Name: Adani stocks fall sharply; Adani Total Gas tumbles over 39% in 3 days
Uploaded: 2023-01-30T20:44:23.000+05:30
Duration: T01M07S
Channel: Editorji News Desk
Description: The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27

The Centre has asked IAS, IPS and IFS officers to intimate it in case the total transactions in stock, share or other investments exceed their six months' basic pay

Centre asks IAS IPS IFS officers to inform it about their stock market related transactions

The Centre has asked IAS, IPS and IFS officers to intimate it in case the total transactions in stock, share or other investments exceed their six months' basic pay

The Centre has asked IAS, IPS and IFS officers to intimate it, in case the total transactions in stock, share or other investments exceed their six months' basic pay during a calendar year, according to the latest order by the personnel ministry.
This intimation is in addition to similar information that needs to be shared by them under Rule 16 (4) of AIS or All India Services (Conduct) Rules, 1968.
These rules are applicable to the members of three All India Services - Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Forest Service (IFS). '...With a view to enable the administrative authorities to keep a watch over the transactions in any stock, share or other investments etc. in respect of members of All India Services (AIS), it has been decided that an intimation may be sent in the enclosed proforma to the prescribed authority every year, if the total transactions in stock, share or other investments etc. exceed six months' basic pay of government servant during a calendar year,' said the order issued to secretaries of all central government ministries.
It referred to Rule 14 (1) of the conduct rules that says 'no member of the service shall speculate in any stock, share or other investments but this provision will not apply to the occasional investment made through stock-brokers or other persons duly authorized on the license under the relevant law'.
The rule further explains that frequent purchase or sale or both of shares, securities or other investments is deemed to be speculation under the sub-rule.
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The capital markets' regulatory body SEBI made a number of decisions with an emphasis on defending investor interests and bolstering market infrastructure

SEBI makes slew of decisions to protect investors, enhance disclosures - HDL

The capital markets' regulatory body SEBI made a number of decisions with an emphasis on defending investor interests and bolstering market infrastructure

Capital markets regulator SEBI took a slew of decisions focusing of protecting investor interests as well as strengthening market infrastructure.
On the Adani-Hindenburg issue, SEBI chairperson, Madhabi Puri Buch refused to comment saying that the case was sub-judice. "We never comment on entity-specific matters and on top of that, the matter is before the Supreme Court. We never comment on sub-judice matters,&rdquo; said SEBI Chairperson. She also added &ldquo;we are duty-bound to follow whatever the Supreme Court has said."
Here are the important decisions taken by the capital markets regulator during the board meet.
Disclosure Norms
SEBI has strengthened norms to ensure more transparency and timely disclosures. The new norms have put in place a stricter timeline for disclosures. This includes companies having to reveal relevant information from board meetings within 30 minutes of the meeting.&nbsp;
Listed entities will also have to clarify, confirm or deny market rumours that may impact the share price. The top 100 listed companies will have to do this from October 1st 2023 and top 250 listed entities, with effect from April 1st 2024.&nbsp;
In another requirement, companies will now have to ensure that post which are vacant such as directors, CEO, CFO, must be filled within 3 months from the date of vacancy.
ASBA-like facility for secondary market
To protect retail investors SEBI has allowed an ASBA like facility for the secondary market, which will be optional for investors and brokers. This allows an investor to block funds in their bank accounts instead of transferring them upfront to brokers before executing secondary market trades. This will help prevent misuse of client funds and broker defaults. This system is already operational for IPOs.&nbsp;
Stock Broker Regulations
SEBI has put in place a framework that ensures a mechanism to prevent as well as detect fraud or market abuse by stockbrokers. This includes surveillance systems for trading activities, mechanism for reporting issues and whistle blower policy.
Mutual Funds
Private equity funds can now be sponsors of mutual funds. This will give more flexibility to the industry. This amendment will also allow for &ldquo;Self-Sponsored AMCs&rdquo; subject to the AMC fulfilling certain criteria.
Environment, Social and Governance Framework
SEBI has mandated more disclosures and compliance around ESG issues. 65% of assets of ESG focussed mutual fund schemes should be in companies which make comprehensive related disclosures. SEBI has also proposed introducing a regulatory framework for ESG rating providers in the Indian securities market.
Debt Market
A Corporate Debt Market Development Fund (&ldquo;CDMDF&rdquo;) in the form of an Alternative Investment Fund to be set up. This will act as a &lsquo;Backstop Facility&rsquo; for purchase of investment grade corporate debt securities during times of stress. SEBI says this will also enhance secondary market liquidity.
Alternative Investment Funds
SEBI has also amended AIF regulations to ensure a standardised approach to valuation of their investment portfolios. AIFs will have to dematerialise all units for all new and existing schemes which have a corpus greater than 500 crore, by October 31st 2023. And those schemes with a corpus of less than Rs 500 crore will have to ensure dematerialisation by April 30th 2024.

