Latest Developments

Asia
The Hindu BusinessLine

Broker’s Call: Minda Corp (Buy)

Minda Corp is structurally positioned to outperform the auto ancillary space, riding four powerful tailwinds simultaneously for market share expansion — premiumisation, EV transition, localisation and export scale-up. The shift from analogue to TFT clusters (8x ASP uplift) and increase in high-voltage wiring harnesses are expected to be key triggers for content per vehicle growth. Beyond electronics, Minda is simultaneously scaling exports, adjacent product categories and order-backed capacities. Despite gradual premiumisation, vehicle access continues to provide stable and margin-accretive growth supported by ASEAN exports. Flash Electronics and Turntide agreements would not only catapult 2W EV kit value by 3x versus ICE 2W but also mark Minda’s entry into high power motor controllers. With a large order backlog of ₹1,000 crore comprising new products like sunroofs and switches (Toyodenso JV) and existing products (die casting for EV) further diversify the growth algorithm. We expect Minda to deliver 19 per cent/20 per cent/28 per cent Revenue/EBITDA/PAT CAGR over FY26-28E. Therefore, we value Minda at a premium multiple of 34x FY28E EPS to arrive at a TP of ₹825 and initiate coverage with a Buy rating, reflecting the company’s increasing electronics mix, diversified growth architecture and improving earnings quality. Key risks include slower TFT adoption, weaker underlying industry growth, delays in utilisation ramp-up, slower localisation progress and export execution risks. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Broker’s Call: Minda Corp (Buy)
Asia
The Hindu BusinessLine

Sun Mobility t3-55T electric trucks with world’s first modular battery swapping at Pravaas 5.0

Bengaluru-based battery swapping company Sun Mobility is making its biggest push yet into India’s commercial electric vehicle market with the launch of what it describes as the world’s first modular battery swapping platform for electric trucks and buses across the 3-tonne to 55-tonne segment. The company is planning to showcase the product which has been developed and demonstrated with the Tata Motors’ Starbus 12m EV. Backed by a $78 million (about ₹650 crore) investment through its IndoFast Swap Energy joint venture with Indian Oil Corporation Ltd (IOCL), the platform marks the company’s entry into the heavy commercial vehicle market after establishing its battery swapping technology in two- and three-wheelers. It will make its public debut at Pravaas 5.0 in Gandhinagar from July 9 to 11. If adopted by multiple manufacturers, the OEM-agnostic battery architecture could create a common energy infrastructure for commercial electric vehicles, replacing proprietary battery ecosystems with a shared swapping network. “We are not accelerating the transition to electric mobility. We are eliminating the barriers that slowed it down with the world’s first modular multi-battery swapping technology,” said Chetan Maini, Co-Founder and Chairman of Sun Mobility, ahead of the launch. The platform received AIS-038 certification from the Automotive Research Association of India (ARAI) in March, becoming the first indigenously developed high-voltage swappable battery platform for trucks and buses to secure this approval. The certification validates its thermal, electrical and mechanical safety standards, clearing a key regulatory milestone for commercial deployment. Designed for vehicles ranging from 3-tonne light commercial vehicles to 55-tonne multi-axle tractor-trailers and intercity buses, the platform supports both 330-volt and 660-volt electrical architectures. It uses modular 50 kWh and 100 kWh battery packs that can be automatically swapped in under three minutes. Sun Mobility is targeting one of the biggest hurdles to commercial vehicle electrification: battery economics. Electric buses and trucks typically use fixed battery packs of 200-400 kWh, increasing vehicle acquisition costs while reducing payload because of battery weight. Charging these vehicles can take between 90 minutes and four hours, lowering fleet utilisation for operators whose revenues depend on keeping vehicles on the road. The opportunity is significant because private operators own nearly 90 per cent of India’s commercial buses and trucks, making operating economics and vehicle uptime critical to EV adoption. Sun Mobility’s strategy mirrors a battery swapping model that has gained significant traction in China, now the world’s largest market for electric commercial vehicles. Sun Mobility’s Battery-as-a-Service (BaaS) model separates battery ownership from the vehicle. Fleet operators purchase the vehicle while paying only for the energy consumed. According to the company, the model reduces the upfront acquisition cost of an electric bus or truck by about 40 per cent, bringing prices closer to comparable diesel and CNG vehicles. Operators can also optimise payload by carrying only the battery modules required for a particular route instead of oversized fixed battery packs. Commercial deployment will be led by IndoFast Swap Energy, the company’s joint venture with IOCL, which will establish automated battery swapping stations across IndianOil’s fuel retail network, while Sun Mobility supplies the battery technology, swapping systems and manufacturing.

