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The Economic Times

Govt approves sale of FSNL to Japan's Konoike Transport Co for Rs 320 cr

The government has approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese company Konoike Transport Co Ltd for Rs 320 crore. FSNL, a subsidiary of MSTC Ltd under the Steel Ministry, received two bids, with Konoike's being the highest. The sale includes 100 per cent equity shareholding and management control transfer.

CNBC TV18

Japanese firm Konoike Transport wins ₹320-crore bid for MSTC arm Ferro Scrap Nigam

FSNL is a wholly-owned subsidiary of MSTC Ltd under the Ministry of Steel, while Konoike Transport is listed on the Tokyo Stock Exchange and has a longstanding presence in the steel industry. Shares of MSTC Ltd ended at ₹722.65, up by ₹10.55, or 1.48%, on the BSE.

Business Standard

Veeram Securities Ltd leads losers in 'B' group

P N Gadgil Jewellers Ltd, Ecos (India) Mobility & Hospitality Ltd, Kriti Industries (India) Ltd and PTC India Ltd are among the other losers in the BSE's 'B' group today, 19 September 2024.

The Economic Times

IIT alumni to invest Rs 700 cr for EV buses in Goa; will revive mass transport, says CM Pramod Sawant

The Goa cabinet has approved a proposal by IIT alumni to invest Rs 700 crore in introducing electric buses for the state's public transport system. The initiative aims to roll out 500 EV buses, enhancing the fleet of Kadamba Transport Corporation Limited and reviving non-operational routes and interstate services.

The Economic Times

India has potential to export electric two-wheelers: Nitin Gadkari

India has the potential to become a major export hub for electric two-wheelers, according to Transport & Highways Minister Nitin Gadkari. He highlighted that companies like Bajaj and TVS are already exporting nearly 50% of their production. With battery prices decreasing, electric vehicles are expected to be cost-competitive with petrol and diesel vehicles within two years, driving up demand.

The Economic Times

We will not spare you: Nitin Gadkari fumes at poor upkeep of EPE, warns operators

Union Road Transport and Highways Minister Nitin Gadkari criticized agencies and contractors for poorly maintained roads, particularly the Eastern Peripheral Expressway. He warned that bad operators would face blacklisting and forfeiture of bank guarantees, while good performers would be rewarded. The minister emphasised the need for well-maintained roads and highlighted ongoing environmental initiatives.

The Economic Times

India has potential to produce lithium-ion batteries, Kashmir has 6% of global lithium stock: Nitin Gadkari

Union Road Transport and Highways Minister Nitin Gadkari announced that Jammu and Kashmir holds 6% of the world's lithium stock, highlighting India's potential to produce lithium-ion batteries. He emphasised the future of electric vehicles and the need for alternate fuels like ethanol and hydrogen. Gadkari also discussed India's growing automobile industry and its significant export contributions.

Mint

State Bank Of India share are down by -0.26%, Nifty up by 0.13%

Sbi Share Price Today : On the last trading day, SBI's stock opened at ₹793.45 and closed at ₹788.50. The stock reached a high of ₹795.30 and a low of ₹787.05 during the day.

Business Standard

Bengal to streamline e-rickshaw registration, discontinue illegal vehicles

The West Bengal transport department has decided to streamline the registration of e-rickshaws and phase out unregistered and illegally manufactured vehicles. The decision was taken in view of representations from various bodies about the plying of lakhs of unregistered e-rickshaws built in workshops without following any standard manufacturing procedures or safety guidelines. A senior transport department official said that district magistrates have been asked to identify battery-operated unregistered e-rickshaws built clandestinely at local garages and phase them out in a time-bound manner. Transport Secretary Saumitra Mohan, in a notice issued on September 12, said, "Representations have been received from different stakeholders in connection with non-compliance of guidelines for registration of e-rickshaws, duly manufactured by different companies including original equipment manufacturers, after obtaining the approval from the competent authority." As per the Central Motor ...

The Economic Times

Ahmedabad-Gandhinagar Metro expansion to enhance connectivity and sustainability

Prime Minister Narendra Modi will inaugurate the second phase of the Ahmedabad-Gandhinagar Metro on September 16. This new phase will significantly reduce travel time between the two cities to under 45 minutes. The Metro expansion aims to enhance Gujarat's urban transport network, integrating with BRTS, railway, and future bullet train projects for a seamless commute.

