Ola Electric's Net Loss Surges 43 Pc In Q2, Revenue Slumps 26 Pc

by Hemanta Pande

NEWS HIGHLIGHTS

Bhavish Aggarwal-run Ola Electric on Friday reported a huge 43 per cent surge in net loss at Rs 495 crore in the July-September period (Q2 FY25), from Rs 347 crore in the previous quarter (Q1 FY25), as the EV firm remained mired in issues related to service quality across the country.

New Delhi, Nov 8: Bhavish Aggarwal-run Ola Electric on Friday reported a huge 43 per cent surge in net loss at Rs 495 crore in the July-September period (Q2 FY25), from Rs 347 crore in the previous quarter (Q1 FY25), as the EV firm remained mired in issues related to service quality across the country.

The electric two-wheeler company also saw its revenue slump 26.1 per cent to Rs 1,214 crore (on-quarter) from Rs 1,644 crore in the first quarter of this fiscal.

The net loss, however, narrowed on a year-on-year basis.

The company also saw its market share plunge to 33 per cent in Q2, down from 49 per cent in the previous quarter.

According to experts, increased competition and service network challenges have impacted Ola Electric’s market dominance.

On Friday, Ola Electric’s share further plunged to Rs 72 apiece, its all-time low and down more than 55 per cent from its all-time high of Rs 157.40. The stock made its public debut at Rs 76.

According to market experts, the company’s stock can further slip below the Rs 70 mark. The stock is in a weak position and remains in a 'no-trade' zone, said market analysts.

If Ola Electric's stock remains below its IPO price of Rs 70 for a few days, it may see a further decline due to selling by institutional investors and retail investors. Selling is being seen in shares at every level. Due to continued weakness, investors should stay away from this stock and invest in companies with strong fundamentals, they added.

The reason for the weakness in the shares of Ola Electric is being attributed to the company's weak sales figures and poor service.

Meanwhile, despite Ola Electric claiming that it has resolved 99.1 per cent of the 10,644 complaints filed with the Central Consumer Protection Authority (CCPA) regarding its poor after-sales service, the Department of Consumer Affairs was critically examining responses filed by the Bhavish Aggarwal-run EV firm, and will correlate each consumer complaint with the company’s claims.

--IANS

Business News

Odisha Govt Approves Investment Projects Worth Rs 3,353 Crore

by Hemanta Pande

Bhubaneswar, Nov 8: The Government of Odisha on Friday approved as many as 15 major projects with a combined investment of Rs3,353.15 crores,which is expected to generate 4,637 jobs, officials said.

The approvals came during a meeting of the State Level Single Window Clearance Authority (SLSWCA), chaired by Chief Secretary Manoj Ahuja.

These projects cover a wide range of sectors, including Chemical/Renewable Energy, Steel, Aluminium, Food Processing, Manufacturing, Textile & Apparel, Tourism, Pharmaceuticals, and Cement. They will be implemented across several districts, such as Koraput, Khurda, Baragarh, Puri, Cuttack, and Jharsuguda.

In the chemical/renewable energy sector, Reliance Bio Energy Limited will set up a compressed bio-gas and organic manure plant in Puri with an investment of Rs 121.21 crore. The project is expected to create 69 jobs, officials said.

In the steel sector, Beekay Steel Industries Ltd. plans to invest Rs 750 crore in Cuttack, expanding its operations with sponge iron, billets, ferro alloys, sinter plants, and a captive power plant. This expansion is expected to generate 800 jobs, they added.

The downstream aluminium sector will also see significant growth, with HM Power and Cables Pvt. Ltd. setting up an aluminium conductor, power cable, and wire manufacturing plant in Jharsuguda. This Rs 55.72 crore investment will create 205 jobs.

In addition, Nexthermal Asia Pvt. Ltd. will set up a heating elements manufacturing unit in Khurda, supported by an investment of Rs 55.81 crore, which will create 132 jobs.

The Food Processing sector continues to attract significant investment, with several projects from companies such as Bhuvaneshwari Foods and Beverages, Aban Beverages, and Geofast Consumer Products. These projects, located in Khurda, Baragarh, and Cuttack, will have a combined investment of Rs 1,542.04 crore and are expected to create over 1,358 jobs.

In the Textile & Apparel sector, Odisha Textile Manufacturing Private Limited is establishing a facility in Khurda to manufacture recycled yarns from textile waste. This initiative, valued at Rs 51.80 crore, is expected to create 535 jobs.

In tourism, ITC Limited will expand its five-star hotel ‘Welcomhotels’ in Bhubaneswar with a Rs 119.14 crore investment, providing an additional 240 jobs.

