Business

Mumbai, April 6 (IANS) Tesla on Monday announced the launch of its first in-mall electric vehicle charging station in India at Nexus Seawoods Mall in Navi Mumbai.

The new facility, located in the mall’s B1 parking area, features a total of eight chargers, including four V4 Superchargers offering fast DC charging at speeds of up to 250 kW and four Destination Chargers providing AC charging at 11 kW.

The setup is designed to cater to varying charging needs of Tesla users, offering both quick top-ups and longer-duration charging options.

With this addition, Tesla is strengthening its presence in India’s growing electric mobility ecosystem.

The company said it is focusing on locations where customers typically spend time, such as malls and highway stops, allowing users to conveniently charge their vehicles during daily activities.

Tesla highlighted that its Supercharger technology enables a Tesla Model Y to gain up to 275 km of range in just 15 minutes, making intercity travel more practical.

The charging experience is integrated with the Tesla mobile app, which allows users to locate stations, monitor charging progress, and make payments seamlessly.

The Navi Mumbai station is Tesla’s fourth charging location in India. The company already operates charging facilities in Gurugram, Delhi, and Mumbai, and with the latest addition, its network now includes 20 Superchargers and 14 Destination Chargers across key cities.

Alongside the charging station, Tesla has also set up a pop-up store inside the mall’s main atrium.

The space offers visitors an opportunity to explore Tesla vehicles through guided walkthroughs, test drives, and interactive product demonstrations.

Tesla said the expansion reflects its commitment to building a reliable and accessible charging network in India, supporting the wider adoption of electric vehicles.

The Model Y, one of Tesla’s key offerings in the country, is currently priced starting at Rs 59.89 lakh, with home charging solutions also available to customers.

--IANS

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Mumbai, April 6 (IANS) Indian equity markets ended higher for the third consecutive session on optimism surrounding a potential de-escalation in tensions between the US and Iran, lifting investor sentiment across sectors.

The benchmark Nifty rose 1.12 per cent or 255 points to close at 22,968.25, while the Sensex gained 787 points, or 1.07 per cent, to settle at 74,106.85.

From a technical standpoint, experts said that Nifty is approaching the immediate resistance level near 23,000, which continues to act as a key hurdle.

“A sustained move above this level may open the path for further upside towards 23,200,” an analyst stated.

“On the downside, immediate support is now placed in the 22,800–22,750 zone, which earlier acted as resistance and has now turned into a support area, followed by a stronger base around the 22,550 level that served as a demand zone during the session,” a market expert said.

The rally was driven by reports suggesting that both the US and Iran have received a proposal aimed at ending hostilities.

According to these reports, a two-stage deal is being considered, with a final ceasefire agreement potentially taking shape within 15 to 120 days.

The proposal reportedly includes provisions related to nuclear curbs and sanctions relief, with an “Islamabad Accord” being discussed as part of the framework.

Investor sentiment improved on expectations that easing geopolitical tensions could stabilise global markets and reduce uncertainty, particularly in energy prices and capital flows.

Among individual stocks on the Nifty, Trent, SBI Life Insurance Company, and Titan Company emerged as the top gainers, reflecting broad-based buying interest.

The broader market also mirrored the positive trend, with the Nifty MidCap index rising 1.52 per cent and the Nifty SmallCap index gaining 1.29 per cent.

Sectorally, construction and banking-related indices led the gains. The Nifty Construction Durable index outperformed its peers, while the Nifty PSU Bank and Nifty Bank indices also saw notable buying.

However, the Nifty Oil and Gas index lagged the broader market, possibly due to volatility in crude oil prices amid ongoing geopolitical developments.

Analyst said that the market momentum remained upbeat as investors tracked global cues and developments around the proposed diplomatic resolution, which could play a key role in shaping near-term market direction.

--IANS

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New Delhi, April 6 (IANS) India-UK Collaborative R&D Programme for industrial sustainability is critical in accelerating the development of advanced, industry-relevant technologies and innovations in EV charging infrastructure are necessary for rapid adoption of electric mobility and future-ready ecosystem in India, a senior government official said on Monday.

Rajesh Kumar Pathak, Secretary, Technology Development Board made the comment as the government body entered an agreement with Scharge Private Limited to develop a next‑generation electric vehicle charging solution for commercial fleet and depot operations under the India–UK Collaborative R&D Programme, an official statement said.