Mint

State Bank Of India share are up by 0.03%, Nifty down by -0.08%

Sbi Share Price Today : On the last trading day, SBI opened at ₹790.85 and closed at ₹788.30. The stock reached a high of ₹792 and a low of ₹784.85 during the session.

The Economic Times

Pre-Bharat Stage norm vehicles should be scrapped, says top official

Ministry of Road Transport & Highways Secretary Anurag Jain has advocated for the scrapping of pre-BS era vehicles, particularly commercial heavy vehicles, due to pollution and safety concerns. He highlighted that these older vehicles contribute significantly to pollution and have higher fuel and maintenance costs. The government is working on incentivizing vehicle scrapping.

The Economic Times

Japan's Nikkei rallies on Wall Street gains, softer yen

Among the Tokyo Stock Exchange's 33 industry groupings, transport equipment, which includes automakers, climbed 2.4% and was among the top performers. Toyota Motor gained 3.8%, while Kawasaki Heavy Industries led the sector with a 6.3% rise. Japan's technology shares tracked their U.S. peers higher to offer the Nikkei the largest lift.

The Economic Times

Delhi government mulls proposal to transition Gramin Seva autos to electric vehicles

The Delhi government plans to rejuvenate the Gramin Seva autos by transitioning them to electric vehicles. This move aims to address the demands of the union representing these autos, which have seen a decline in numbers due to high operating costs and competition from e-rickshaws. The proposal is under active consideration by the Transport Department.

Business Standard

Govt approves Rs 10,900 cr PM E-Drive scheme to push electric mobility

The Union Cabinet on Wednesday approved the PM E-Drive Scheme with an outlay of Rs 10,900 crore for two years to boost adoption of electric vehicles in India, replacing the flagship FAME programme that ran for nine years till March. The decision on PM Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) Scheme was taken at the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, Information and Broadcasting Minister Ashwini Vaishnaw told reporters here. The scheme will support 24.79 lakh electric two-wheelers, 3.16 lakh e-three wheelers, and 14,028 e-buses. The PM E-DRIVE will also support 88,500 charging sites, Vaishnaw said. The new scheme offers subsidies/demand incentives worth Rs 3,679 crore to incentivise adoption of electric two-wheelers, electric three-wheelers, e-ambulances, e-trucks and other emerging elecric vehicles (EVs). A sum of Rs 4,391 crore has also been provided for procurement of 14,028 e-buses by state transport undertaking

Business Standard

Auto sector needs to focus on customer service, quality assurance: Gadkari

The Indian automobile industry is at the cusp of a revolution and it needs to focus on customer service, after-sales and quality assurance, Union Minister Nitin Gadkari said on Wednesday. In a video message to the Auto Retail Conclave organised by Federation of Automobile Dealers Associations (FADA), Gadkari, the Minister for Road Transport and Highways acknowledged that automotive dealers play a key role in realising the government's mission of a self-reliant India. "The automotive industry is at the cusp of the revolution, and as we look to the future, it is critical that the sector continues to innovate, especially in areas like customer service, after-sales and quality assurance," Gadkari said. The minister further said, "As a distributor of automobiles, you play a pivotal role in the government mission of 'make in India' and contribute significantly to realising our vision of self reliant India." Stating that the government deeply values the role that FADA and its members play

The Economic Times

Tech firms halve business travel in 2023 but Alphabet, Apple lag, study shows

Global tech giants reduced their business flight emissions by 49% in 2023 compared to 2019, but companies like Apple and Alphabet are lagging, risking a return to pre-pandemic levels. Only seven out of 26 major tech firms have set specific reduction targets, according to a report by Transport & Environment.

The Economic Times

Bye-bye Fastag long queues: Govt starts satellite-based toll collection, here's how the new toll fee system works

The Ministry of Road Transport and Highways in India has introduced a new toll-free allowance for private vehicles traveling short distances on national highways. Vehicles with a functional GNSS will not be charged for journeys up to 20 km per day. This aims to streamline toll collection and reduce costs for short commutes.