As per Economic Times, Unacademy plans to cut its workforce by 12%

Unacademy cuts 12% workforce

EdTech startup Unacademy cuts its workforce by 12% in yet another round of layoffs

EdTech startup Unacademy cuts its workforce by 12% in yet another round of layoffs

Edtech startup Unacademy has laid off 380 employees which is 12% in another round of layoff. As per a report by Economic Times, the company's CEO Gaurav Munjal had sent out an internal memo regarding the layoffs.&nbsp;&nbsp;
The note from Munjal reportedly said, "We have taken every step in the right direction to make our core business profitable, yet it&rsquo;s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12% to ensure that we can meet the goals we are chasing in the current realities we are facing"
Earlier, the edtech sold off CodeChef, anacquisition it made in 2020. Unacademy had reduced its workforce by 1,350 in 2022. The start-up had also cancelled appraisals for the year FY 2022-23 and had promised stock options for the employees.

Adani group executives meet U.S investors including Pimco and BlackRock in a fundraising effort

Adani group starts fundraising efforts

Adani group executives meet U.S investors including Pimco and BlackRock in a fundraising effort

Adani Group executives have met U.S. investors in an effort to raise fund for the conglomerate. The executives met investors from BlackRock Inc., Blackstone Inc. and Pacific Investment Management Co, among others.&nbsp;
As per Bloomberg, Adani group is planning to market privately placed bonds for some of its group companies. The conglomerate is aiming to raise up to $1 billion in two tranches this year via such a route.&nbsp;
The meetings were are a part of a global roadshow that reached U.S. cities including New York, Boston, Los Angeles and San Fransico. After the Hindenburg report, Adani is seeking to reassure international investors that the group's finances are under control. As much as $153 billion in combined market value was erased from company stocks following a January short seller&rsquo;s report.&nbsp;
&nbsp;

Government is planning to borrow Rs 8.88 lakh crore which is 57.55% of the targeted gross market borrowing in the first half of FY24

Govt to borrow 57.55% of its year target in H1Fy24

Government is planning to borrow Rs 8.88 lakh crore which is 57.55% of the targeted gross market borrowing in the first half of FY24

The government is planning to borrow 57.55% of its projected gross market borrowing in the first half of the fiscal year 2024. The government will borrow Rs 8.88 lakh crore out of the finalised Rs 15.32 lakh crore.&nbsp; &nbsp; According to a statement released by Finance Ministry, the borrowing programme is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The borrowing will be spread under 3, 5, 7, 10, 14, 30 and 40 year securities.&nbsp; &nbsp; The government further added that it won't issue a fresh Sovereign Green Bonds in the first half of the year. It may be issued in the second half. The statement also mentioned that the government will continue carrying out switch operations to smoothen redemption profile.&nbsp; &nbsp; The government's borrowing is however lower than the borrowing in the first six months of 2022-23 which was at 59%. In the past few years the norm has been to borrow 60 to 63%

A bench of justices MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilised.

