Sensex crashes 600 points, investors lose ₹6 lakh crore; what drove the Indian stock market down today?
The Sensex ended 586 points, or 0.72 per cent, lower at 80,599.91, while the Nifty 50 settled at 24,565.35, down 203 points, or 0.82 per cent.
The mid and small-cap segments suffered even deeper losses, as the BSE Midcap and Small-cap indices fell 1.37 per cent and 1.59 per cent, respectively.
The sharp selloff eroded investors' wealth by ₹ 6 crore in a single session as the overall market capitalisation of BSE-listed firms dropped to ₹ 444 lakh crore from ₹ 450 lakh crore in the previous session.
(This is a developing story. Please check back for fresh updates.)
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Time of India
12 minutes ago
- Time of India
How Honda rebuilt its 2-wheeler brand in India after the Hero divorce
Since the time it parted ways with Hero nearly 15 years ago, Honda has been relentless in pursuing its goal of taking over as India's leading two-wheeler maker. However, it has not been able to dislodge its former ally from the top slot even while scoring brownie points in some months, including July this year, where its numbers were higher. However, what is even more interesting are the experiences of the Honda Motorcycle & Scooter India ( HMSI ) teams from Japan during the years following the divorce with Hero when they pulled out all the stops to boost their business and gain market share. These stories have been put together as a fast-paced narrative on the Honda website. At the time of going solo, Hero had a vice-like grip in the motorcycle segment powered by the Splendor and Passion brands. HMSI's big success story was in scooters thanks to the Activa while it was lagging behind in motorcycles despite promising products like Unicorn. 'In expanding into the Indian motorcycle market, increasing sales of motorcycles, which account for the majority of the market, was essential, and this required extraordinary efforts on the ground,' states Honda in its narrative. Primary mission The market share of 70% in the Hero Honda alliance now dropped to just about 10% for HMSI alone. Reclaiming the top spot within three years became its primary mission. Consequently, staff with extensive on-site experience were selected and despatched as expat representatives to offices in each region to implement strategies tailored to regional characteristics. Also read: Honda targets two-wheeler leadership in India this fiscal Additionally, large-scale surveys were conducted with the assistance of local associates, resulting in the selection of 35 key regions out of approximately 6,000 administrative districts nationwide. The materials compiled from various marketing data for each region and zones (district) linked to the region became thick books known as 'phone books'. Several versions of these phone books were then created for each region and zone. Based on these, strategies and execution plans were gradually implemented by associates and dealers, leading to sales results in the Top 35 regions and other areas. Taking over from experienced expatriates was no easy task. I spent my days running around, striving to instill into associates and dealers both the strategies and execution based on the phone Nakamura 'Taking over from experienced expatriates was no easy task. I spent my days running around, striving to instill into associates and dealers both the strategies and execution based on the phone book,' recalled Yoshitaka Nakamura who served as a sales expatriate at the East Region Office in India from 2014 to 2017. Brand confusion After the joint venture with Hero Group was dissolved, scooter sales remained strong in urban areas. However, in the central and northeast regions, where motorcycle demand was high, the perception that Honda and Hero were synonymous remained deeply rooted within the market, and many consumers continued to confuse the brands. In response, Honda launched its 'Honda is Honda' strategy to re-establish the brand's market presence and regain consumer trust. The company kicked off various initiatives to enhance brand recognition. These included installation of Honda signages at dealerships, screening iconic videos featuring F1 cars and large motorcycles to convey the Honda brand worldview, wrapping buses and trains, and producing commercials featuring popular Hindi film star, Akshay Kumar. Also read:For Honda, its time has 'finally come' to race past Hero Through these efforts, continues the narrative, the Japanese two-wheeler's presence steadily grew and the recognition that 'Honda is Honda Motor's global brand' became widely established in India. Honda had few dealerships in India then and it was imperative to increase its presence nationwide to ensure that customers could purchase motorcycles wherever they wanted. Honda's motorcycle business was attractive to dealership owners and the number of dealerships increased, beyond those directly contracted with Honda, to sub-dealers without direct contracts and secondary dealers that only handled parts sales and services. The company actively opened stores in areas where there were no self-owned dealerships. It continued its efforts to open one new dealership everyday, expanding the number from approximately 