Tata Motors Celebrates Its Production Milestone Of 50,000 EVs In India

* A strong testament to the faster adoption of electric vehicles in India

India has embraced the EV revolution and this has driven Tata Motors, India’s leading automotive brand to a key milestone – the rollout of 50,000th EV in the country. The Company today, rolled-out its 50000th EV, from its Pune facility. Favorable policy environment, positive word of mouth from existing customers, practical product options, better ride and handling and attractive cost of ownership have helped the Company achieve this feat ahead of its target.

Commenting on this achievement, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, the onus of ensuring successful adoption was on us. With well calibrated product mix, strong consumer facing initiatives, we have been able to address barriers to EV adoption. We created an entire EV ecosystem with Tata Group companies to provide simple, cost effective solutions for our customers.

“Celebrating 50,000th EVs in India is a strong testament to how our portfolio is resonating with people across the country. EVs are offering a practical solution to problems of rising fuel price and worsening pollution. Customers are now ready to welcome EVs and we are thrilled to witness the transition from early adopters to now EVs becoming a mainstream choice for Indian customers.” 

To democratize electric mobility in India Tata Motors is ensuring that there is an EV option for everyone. From the most popular SUV brand in India, the Nexon EV to the newest addition– Tata Tiago.ev, India’s first electric hatchback, the Company’s deep understanding of EV customers has resulted in an exciting product mix with the most relevant features. To address customer needs, the Company has not only introduced features like Multi Mode Regen and Multi Drive Mode, but also educated customers about the best way to drive their EVs for optimal range. All products are powered by the high voltage Ziptron architecture, which is driven and proven for over 450 million kms across diverse and challenging Indian terrains, providing an unmatched, uncompromising EV experience.

While new products are developed to cater to evolving customer needs, Tata Motors also offered software updates to existing EV customers so they can enjoy a renewed driving and ownership experience.  Furthermore, with an aim to make EVs easily accessible, Tata Motors has entered 80 new cities, expanding its network to more than 165 cities, helping consumers embrace EVs as their mode of personal mobility.

Going forward, Tata Motors is focusing on a three-phased architecture approach for EVs and plans to launch 10 EVs in 5 years.

To know more about offers and car buying options, call your nearest dealership or visit https://ev.tatamotors.com/

Arya.ag Invests In Computer Vision-Focused SaaS Start-Up, Assert AI’s Latest USD 2 Million Fundraising Round

* Assert AI Plans To Utilize The Funds To Expand Into New Markets And Develop Exclusive Products For The Agriculture Industry

Arya.ag, India's largest & only profitable integrated grain commerce platform, has announced a strategic investment in computer vision-focused SaaS startup Assert AI. The development is part of Assert AI's latest fund-raise amounting to USD 2 million and involved participation from Prashant Purker, Ex- MD & CEO of ICICI Venture, in his personal capacity. 

Assert AI aims to utilize the funds to expand its presence overseas in the USA market and develop exclusive products for the agriculture industry. Computer Vision is rapidly assuming prime business consideration with the increasing demand for insights-driven digital images and videos.  This strategic investment aims to strengthen Arya.ag’s blockchain offerings and AI & deep tech vision for unprecedented visibility and assurance for its storage, financing, and commerce offerings.

Assert AI has already established itself as a formidable name in computer vision with offerings that include face recognition, object detection, weapon detection in high-risk areas, docks utilization, packet counting in warehouses, and safety gear detection, among others. Under this context, Assert AI aims to have a unique proposition in translating computer vision analytics into actionable business intelligence for businesses of all sizes.

On the development, Job Philip, Co-Founder, Assert AI commented, "Digitization and related proliferation of video, as well as other forms of the visual medium, is on an ever-increasing exponential curve. The need of the hour is to transform observations from these mediums into actionable business insights and ensure that this is executed in real-time. The latest round of funding furthers our resolve to continue pioneering innovation in the visual analytics landscape and expand its reach to large untapped segments, including agriculture."

Prasanna Rao, Co-Founder & Managing Director, Arya.ag said, "At Arya.ag, we endeavour to digitize an otherwise conventional agri value chain. Tech-led computer vision ensures complete assurance for farmers, lenders, and buyers as they transact on our platform. Through our strategic investment in Assert AI, we aim to consolidate our AI & Blockchain offerings. This partnership will work towards conceptualising and innovating computer vision solutions specifically for the agricultural ecosystem."

For Arya.ag, investment in Assert AI follows the startup's recent move to acquire data science company, Prakshep, which consolidated the company's deep tech capability to provide traceability, transparency, and quality assurance for seamless commodity commerce. Arya.ag is also in the advanced stages of introducing a first-of-its-kind public agri blockchain ledger in the country.

