Morning Buzz: Vi's revival plan, slow disinflation, Maruti Suzuki's costliest MPV, and more

Here are the top business headlines this morning to get your day started

  • Published:
  • 14/06/2023 09:23 AM

Vodafone Idea proposes to inject Rs14,000 crore of growth capital into the company. Image: Anushree Fadnavis / REUTERS

Vodafone Idea (Vi) revival plan Rs 14,000 crore equity infusion

Vodafone Idea proposes to inject Rs14,000 crore of growth capital into the company as part of its revival plan. Existing promoters, UK’s Vodafone Group and India’s Aditya Birla Group, will bring in half of the total amount. Vi, in which the government is the largest stakeholder, has continued to lose subscribers and market share to the top two rivals, Reliance Jio and Bharti Airtel, and its total debt stood at Rs2.09 lakh crore. This infusion of capital is urgently required to boost its 4G and later 5G infrastructure.

(Economic Times)

Disinflation process to remain slow, says RBI governor

The Reserve Bank of India Governor Shaktikanta Das says they expect the disinflation process to be slow and protracted, with the target of 4 percent being achieved only over the medium term. The inflation of 5.1 percent for the current year will be higher than the bank’s comfort zone and thus suggests that despite the 25-month-low inflation seen earlier this week, interest rates are unlikely to come down fast.

(Economic Times, Times of India, Financial Express, BQ Prime)

Funding in India’s fintechs is down 40 percent year-on-year

Despite rapid growth and visibility in the past few years, funding towards fintechs in India has slowed by 40 percent, according to an IIFL Fintech report. Factors like the risk averseness due to the global slowdown and the Ukraine-Russia war has impacted sentiment. Total funding for the sector touched $39 billion in 2022, which saw 476 fintech deals and secured funding worth $6 billion.

(Business Standard)

Maruti Suzuki to unveil its costliest multi-purpose vehicle in July

Maruti Suzuki, India’s largest passenger vehicle maker, plans to unveil its multi-purpose vehicle (MPV) Invicto next month, in a move to achieve a sizeable share in the SUV market by the end of FY24. Mahindra & Mahindra currently dominates this segment. The Invicto will go up against competitors such as the Toyota Innova HyCross, Innova Crysta, Mahindra’s Scorpio-N.

(Mint)

Tata Motors to develop software to control its electric powertrains

Tata Motors, which has the largest electric vehicle penetration in the country, is working to develop a software for controlling its electric powertrains. This is being developed internally and will be used by the company. The company plans to introduce ten electric vehicles by 2026. In the current fiscal, it will continue to focus on EV volume growth.

(Hindu Businessline)

Last Updated :

June 14, 23 09:49:38 AM IST