800 in 2010 to more than 5,000 in 2017. The goal was to make Honda dealerships the place where customers would purchase motorcycles, return for maintenance and parts replacement, and replace their old motorcycles. Rural drive The biggest challenge was expanding into rural areas and staff stationed in India agree that the 'Rural Strategy,' an aggressive expansion into the most conservative rural areas of India, was the most gruelling of all. In the early to mid-2010s, scooters accounted for approximately 25% of motorcycle sales in India, with the balance being motorcycles which sold well in rural areas. At the time, Honda was focusing its store expansion in urban India, leaving rural areas with few dealerships. To gain market share, it decided to rapidly expand into rural zones with high demand for motorcycles. In regions with underdeveloped public transportation, the only way to travel was by car and they were too far to visit in a single day. Not only did local associates take turns by area to accompany us, but we also developed a bond akin to comrades-in-arms with the driver over the week-long Yoshitama With poorly maintained roads limiting speeds to only 30–40 kmph, the journey was a five-day drive through rough terrain. At accommodations along the way, it was common to have no hot water in the shower and to sleep on hard beds. Even so, spending the night in the car was not unusual—in situations where simply having a place to lie down was considered a luxury. 'Not only did local associates take turns by area to accompany us, but we also developed a bond akin to comrades-in-arms with the driver over the week-long trek,' says Hiroki Yoshitama who was stationed at the north and west region offices as a service representative from 2014 to 2018. Tedious exercise Upon arrival, Honda staff would inquire about the village chiefs, locate them, schedule an appointment, provide a thorough explanation of Honda and after gaining their understanding, begin the 'tedious process of negotiating permission' to set up a dealership. The company was also quick to note that in village societies, people chose products that everyone else was buying, especially in low-income areas where 'mistakes in purchasing are not tolerated'. Residents in villages placed strong emphasis on the opinions of trusted individuals, or word-of-mouth. As entire communities could be swayed by the opinions of their influential figures, Honda staff persistently built trust through village meetings and expanded word-of-mouth recommendations from there. 'The main source of information in rural areas is word-of-mouth. To break into the stronghold of competing motorcycle brands, we repeatedly visited rural areas,' says Takashi Watarai who was in northern India from 2010 to 2015. In Rajasthan, there was once an area termed the 'untouched rural region' where security was so poor that taking photos was not allowed, and the market was dominated by a single competing motorcycle brand. Sales and service always go hand-in-hand. In rural areas, we placed great importance on the idea that dealerships are meaningless if they cannot provide maintenance, and we put a lot of effort into expanding our service Takahashi 'Sales and service always go hand-in-hand. In rural areas, we placed great importance on the idea that dealerships are meaningless if they cannot provide maintenance, and we put a lot of effort into expanding our service network,' says Koji Takahashi , part of HMSI headquarters from 2015 to 2020. Reaching out directly Even after sales staff made steady efforts to open new venues, there were cases where the dealership had to close due to insufficient demand. To learn from these experiences, in regions where demand was not sufficient to justify establishing a physical dealership, Honda made efforts to directly introduce products and services to customers. This included using a caravan truck provided by dealers to travel to rural areas and hold temporary workshops in village squares to promote products. In regions where agriculture was the primary industry, Honda staff participated in tractor exhibitions and continued steady efforts to enhance Honda brand awareness. Also read:Honda to operate dedicated electric 2-wheeler plant in India by 2028 Through trial and error, sales gradually expanded. Honda's motorcycle market share increased by approximately 15% over the four-year period from 2011 to 2015. The steady efforts in sales and service had paid off. Trial and error 'It was all about trial and error. Don't stop, keep moving, and challenge yourself. Always think about what you can do to make the people in India happy while you're working,' was the motto at the time, according to staff stationed in India. Sales representatives paid attention to service maintenance while service representatives approached customers with a sales mindset to drive repeat purchases. Despite the small team of expatriates and local associates, they collaborated across departmental boundaries. There were numerous challenges, including strengthening service systems and maintaining quality in response to increased sales, addressing the market needs for both every day and recreational motorcycles, and further strengthening the Honda brand in rural areas.