Under the agreement, Scharge Private Limited, an emerging Indian EV technology company develops an innovative EV charger charge controller with a patented automated cable management system from the UK-based Albright Product Design Limited.

This integrated approach is designed to improve operational efficiency, safety, and usability in high-demand EV charging environments.

The solution introduces a motorised overhead cable management system, specifically designed for fleet-based applications, which streamlines charging operations by reducing manual handling, minimizing cable wear and tear, and enhancing user convenience.

The system is compatible with existing AC Type-2 EV chargers and aims to improve charging turnaround time while ensuring safe and organized infrastructure in depot settings.

By solving challenges such as cable management, equipment protection, and workflow optimization, the technology is expected to significantly enhance the efficiency of EV charging depots.

It also contributes to improved safety standards by reducing risks related to cable damage, vandalism, and operational hazards.

Scharge Pvt Limited, develops advanced power electronics and smart charging systems and through this project, the company aims to strengthen indigenous capabilities in EV charging technologies while enabling scalable and sustainable infrastructure for the growing electric mobility sector, the statement noted.

—IANS

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New Delhi, April 6 (IANS) Digital payments platform PhonePe on Monday announced a limited-period offer on its newly launched co-branded credit card with State Bank of India.

The PhonePe SBI Card is being offered with zero joining fee for the first year, allowing customers to access its benefits without any upfront cost.

“Users can enjoy the premium benefits of the card at no cost for the first year,” the fintech platform said.

The card, available on both RuPay and Visa platforms, is tailored for digitally active consumers who frequently transact online.

A key highlight of the card is its universal rewards structure, which offers 5 per cent rewards on all online purchases, regardless of the brand or merchant.

This positions the card as a strong option for users looking to maximise returns on everyday digital spending.

In addition, customers can earn 10 per cent rewards on select categories within the PhonePe ecosystem, including mobile recharges, utility bill payments, and other routine transactions.

The card also extends similar benefits on insurance premium payments made through the platform, helping users save on essential expenses.

For offline usage, particularly through UPI, the RuPay variant of the card offers 1 per cent rewards on scan-and-pay transactions, making even small-value payments more rewarding.

The card also includes travel-related perks, such as complimentary access to domestic airport lounges up to four times a year without any spending threshold.

Users are also provided a two-year Priority Pass membership, enabling access to international airport lounges.

Reward points earned through the card can be redeemed directly against the credit card bill, with each point valued at Rs 1.

This allows users to offset their monthly statements, adding to the card’s overall value proposition.

The application process for the PhonePe SBI Card is fully digital and can be completed through the PhonePe app, ensuring a seamless onboarding experience for users.

--IANS

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Seoul, April 6 (IANS) The South Korean won weakened against dollar on Monday after US President Donald Trump renewed threats to strike Iranian energy facilities and bridges if the Strait of Hormuz is not reopened, while setting a new deadline for action.

The won closed at 1,506.3 per dollar, down 1.1 won from the previous session, reports Yonhap news agency.

The local currency opened at 1,510.3 won on Monday, but some of the earlier losses were pared on news reports that the United States and Iran were discussing a potential 45-day ceasefire as part of a two-phase deal that could eventually lead to a permanent end to the war.

The currency has shown heightened volatility in recent sessions, remaining below the psychologically important 1,500 won level, as the war in the Middle East that began late February has driven up global oil prices, fuelling concerns over inflation and a potential economic slowdown.

On Sunday (US time), Trump said Iran would "be living in hell" if it fails to reopen the crucial waterway, extending his deadline for a deal by one day to 8 p.m. Tuesday.

Escalating tensions further lifted crude prices amid supply concerns, with Brent and West Texas Intermediate (WTI) climbing above US$110 per barrel.

Higher oil prices have pressured the won by increasing demand for dollars for crude imports, as South Korea relies heavily on imports for energy.

"Even if the United States and Iran reach a deal, high oil prices are likely to persist during the first half, keeping the local currency at around the 1,500 won level," Moon Jeong-hee, an economist at KB Kookmin Bank, said.

Despite the instability in the Middle East, the benchmark Korea Composite Stock Price Index (KOSPI) rose 1.36 percent to 5,450.33 Monday on solid buying by institutions.

--IANS

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New Delhi, April 6 (IANS) Saudi Arabia on Monday increased the price of its flagship crude as state-owned Saudi Aramco has set the official selling price of its Arab Light crude for May shipments at a record premium of $19.50 per barrel over the regional benchmark for Asian buyers.

