Ola Electric News

Swiggy has converted itself into a public limited company, ahead of an expected stock market listing later this year, according to documents filed with the Registrar of Companies (RoC). The name of the food-delivery and quick-commerce major's holding company has been changed from Swiggy Private Limited to Swiggy Limited. The change comes as the firm is expected to file a draft red herring prospectus in the next few months, with an estimated $1-billion public listing on the cards towards the end of the year.

₹22,000 per scooter to a maximum of ₹10,000 per scooter. This can lead to a price hike of ₹1,000-5,000 per scooter, where prices range from ₹80,000 to well over ₹1.5 lakh (ex-showroom).

₹70,000 crore, equivalent to $8.4 billion, in FY25. Moreover, 19 companies have already secured the Securities and Exchange Board of India (SEBI) approval to raise a substantial ₹25,000 crore. Bharti Hexacom, Go Digit Insurance, Swiggy, Ola Electric, Waaree Energies and Brainbees Solutions are some of the most awaited IPOs in FY25.

electric scooter is full of technology, integrating cutting-edge AI capabilities for a smarter, safer, and more convenient ride, Powered by an in-house developed chip, the LMA09000, Solo harnesses the power of artificial intelligence to navigate the streets. As per the company, its adaptive algorithm, JU-GUARD, ensures continuous learning from every ride, enhancing efficiency and performance. In a recent announcement on social media platform X, Bhavish Aggarwal, the co-founder of Ola Electric, proudly unveiled Solo, highlighting its game-changing features.

₹500 crore Electric Mobility Promotion Scheme (EMPS) 2024 to encourage the purchase of electric two- and three-wheelers, a measure expected to support companies including Ola Electric. However, despite EMPS extending subsidy benefits for four months, the quantum of subsidy per vehicle has been lowered, noted Rohan Kanwar Gupta, vice president, ICRA. "Accordingly, a reduction in the subsidy benefit is a short-term impediment and will impact demand/realizations to an extent.

Indian stock market remains attractive, say experts, suggest stocks to buy for long term Recently Fitch Ratings has raised its forecast for India's economic growth to 7 per cent for the next financial year (FY25). The ratings agency underscored that India witnessed a GDP growth of more than 8 per cent for three consecutive quarters and the growth growth momentum may slightly moderate in the final quarter of the current fiscal year due to which, India's growth could come at about 7.8 per cent for FY24.

B2B) and manufacturing technology sectors constituted 56% of the new listings on the mainboard over the last five years, Boston Consulting Group and venture capital firm Matrix Partners said in a joint report. According to the latest ‘Digitizing Make in India’ report, within the B2B space, there had been 11 initial public offerings in the past five years in the specialty chemical industry, featuring companies such as Chemplast and Senmar.

Anil Agarwal took to social media site X (formerly known as Twitter), to express that he is optimistic about India's growing electric vehicles segment enabling job creation in the country. In a post on March 7, the industrialist noted that EVs use up to six times more minerals compared to conventional vehicles and if played out correctly, the need for these resources could drive up jobs in the local mining sector. He further added that a "explore, mine and make in India" mantra by startups and small and medium enterprises (SMEs) will be an important factor in tapping the "massive potential" for job creation in the country.

electric two-wheeler (E2W) market in India saw a significant surge in registrations during February 2024, indicating a robust 24% year-on-year growth in high-speed scooters. According to data sourced from Vahan, this surge reflects the growing traction of electric vehicles in the country, with key players making strides in this evolving sector. In February, registrations of high-speed E2Ws reached a total of 81,963 units, maintaining a steady month-on-month status. It's worth noting that the presence of an additional day in February contributed to this growth. The year-to-date average monthly run rate stood at 73,190 units, showing a remarkable 21% increase compared to the previous fiscal year's average of 60,500 units. The electric two-wheeler penetration rate for February 2024 reached 5.7%, a slight increase from January's 5.6%, highlighting the sustained momentum of E2Ws in the market.

NLC India, apart from Ola Electric, Jindal Power and Dalmia Group, are among bidders for 20 blocks in the first tranche of auction for critical mineral blocks in the country. The Union mines ministry on Thursday said it has received more than 50 bids for the 20 critical and strategic mineral blocks in the first tranche, which was launched on 29 November. These blocks consisted of minerals like lithium, glauconite, nickel, PGE, potash, graphite, molybdenum, phosphorite and rare earth elements (REE).

Ola Electric last week cut the price of its entry-level scooter by ₹25,000. That brought down the price of the Ola S1X+, with a 3kwh electric motor, in line with that of the top-selling petrol-powered scooter, Honda's Activa. Steep price cuts and the launch of affordable models by companies like Ola Electric, Ather Energy and Bajaj Auto-owned Chetak Technology have helped narrow, or even bridge, the gap between the prices of battery-powered and petrol-run two-wheelers. Industry experts expect the increasing affordability to quicken the adoption of electric two-wheelers in India. While sales have been surging and are expected to be around 850,000 units in fiscal 2024, electric two-wheelers still account for just 4.5% of the market. The main challenges to adoption of this cleaner mode of mobility have been higher acquisition cost compared with petrol-powered models and inadequate charging infrastructure.

subsidies may be tapered in favor of a smaller outlay under a new or extended version of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles or FAME-II scheme. Government officials with direct knowledge of the discussions told Mint on Wednesday that could be the case. For now, uncertainty surrounds the fate of electric vehicle (EV) incentives, with the ₹11500 crore FAME-II scheme set to expire this financial year, sparking discussions about the potential transition to FAME-III.