Economic Times
12 minutes ago
- Economic Times
Euro hits record high against rupee, Europe trips get costlier
Agencies The euro climbed to an all-time high of ₹102.3763 against the Indian rupee, according to the Reserve Bank of India's reference rate published on August 7. This marks the steepest valuation of the euro in rupee terms, pushing up travel costs for Indian tourists planning trips to Europe. The strengthening of the euro comes amid global market volatility, capital outflows, and weakening demand for the rupee. The euro has appreciated by 15% against the Indian rupee between January 1 and August 7, 2025, significantly raising the rupee cost of euro-denominated expenses. What this means for your Europe travel budget Day-to-day travel is now costlier Tourists will now need over ₹102 for every euro spent on food, local transport, attractions, and shopping. Tourists will now need over ₹102 for every euro spent on food, local transport, attractions, and shopping. Visa and insurance fees are up With euro-denominated charges, the actual amount paid in rupees for Schengen visas and travel insurance policies has increased. With euro-denominated charges, the actual amount paid in rupees for Schengen visas and travel insurance policies has increased. Forex card and currency exchange cost more Loading €1,000 on a prepaid travel card now means spending ₹1,02,376 or more, excluding bank charges and mark-ups. Loading €1,000 on a prepaid travel card now means spending ₹1,02,376 or more, excluding bank charges and mark-ups. Old package quotes may no longer hold Fixed-quote tours and group packages issued earlier may be revised, with either reduced inclusions or additional charges. Ways to manage costs Action Impact Lock in forex rates now If the rupee weakens further, early forex purchases may prove cost-effective. Book in INR when available Many booking platforms allow transactions in rupees, shielding you from further euro volatility. Choose offbeat or non-euro destinations Countries like Hungary or Poland, which don't use the euro, may offer better value. Travel during shoulder season Lower airfare and hotel rates in months like March and October can offset currency losses. With the euro officially at ₹102.3763, the cost of a Europe vacation is now significantly higher for Indian travellers. Adjusting plans early could help limit the impact of further currency fluctuations. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As RBI retains GDP forecast, 4 factors that will test the strength of Indian economy India's last cement IPO did not work. Can JSW Cement break that curse? Is Shadowfax closing in on its closest rival? Can Coforge's ambition to lead the IT Industry become a reality? Berlin to Bharuch: The Borosil journey after the China hit in Europe Stock Radar: Syngene International showing signs of momentum after falling 26% from highs; what should investors do? Two Trades for Today: A life insurance major for a 4.85% upmove, a mid-cap diesel engine maker for almost 7% rise Multibagger or IBC - Part 18: This auto ancillary started with wheels. It now also powers wind & war Auto stocks: Yes, headwinds in the short term, but will structural change become tailwinds and prove analysts wrong?
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Business Standard
12 minutes ago
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Godrej Consumer Q1 results: Net profit dips 4.7% to ₹452.45 crore
Godrej Consumer Products Ltd on Thursday reported a marginal decline in consolidated profit after tax to ₹452.45 crore in the first quarter ended June 30, 2025, impacted by higher raw material cost and challenges in the Indonesian business. The company had posted a consolidated profit after tax of ₹450.69 crore in the corresponding period last fiscal, Godrej Consumer Products Ltd (GCPL) said in a regulatory filing. Consolidated revenue from operations in the first quarter stood at ₹3,661.86 crore as against ₹3,331.58 crore in the year-ago period, it added. Total expenses were higher at ₹3,113.14 crore in the quarter as compared to ₹2,744.36 crore in the same period last fiscal. Cost of raw materials, including packing material consumed was higher at ₹1,480.31 crore as against ₹1,289.68 crore in the same period a year ago, the company said. For the quarter ended June 30, 2025, exceptional item in the consolidated financial results includes an amount of ₹19.54 crore related to litigation settlement in Indonesia, it added. The board has declared an interim dividend at the rate of ₹5 per share of the face value of ₹1 each, GCPL said. GCPL Managing Director and CEO, Sudhir Sitapati said Q1FY26 has been a good quarter, in particular on a standalone basis, excluding soaps, delivering an underlying volume growth around teens, led by robust broad-based performance. India has had a good quarter, delivering revenue growth of 8 per cent and volume growth of 5 per cent, he said, adding soaps volume growth was "impacted by volume-price rebalancing". "Our international business has been impacted due to macro headwinds and competitive pricing pressures in Indonesia which was compensated by strong performance in Africa," he noted. Sitapati further said,"Our Indonesia business has been impacted by macro headwinds and competitive pricing pressures. However, we expect this to be transitory in nature with the situation likely to improve in a few months.". In India, sales grew by 8 per cent to ₹2,307 crore, GCPL said, adding the home care segment grew by 16 per cent while personal care was up 1 per cent. The company further said Indonesia faced a difficult quarter. Macro headwinds and increased competitive intensity led to flat underlying volume growth (UVG). Sales de-grew by 4 per cent in constant currency and Indian rupee terms. On the other hand, in Africa, US, and Middle East organic sales grew 30 per cent in Indian rupee terms. On the outlook, Sitapati said,"...we expect performance to improve sequentially in FY26 with the second half performance expected to be better than the first half. Standalone EBITDA margin in H1FY26 is likely to be below our normative range but is expected to improve in the second half." While palm oil prices started moderating towards the end of June, benefits of this moderation will only be realized in H2FY26, he said. "We believe that we are on track to deliver mid-high-single digit UVG for our standalone business, high-single digit consolidated INR revenue growth and double-digit consolidated EBITDA growth for the full year," Sitapati said.
