🚗 Tata Motors Unveils New 'Avinya' Electric Car Brand

Hello,
Markets reached all-time highs during early trading but ended up in the red after investors chose to book some profits. Suzlon’s Independent Director Marc Desaedeleer resigned on June 8, citing concerns over Suzlon Energy's corporate governance standards in his resignation letter. Tata Motors announced plans to launch a new EV-focused brand named ‘Avinya’.

Markets
As of 10/06/2024 Market Close

• Indian stock market benchmarks, the Sensex and Nifty 50 ended their three-day winning streak on Monday, June 10. Despite opening higher and reaching fresh record highs during intraday trade, both the Sensex and Nifty 50 eventually ended lower due to profit booking and weak global cues.

• With the Lok Sabha elections and government formations concluded, attention now shifts to global factors and market fundamentals.

Notable Gainer & Loser
Source: Moneycontrol

Wardwizard Innovations & Mobility Ltd +20.00%

• The EV maker's shares surged by 20 percent, hitting the upper circuit, following the announcement of a significant order worth Rs 10,768 crore ($1.29Bn) from Beulah International Development Corporation, a Philippines-based firm.

Suzlon Energy Ltd (5.01%)

• The stock dropped by 5 percent following the resignation of Marc Desaedeleer, an Independent Director at the company, effective from June 8.

• In his resignation letter, Desaedeleer cited concerns over corporate governance standards at Suzlon Energy that did not align with his expectations.

Yesterday’s Highlights

• Axiscades Technologies secures Rs 100 crore ($12Mn) order to supply drone systems to the Indian Army. (BS)

• Why FMCG companies can cheer the new coalition government. (ET)

• Tata Motors plans to launch multiple electric cars under a new ‘Avinya’ brand. (ET)

• Citroen signs MoU with CAB-EEZ Infra Tech to supply 2,000 units of e-C3 EVs. (BS)

• Banks request RBI to relax liquidity rules to maintain credit flow. (ET)

• The microfinance market grew by 25% in FY24, with significant improvement in asset quality. (ET)

• Suzlon states there are no financial irregularities or compliance violations within the company following the resignation of Marc Desaedeleer, who cited concerns over corporate governance standards. (ET)

Featured Highlight
Sources: ET, News18

Tata Motors plans to launch multiple electric cars under a new ‘Avinya’ brand.

• Launch and Market Strategy: Tata Motors plans to launch the Avinya electric car brand by the end of 2025, with multiple products in its lineup, including SUVs and MPVs. The brand will target a broad market segment and showcase at AutoExpo 2023.

• Brand Positioning: There is uncertainty about whether Avinya will operate as an independent brand or a sub-brand under Tata Motors, highlighting strategic considerations in its market positioning.

• Investment Commitment: Tata Motors has committed Rs 9,000 crore ($1.07Bn) to the Avinya project, indicating significant financial investment and dedication to expanding its electric vehicle portfolio.

• Manufacturing and Infrastructure: The manufacturing of Avinya vehicles will take place at a new plant in Tamil Nadu, showcasing Tata Motors' investment in new infrastructure to support its electric vehicle production.

• Technological Platform: The Avinya vehicles will utilize Tata's born-electric skateboard platform, emphasizing the company's focus on advanced technology to provide an impressive range and enhanced driving experience.

IPO / Issuances / Block Deals

• Leela aims for a Rs 20,000 crore ($2.5Bn) valuation, with an IPO anticipated within 9 months. (Moneycontrol)

• Blackstone to sell 15% stake in Mphasis through a block deal, valued at Rs 6,697 crore ($802Mn). (Moneycontrol)

• Kronox Lab Sciences made a strong debut yesterday, listing at a 21% premium. (Moneycontrol)

This week’s mainboard IPO schedule

• Retail investors oversubscribe the ixigo IPO by over 5 times on the first day. (Moneycontrol)

M&A / Investments / Fundraise

• GAIL announces Rs 60,000 crore ($7.18Bn) investment in ethane projects. (ET)

• Kalpataru Projects International board approves raising Rs 300 crore ($35.9Mn) through NCDs. (BS)

• In the Jaypee Infra insolvency case, Suraksha Group will pay the first installment of Rs 133 crore ($16Mn) to YEIDA before August 24. (ET)

• Boat's parent company, Imagine Marketing India, is in discussions with investors to raise funds. (ET)

VC

Enjoy this newsletter? Forward to a friend and have them signup here.