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Ratan Tata hospitalised in Breach Candy Hospital

October 7, 2024 - 12:47pm
Categories: Business News

Ola Electric shares fall over 9% amid spat between Bhavish Aggarwal and Kunal Kamra

October 7, 2024 - 11:53am
Shares of Ola Electric Mobility fell 9.4% to Rs 89.7 in Monday's intraday trade on the BSE, following a heated exchange between the company's founder and CEO, Bhavish Aggarwal, and comedian Kunal Kamra on X (formerly Twitter). The confrontation centered around the service issues of Ola Electric's scooters.The verbal confrontation was sparked by Kamra's post featuring an image of an Ola dealership, which showed a large number of Ola scooters parked outside, gathering dust.— kunalkamra88 (@kunalkamra88) Kamra's post didn't stop there; he tagged the Minister of Road Transport and Highways, Nitin Gadkari, questioning him, “Is this how Indians will get to using EVs?” Additionally, he included the Department of Consumer Affairs in his post, asking for their input, “Any word?” Kamra also invited those who experienced issues with Ola Electric to share their stories in the comments.In response, Aggarwal accused Kamra of posting a “paid tweet,” stating, “Since you care so much @kunalkamra88, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career.” He added, “Or else sit quiet and let us focus on fixing the issues for the real customers.” Aggarwal further claimed, “We’re expanding service network fast and backlogs will be cleared soon.”— bhash (@bhash) However, many users criticized Aggarwal's tone, calling it “arrogant.” One commenter noted, “Focus on customer service, take feedback in the right spirit, and work on improving your product if you want to stay in the game long term.”Another user highlighted the struggles of middle-class consumers, stating, “Imagine a middle-class person saving 3-4 months of salary to buy an OLA, only for it to have problems in the first week and then park at your service center for days.”Following the decline in today's share prices, social media influencer and YouTuber Akash Banerjee (also known as Bhakt Banerjee) targeted Aggarwal on X, writing, "Chot lagi? Dard hua? Ja service center. Bahut kaam hai. If you do not fix the problem of broken Ola scooters @bhash, then your stock will be a bigger flop than @kunalkamra88's shows. Show your customers how much you truly care and whether you’re only gas and BS."— TheDeshBhakt (@TheDeshBhakt) This exchange highlights not only the service challenges faced by Ola Electric but also broader issues within the electric vehicle (EV) industry concerning customer satisfaction and corporate responsibility. As more consumers transition to electric scooters, companies like Ola must prioritize effective communication and responsive service to maintain trust and loyalty among their customer base.Meanwhile, Ola Electric shares are under significant pressure, having declined 43% from their all-time high of Rs 157.5. However, they remain 18% above their IPO listing price of Rs 76.In Q1 FY25, Ola Electric reported a 32% increase in revenue to Rs 1,644 crore, while its net loss widened to Rs 347 crore, compared to a loss of Rs 267 crore in the same period last year.The shares of the company ended at Rs 90.82 at close of trade.
Categories: Business News

Tomato prices hit Rs 100 again, still rising

October 7, 2024 - 11:38am
Categories: Business News

Titan shares fall 3% after Q2 business update. Here's what brokerages said

October 7, 2024 - 11:22am
The shares of Titan fell nearly 3% to Rs 3,562 on the BSE despite a strong Q2 business update. The jewelry maker registered standalone growth of 25% year-on-year for the second quarter ended September 2025. A total of 75 stores (net) were added during the quarter, expanding Titan's combined retail network to 3,171 stores. Domestic jewellery operations grew 25% YoY in Q2 after a relatively soft Q1.Consumer demand significantly picked up momentum following the reduction in customs duty on gold imports from 15% to 6%, leading to a strong double-digit increase in plain gold sales for the quarter, the company said.Here's what brokerages said to ETNow:Morgan StanleyMorgan Stanley maintains an equal-weight rating on the stock with a target price of Rs 3,570. According to the brokerage, there is an 80% probability that the share price will rise in the next 15 days. The jewellery segment's revenue is expected to grow 16% year-on-year, driven by increased demand in July following the duty cut. This growth also reflects the high base effect from the delayed Pitru Paksh last October, which contributed to a significant improvement in overall growth.MacquarieMacquarie maintains an outperform rating with a target price of Rs 4,100. The brokerage noted healthy commentary on jewellery sales ahead of the Q2 update, with pre-Q2 sales surpassing estimates. Better-than-expected jewellery sales and strong growth in watches offset weaknesses in the eyewear and other segments. Macquarie expects 9% standalone EBITDA growth in Q2.InvestecInvestec maintains a hold rating with a target price of Rs 4,100. While a strong revenue print is expected, PAT growth is likely to be muted. The jewellery segment is experiencing good growth, but a weak studded mix could impact margins. The watches and wearables sector shows strong growth in analog sales, while the eyewear segment continues to lag behind the overall company growth. In the emerging business segment, double-digit growth is anticipated across various sectors.The non-solitaire studded segment recorded high double-digit growth, while the solitaire segment experienced a decline due to price uncertainty and demand-supply dynamics in international markets. This resulted in overall studded sales growth in low double digits for the quarter.The launch of new collections, promotions, and various marketing campaigns drove buyer growth of 11% year-on-year. Like-to-like (secondary) sales growth for domestic operations came in the mid-teens.Of the 23 new store additions (net) in India, 11 were in Tanishq, 11 in Mia, and 1 in Zoya. The watches and wearables domestic business grew 19% year-on-year, with revenue growth in analog around 25% year-on-year, supported by both volume and value increases.Titan Eye+ saw a 6% YoY increase in its domestic business, with secondary sales growth nearly matching this figure and buyer growth rising marginally higher YoY. The brand added 2 new stores (net) in India during the quarter. Revenue in the fragrances and fashion accessories segments jumped 17% year-on-year, with fragrances growing by 19% and fashion accessories rising by 11%.
Categories: Business News

Why your next pay hike could be months away

October 7, 2024 - 11:10am
Categories: Business News

3 largecaps to be good buys on further selloff

October 7, 2024 - 11:02am
Categories: Business News

11 FY24 multibaggers tank over 25% in H1FY25

October 7, 2024 - 9:44am
Categories: Business News

How to plan your retirement corpus allocation

October 7, 2024 - 6:30am
Categories: Business News

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