Bengaluru-based Ola Electric became the first two-wheeler EV-maker to become eligible for the PLI scheme as its S1 Air scooter received DVA. The two products are now eligible for various subsidies offered by the government for the next 5 years.

Also Read: Qualitek Labs shares make stellar debut; stock lists with 90% premium at ₹190 In terms of top performers, Kay Cee Energy & Infra stood at the top, currently trading at ₹295.95 apiece, which is 447% higher than its IPO price of ₹54. Following closely are Maxposure Australian Premium Solar (India), Shri Balaji Valve Components, and Akanksha Power and Infrastructure, all trading with gains ranging from 130% to 276% from their respective issue prices.

India should look at how it can sell electric two-wheelers to the world, even as it develops a market for battery electric vehicles locally, Niranjan Gupta, chief executive officer of Hero MotoCorp, the country’s largest two-wheeler maker, said on Tuesday. The company will introduce three electric two-wheelers in the mass market in FY25 to strengthen its portfolio, Gupta said on the sidelines of an event to unveil 'Hero Mavrick', the first Hero-badged premium motorcycle that has been developed with American motorcycle maker Harley Davidson. Gupta said one of the upcoming electric scooters will target customers in the B2B segment, while the other two will be positioned in the mid and entry segments for buyers in the mass market. “Over the next 12 months, we will launch a mid-price scooter and an economically priced scooter. So the Vida range will be aspirational, accessible and affordable,” he said. Sales of electric two-wheelers in India increased by 36% to 859,000 units in CY2023.

Tata Motors, Honda Cars, Toyota Kirloskar Motor, MG Motor India and Kia India, as well as German luxury and premium carmakers Mercedes-Benz, BMW and Skoda Auto Volkswagen India. The show will also draw prominent two-wheeler makers Bajaj Auto, TVS Motor and Honda Motorcycle and Scooter India, and pure EV makers Ather Energy, Ola Electric, Tork Motors, ⁠Eka Mobility and VinFast.

Listed major auto OEMs in India have varied businesses that makes it difficult to play the EV theme through them, says Kumar Rakesh, IT & Auto Analyst, BNP Paribas. «However, some of the auto component manufacturers have started building capabilities in the EV value chain and could be a key beneficiary of increased localisation of EV components in India,» he says in an interview with ETMarkets.com. Edited excerpts: Now that you have the December sales numbers, what is the broad outlook on the earnings of auto companies in Q3? Where do you think the good news will come from? Kumar Rakesh: On Q3 earnings, our sense is that 2W and 3W companies will outperform the PV OEMs and can see earnings growth of 25-30%, while PV OEMs can see a potential earnings growth of low double digits. This was on back of the strong festive demand for both PVs and 2Ws, albeit a higher base of PVs while a low base effect for 2Ws. Tractors were weak in Q3 and could see earnings degrowth, while CVs could see low-mid single digit earnings growth. While we see all the festive cheers already factored in the earnings expectation and the recent share price rally, we see a further recovery, especially in the rural segment can bring in some good news, especially for 2W players like HeroMotoCorp. However, more pain from the entry segment PV sales and increasing discounts can be potential negatives to watch out for.

NEW DELHI : Bhavish Aggarwal-led Ola Electric has sold more than 8,200 scooters to promoter group company ANI Technologies Ltd, which is looking to launch and expand its electric bike taxi service in various Indian cities. Ola Electric, which has filed draft papers for an initial public offering, confirmed the numbers to Mint. However, Ola Electric’s draft papers, filed on 22 December and that cite financials till 30 June, make no mention of the related-party transaction, implying these sales occurred in the six months after June.

MUMBAI : The Indian markets are poised to witness initial public offerings (IPOs) worth $12-13 billion in 2024, V. Jayasankar, managing director and a board member at Kotak Investment Banking, said. IPOs of new-age tech companies, such as Ola Electric, FirstCry and Swiggy, are likely to fuel a significant part of this activity, according to the company.

₹1. The offer for sale comprises of up to 1,14,59,840 equity shares by AceVector Limited (formerly known as Snapdeal Limited) (“Promoter Selling Shareholder"); up to 22,10,406 equity shares by B2 Capital Partners and up to 1,61,70,240 equity shares by SB Investment Holdings (UK) Limited (“Investor Selling Shareholder"). Also read: IPOs next week: One mainboard, 3 SME public issues and one listing to keep primary market busy The public issue will not comprise any fresh issue of equity shares.

Ola recently announcing its record-breaking monthly sales in December 2023, reaching 30,219 units. In December, the sales volume of electric two-wheelers (E2W) in India witnessed a 17% year-on-year increase. According to data from the Vahan portal, the sales of electric two-wheelers in India surged to 728,054 units in the fiscal year 2022-23, more than double the figures from the previous year, which recorded 252,641 units. It's important to note that these figures exclude low-speed sales.