Sun Mobility t3-55T electric trucks with world’s first modular battery swapping at Pravaas 5.0
Asia
The Hindu BusinessLine

ISMA defends E20 fuel, silent on mileage drop

In a statement on Wednesday, ISMA said that according to the Ministry of Petroleum and Natural Gas (MoPNG), India’s Ethanol Blending with Petrol Programme (EBP) is scientifically validated, rigorously tested, and continuously monitored, in consultation with oil marketing companies (OMCs), automakers, fuel testing agencies, and other stakeholders. The Indian Sugar and Bio-Energy Manufacturers Association (ISMA) has dismissed the public concern over E20 ethanol blended petrol saying the ongoing public conversation should be guided by scientific evidence, verified data and official clarifications, rather than misinformation being circulated on social media. Of late, there has been a major concern over drop in mileage attributed to adoption of E20 fuel even as auto makers claim it to be very marginal 3-3.5 per cent whereas people are claiming it to be 20-30 per cent. An social media user on X said: “Hybrid system is inherently highly efficient, boasting an official fuel economy to 23.24 kmpl. However, because ethanol delivers lower thermal energy per litre than pure petrol, real-world E20 mileage drops to around 16–18 kmpl depending on driving conditions.” Several people have shared on social media that their cars have a reduced mileage of 2-3 km (or 20-30 per cent) after shifting to E20. Former Delhi chief minister and AAP national convenor Arvind Kejriwal on Wednesday wrote to 29 automobile manufacturers, seeking their response on the impact of E20 fuel on vehicle mileage and performance and asked them to reply within seven days. Sharing his letter with Toyota Kirloskar Motor’s Vikram Gulati, Kejriwal asked the company if a pre-2023, non-E20-compliant vehicle experiences a mileage drop of more than 10 per cent after using E20 fuel, would be compensated for the loss. In a statement on Wednesday, ISMA said that according to the Ministry of Petroleum and Natural Gas (MoPNG), India’s Ethanol Blending with Petrol Programme (EBP) is scientifically validated, rigorously tested, and continuously monitored, in consultation with oil marketing companies (OMCs), automakers, fuel testing agencies, and other stakeholders. “The government said no incidents of engine failure or vehicle breakdown had been linked to E20 petrol since its rollout. ​The ministry said that fuel-grade ethanol is produced through industrial processes such as fermentation and distillation and does not resemble its original agricultural feedstock. It is made from multiple sources, including sugarcane juice, molasses, broken rice, and maize, and must meet fuel-quality standards before being blended with petrol, ISMA said. ​ Highlighting the recent press briefing by select automobile manufacturers, ISMA said the automakers, OMCs, Society of Indian Automobile Manufacturers (SIAM), Federation of Indian Petroleum Industry (FIPI) and the Automotive Research Association of India (ARAI) have publicly defended E20, saying concerns about vehicle breakdowns stem from ‘hearsay, misinformation and misunderstanding’. ​ Industry representatives said mileage variation, where observed, was marginal, while E20 helps cut emissions, reduce oil imports, save foreign exchange and support farmer incomes. “India’s ethanol programme is one of the country’s most successful examples of aligning energy security, farmer welfare and cleaner mobility,” ISMA Director General Deepak Ballani said in the statement. “It is therefore important that public debate is anchored in facts and not fear.” he said adding E20 had been introduced through a calibrated, science-backed process involving the government, OMCs, automakers and testing agencies and that claims the fuel was unsafe or unregulated were not supported by evidence. “Misinformation of this nature risks undermining a programme that has helped India reduce crude import dependence, save foreign exchange and create value for the rural economy,” he said. ​ The Ethanol Blending Programme was launched to cut India’s dependence on imported crude oil, strengthen energy security and promote cleaner fuels. Ethanol blending has helped India save more than Rs 1.4 lakh crore in foreign exchange by reducing crude oil imports, according to government estimates, while generating demand for agricultural feedstocks and additional income for farmers, ISMA said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

