Latest news with #OlaElectric
Time of India
2 days ago
- Automotive
- Time of India
Ather closing in on Ola Electric in July EV sales
Ola Electric 's shift from chasing growth to focusing on profitability has come at a cost. Its market share in the electric two-wheeler segment slipped to 17.2 per cent as of July 27, down from 19.9 per cent in June, as per Vahan data. Ather Energy , its listed rival, is now within striking distance, clocking 13,187 units this month for a 16.5 per cent share. The gap of just 526 units between Ola Electric and Ather Energy in July so far marks a sharp narrowing compared with June, when Ola Electric had sold over 5,000 units more than Ather Energy. Ola Electric reported a net loss of ₹428 crore on revenue of ₹828 crore for the first quarter of FY26. Losses widened 23 per cent from ₹347 crore in the same quarter last year but shrank 51 per cent from ₹870 crore in the January-March period. Revenue rose 35 per cent sequentially from ₹611 crore but was down 49.6 per cent year-on-year. Ather Energy is yet to report its financials for the April-June period. Responding to queries sent by ET, Ravneet Phokela, chief business officer of Ather Energy, said that the recent growth in its numbers was on account of the launch of its family-oriented scooter series, Rizta, which has expanded its user base across new segments and geographies. Queries sent to Ola Electric, Bajaj Auto , and TVS Motor remained unanswered till press time. This shake-up in market positions comes amid rising concerns over China's curbs on rare earth magnet exports, which are starting to hit electric two-wheeler sales in India. The segment has seen a 21.6 per cent drop in volumes so far in July versus June. Even legacy players like TVS Motor and Bajaj Auto, which lead the category, have seen sharp month-on-month declines of 31 per cent and 27.4 per cent, respectively. Phokela of Ather Energy said the company has so far managed to avoid any major impact by balancing inventory between its manufacturing units and dealerships. 'As an industry, all of us are also exploring alternative sources and technologies, but that's not ready at this point in time,' he said. In a recent interview with ET, Rajiv Bajaj, managing director of Bajaj Auto, said August could be a 'zero month' for its electric scooter Chetak and electric three-wheeler GoGo due to a shortage of rare earth magnets, making it the first automaker to halt production as a result of China's export curbs on the key component. Ola Electric slips The drop in Ola Electric's market share and sales has come at a time when it has been grappling with a range of challenges, including scrutiny over sales data discrepancies, vehicle quality concerns and missing trade certificates at several of its retail outlets. 'Ola Electric has been grappling with the issues of quality historically, because of which the brand has taken a hit,' said Jay Kale, executive vice president of Elara Capital. 'While they have mentioned in their earnings calls that their Gen 3 products have a much better quality, it will take time for that to reflect in the market and the word of mouth to spread.' Ola's stock has also underperformed since its listing. On Friday, it closed at ₹41.2 on the BSE, well below the IPO price of ₹76. In contrast, Ather's shares closed at ₹333.7, up from its IPO price of ₹321. In February, Ola Electric reported 25,000 vehicle sales in its filings, while Vahan data showed just 8,652 registrations.
News18
2 days ago
- Business
- News18
Stocks To Watch: IndusInd Bank, Kotak Mahindra Bank, NTPC Green, Ola Electric, And Others
Stocks to watch: Shares of firms like IndusInd Bank, Kotak Mahindra Bank, NTPC Green, Ola Electric, and others will be in focus on Monday's trade Stocks To Watch On Monday, July 28, 2025: Indian equity markets ended lower for the fourth consecutive week as investor sentiment remained cautious amid mixed global and domestic cues. On Monday, several key stocks, including IndusInd Bank, Adani Green, Kotak Mahindra Bank, NTPC Green, and Ola Electric will be in the spotlight due to significant news flows and first-quarter earnings announcements. These companies are slated to report their Q1 results today and will be closely tracked for earnings performance and management commentary. IDFC First Bank The lender reported a 32% year-on-year drop in net profit to Rs 463 crore for Q1 FY26, weighed down by higher provisions and slower income growth. NTPC Green Energy NTPC Green signed a Memorandum of Understanding (MoU) with Bihar State Power Generation Company Limited (BSPGCL) to jointly develop Battery Energy Storage Systems (BESS) and renewable energy projects in the state. Kotak reported a net profit of Rs 3,281.7 crore for the June quarter, falling short of analysts' estimates pegged at Rs 3,442 crore. The Maharatna PSU posted a sharp 811% year-on-year surge in net profit for Q1 FY26, clocking Rs 744.5 crore compared to the same period last year. Ola Electric Ola Electric's board has approved modifications to the planned utilisation of its IPO proceeds, including an extension of the timeline and changes to certain original objectives. SBI Cards SBI Cards posted a 6% YoY decline in net profit to Rs 556 crore for Q1 FY26, reflecting pressures on margins and higher costs. Central Depository Services (India) Ltd (CDSL) CDSL saw a 23.6% YoY fall in net profit to Rs 102.4 crore during the June quarter. EBITDA also declined, indicating margin pressure during the quarter. Tata Chemicals Tata Chemicals posted a robust 68% YoY increase in consolidated net profit for Q1 FY26, with earnings rising to Rs 252 crore on the back of improved operational performance. Poonawalla Fincorp Despite an 11% YoY rise in net interest income to Rs 639 crore, the company reported a steep fall in net profit to Rs 62.6 crore from Rs 291.6 crore in Q1 last year, owing to higher credit costs and other operating expenses. First Published: News business » markets Stocks To Watch: IndusInd Bank, Kotak Mahindra Bank, NTPC Green, Ola Electric, And Others Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Business
- Time of India
Stocks in news: IndusInd Bank, Adani Green, Kotak Bank, NTPC Green, Ola Electric