The Supreme Court approves 5,000Cr from the SEBI-Sahara Fund for depositor refunds

A bench of justices MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilised.

The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of ₹ 5,000 crore out of ₹ 24,000 crore deposited by the Sahara group with market regulator Sebi to repay dues of the depositors of the Sahara Group of Cooperative Societies.&nbsp;
The direction came on an application filed by the Centre in a PIL by a person named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.
A bench of justices MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilized.
The top court said the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest and interest of the genuine depositors of the Sahara Group of Cooperative Societies.
"Out of the total amount of ₹ 24,979.67 crore lying in the 'Sahara-SEBI Refund Account', ₹ 5000 crore be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification," the bench said.
The top court also directed that the entire disbursement process will be monitored by former top court judge R Subhash Reddy with the assistance of advocate Gaurav Agarwal, who has been appointed as amicus curiae to assist Justice Reddy as well as the Central Registrar of Cooperative Societies.
"The manner and modalities for making the payment are to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice Reddy and Agarwal.
"Rs. 15 lakhs per month be paid to Justice R Subhash Reddy, Former Judge of this Court and ₹ five lakhs per month be paid to Gaurav Agarwal, learned Amicus Curiae towards their honorarium," the bench said.
The top court further directed that the amount be paid to the respective genuine depositors of the Sahara Group of Cooperative Societies not later than nine months from today.

As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.

Govt launches 7th round of coal mine auctions; offers 106 mines for commercial sale

As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.

Defense Minister Rajnath Singh on Wednesday launched the seventh round of auctions for commercial mining of coal blocks, putting 106 mines under the hammer. Of the total mines offered under the seventh round, 61 blocks are partially explored and 45 mines are fully explored.
As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.
In his address, Singh said coal is considered black gold which plays an important role in strengthening the economy of the country.
&ldquo;Our energy consumption has grown in the last few years and will continue to grow. And to meet this need we will have to start taking efforts from today,&rdquo; he said.
The ongoing auctions of coal blocks are a step towards energy security, Singh said.
Details of the mines, auction terms, timelines etc. can be accessed on the MSTC auction platform. The auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share, as per the coal ministry.
Coal and Mines Minister Pralhad Joshi said the government will provide incentives to players who will start early production from the mines while inviting the players to participate in the latest round.
He also noted that coal will be in use for the next 40-50 years.
Meanwhile, the Ministry of Coal signed agreements for 28 coal mines auctioned under the sixth round of auction.
The cumulative PRC (peak rated capacity) of the 28 coal mines auctioned under the previous round is 74 million tonnes per annum (MTPA) and these mines are expected to generate annual revenue of Rs 14,497 crore calculated at PRC of these coal mines.
Upon operationalization, these mines are expected to generate employment for 1 lakh people.
Companies like JSW Cements, Ultratech Cements, Ambuja Cements, and Jindal Power Ltd among others were the successful bidders in the sixth round of auctions.

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

From April, commonly used medications will cost 12% more

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

The cost of essential medications is set to increase by 12% which would be the largest yearly price increase ever. The government anticipates raising the costs of 384 drugs and more than 1,000 necessary medication formulations starting on April 1.
Due to a sharp increase in the Wholesale Price Index, the prices of 384 medications and more than 1,000 formulations designated as necessary medicines by the government are expected to experience the highest-ever annual rise of over 12%.&nbsp;
The price of necessary medications will increase by more than 10% for the second year in succession. The price increase for these medications was about 11% last year.
According to representatives of the National Pharmaceutical Pricing Authority, who cited the office of the economic adviser in the minister of commerce and industry, the WPI was 12.12% between January of last year and January of this year. This number has not yet received formal notification, though.

