Latest news with #ChandiniMonnappa
Mint
08-08-2025
- Automotive
- Mint
Indian automaker Tata Motors quarterly profit plunges as tariffs, slow sales bite
By Chandini Monnappa and Nandan Mandayam (Reuters) -Indian automaker Tata Motors posted a 63% slump in quarterly profit on Friday, its fourth straight quarter of decline, as U.S. tariffs hurt businesses that were already reeling from weak sales. U.S. duties wiped 254 million pounds ($341.33 million) off its quarterly earnings, the company said, adding that the tariffs and its planned model phase-out for its luxury Jaguar Land Rover cars, made predominantly in the United Kingdom, dealt a direct blow to profit and cash flow. However, kept its JLR forecast unchanged, saying a U.S.-UK trade deal signed in May would sharply cut the tariff hit. It had earlier reported a 11% fall in overseas sales at its luxury car unit due to the U.S. export halt and the phase-out of older Jaguar models. Speaking to reporters in a post-earnings call, Chief Financial Officer P.B. Balaji also said that China's ban on rare earth magnets export had not affected the company, and added that it had de-risking plans in place to avoid any impact in the medium term. Last week, rivals Hyundai Motor India and Mahindra & Mahindra had downplayed concerns over the export ban. The magnets are key to EV motors and components in conventional cars such as power windows and speakers. The company reported a profit of 39.24 billion rupees ($447.8 million) in the April-June quarter, down from a restated 105.14 billion rupees a year earlier that includes a 49.75-billion-rupee one-time gain. Excluding the gain, profit was down 30.5%. Quarterly revenue fell 2.5% from a year earlier as sales slowed, mirroring trends at Maruti Suzuki India and Hyundai. Tata Motors expects demand to remain challenging but aims to boost performance as clarity on tariffs emerges and festive demand picks up, Balaji said. The results follow two major developments - Tata Motors' $4.36 billion acquisition of Italian truckmaker Iveco and JLR chief Adrian Mardell's exit. Mardell, who had been with the company for more than three decades, revamped the Jaguar brand, delivered its highest profit in a decade and cut $6.6 billion in debt. Earlier this month, Tata Motors named CFO Balaji as JLR's new CEO. ($1 = 87.6200 Indian rupees) ($1 = 0.7442 pounds) (Reporting by Chandini Monnappa and Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman)
The Star
23-07-2025
- Business
- The Star
Factbox-From Amazon to Walmart, global e-commerce firms face regulatory scrutiny in India
FILE PHOTO: A mobile phone showing an image of Indian online retailer Flipkart is seen in front of a Walmart Inc logo displayed in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo (Reuters) -Foreign companies operating in India's booming e-commerce sector face many regulatory and legal challenges from authorities investigating them for alleged non-compliance with Indian laws, moves largely aimed at protecting local businesses. Below are some of the ongoing regulatory cases, which include global giants Amazon and Walmart: ** Walmart's Indian fashion arm Myntra is being investigated for allegedly breaching rules that ban foreign-funded wholesale retailers from selling directly to consumers, India's federal crime fighting agency revealed on July 23, 2025. ** An Indian antitrust investigation in 2024 found Amazon and Flipkart, violated local competition laws by giving preference to select sellers on their shopping websites. The companies deny any wrongdoing. ** Samsung, Xiaomi and other smartphone companies also colluded with Amazon and Flipkart to exclusively launch products on their Indian websites in breach of antitrust laws, the investigation found last year. ** India's financial crime agency has been investigating Amazon and Flipkart separately for alleged breaches of investment rules. In 2024, it raided offices of some sellers operating on Amazon and Flipkart. ** The federal financial crime fighting agency has also privately sought sales data and other documents from smartphone players including Apple and Xiaomi as part of an investigation into Amazon and Flipkart. ** India's state-run product certification agency raided the Delhi warehouses of Amazon and Flipkart in March, seizing items that did not meet quality control standards, as it increased its scrutiny of the two