ABOUT ARYA

Arya.ag, India’s largest and fastest-growing integrated grain commerce platform, eliminates the trust deficit in the grain commerce value chain through its disruptive integrated PAN India platform that delivers value to all stakeholders by enabling access to high-quality produce, products, and services. Powered by an exponentially growing layer of visibility and control currently stretching across 425 districts in 21 states, 10,000 warehouses and USD 2 billion of grain, Arya.ag offers the assurance of quality supply to buyers and on-time fair payment for their produce and allied services to seller. It seamlessly embeds finance to maximize value for both sellers and buyers and the platform facilitates over USD 700 Mn of finance annually. More at www.arya.ag

Elgi Equipments Limited – Second Quarter 2022-23 Results Announced

Elgi Equipments Ltd, manufacturer of Air Compressors, announced the results for the second quarter ended September 30, 2022. Consolidated PAT for the quarter was Rs. 72 Crore compared to Rs. 51.6 Crore in the same period in 2021-22. Consolidated sales for the second quarter was Rs. 739 Crore as against Rs. 652 Crore in the corresponding quarter in 2021-22.

The standalone PAT for the second quarter was Rs. 72.7 Crore compared to Rs. 56.9 Crore in the same period in 2021-22.

The compressor business in the domestic market was close to projected numbers. Business growth in Europe, North America and Brasil was strong. Middle East, Africa, Australia and South East Asian Countries are slowly recovering.

The automotive business witnessed growth on the back of improvements in the Indian automotive sector.

Outlook for Q-3, FY 2022-23

Shades of recession are being spoken about in Europe while such trends are not visible in North America. The domestic market may see minor ups and downs but overall, we are in one towards achieving our targets.

Bank of Baroda Announces Positive Financial Results For Quarter Ended September 30, 2022

Key Highlights 

Bank of Baroda (BOB) declares record profits. Net profit for Q2FY23 grows by 58.7% YoY to reach INR 3,313 crore 

Net profit in (H1FY23) stood at INR 5,482 crore registering a strong YoY growth of 66.3%  

Advances registered a strong YoY growth of 19% in Q2FY23  

Organic Retail Advances grew by 28.4%, led by growth in high focus areas such as Home Loan (19%), Personal Loan (172.8%), Auto Loan (29.2%), Education Loan (23.2%) 

GNPA at 5.31% a reduction of 280 bps YoY and 95 bps QoQ 

NNPA at 1.16% a reduction of 167 bps YoY in Q2FY23 and 42 bps QoQ  

Provision coverage ratio (PCR) at 79.14% w/o TWO 

Net Interest Margins stands at 3.33% in Q2FY23, increase of 48 bps YoY & 31 bps QoQ 

Healthy Capital base – CRAR stands at 15.25% in Sep’22 

Business Performance 

Global Advances of the Bank increased to INR 8,73,496 crore, +19% YoY. 

Domestic Advances of the Bank increased to INR 7,16,737 crore, +15% YoY.  

International advances registered a robust growth of 41.7% YoY. 

Global Deposits increased by 13.6% YoY to INR 10,90,172 crore.  

Domestic Deposits increased by 10.9% YoY to INR 9,58,967 crore in Sep’22. 

International Deposits grew by 38.3% on a YoY basis to INR 1,31,205 crore in Sep’22.  

Domestic Current Account Deposits stands at INR 64,873 crore, registering a growth of 7.9% on a YoY basis.  

Domestic Savings Bank Deposits grew by 9.4% to INR 3,45,278 crore. Overall Domestic CASA registered a growth of 9.2% on a YoY basis. 

Organic Retail loan portfolio of the Bank grew by 28.4% led by growth in Personal loan portfolio by 172.8%, Auto loan by 29.2%, Education loan by 23.2%, Home loan by 19% on a YoY basis. 

Agriculture loan portfolio grew by 14.1% YoY to INR 1,14,964 crore. 

Total Gold loan portfolio (including retail and agri.) stands at INR 33,502 crore, registering a growth of 27.8% on a YoY basis. 

Organic MSME portfolio grew by 13.4% YoY to INR 1,01,278 crore.  

Profitability 

Net Interest Income grew by 34.5% YoY and 15.1% QoQ to INR 10,714 crore in Q2FY23. It registered a growth of 23% YoY for H1FY23 and stands at INR 19,013 crore.   

Fee based Income for the quarter increased by 12.3% to INR 1,515 crore. 