Adani enterprises, Adani ports, JSW steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints

Sensex climbs 346 pts, Nifty ends at 17,080

Adani enterprises, Adani ports, JSW steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints

Amid mixed global cues and ahead of monthly derivatives expiry, BSE benchmark sensex jumped &nbsp;346.37 points or 0.60 per cent to close the session at 57,960.09. Meanwhile, NSE&rsquo;s Nifty50 opened 129 points, or 0.76 per cent at 17,080.70.&nbsp;
Market started on a positive note and extended the gains as the day progressed. However, mid-session selling erased all the gains but final hour buying across the sectors help to end near the day's high.
After opening lower today, PSU Banks jumped, as the sector closed 3.08 per cent higher. It was followed by realty stocks at 2.59 per cent, and media and metal stocks at 2.56 per cent each. Meanwhile, auto stocks jumped 1.67 per cent today
Adani Enterprises, Adani Ports, JSW Steel, Eicher Motors, and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank, and Asian Paints.&nbsp;

Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study

Average Increments To Drop To 9.1% In 2023 Across Sectors: Study  

Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study

Average increments are likely to drop to 9.1% this year in almost all sectors. This due to inflation, higher interest rates and a slowdown in the economy, as per the Deloitte India Talent Outlook 2023. The average increment in 2022 was 9.4%.
The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said. Additionally, attrition in India reached 19.7% in 2022, up from 19.4% in 2021, it stated. &nbsp; The significant attrition levels across industries in late 2021 continued until early 2022. We saw Indian organizations budgeting the highest increment in 2022 over the last four years. What they also did was hire aggressively. This led to employee costs rising faster than revenue growth over the last 34 years in almost every other company.
The Deloitte India Talent Outlook 2023 study is based on a survey in January 2023, done among 300 organizations across seven sectors and 25 sub-sectors.
&nbsp;Meanwhile, the study further observed that while almost three in every four organizations recognized the value of a common skills framework primarily for learning and development and career progression, around 42% did not revise their framework regularly to contextualize it to changing business requirements.
Additionally, the study found only 19% of organizations - mostly in the IT, ITeS, and Consumer sectors - confirmed that their employees have visibility of skills beyond their current role. This indicates a major gap in the awareness of skill requirements and associated learning, Ghose said.
&nbsp;This aspect is further pronounced by the fact that more than 80% of organizations reported that leadership teams have no structured data or reporting mechanisms to understand the current skill capital, it noted.
The study found that 27% of organizations have gone beyond their permanent workforce and invested in skills-based training for gig workers while 13% reported planning to do so.
&nbsp;Meanwhile, the study stated that as technology has come to the forefront for businesses in a post-Covid-19 operational context the Manufacturing and IT sectors have emerged as the biggest investors in HR Tech in 2022.
&nbsp;

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Avalanche in Sonamarg

The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27

Adani stocks fall sharply; Adani Total Gas tumbles over 39 pc in 3 days

Adani stocks fall sharply; Adani Total Gas tumbles over 39% in 3 days

The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27

Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate.
Most of the group firms fell for the third day running on Monday.
Since Tuesday's close last week, shares of Adani Total Gas tanked 39.57 per cent, Adani Transmission tumbled 37.95 per cent, Adani Green Energy declined 37.93 per cent, Ambuja Cements went lower by 22.28 per cent and Adani Ports fell 21.55 per cent on the BSE.
In three days, shares of ACC tanked 18.47 per cent, Adani Enterprises fell 16.38 per cent, Adani Wilmar dipped 14.25 per cent, Adani Power (14.24 per cent) and NDTV (14.22 per cent).
The group firms have collectively lost over Rs 5.56 lakh crore in market valuation between Tuesday last week and Monday. On Friday, the Adani group stocks fell up to 20 per cent after Hindenburg Research made damaging allegations.&nbsp; The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27.

