Mitsubishi Motors, a well-known Japanese automaker, is set to join the Honda-Nissan alliance as its market share in the US and China continues to decline, according to a recent report. The United States and China accounted for half of Nissan’s global sales in the year to March, highlighting the importance of these markets for Japanese automakers.
In other business news, the deadline for filing income tax returns is fast approaching, with the income tax department reporting that over five crore taxpayers have already filed their returns. This serves as a reminder for individuals to gather all necessary documents for filing their income tax returns before the deadline.
Additionally, work is set to begin on a Tata Motors and Jaguar Land Rover plant in Tamil Nadu from September. The plant, located near Panapakkam in the Ranipet district, is strategically positioned close to the Chennai and Ennore ports, facilitating efficient transportation of vehicles.
On a positive note, the Khadi Gramodyog business has crossed ₹1.5 lakh crore for the first time, creating new job opportunities and boosting sales by 400%, as announced by Prime Minister Modi. This milestone underscores the growth and potential of the Khadi industry in India.
Furthermore, Google Cloud is set to utilize Mistral AI’s code generator for its Vertex AI platform, a move that holds significance in the tech industry. Mistral AI, a Paris-based startup founded by former Google Deep Mind and Meta AI scientists, has raised over 1 billion Euros in funding, showcasing its potential in the AI space.
In the financial sector, UltraTech is poised to acquire a 32.72% additional stake in India Cement for ₹3,954 crore, further solidifying its position in the cement industry. This deal will increase UltraTech’s stake in India Cements Ltd (ICL) to over 55%, triggering an open offer as per Sebi regulations.
Foreign investors have also shown confidence in the Indian equity market, pumping ₹33,600 crore in July amid continued policy reforms and a strong earnings season. This follows a significant inflow of ₹26,565 crore in equities in June, driven by political stability and market rebound.
Despite the potential for growth, the podcast industry in India remains largely untapped, with only a small percentage of the population actively engaging with podcasts. Advertising revenue for podcasts is expected to grow substantially in the coming years, reaching $2 billion by 2026, highlighting the untapped potential in the Indian market.
Lastly, the government has scrapped the auction of three critical mineral blocks, including the J&K lithium mine, signaling a shift in mineral resource management. The affected blocks include the Salal-Haimna lithium, titanium, and bauxite block in J&K, the Muskaniya-Gareriatola-Barwari potash block in Jharkhand, and the Kurunjakulam graphite block in Tamil Nadu.
Stay tuned for more updates on the latest business news and developments as we continue to bring you live updates on all things business.