ISMA defends E20 fuel, silent on mileage drop
North America
CNBC Economy

Iran declares new Hormuz route 'unacceptable and dangerous,' warns against ships transiting without approval

Iran's Islamic Revolutionary Guard Corps warned shipowners on Wednesday that any new transit route through the Strait of Hormuz established without coordination with Tehran is "unacceptable and dangerous," threatening actions against vessels that ignore its instructions. The stern warning underscores Tehran's resolve to retain control over the Strait of Hormuz and to resist transits that bypass its authorization. It also highlights the lingering uncertainty facing shipowners navigating the Strait even after the U.S. and Iran signed a memorandum of understanding last week to reopen the strategically vital energy artery. The IRGC Navy said that only the shipping routes designated by Iran are permitted for passage, and that coordination with Iranian forces via the designated communication channel is mandatory, according to Iranian local media. "Navigation outside these routes is highly dangerous and prohibited, and we warn all vessels to strictly avoid any movement outside the designated corridors," the IRGC Navy said, according to the report. The warning came after a key naval information group had proposed alternative shipping corridors on Saturday, asking shipowners to consider transiting the strait along the southern route with their transponder signals on. "The southern transit route, along Omani [territorial waters], has been confirmed clear of mines and is the recommended route," the notice said. Traffic data pointed to a tentative recovery. Transits tripled to 93 last weekend compared with the prior comparable period, according to ship-tracking data provider MarineTraffic, but remain far below pre-war levels when more than 100 ships transited the strait each day. MarineTraffic also confirmed 31 verified crossings on Tuesday by commercial and energy-laden vessels, as shipowners continued to use a mix of Iranian, Omani, and International Maritime Organization route patterns through the chokepoint. "Operators are still moving cautiously rather than returning to fully normal traffic patterns," the firm said Thursday. The U.S. Treasury sanctioned Iran's Persian Gulf Strait Authority in May, describing it as an attempt to ​"extort global ​maritime trade." Treasury Secretary Scott Bessent also warned that Washington would not tolerate any tolling system on Hormuz, saying his agency would aggressively target any actors involved. Analysts have warned that any form of Iranian control could have long-term effects on oil flows through the Strait, as transits may not fully recover to pre-war levels if Tehran retains strategic control of the waterway. Oil tanker traffic through Hormuz before the war might represent the high point for transits for the foreseeable future, said Helima Croft, head of global commodity strategy at RBC Capital Markets. "Any end to the conflict that leaves Iran exercising operational control and influence over the Strait will result in appreciably lower flows through the waterway in our view," Croft told clients in a Thursday note. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Iran declares new Hormuz route 'unacceptable and dangerous,' warns against ships transiting without approval
Asia
The Hindu BusinessLine