Operating Income for Q2FY23 stands at INR 12,000 crore, increase of 7.7% YoY. 

Yield on Advances increased to 7.22% in Q2FY23 as against 6.55% in Q2FY22.   

Cost of Deposits stands at 3.59% in Q2FY23 as against 3.52% in Q2FY22. 

Operating Profit for Q2FY23 stands at INR 6,031 crore, increase of 6.4% on a YoY basis. Operating Profit for H1FY23 stands at INR 10,558 crore. 

Core Operating Profit (ex-Treasury gains/losses and Interest on IT refund) grew by 44.6% YoY at INR 6,270 Cr in Q2FY23. 

Bank reported a standalone Net Profit of INR 3,313 crore in Q2FY23 as against a profit of INR 2,088 crore in Q2FY22. 

Global NIM stands at 3.33% in Q2FY23, increase of 31 bps QoQ. NIM for H1FY23 stands at 3.17% against 3.03% for FY22. 

Return on Assets (annualised) improved to 1.01% in Q2FY23 from 0.73% in Q2FY22. Return on Assets for H1FY23 stands at 0.84%. 

Return on Equity (annualised) increased by 554 bps YoY to 19.56% in Q2FY23. Return on Equity for H1FY23 also increased by 511 bps YoY to 16.18%. 

For the consolidated entity, Net Profit stood at INR 3,400 crore in Q2FY23 as against INR 2,168 crore in Q2FY22. 

Asset Quality 

The Gross NPA of the Bank reduced by 12% QoQ to INR 46,374 crore in Q2FY23 and Gross NPA Ratio improved to 5.31% in Q2FY23 from 6.26% in Q1FY23. 

The Net NPA Ratio of the Bank improved to 1.16% in Q2FY23 as compared with 1.58% in Q1FY23. 

The Provision Coverage Ratio of the Bank stood at 91.73% including TWO and 79.14% excluding TWO in Q2FY23. 

Slippage ratio declined to 1.53% for H1FY23 as against 2.45% in H1FY22. 

Credit cost for the Q2FY23 stands at 0.79%. 

Capital Adequacy 

CRAR of the Bank stands at 15.25% in Sep’22 from 15.55% in Sep’21. Tier-I stood at 12.81% (CET-1 at 10.95%, AT1 at 1.86%) and Tier-II stood at 2.44% as of Sep’22.  

The CRAR and CET-1 of consolidated entity stands at 15.77% and 11.60% respectively .

Union Bank of India Signs “Agreement With LIC Mutual Fund”

Union Bank of India has signed an agreement with LIC Mutual Fund for distribution of their Mutual Fund products through Union Bank Branches. The agreement was signed by Shri Sanjay Narayan, General Manager of Union Bank of India and Shri Nityanand Prabhu, Executive Director & Business Head, LIC Mutual Fund, in the presence of Shri T.S.Ramakrishnan, MD & CEO of LIC Mutual Fund. 

Union Bank of India has been showing good performance in third party income, and is closely working with the Insurance and Mutual Fund partners, to provide niche products to their customers.  

Speaking on the occasion, Shri Sanjay Narayan, GM, Union Bank of India said “At Union Bank of India, it has always been our endeavour to provide best of the products to our customers. We are happy to announce our tie-up with LIC Mutual Fund, which will augur well for our customers especially in rural and semi-urban areas”. Shri T.S.Ramakrishnan, MD & CEO of LIC Mutual Fund said “We are delighted to partner with Union Bank of India to offer our mutual fund products. Union Bank and LIC MF’s extensive reach across the country, especially in the rural and semi-urban areas, will enable us to reach wider diaspora of investors.” 

About LIC Mutual Fund  

LIC Mutual Fund (LICMF) was established on 20th April 1989 by LIC of India, is one of the oldest & leading Mutual Fund operating in India, which is sponsored by LIC of India, trusted brand in the Insurance Industry. LICMF offer a complete basket of 28 products covering Debt, Equity, Hybrid, Passive and Solution oriented Schemes. LICMF’s Average Assets Under Management (AAuM) is INR 17,232 crores as on October 31, 2022. LICMF operates through 31 Branch Offices and 182 Investor Service Centres (as on Oct -2022). 

Photo Caption- Shri Rohit Mistry, Head- Business Development & Marketing, LIC Mutual Fund; Shri Nityanand Prabhu, Executive Director & Business Head, LIC Mutual Fund; Shri T S Ramakrishnan, MD & CEO, LIC Mutual Fund; Shri Sanjay Narayan, General Manager – Retail Assets Vertical, Union Bank of India; Shri A.Radhakrishnan, Dy General Manager, TPPD, Union Bank of India.).

