- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, December 9, 2022:
The deadline to submit preliminary bids for the privatisation of IDBI Bank is likely to be extended by nearly a month till early January, a government official said on Friday, Reuters reported. The government, along with LIC, are looking to sell a 60.72 per cent stake in IDBI Bank, and the deadline for submitting an Expression of Interest (EoI) or preliminary bids is December 16, the report added. Transaction advisors have received a few requests for an extension of the deadline. Since foreign investment bankers would not be working due to year-end holidays, the deadline would be extended, the official added.
Rising gas prices have constrained CNG penetration in commercial vehicles to 9-10 per cent in the current fiscal from peaks of 16 per cent, Icra Ratings said on Friday, PTI reported. A spurt in global energy prices has led to a 70 per cent jump in the price of CNG in the last one year. This has narrowed the gap between the fuel and diesel, blurring the incentive to shift to the cleaner fuel. In a statement, the rating agency said CNG penetration in the domestic commercial vehicle (CV) sector has witnessed a decline in the current fiscal, especially in the MCV truck segment. “Rising CNG prices have narrowed the gap with diesel and in turn, diminished the running cost savings from CNG vehicles, which has been the key deterrent,” it said.
The total vehicle retail sales for the month of November 2022 saw a 26 per cent growth on a year-on-year basis, according to the Federation of Automobile Dealers Associations of India (FADA), ANI reported. According to FADA, two-wheelers (2W), three-wheelers (3W), tractors and commercial vehicles (CV) were up 24 per cent, 80 per cent, 21 per cent, 57 per cent and 33 per cent, respectively. Compared with November 2019, a pre-Covid month, total vehicle retail closed in marginal positive territory with an increase of 1.5 per cent. Except 2W, which saw a marginal dip of 0.9 per cent, all the other categories were in green with 3W, passenger vehicles (PV), tractors and CV growing by four per cent, five per cent, 61 per cent and six per cent, respectively.
Mamaearth, the flagship brand of Honasa Consumer Ltd. and the fastest-growing toxin-free personal care brand, celebrated six years of goodness on December 5, 2022, ANI/PRNewswire reported. Becoming the fastest to 1,000 crore, profitable FMCG brand with an omnichannel presence; Mamaearth is built on a strong foundation of serving a greater purpose. In the constant quest to serve the consumers and society, the brand launched its purpose initiatives – Plant Goodness and Plastic Positive. The brand launched the Plant Goodness initiative with an ambition to plant one million trees by 2025 and has already planted four lakh (0.4 million) trees. In collaboration with an NGO and farmers for agroforestry, these trees have been planted in farmlands across Rajasthan, Uttar Pradesh and Haryana.
Reputed as Australia’s most engaged university, CQUniversity Australia’s relations in India over the last 20 years have grown from strength to strength, ANI/PNN reported. Their focus throughout this period has been to provide access to students from India in their study aspirations in Australia. This year, the University celebrates its 20 glorious years anniversary. To commemorate this occasion, Professor Nick Klomp, Vice-Chancellor and President, CQUniversity, Australia along with his delegation from the University visited India in November and invited over 350 friends and colleagues to Durbar Hall, Hotel Taj Palace in New Delhi. In attendance were officials from Australian and Indian Government departments, along with its education agent network from South Asia and social innovation partners.
Global power solutions provider Cummins in collaboration with Tecnimont will help GAIL in setting up a proton exchange membrane electrolyzer for the public sector natural gas company at Vijaipur in Madhya Pradesh, a release said on Wednesday (7), PTI reported. The facility, said to be one of India largest, is expected to produce 4.3 tonnes of green hydrogen per day, which will be equivalent to around 10 MW of electrical power generation, it said. Tecnimont Private Limited (TCMPL), an engineering, procurement and construction firm, is the Indian subsidiary of Maire Tecnimont Group. Cummins said it will leverage its proprietary PEM electrolysis technology for the GAIL project.