Additional tourism-related projects by SJ JRG Ventures LLP and Crackers India Infrastructures Ltd (LYFE Group of Hotels) will bring new hospitality facilities to Puri and Koraput, totaling Rs 154 crore in investments and creating 380 jobs.

In pharmaceuticals, Infunex Healthcare Private Limited will establish a second unit for manufacturing intravenous fluids in Cuttack, with an investment of Rs 59.43 crore, creating 182 additional jobs.

In cement, Ultra Tech Cement Ltd. will expand its cement grinding unit in Cuttack, increasing its capacity from 3 MTPA to 6 MTPA. This Rs 372 crore expansion will create 581 jobs and contribute to the state’s infrastructure development, officials said.

Read More Odisha News

1st T20I: South Africa Opt To Field First Against India At Kingsmead

by Hemanta Pande

Durban, Nov 8: South Africa have won the toss and chose to field first against India in the first T20I match of the four-game series at Kingsmead Cricket Ground here on Friday, in their first clash after the T20 World Cup final. The reigning T20 World Cup winners will be facing the Proteas side they nudged past in the final of the tournament when India beat South Africa by seven runs to lift the trophy for a second time.

The Suryakumar Yadav-led India have been in top form since the final in June with the team having won 10 of their 11 matches since. The Men in Blue also hold the venue advantage over their opponents with the side never having lost in Durban and have four wins in five games at the Kingsmead Cricket Ground.

Despite the overcast conditions, Surya kept his cool and claimed the team would have chosen to bat had they won the toss.

“We were looking to bat first. The wicket looks nice, better than the practice wicket and we will try to put runs on the board. The guys in the dressing room have made my job easier, the fearless approach they play with for their respective franchises and have brought the same approach to the team,” said Yadav at the toss.

South Africa, on the other hand, have won only one of their five games since the final and are struggling in the shortest format having not won a single bilateral T20I series since August 2022. Historically, the two nations have faced off 27 times in T20I matches, with India holding a slight edge, having won 15 encounters compared to South Africa's 11 victories.

Playing XIs:

India: Sanju Samson (wk), Abhishek Sharma, Suryakumar Yadav (c), Tilak Varma, Hardik Pandya, Rinku Singh, Axar Patel, Arshdeep Singh, Ravi Bishnoi, Avesh Khan, Varun Chakravarthy

South Africa: Ryan Rickelton (wk), Aiden Markram (c), Tristan Stubbs, Heinrich Klaasen, David Miller, Partrick Kruger, Marco Jansen, Andile Simelane, Gerald Coetzee, Keshav Maharaj, Nqabayomzi Peter

--IANS

Trolls Will Be Unemployed After My Retirement, Quips CJI Chandrachud

by Pabitra Mohan Senapaty

New Delhi, Nov 8: Chief Justice of India (CJI) D.Y. Chandrachud, who is set to retire in two days, on Friday said that he is probably one of the most trolled judges across the system.

In his address at the farewell function organised by the Supreme Court Bar Association (SCBA), CJI Chandrachud said: "All of you are aware of the amount that I have received my share of trolling. I am probably one of the most trolled judges across the system".

"On a lighter note, I am wondering what will happen from Monday (after his retirement) because all those who trolled me will be rendered unemployed!" he added.

Citing a couplet of Urdu poet Bashir Badr, CJI Chandrachud said: "Mukhalifat se meri shakhsiyat sanvarti hai, Main dushmanon ka bada ehtiraam karta hun (Opposition enhances my personality, I have great respect for my enemies)".

The outgoing CJI that the SC Collegium never had a difference of opinion while it made tough choices and decisions in recommending appointments to the constitutional judiciary.

"I owe an eternal debt of gratitude to my Collegium for the way we have worked. We sat through the Collegium making tough choices and decisions. We never had a difference of opinion on Collegium. All meetings were conducted with a sense of humour, smile and some snacks," he said.

"We never lost sight of the fact that we are not here with personal agendas. We are here to subserve the interest of the institution."

"When our memories outweigh our dreams, we have grown old. I hope I continue dreaming about the smaller things in life from now on," CJI Chandrachud said.

"I leave the institution of the Supreme Court with the steadfast confidence that this court is in the solid, stable and erudite hands of Justice Sanjiv Khanna. I know the Supreme Court has a bright future ahead," the CJI concluded.

After a two-year-long stint in the highest judicial office of the country, CJI Chandrachud is due to retire on November 10 on attaining the age of 65 years.

Justice Sanjiv Khanna will take charge as the 51st CJI with effect from November 11.

--IANS

Ola Electric's Net Loss Surges 43 Pc In Q2, Revenue Slumps 26 Pc

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