MoUs Worth Rs 9.8 Lakh Crore Signed At Global Investors’ Meet : CM Bommai

* Do not use the MoUs as a tool to influence markets. Commitments are to be honoured, the Chief Minister said at the finale of the State’s three-day Global Investors’ Meet

Karnataka is able to see the silver lining among dark clouds even as the world in is reeling under recession and leading economies in particular are trying to meet both ends, said Chief Minister Basavaraj Bommai here on Friday.

Karnataka put a foot forward and showed courage when the whole world was reeling under recession, inflation was on the rise, and the top world order countries were suffering and trying hard to meet their financial requirements, he said at the finale of the State’s three-day investment exposition, Global Investors’ Meet (GIM).

Changing times

He thanked investors for favourably responding to the State’s call for investment. “Times are challenging, but trust is an important factor,’‘ Mr. Bommai said. “Our strength is our people, talent, our policies, and tech-driven industries,’‘ he added.

The Chief Minister said this edition of GIM resulted in the signing of MoUs involving Rs 9.8 lakh crore (over $100 billion). This has been cleared under the State’s single-window clearance agency and high-level committee. However, how much of it would eventually convert to investments on the ground is critical. Of this, a chunk of Rs 2.83 lakh crore has already been cleared, he said.

Addressing investors, he said, “Do not use these MoUs as a tool to influence markets. Commitments are to be honoured. If you are ready to take the challenge, we will be with you. Within three months, these MoUs should become investment reality.’‘

Rate of conversion

He said investments received through GIM have only been on the rise over the years. For instance, the maiden edition of GIM in 2000 had MoUs involving Rs 27,057 crore of which 40% became a reality. In 2010, MoUs for Rs 3.94 lakh crore were signed with a 14% conversion. In 2012, of  Rs 6.77 lakh crore, there was 8% conversion. In 1016, of Rs 3.05 lakh crore, 15% saw conversion.

“With GIM 2022, we have changed gears to more than double the speed of its growth from 50 to 60 km speed to 120 to 140 km,’‘ the Chief Minister said.

Renewable energy.

On renewable energy initiatives Mr. Bommai said that Karnataka accounted for 63% of the total production in the country. “We are going ahead of the Gulf countries in terms of producing ammonia and green nitrogen based energy sources. I want our first hydrogen-based renewable energy project groundbreaking by February-March next year.’‘

Cummins India Limited Results For The Quarter And Period Ended September 30, 2022

Cummins India Limited (NSE: CUMMINSIND and BSE: 500480) The Board of Directors of Cummins India Limited (‘CIL’), at their meeting held & reviewed and approved the unaudited financial results (consolidated and standalone) for the quarter and period ended September 30, 2022.  

Performance Highlights (based on standalone financial results) for the quarter and period ended September 30, 2022: 

Total Sales for the quarter at ? 1,922 Cr. increased by 14% compared to the same quarter last year and by 16% compared to the previous quarter. 

Domestic sales at ? 1,391 Cr. increased by 11% compared to the same quarter last year and by 19% compared to the previous quarter. 

Exports Sales at ? 531 Cr. increased by 21% compared to the same quarter last year and by 9% compared to the previous quarter. 

Profit before exceptional items and tax at ?336 Cr. is higher by 15% compared to the same quarter last year and higher by 21% compared to the previous quarter. 

Profit before tax at ?336 Cr. is higher by 15% compared to the same quarter last year and higher by 27% compared to the previous quarter. 

Ashwath Ram, Managing Director, Cummins India Limited, said:  CIL reported a record revenue for the quarter with sustained demand visible across most of our domestic and exports end markets. Despite headwinds of inflation, geo-political issues etc. economic activities are sustaining growth momentum. Robust tax collections, softening of commodity cost, focus on infrastructure and continued efforts on digitizing the economy are auguring well for our products and services. While the supply chain constraint continues, we being part of a global integrated supply chain is enabling us to secure supplies to meet the demand. We remain cautiously optimistic about the short to medium term demand outlook. 

Future Outlook: 

The Company believes that in the near to medium term the strong demand from various end markets may likely sustain. We continue to closely monitor impact of rising inflation and consequential monetary policy action of raising interest rates and its impact on consumption across our end markets. The Company is well positioned to deal with these uncertainties as we have a strong Balance Sheet, integration with global supply chain and in-country world class infrastructure and human resources. Given the uncertain economic environment due to rising inflation and geo-political issues, the company is not providing guidance for FY’23.