The steep hike comes as energy flows through the Strait of Hormuz face severe disruptions, according to reports.

The move follows heightened tensions linked to the ongoing conflict involving the US, Israel, and Iran, which has significantly impacted oil shipments from the Persian Gulf.

Reports indicated that Iran’s near closure of the key shipping route has effectively choked a major portion of global crude supplies, triggering sharp volatility in energy markets.

The turmoil has pushed international oil prices significantly higher. Brent crude has surged by more than 50 per cent in recent sessions, while fuel prices across major economies, including the US, Europe, and Asia, have also witnessed a steep rise.

Earlier in the day, international crude oil prices continued their upward trend, hovering near multi-month highs.

Brent crude futures rose over 2 per cent to trade above $111 per barrel, close to a 52-week high, while US West Texas Intermediate (WTI) crude climbed more than 3 per cent to around $115 per barrel.

The rally follows sharp gains in the previous session, when WTI surged over 11 per cent and Brent jumped nearly 8 per cent -- marking their biggest single-day increases since 2020.

Analysts said crude oil remains a key driver for global markets, with supply concerns dominating sentiment.

According to market experts, US crude is currently trading in the $110–$112 range and faces a crucial resistance level near $115.

“Above Rs 10,500, the rally can extend toward Rs 10,650–Rs 10,800 and potentially higher,” an analyst stated.

“On the downside, Rs 10,300–Rs 10,270 is immediate support. If this breaks, prices can cool toward Rs 10,000. But overall, this is still a buy-on-dips market,” a market expert added.

--IANS

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New Delhi, April 6 (IANS) The Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Monday said that escalating tensions in West Asia are disrupting global energy flows, putting pressure on oil and gas supplies and triggering sharp price volatility.

In his address at the 19th CII Corporate Governance Summit, he cautioned that the ongoing conflict could have far-reaching implications for the global economy.

Pandey said the current crisis adds to a series of shocks that businesses and regulators have faced in recent years, including the Covid-19 pandemic and rapid technological disruptions such as artificial intelligence (AI), which have tested institutional resilience.

Highlighting regulatory developments, the SEBI chief said the framework has evolved in a calibrated manner, strengthening disclosure norms through periodic and event-based requirements, introducing clear materiality thresholds and timelines, and enhancing board independence and oversight.

He added that accountability mechanisms such as secretarial audits and a stronger role for compliance officers have further reinforced governance standards.

On corporate governance, Pandey stated that the focus must now shift from board composition to the quality of boardroom engagement and decision-making.

He underscored the critical role of independent directors and stressed the need for continuous capacity building through structured learning and stronger knowledge frameworks.

Pandey also called for a shift from periodic reviews to continuous oversight, saying institutional capability will be key to improving governance outcomes.

Meanwhile, CII Director General Chandrajit Banerjee said the government and the Reserve Bank of India (RBI) have responded swiftly to the evolving situation, helping stabilise market sentiment.

However, he noted that supply-side pressures in energy, logistics and trade continue to persist, with sectors such as MSMEs, exporters and energy-intensive industries still facing operational and financial stress.

Banerjee added that the next phase of policy response may need to focus on targeted liquidity support, credit facilitation and measures to ensure foreign exchange stability.

--IANS

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New Delhi, April 6 (IANS) India’s economic growth is expected to remain resilient in the face of rising global uncertainties, with GDP projected to expand at 6.7 per cent in FY27, a new report said on Monday.

While ongoing geopolitical tensions in West Asia may create some challenges, the data compiled by CareEdge Ratings suggested that India’s macroeconomic fundamentals are strong enough to support steady growth.

The analysis highlighted that the impact of the West Asia conflict on India will primarily be felt through higher crude oil prices, which influence inflation, fiscal balance, and external accounts.

In its base case scenario, assuming average crude oil prices of around $90 per barrel, growth may moderate slightly from earlier projections of 7.2 per cent.

Inflation is expected to remain broadly under control, with consumer price inflation projected in the range of 4.5 per cent to 4.7 per cent in FY27 under the baseline scenario.

This assumes that the government limits the pass-through of higher global oil prices to domestic consumers.

However, a prolonged rise in crude prices could lead to somewhat higher inflationary pressures over time.

