Morning Buzz: Carmakers, dealers offer huge discounts on EV vehicles, India set to launch offshore mineral auction and more

(File photo) An OLA electric experience centre in Kolkata, India, on 14 June 2023. Image: Debarchan Chatterjee/NurPhoto via Getty Images

Dealers, manufacturers offer huge discounts on EV passenger vehicles to push up sales

Dealers and companies manufacturing electric passenger vehicles are lining up heavy discounts, ranging from Rs 60,000 to Rs 4 lakh, for various brands. These include the major leaders such as Mahindra & Mahindra, Hyundai Motor India, MG Motor and Tata Motors. The hope is that these deep discounts will attract sales of EV passenger vehicles in the ongoing festive season.
(Business Standard)

RBI says aligning inflation with its 4 percent target ‘far from assured’

The Reserve Bank of India, in its latest December 2023 bulletin, has asserted that its objective of aligning inflation with the 4 percent target on a durable basis is far from assured. The bank has added that if inflation is not brought back to the target and tethered there, it is quite likely that growth may falter. Inflation is projected to rise in the current Q3 to 5.6 percent (from the October average of 4.9 percent) and then start to ease in the first three months of 2024. The RBI has kept interest rates on hold (at 6.5 percent) for five consecutive policy meetings, but it is unlikely then that the rate cut cycle is going to start anytime soon.
(Reuters India, Economic Times, Business Standard)

India set to launch first-ever offshore mineral auction in March 2024

India is poised to launch its first-ever offshore mineral auction in the first quarter of 2024, in a move seen to diversify its resource base and secure green energy minerals. The government plans to hold the auction in March, offering 10-15 blocks for bidding, regulations for which are being framed and are to be released shortly. India is also alongside progressing towards self-reliance in the critical minerals supply chain, some of which are being imported.
(Business Standard)

Sony-Zee into discussions to extend merger deadline

Sony Pictures Network India (SPNI) and Zee Limited have entered into ‘good faith negotiations’ to discuss the extension of the merger scheme date. The deadline was originally set for December 21 to close the merger deal. Earlier, Sony Pictures had said that it looked forward to hearing Zee’s proposals and how it plans to meet the remaining key conditions. The merger has got regulatory approvals but there are differences between Sony and Zee over the proposed appointment of Goenka as the merged entity’s MD and CEO, which has delayed the merger.
(Reuters India, Business Today, The Hindu Businessline, Moneycontrol)