes. Foreign institutional investors bought net of 3.87 billion Indian rupees ($47.51 million) equities on Wednesday, while domestic investors sold 10.60 billion rupees of shares, as per provisional data available with the National Stock Exchange. ** Indian port operator Adani Ports (APSE.NS) acquired a 49.38% stake in petroleum logistics service provider Oiltanking for 10.5 billion rupees. ** Indian sugar mills are aggressively signing export deals, contracting for about 1 million tonnes just four days after New Delhi approved exports. read more($1 = 81.4650 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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