JP Taparia family buys India's costliest triplex apartment worth Rs 369 cr in South Mumbai's Malabar Hill

JP Taparia family's expensive apartment: All details here

JP Taparia family buys India's costliest triplex apartment worth Rs 369 cr in South Mumbai's Malabar Hill

Industrialist JP Taparia's family has signed India's most expensive residential deal ever, worth Rs 369 crore. The family has bought a sea-view triplex apartment in South Mumbai's Malabar Hill.&nbsp;
As per reports, this luxury apartment was built by the Lodha group and the sale deal was closed on March 29. The apartment is on the 26th, 27th, and 28th floors and is a part of the super-luxury residential tower Lodha Malabar. The tower is located on the plush Walkeshwar Road, opposite the governor's estate. The property touches both the Arabian Sea and the Hanging Gardens.
According to Economic Times, the deal values the triplex with a total area of massive 27,160 sq ft at nearly Rs 1.36 lakh per sq ft, making it one of the country&rsquo;s most expensive residential transactions on a per-sq-ft basis as well apart from the total value. The Taparias paid Rs 19.07 crore in stamp duties alone.&nbsp;
The under-construction luxury tower is spread over a total area of 1.08 acres and is scheduled to be completed by June 2026

IPO fundraising halves to Rs ₹52,116 crore, 37 companies go public. LIC's IPO accounted for around 39% of the total fundraising in FY23

IPO halves to Rs 52,116 crore but remains 3rd highest ever in India: Report 

IPO fundraising halves to Rs ₹52,116 crore in FY23 vs the previous year. LIC's IPO accounted for around 39% of the total fundraising in FY23&nbsp;

Thirty seven Indian companies raised Rs 52,116 crore through IPOs in FY23. This was less than half of the funds raised via IPOs in the previous year, as per a mint report. According to primedatabase, 53 IPOs mobilised Rs 1.11 lakh crore which was an all-time high. The overall public equity fundraising also dropped 56% to Rs 76,076 crore, from Rs 1,73,728 crore in 2021-22. The fourth quarter of 2022-23 has seen the lowest amount being raised in the last nine years However, the amount raised in 2022-23, is still the third highest ever in terms of IPO fundraise.
According to the report, LIC's IPO, Rs 20,557 crore alone accounted for around 39% of the total fundraising in FY23. This was followed by Delhivery at Rs 5,235 crore and Global Health at Rs 2,206 crore.&nbsp;
Prime Database group MD Pranav Haldea, has said that as many as 25 out of the 37 IPOs came in just three months of the year which shows the volatile conditions prevalent through most of the year which are not conducive for IPO activity.&nbsp;
&nbsp;

The highest interest rates for three-year FDs are offered by small finance institutions, foreign banks, and smaller private banks. The public sector institutions have fallen behind in comparison.

FD rates increase: These institutions now grant interest on three-year fixed deposits of up to 8%.

The highest interest rates for three-year FDs are offered by small finance institutions, foreign banks, and smaller private banks. The public sector institutions have fallen behind in comparison.

Reserve Bank of India has hiked the repo rate six times in a row by as much as 250 basis points (2.5%). This ofcourse, has led to loan EMIs skyrocketing. But, there is a silver lining. RBI's repo rate hike has also led to a jump in fixed deposit rates by banks across several tenures. However, some banks are offering a significantly higher FD rate than others. Small finance banks, smaller private banks as well as foreign banks are offering a higher rate of interest on FDs than PSU banks and the larger private banks.
As per data compiled by Bankbazaar.com, Unity Small Finance Bank offers one of the highest interest rates of 9% on a 1001 day tenure.&nbsp;
Small finance banks such as AU, Ujjivan, Suryoday, all offer between 8% and 8.5% interest.&nbsp;
Among foreign banks, one of the best rates is offered by Deutsche Bank. 7.75% interest on 3-year tenure FDs. As per BankBazaar, best 5 year FD rates are offered by IDFC First and Axis Bank at 7% and 7.5% for senior citizens.&nbsp;
The new rates should not be confused with the old rates. Only new FDs are subject to higher interest rates.
While many may think about terminating the old FD to take advantage of the most recent and significantly higher interest rate, it is important to remember that the banks charge a penalty for premature withdrawal. So that must be taken into account before making any such decision.&nbsp;

In response to growing supply worries, white sugar contracts increased for a third day, increasing its premium over raw sweetener to a six-month high.

