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Hitachi ABB Power Grids partners with Ashok Leyland and IIT Madras for an e-bus pilot

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Hitachi ABB Power Grids has signed a Memorandum of Understanding (MoU) with Ashok Leyland and Indian Institute of Technology, Madras (IITM) for an e-mobility pilot project. The stock price of ABB Power Grids has surged over 34% in 3 days. The stock price of Ashok Leyland also moved up 7% in the previous 3 trading sessions. The agreement is to build up an electric bus (e-bus) pilot to support sustainable in-camps transport facilities.

Hitachi ABB Power Grids is aiming to provide a zero-emissions mass public transportation bus system. Chief Technology Officer of Ashok Leyland said that this agreement will help them in embedding innovative and smart technologies to nurture the smart e-mobility ecosystem in India. A professor from IIT-M is also hoping to study and understand how the right technology can enable an efficient transport system without damaging the environment. 

Last year the Ministry of Science and Technology set up a solar energy harnessing centre at the Indian Institute of Technology, Madras. India is targeting to increase the usage of electric vehicles to 30 per cent by 2030. So there will be a huge demand for electric vehicles.

To know more about the memorandum of understanding between Ashok Leyland and ABB Power grids click here.

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Bata Promotes India CEO Sandeep Kataria as Global Head

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The Bata shoe organization on Monday 30th November, named it’s India CEO Sandeep Kataria, as it’s global CEO. He becomes the first Indian to head 120 year old retailer – Bata, globally. The company said that he as CEO has helped to attain consistent growth and profitability. He joined Bata India as its CEO in 2017. He has also worked with global firms such as Unilever, Yum Brands and Vodafone in India and Europe. Under his leadership, Bata India doubled its profits. He has completed his M.A, M.Phil and Ph.D. He has been directly involved in leading business and powerhouse brands. His strategies helped to boost consumer demand and global reach.

Bata remains as a family-owned business originated from Czech Republic, selling more than 180 million pairs of shoes annually. They have 5,800 outlets all over the globe with 22 Bata-owned manufacturing facilities. Out of 5,800 stores, 1,200 stores are situated in India. They are also providing employment opportunities to more than 35,000 employees around the world.

Bata India is a mid-cap company with a market capitalization of around Rs 20,000 crore. The share price of the company closed at Rs 1544.20, down 1.82% following the news.

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Moderna Vaccine Submitted for Approval

Covid-19

Moderna submitted its 95% success rate vaccine for approval from USFDA(United States Food and Drug Administration). The company said that they have enough information on the trials conducted, and they are proceeding with their application. The clinical trials from more than 30,000 volunteers showed the vaccine prevented virtually all symptomatic cases of Covid-19.

Moderna expects that on December 17, the FDA will be ready for a public meeting to discuss this data. They will also seek approval from the European Medicines Agency. Moderna shares price went up by 20% in the US as a reaction to the news. The vaccines may be available for commercial use this month and the supply will also be limited.

To know more about the stocks that could benefit from Covid-19 vaccines, click here.

Moderna received more than $1 billion in U.S federal government funding to develop and produce its vaccine. They have also received $1.5 billion to supply it to the American public as soon as it is available in the market. India is also likely to get Moderna’s vaccine through the COVAX facility, which is a global initiative to bring together governments and manufacturers to ensure and accelerate the development and manufacturing of Covid-19 vaccines. India hasn’t signed any advance purchase agreement for Moderna’s vaccine.

For more details about the approval of Moderna’s vaccine visit here.

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TI Financial Holdings Ltd. Share Price Today, CHOLAFIN News Updates

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Photo by Pixabay on Pexels.com

Cholamandalam Investment and Finance CompanyNSE:CHOLAFIN), previously known as Ti Financial Holdings, has gained more than 8% in today’s trade. The company is owned by the Murugappa Group. A detailed article on Murugappa Group is coming soon as an marketfeed editorial. The stock has hit a fresh 52-week high today, at Rs 390.

Peer financial stocks are also on the rise today. Mahindra & Mahindra Financial Services Limited is up by more than 2% today. Manappuram Finance Limited is up by more  than 4% while Muthoot Finance is up by 2%. Shriram Transport Finance is up by close to 2.5%. We can see that mid-cap financial services  stocks are rallying today.


CholaFin is a well-run financier focussing on vehicle finance with attractive return ratios, steady Net Interest Margins(NIM) and strong operating metrics. As economic conditions improve, the asset quality outlook is also improving. Collection efficiency of payments is getting better at an encouraging pace. The management expects less than 5% of portfolios to be restructured, which is positive.

The company had reported a 41% increase in profit after tax to Rs 432 crore for Q2 of financial year 2021. , The diversified financial services company had posted a profit after tax of Rs 307 crore in the corresponding quarter of the previous financial year.

“In the quarter, NIMs (net interest margins) improved compared to the same period last year. Operational expenses have been brought under control. The loan losses are also lower but we have additionally created Rs 250 crore of provisions,” the company’s Executive Vice-President and Chief Financial Officer Arulselvan D had said during the quarterly presentation.

Sharekhan has initiated Cholamandalam Investment with a Buy rating with a price target of Rs 430.