Morning buzz: Tata Motors EV market share rises; govt asks oil cos to cut prices; and more
Here are the top business headlines this morning, to get your day started
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.