Markets ended lower for the fourth straight week as caution prevailed amid mixed cues. In today's trade, shares of IndusInd Bank , Adani Green , Kotak Bank, NTPC Green , Ola Electric among others will be in focus due to various news developments and first quarter results. BEL, Adani Green , IndusInd, Waaree Energies, Adani Total Gas, Mazagon Dock, RailTel Explore courses from Top Institutes in Please select course: Select a Course Category MBA Digital Marketing healthcare Data Science Degree Product Management Operations Management Project Management Cybersecurity Technology Data Science Data Analytics Finance Design Thinking Healthcare Others MCA CXO others Leadership Management PGDM Public Policy Artificial Intelligence Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Shares of BEL, Adani Green, IndusInd, Waaree Energies, Adani Total Gas, Mazagon Dock and RailTel will be in focus as the companies will announce their first quarter results. IDFC First Bank IDFC First Bank has reported a 32% YoY decline in its profit after tax (PAT) at Rs 463 crore in the first quarter of the financial year 2026. Kotak Bank Kotak Mahindra Bank reported a 47% year-on-year decline in its consolidated net profit for the June quarter at Rs 3,282 crore. NTPC Green NTPC Green signed MoU with Bihar State Power Generation Company Limited (BSPGCL) for development of Battery Energy Storage Projects and Renewable Energy Project for Alembic Pharma Alembic Pharma received US FDA Final nod for Carbamazepine Extended-Release tablets, which are indicated for use as an anticonvulsant. Ola Electric Ola Electric board approved proposed variation in the objects/terms of utilisation of the IPO proceeds and extension of time limit for utilisation of proceeds. SBI Cards SBI Cards reported a 6% year-on-year decline in net profit for the quarter ended June 2025, coming in at Rs 556 crore. Tata Chemicals Tata Chemicals reported a sharp 68% year-on-year rise in consolidated net profit for the quarter ended June 2025, with earnings climbing to Rs 252 crore.
Time of India
3 days ago
- Business
- Time of India
Ola Electric revises IPO fund use amid gigafactory delay
Ola Electric has revised the use of its ₹5,275 crore IPO proceeds following a delay in expanding its battery cell gigafactory. The company's board has approved changes in fund utilisation timelines, citing slower EV market growth . "Proposed variation in the objects / terms of utilisation of the Initial Public Offering ('IPO') proceeds and extension of time limit for utilisation of IPO proceeds ('Proposed Variation')," said in an exchange filing. Earlier aiming for a 20 GWh capacity by 2026, Ola now plans to limit its Tamil Nadu facility to 5 GWh till FY2029. Only ₹2,681 crore of the IPO proceeds have been used; ₹2,594 crore remains unutilised, including ₹1,228 crore initially marked for cell manufacturing expansion. The change impacts Ola's commitment under the Centre's ₹18,100 crore PLI scheme for battery storage . The company may face up to ₹100 crore in penalties for missing milestones. It is currently engaging with the government to revise the scheme's timelines. Ola has begun cell production, and integration into its EVs is expected by the festive season. The decision reflects broader trends in the Indian EV space, where the pace of adoption has not matched earlier projections. Ola's revised manufacturing strategy signals a more cautious, demand-driven approach as the company adjusts its long-term capital plans.
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Business Standard
6 days ago
- Automotive
- Business Standard
EV maker Ola opposes auto firms' plea to reduce duty on traction motors
Electric two-wheeler maker Ola Electric has struck a divergent note with the auto industry, which has appealed to the government to cut the basic Customs duty (BCD) on traction motors by half due to the ongoing export restrictions placed by China on standalone magnets. While the industry has asked the ministry of heavy industries (MHI) to reduce the basic customs duty on traction motors to 7.5 per cent from the current 15 per cent, Ola has opposed the move saying that 'there is no global supply chain crises in electric magnets in the auto sector'. The Bengaluru-based firm has reasoned that it was not in favour of any reduction in duty as this would have an adverse impact on those companies which are making the motors in India, and only importing the rare earth motors (like them). The industry, represented by the Society of Indian Automobile Manufacturers (Siam), has however, said that they have made the request because due to the restrictions on import of standalone magnets (which had a duty of 7.5 per cent) from China, full assembly and sub-assemblies will have to be imported at 15 per cent which would lead to the increase in the cost of the vehicle. The company has argued that it has procured stocks of rare earth magnets from alternative non-Chinese sources in South East Asia and Europe and also plans to introduce 'ferrite motor' powered vehicles by Q3 of 2026, which are as efficient as rare earth powered motors. So they have already worked out an alternate plan of action. In its communication with the MHI, the industry has also sought exemption for traction and wheel rim hub mounted motors which were to be manufactured in the country under the phased manufacturing program for eligibility in the PM e-drive subsidy scheme. That apart, they have also asked for exemption from another condition to get subsidy, that import of PMP components and all other components for electric-2 and 3 wheelers from a single supplier should not be permitted. In the case of PLI, it has requested that additional import costs in sourcing motor assemblies, sub-assemblies, components and electronic throttle will be exempted from the computation of domestic value addition and the import content declared in the techno commercial audit issued before the restrictions by China was imposed will be calculated for DVA has also made it clear that they are not in favour of any change in the domestic value addition norms of PLI as well as the phased manufacturing program as requested by many auto companies. The industry has also pointed out to MHI that while they are committed to the 'Make in India' vision, under the prevailing scenario there is need for the government to provide them with some flexibility to ensure the momentum of growth in EV penetration.