On the fiscal front, the government may face a modest increase in burden due to potential excise duty cuts on petroleum products, higher subsidy requirements, and slightly lower tax revenues.

This impact is estimated at around 0.5 per cent of GDP, which remains manageable in the broader context of India’s public finances.

Government bond yields are also expected to see mild upward pressure due to inflation and fiscal dynamics.

In the base scenario, yields on government securities are likely to average between 6.8 per cent and 6.9 per cent in FY27.

The report also noted that higher oil import bills, along with some pressure on exports and remittances, could widen the current account deficit to about 2.1 per cent of GDP.

Meanwhile, the Indian rupee is projected to average between 92 and 93 per dollar, according to the report.

--IANS

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New Delhi, April 6 (IANS) The Unique Identification Authority of India (UIDAI) has invited applications for 28 internship positions in Bengaluru, with the deadline set at April 15.

The internships are available for candidates skilled in programming languages, ReactJS, React Native, data science, artificial intelligence, machine learning, full‑stack development, Android, iOS development and UI/UX design, the statement posted on X said.

Candidates who have completed BTech, MTech, BE, Bachelor of Design, Master of Design, Bachelor and Master of Mathematics, and Bachelor/Masters of Statistics fields can apply for the internship.

Selected interns will receive a stipend, and the program runs for at least six months, with priority given to applicants who can commit to the full period.

UIDAI said that priority will be given to applicants who can dedicate themselves for the entire period.

Applicants may apply through the official UIDAI website after verifying necessary details from it.

They must complete an online form with personal and educational qualifications; upload required documents and submit the application form.

The application will be revoked if UIDAI discovers any incorrect information and it also retains authority to dismiss applications or terminate the selection process at any moment.

UIDAI earlier this month announced partnership with MapmyIndia to enable display of authorised Aadhaar centres on their Mappls App, to enhance convenience for residents.

Users can identify and access authorised Aadhaar centres based on the nature of services offered, like adult enrolment, child enrolment or only address and mobile update, an official statement said.

The agreement formed the collaboration to enhance public convenience, combat misinformation, and ensure residents have seamless access to state-of-the-art Aadhaar Seva Kendras (ASKs) and other Aadhaar centres, nationwide, the statement from Ministry of Electronics & IT said.

Earlier UIDAI and US tech giant Google entered a similar partnership for display of authorised Aadhaar centres on Google Maps.

—IANS

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New Delhi, April 6 (IANS) The Confederation of All India Traders (CAIT) on Monday urged the government to implement credit and liquidity-supportive measures, especially for MSMEs over concerns of the ongoing West Asia crisis impacting India’s trade and industry.

The association called for extension and relaxation of loan repayments for MSMEs and small traders and launch of a special Credit Guarantee Line Scheme to support liquidity.

Further, it requested interest subvention for severely impacted sectors, close monitoring and stabilisation of fuel and raw material prices and freight, insurance support, and faster refunds for exporters, according to an official statement.

The conflict could particularly impact small businesses and MSMEs and the government should take timely precautionary and relief measures, Member of Parliament and Secretary General Praveen Khandelwal said in a letter to Finance Minister Nirmala Sitharaman.

Khandelwal also strongly recommended the constitution of a 'West Asia Impact Assessment & Response Task Force', comprising representatives from key ministries, RBI, trade bodies, and sectoral experts, to continuously assess the evolving situation and recommend timely policy interventions.

He cited increasing concern about rising input costs, working capital stress, supply chain disruptions, margin pressures, and increased financial burden on businesses, particularly MSMEs.

He lauded the proactive leadership of Prime Minister Narendra Modi, adding that his constant supervision and timely interventions have ensured resilience of India’s supply chains despite global uncertainties, the letter said.

Khandelwal lauded the government's strategic steps such as diversification of sourcing, strengthening of logistics infrastructure, prudent fiscal management, and close monitoring of essential commodities.

These steps helped maintain stability in availability and prices, instilling confidence across the trade and industry ecosystem, the industry body said in a release.

West Asian tensions could lead to rising crude oil prices, supply disruptions, and cost escalations, impacting sectors including petrochemicals, pharmaceuticals, plastics, textiles, fertilisers, chemicals, auto components, logistics, and other energy-intensive industries, CAIT National President B.C. Bhartia said.

Exporters may face higher freight and insurance costs, shipment delays, route diversions, and payment uncertainties, impacting global competitiveness, he added.

—IANS

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