Expresso Business Highlights of the Week


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Union Finance Minister Nirmala Sitharaman said this week that states that have reverted to the old pension system (OPS) cannot withdraw the accumulated corpus from the national pension system (NPS) because these funds belong to employees in accordance with the law. The Minister was responding to questions relating to the request raised by the Congress governments of Chhattisgarh and Rajasthan, who demanded the return of the NPS corpus, but the Center refused to do so. Speaking in Shimla ahead of Himachal Pradesh Assembly elections, where Congress has promised to implement OPS if elected to office, Sitharaman said NPS money cannot return to state government. “It can only come down to contributory workers. Can we change the law? she asked. Chhattisgarh CM Bhupesh Baghel recently said that the Center refused to return the NPS corpus of Rs 17,000 crore of state government employees registered in the NPS.
Meanwhile, Mahindra & Mahindra posted its highest ever consolidated quarterly revenue and profit in the second quarter of fiscal 2023. The company reported revenue of Rs 20,839 crore, in up 57% YoY from Rs 13,314 crore in Q2FY22. The auto major posted an after-tax profit of Rs 2,773 crore, up 44% year-on-year from Rs 1,992 crore in Q2FY2022 thanks to key partnerships and a strong volume push in the automotive segments. automotive and agricultural equipment. During the quarter, the company sold 1,74,098 vehicles and 92,590 tractors, representing growth of 75% and 5% respectively. Additionally, the company claims to have achieved 60% market share in the second quarter of FY2023 in the 2-3.5 ton LCV segment, up 10.8% year-on-year. Its line of electric three-wheelers also achieved the highest quarterly billings ever with 10,625 units. On the agricultural equipment side, it achieved the second highest volumes in Q2 with sales of around 88,000 tractors and the highest exports in Q2 with 4,600 units.
Moving on to infrastructure revival, South India took a huge leap forward in the advancement of public transport when Prime Minister Narendra Modi signaled the first Vande Bharat Express train on the Mysuru-Chennai route at the railway station in Krantiveera Sangolli in Bengaluru this week. The Prime Minister also pointed to the ‘Bharat Gaurav Kashi Darshan’ train, which is operated by the Muzrai department of Karnataka, under the ‘Bharat Gaurav’ rail policy of the railways. The Southwestern Railway said, and I quote: “It will fulfill the dream of many travelers intending to undertake Kashi Yatra.” end of quote. The train offers an eight-day package tour at reduced fares for pilgrims. This train covers holy places like Varanasi, Ayodhya and Prayagraj. According to the railway officials, the Vande Bharat train is unique in terms of speed and other modern technological facilities, which will help reduce travel time by providing a new experience for passengers.
In the tech sector, new Twitter owner Elon Musk raised the possibility of the social media platform going bankrupt, capping a chaotic day that included a warning from a US privacy regulator and the exit from the enterprise trust and security leader, according to a Reuters report. . The billionaire in his first mass call with employees said he couldn’t rule out bankruptcy, Bloomberg News reported, two weeks after buying it for $44 billion – a deal that industry experts say credit, has left Twitter’s finances in a precarious position. Earlier today, in his first company-wide email, Musk warned that Twitter wouldn’t be able to “survive the coming economic downturn” if it failed to grow revenue. subscription to compensate for the decline in advertising revenue. In his Twitter profile, Roth described himself as the company’s “former Chief Trust and Safety Officer”. Roth did not respond to requests for comment. Bloomberg and technology site Platformer reported its release first.
Finally, Air India has leased a fleet of six Airbus A320 neos from CDB Aviation, a wholly-owned Irish subsidiary of China Development Bank Financial Leasing Co Limited, to accelerate the transformation journey of the Tata-owned company, according to a statement released. this week. . The lease agreement was signed on the sidelines of the Airline Economics Growth Frontiers Asia Pacific 2022 conference, the CDB Asia statement said. CDB Aviation is one of the first aircraft leasing companies to secure placement of Air India’s additional A320 neo under the recently announced multi-stage transformation plan since the airline was purchased by the Tata group, which aims to increase the carrier’s fleet and help it grow. national and international operations. The aircraft will be delivered in the second half of 2023. Nipun Aggarwal, Chief Commercial Officer of Air India, said, I quote: “This is an important agreement, which will help us to strengthen our fleet with state-of-the-art aircraft. of technology. .” end of quote.

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