firms. ** India's financial crime agency has asked Flipkart and its founders to explain why they should not face a penalty of $1.35 billion for the alleged violation of foreign investment laws, three sources and an agency official told Reuters in 2021. ** Meanwhile, Indian consumer products distributors have filed an antitrust case against big fast-delivery businesses Zomato, SoftBank-backed Swiggy and Zepto, calling for an investigation into alleged deep discounting practices. ** An investigation by India's antitrust body found Zomato and Swiggy breached competition laws, with their business practices favouring select restaurants listed on their platforms, documents showed. (Reporting by Chandini Monnappa and Hritam Mukherjee in Bengaluru; Editing by Aditya Kalra and Rachna Uppal)
Hindustan Times
14-07-2025
- General
- Hindustan Times
Air India CEO says investigation into Ahmedabad crash raises new questions
By Aditya Kalra and Chandini Monnappa Air India CEO says investigation into Ahmedabad crash raises new questions NEW DELHI -A preliminary investigation into the crash of an Air India passenger jet last month that killed 260 people raises additional questions about the incident and the investigation is far from over, Air India's CEO said in a memo on Monday. The preliminary investigation released by India's Aircraft Accident Investigation Bureau on Saturday depicted confusion in the cockpit shortly before the crash of the Boeing Dreamliner. In a staff memo reviewed by Reuters, Air India CEO Campbell Wilson said the report had "triggered a new round of speculation in the media ... Unsurprisingly, it provided both greater clarity and opened additional questions." He added: "The preliminary report identified no cause nor made any recommendations, so I urge everyone to avoid drawing premature conclusions as the investigation is far from over." The memo said the preliminary report found no mechanical or maintenance faults and that all required maintenance had been carried out. The Boeing 787 Dreamliner bound for London from the Indian city of Ahmedabad began to lose thrust and sink shortly after takeoff. All but one of the 242 people on board and 19 others on the ground were killed. According to the AAIB report, in the flight's final moments one pilot was heard on the cockpit voice recorder asking the other why he cut off the fuel. "The other pilot responded that he did not do so," the report said. It added that the plane's engine two fuel cutoff switches flipped almost simultaneously, but did not say how. The preliminary report suggested no immediate action for Boeing or GE, whose engines were fitted on the aircraft. ALPA India, which represents Indian pilots at the Montreal-based International Federation of Air Line Pilots' Associations, has rejected any presumption of pilot error and called for a "fair, fact-based inquiry". "The pilots had passed their mandatory pre-flight breathalyser and there were no observations pertaining to their medical status," Campbell said in his memo. The commanding pilot of the Air India plane was Sumeet Sabharwal, 56, who had a total flying experience of 15,638 hours and, according to the Indian government, was also an Air India instructor. His co-pilot was Clive Kunder, 32, who had 3,403 hours of total experience. Air India has come under heightened scrutiny on multiple fronts following the crash. On July 4, the European Union Aviation Safety Agency said it would investigate budget unit Air India Express, after a Reuters report revealed the airline failed to promptly replace engine parts on an Airbus A320 as mandated, and falsified records to indicate compliance. This article was generated from an automated news agency feed without modifications to text.
Zawya
24-06-2025
- Business
- Zawya
British Airways cancels Doha flights up to June 25
IAG-owned British Airways on Tuesday said it had suspended all flights to Doha up to and including June 25, as airlines halt flights to some Middle East destinations due to safety concerns. (Reporting by Chandini Monnappa in Bengaluru) Reuters
Zawya
24-06-2025
- Business
- Zawya
Wizz Air cancels flights to and from the UAE until June 30
Budget carrier Wizz Air is cancelling flights to and from the United Arab Emirates until June 30, a spokesperson told Reuters on Tuesday. (Reporting by Chandini Monnappa in Bengaluru; Editing by Janane Venkatraman)
