Morning buzz: Tata Motors EV market share rises; govt asks oil cos to cut prices; and more

The Tiago EV followed by the Nexon EV are two top selling models for the company. Image: Ashish Vaishnav/SOPA Images/LightRocket via Getty Images

First-time buyers drive Tata Motors EV market share to 23 percent

Buyers who have never owned a car before account for a 23 percent share  in Tata Motors’ electric vehicles. The Tiago EV followed by the Nexon EV are two top selling models for the company and have found more acceptance in smaller towns than larger cities. Of these buyers nearly one in every four is a woman buyer.

(Financial Express)

Government asks oil marketing companies to cut prices

With oil companies having made up for losses during the Covid period, the government is now pushing them to cut prices. According to an official from the Ministry of Petroleum and Natural Gas, the oil companies had a good Q4 FY23 as well as Q1 FY24. This was however contested  by the oil companies who said that they still have to make up for losses during the Covid period as well as for losses during the initial days of the Ukraine invasion when crude had spiked to $130 a barrel.

(Business Standard)

Digital lenders allowed to offer First Loss Default Guarantee

The Reserve Bank of India has allowed digital lenders to offer first loss default guarantee. The cover has been capped at 5 percent of the total portfolio and lenders will have to invoke the guarantee within 120 days of the loan falling overdue. The amount of FLG invoked will not be set off against the individual loans.

(Economic Times, Indian Express, Times of India)

RBI permits banks to issue RuPay forex cards

The RBI has permitted banks to issue RuPay prepaid cards. Esrlier RuPay credit and debit cards alone could be used overseas but the issuance of prepaid cards expands the set of options for Indian travellers overseas. The cards will be enabled for use at POS (point of sales) systems as well as ATMs.

(Hindu BusinessLine, Times of India)

Export value of India’s petroleum products dips as crude prices cool

Petroleum products, which accounted for a large increase in exports in FY23 saw a 23 percent fall in April on account of slowing global growth as well as a fall in crude prices. Data showed that while $8.12 billion of petroleum products was exported in March, $6.23 billion was exported in April. But there was good news as well. Weakening crude prices are likely to reduce India’s import bill in FY24. It had risen from $120 billion in FY22 to $158 billion in FY23.

(Mint)