Mint

State Bank Of India share are up by 0.24%, Nifty up by 0.14%

Sbi Share Price Today : On the last trading day, SBI's stock opened at ₹781.65 and closed at ₹784.45. The stock reached a high of ₹788 and a low of ₹776.30 during the day.

Business Standard

Walmart Foundation provides $2.78 mn grant to promote tech in agriculture

Walmart Foundation has provided three new grants totalling USD 2.78 million to advance technological innovation in India's agriculture sector. With the Walmart Foundation funding, the National Entrepreneurship Network (NEN), Cornell University in support of the Tata-Cornell Institute for Agriculture and Nutrition (TCI) and Precision Development (PxD) collectively aim to reach over 3,00,000 farmers in India, according to a statement. Walmart.org represents the philanthropic efforts of Walmart and the Walmart Foundation. These grants aim to enhance farmer livelihoods, increase market access and promote sustainable agricultural practices, thereby contributing to the Walmart and Walmart Foundation goal of reaching 1 million smallholder farmers by 2028 across India's agriculture sector, it added.

Business Standard

Scrappage policy to be based on pollution level, not age of vehicle: Govt

The government is working on a policy for scrappage of vehicles to be based on pollution and not on the age of the automobiles, an official said on Tuesday. Speaking at the annual convention of Society of Indian Automobile Manufacturers (SIAM), Ministry of Road Transport & Highways Secretary Anurag Jain asked the automobile industry to help the government in designing the programme of pollution checks "trustworthy". "When you come out with a policy that scrapping is mandatory after 15 years, people come back to us with a question -- if I have maintained my vehicle well, why do you want to scrap my vehicle? You can't mandate," Jain said. In order to consider such situations, he said, "We are studying it from the pollution (point) only." The government is "working at a policy" for the same, he added. "Can we say that pre BS II? We are not talking about age. Can we do it? BS I or pre-BS I? Can we put up a limit for the vehicle pollution?" he added. He, however, said, "There also we .

The Economic Times

Not against incentives on EVs, high number of road accidents one of the dark issues for my ministry: Nitin Gadkari

Nitin Gadkari, India's road transport minister, acknowledged the high rate of road accidents and fatalities as a significant issue despite government efforts. He also mentioned that electric vehicle makers may not need continued sales incentives due to rising volumes and falling battery prices, but he wouldn't oppose subsidies if the Ministry of Heavy Industries supports them.

Business Line

Aerpace Industries partners with Cavok Engineering for large drone development

Aerpace aims to develop applications such as cargo transport, aerTaxi, and aerAmbulance services and plans to keep shareholders updated throughout the development process

Mint

State Bank Of India share are down by -3.18%, Nifty down by -0.84%

Sbi Share Price Today : On the last trading day, SBI opened at ₹813.9 and closed at ₹792.55. The stock reached a high of ₹813.9 and a low of ₹792.25 during the day.

Business Standard

PTC Inds spurts as arm bags order from Israel Aerospace Industries

PTC Industries rose 2.48% to Rs 14,499 after the company said that its wholly owned subsidiary, Aerolloy Technologies has received an order from Israel Aerospace Industries (IAI), for supply of titanium cast components for aerospace applications.

Mint

Multibagger PTC Industries shares rise 3% after arm secures aerospace order from Israel

Shares of PTC Industries, a manufacturer specializing in high-quality, high-precision metal components for critical and supercritical applications, jumped 3% during the final hour of trading today, reaching ₹14,500 apiece.

The Economic Times

Adani sets up unit as co sticks to runway of operating airport in Kenya despite protests

Adani Enterprises has launched a new company in Kenya to acquire and manage Nairobi's Jomo Kenyatta International Airport. The venture, through its Abu Dhabi-based subsidiary, involves a $750 million investment by 2029. Despite protests from Kenyan transport workers over potential job losses, the government defends the deal as essential for upgrading the airport.

The Economic Times

Delhi EV sales plummet after road tax waiver withdrawal, prices jump 10%

Electric vehicle sales in Delhi have nearly halted after the state government withdrew a road tax waiver on EVs, causing prices to rise by 10%. This move has significantly impacted sales of electric two-wheelers and four-wheelers. Industry stakeholders plan to meet with state transport authorities to address their concerns.