India begins work on strategic natural gas storage after West Asia crisis

The recent West Asia conflict has prompted the government to begin work on creating India's first strategic natural gas storage system, with public sector oil companies evaluating multiple options, including underground salt caverns and above-ground cryogenic LNG tanks. The move marks a significant expansion of India's strategic energy security planning. While the Indian Strategic Petroleum Reserves Limited (ISPRL) manages the country's strategic crude oil reserves, it does not have expertise in salt cavern-based natural gas storage. As a result, feasibility studies are underway to assess suitable storage technologies and geological structures. "PSU oil companies are already working on the feasibility of storing crude oil and gas in salt caverns. ISPRL does not have expertise in salt caverns so a feasibility study is being done by Engineers India. Besides, storing gas in cryogenic overground tanks is also being worked out," a source said. The push follows concerns over India's vulnerability to disruptions in LNG and LPG supplies after the West Asia conflict, with the Middle East Gulf accounting for more than half of India's imports of both fuels. Sources said a committee under the Petroleum Ministry, constituted after the conflict erupted, is evaluating storage options for LNG and LPG. One of the seven Empowered Groups of Secretaries set up by the government is also examining short-, medium- and long-term measures to address potential disruptions to trade, supply chains and logistics. "Some storage for gas has become important. The deliberations focus on what should be the storage volume keeping in view visibility over the next 4-5 years. Besides, another key issue to debate is that how much should be strategic and commercial considering storage buffers can also help monetise arbitrage opportunities like China does with its huge crude storage," another source said. The same source added: "The West Asia conflict has likely pushed ahead the schedule for these new production facilities with focus first on rebuilding damaged infrastructure like in Qatar's Ras Laffan facility. We need to factor all these issues." Officials are evaluating a range of storage options, including salt caverns, depleted gas fields and cryogenic tanks near LNG regasification terminals. A recent study by the Council on Energy, Environment and Water (CEEW) noted that India has no dedicated strategic natural gas storage despite importing nearly half of its gas requirement, leaving key sectors exposed to supply disruptions. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

India begins work on strategic natural gas storage after West Asia crisis
Asia-Pacific
The Straits Times

I passed on SpaceX and the market made me feel foolish, but only briefly

The problem was not that SpaceX could not become a dominant player in its field, but that the price already assumed it would do so. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – Several months before its public listing, I thought Elon Musk’s SpaceX would be the trade for me to catch up on missed opportunities in the technology sector. After all, there are few names in the global markets today that carry the gravitational pull of SpaceX. The rocket company has all the hallmarks of a market phenomenon: a charismatic founder, a compelling vision of humanity’s next frontier, and a valuation that defies both gravity and conventional financial modelling. As rumour mills spun private market valuations ever higher, and implied valuations climbed to the stratosphere, the pressure to participate grew harder to ignore. When SpaceX went public on June 12, it quickly surged from its IPO price of US$135 to peak at US$225.64 on June 16. The market’s verdict felt unequivocal. Early investors were minted into paper millionaires almost overnight. Watching from the sidelines, I felt annoyed and foolish, like I had once again mistaken caution for discipline and missed a possibly defining trade of this generation. The reversal came swiftly. Within days, the stock tumbled 20 per cent amid a broader technology sell-off and concerns over fresh debt issuance, erasing more than US$600 billion (S$744 billion) from SpaceX’s market value in just three days of trade. It is now trading at around US$160. Still, not buying SpaceX felt less like prudence and more like a failure of imagination. SpaceX is not merely a launch provider; it is a vertically integrated space infrastructure company with multiple potential revenue streams. Its Falcon rockets have already disrupted launch economics, driving down costs in a way that incumbents struggle to match. Starlink, SpaceX’s satellite broadband business, is meanwhile positioned to generate recurring, high-margin revenue at scale.

I passed on SpaceX and the market made me feel foolish, but only briefly
Europe
BBC Business