Due to the threat of worldwide food inflation, sugar prices will increase.

Due to the threat of worldwide food inflation, sugar prices will increase

In response to growing supply worries, white sugar contracts increased for a third day, increasing its premium over raw sweetener to a six-month high.

The cost of refined sugar rose to its greatest level in more than a decade, while the price of raw sugar is almost at its highest level in more than six years, as per a report by Economic Times. The world's supply is becoming more constrained, primarily because India, one of the top exporters, reduced shipments after heavy rains damaged the cane crop and more sweetener is being shifted to biofuel.
 Why sugarcane to produce biofuel?
India imported 185 million tonnes of fuel at a heavy cost of $55 billion in 2020-21 according to NIti Ayog, Therefore, it is suggested that blending ethanol with gasoline will allow for the use of sugar that is not consumed locally while achieving energy independence. By 2025, according to Niti Aayog, a 20-80 mix of ethanol and gasoline will save the nation at least $4 billion annually. India produced biofuel from 3.6 million tonnes (or about 9%) of its sugar last year; by 2022&ndash;2023, it hopes to produce 4.5&ndash;5 million tonnes.
Due to these plans, exports from India are projected to drop to as little as 4 million tonnes next season and almost halve to 6 million tonnes in the fiscal year concluding in September from about 11 million tonnes the previous year, as per a Bloomberg report. &nbsp; Nations struggling with rain hit harvest&nbsp;
Rains have postponed harvesting, and port capacity may limit supplies to the global market even though top shipper Brazil is anticipating bumper output of sugar cane. Brazil is also harvesting a record soybean crop. Another significant producer, Thailand, expects its output to fall short of expectations this year.
In Maharashtra, which produces more than one-third of the nation's sugar, heavy rains reduced cane harvests. In contrast to earlier projections of 35.2 million tonnes and 35.9 million tonnes a year ago, the food ministry now anticipates a decrease in national production to 33.6 million tonnes in the current season.
Numerous downward revisions to supply forecasts were made as a result of low fertilizer application in Thailand, according to the Thai Sugar Millers Corp., all but five of Thailand's 57 millers have already halted crushing due to a lower-than-expected harvest. Thailand is the fourth-largest producer in the world.&nbsp;

As the demand for affordable, compact sports utility vehicles surged, electric vehicle sales tripled last year

EV sales tripled in India: Report

As the demand for affordable, compact sports utility vehicles surged, electric vehicle sales tripled last year

India's electric passenger vehicle sales tripled last year as demand for affordable, compact sports utility vehicles surged. As per a BloombergNEF report, the rise of ride sharing startups which operate all electric vehicles such as BluSmart Mobility, Lithium Urban Technologies and Evera have also boosted the EV sales.&nbsp;
Electric vehicle sales in India stood at 49,800 last year, accounting for just 1.3% of 3.8 million passenger vehicles sold. The report also observed that smaller SUVs are becoming popular as they easily maneuver through India&rsquo;s potholed roads and bad traffic, while offering aspirational buyers a status symbol.&nbsp;
However, India is still lagging behind nations like China and the U.S. in adopting electric vehicles. In India, most carmakers are hesitant to make the switch because electric cars are costlier than internal combustion engines. Similarly, lack of public charging stations also prevent customers from buying.&nbsp;
Warren Buffett-backed BYD Co. seeks to capture 40% of India&rsquo;s EV market by 2030, while SAIC Motor Corp. is planning to launch three EVs by the end of 2024. Domestic manufacturer, Tata Motors Ltd., is planning to invest $2.2 billion, while the nation&rsquo;s biggest carmaker Maruti Suzuki India Ltd. has committed $1.2 billion.&nbsp;
To address the lack of chargers issue, many state-run companies and government departments floated tenders for building 593 charging stations on highways and expressways last year, said the report.&nbsp;
&nbsp;
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