The Economic Times

Motilal Oswal mutual fund, 2 others invest in defence stock after 1,200% rally in 3 years

PTC Industries, a high-growth defence stock up 1,200% in three years, closed a Rs 700 crore QIP with investments from Motilal Oswal, HSBC, and Societe Generale. The QIP increased the company's equity capital to Rs 14.97 crore.

Business Line

Orissa Bengal Carrier bags transport deal from Sunflag Iron & Steel

Orissa Bengal Carrier to transport 26,000 tonnes of material

CNBC TV18

PTC Industries raises ₹700 crore by selling shares to Motilal Oswal, HSBC, others

Shares of PTC Industries have surged more than 150% in value over the last 12 months.

The Economic Times

Anand Vihar RRTS trail run to start: Rapid rail station to provide connectivity with Delhi Metro, Railways, ISBT

The Anand Vihar RRTS project is almost complete, with trial runs from Sahibabad scheduled for November. This 14-km leg will feature three new RRTS stations, integrating seamlessly with existing transport hubs. The full Delhi-Ghaziabad-Meerut corridor is expected to be operational by June 2025, enhancing commuter convenience.

The Economic Times

Chhattisgarh district imposes Rs 1,620 crore penalty on NMDC, miner contests levy

Chhattisgarh's Dantewada administration has fined the National Mineral Development Corporation (NMDC) Rs 1,620.5 crore for alleged mining law violations. The NMDC claims the penalties, related to the transport of iron ore, are inappropriate and unconsidered. The company asserts it has all necessary clearances and will submit a suitable response.

Mint

Mukul Agrawal portfolio: PTC Industries approves floor price for QIP, share movement in focus

Popular investor Mukul Agrawal portfolio stock PTC Industries has seen strong gains over the last year. As of August 28 close, the stock has jumped 151 in the last one year.

The Economic Times

Road accidents have claimed more lives than wars: Nitin Gadkari

India faces a significant challenge as road accidents claim more lives than wars and militancy. Road Transport Minister Nitin Gadkari highlighted the need for regular safety audits and improved project reports to address the issue. Collaborative efforts with IITs are essential for reducing accidents, which account for a 3% GDP loss.

The Economic Times

CJ Darcl transports 34 excavators to Haryana by using specialised rail rakes

CJ Darcl Logistics Ltd. has transported 34 excavators from Chennai to Haryana using specialized rail rakes. The company claims to be the first in its sector to use rail for such a heavy equipment transport. This initiative underscores their commitment to innovation and eco-friendly logistics practices.

Business Standard

Auto majors to offer discount on new vehicles against scrappage certificate

Ahead of the festive season, several passenger and commercial vehicle manufacturers have agreed to offer discounts of 1.5-3 per cent on new vehicle purchase against scrapped old vehicles after a meeting with Union Minister Nitin Gadkari, an official statement said on Tuesday. The statement further said Mercedes Benz India has offered a flat discount of Rs 25,000, which will be over and above all existing discounts. Union Road Transport and Highways (RT&H) Minister Nitin Gadkari on Tuesday chaired a meeting with the SIAM delegation at Bharat Mandapam, where he addressed pressing issues in the automobile industry. "During this interaction, responding positively to the advice of the minister RT&H and recognising the importance of Fleet Modernisation and Circular Economy, multiple Commercial Vehicle Manufacturers and multiple passenger vehicle manufacturers have agreed to offer discounts for a limited period against a certificate of deposit (Scrappage Certificate)," the statement .

The Economic Times

You can get a discount on your new car, but Gadkari has one condition

Union Minister of Road Transport and Highways, Nitin Gadkari on Tuesday announced that commercial and passenger vehicle manufacturers have agreed to offer discounts for the purchase of new vehicles against the scrapping of older vehicles with a valid Certificate of Deposit.

The Economic Times

Cathay Cargo seeks more liberal aviation policy, eyes wider India footprint

Cathay Cargo aimed to expand its presence in India by urging for policy updates to permit co-terminalisation rights, which would enable serving multiple cities with the same aircraft. Operating in India since 1953, Cathay Pacific sought to enhance cargo transport efficiency in collaboration with IndiGo and other Indian carriers.

Mint

TCI share price dips over 6% after announcement of share buyback at ₹1,200 apiece

TCI share price: Transport Corporation of India Limited (TCI) saw its stock price decline by 6% after announcing a share buyback plan