Don't expect trackers to save your stolen car, experts say

People should not expect vehicle trackers to be able to help them if their car is stolen, experts have warned. Car safety firm Thatcham Research said there was a "genuine and growing gap" between consumer expectation and the technical reality of so-called connected car features. Ian Fogg, a smartphone analyst, said his car was stolen from outside his house in March, but he has not been able to retrieve it - despite the manufacturer, Kia, being able to view its live location via the Kia Connect service. The company told the BBC that UK law prevented the Connect function being used to live track vehicles, advising customers to use it for "convenience" rather than security. Fogg told BBC News: "This car was incredibly easy to hack but incredibly difficult to track, it shouldn't be this easy to nick a car when they cost an order of magnitude more than a phone and have similar radio technology". He had video doorbell evidence of it being driven away, an Apple Airtag hidden inside it, and the Kia Connect service. His story is a cautionary tale of how tech can promise security but cannot necessarily be relied upon in the event of a crisis. He was abroad in March this year when his phone pinged to say he no longer had access to the Kia Connect app. Thieves had broken into the vehicle without having the keys, and had disconnected Fogg's phone via the entertainment system. There is an unsecured process for doing this, designed to make it easier for new owners to take over from previous ones. He watched the car drive off via his video doorbell. For a short while he was able to track it via an Apple Airtag hidden inside it, until the thieves located it and discarded it because it was making a noise - a feature introduced by Apple to combat stalking. On its website Kia Connect advises customers to contact it in the event of a theft.

Don't expect trackers to save your stolen car, experts say
Europe
BBC Business

Halifax brand to be scrapped after 173 years

The Halifax brand is being scrapped after 173 years, with all customer accounts to be rebranded to Lloyds. Lloyds Banking Group, which has owned Halifax since 2009, confirmed the move after reports in May said it was considering phasing out Halifax as a standalone brand. Lloyds said it remained committed to the town of Halifax and the wider Yorkshire and Humber region, where 3,000 staff are based at its Trinity Road office. Halifax Labour MP Kate Dearden described the move as "bitterly disappointing" and said she had been in discussions with Lloyds to "ensure their commitment and continued investment in Halifax long into the future". Lloyds Banking Group's chief executive of consumer relationships Jas Singh said very little would change for customers. "As Halifax changes to Lloyds, our Halifax customers will keep everything they know and love today - the same fantastic app design, the same friendly faces in our branches - even the same sort code and account number," he said. No job cuts are being announced as part of the shake-up, and Halifax branches will either be rebranded to Lloyds or shifted to a nearby branch throughout 2027. It is understood the decision was rooted in efforts to simplify the group's portfolio, with the distinction between Halifax and Lloyds seen as becoming less prominent in recent years. The Halifax was founded in West Yorkshire in 1853, granting its first mortgage the same year, before growing to become one of the UK's largest building societies. Dearden described the bank as a "local institution built on the hard work and investment of working people". "While the Halifax brand will disappear, Lloyds can still play a major role in our local economy by investing in Halifax and creating the opportunities our young people need to thrive," she said. Calderdale Council's Reform leader Dan Sutherland said Lloyds Banking Group's relationship with Halifax as a place would remain "strong and enduring".

Halifax brand to be scrapped after 173 years
North America
CNBC Finance

Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules

The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve's annual stress test released Wednesday. All 32 banks examined by the Fed remained above their minimum capital requirements under the regulator's hypothetical scenario, which included unemployment surging to 10%, a 39% drop in commercial real estate prices and a 30% decline in home prices. The industry's common equity tier 1 capital ratio, a key capital measure that would absorb losses in a downturn, fell by 1.6 percentage points during the exercise, remaining comfortably above required minimums. Projected losses for the group included roughly $200 billion tied to credit cards, $160 billion from commercial and industrial loans and $75 billion from commercial real estate. "Today's results underscore the strength of the banking system," Federal Reserve Vice Chair for Supervision Michelle Bowman said in a release. The annual exercise comes at a pivotal moment for bank regulation because, unlike in previous years, the results will not affect the amount of capital large banks are required to hold. That's because the Fed said in February that it would leave the stress test buffers untouched until 2027 as regulators rework the methodology, heeding industry complaints, a move that could eventually reshape how much capital firms must hold against future downturns. In a June 21 research note that described this year's exercise as "going through the motions," KBW analysts led by Christopher McGratty said banks are likely to remain focused on the pending Basel III Endgame proposal expected later this year rather than the stress test results themselves. KBW estimated that if this year's results had counted toward capital requirements, Morgan Stanley, Citigroup, Citizens Financial and KeyCorp would have seen some of the largest reductions in capital buffers. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules