Day: March 8, 2025

Shares of Gensol Engineering continued their downward trajectory for the eighth consecutive session on Friday, March 7, as the stock plunged by 9.6%, hitting a low of Rs 303 on the BSE. The decline followed the company’s announcement that its Chief Financial Officer (CFO), Ankit Jain, had resigned to “pursue other opportunities.” In an exchange filing, Gensol Engineering confirmed that Jain’s resignation was effective as of March 6, 2025, and expressed its gratitude for his contributions during his tenure.

The company also announced the appointment of Jabirmahendi Mohammedraza Aga as the new CFO. Aga, who has been with the Gensol Group, brings significant experience in corporate finance, risk management, investor relations, and financial reporting, with a proven track record of enhancing profitability and shareholder value.

Jain cited personal reasons and his pursuit of other professional avenues as the reason for his resignation from the post of CFO.

The drop in Gensol Engineering’s share price continued a losing streak that has persisted over the past seven trading sessions. Just a day earlier, on Thursday, the stock had fallen by 10%, hitting its lower circuit limit at Rs 335.35. This slide in stock price came after the company’s credit ratings were downgraded by both ICRA and CARE Ratings.

ICRA downgraded the credit ratings on various loan facilities totaling Rs 2,050 crore, including a long-term fund-based term loan of Rs 925 crore and a fund-based cash credit facility of Rs 718.5 crore, both of which were downgraded from [ICRA]BBB- (Stable) to [ICRA]D. Additionally, long-term and short-term bank guarantee facilities worth Rs 406.5 crore and a sub-limit bank guarantee of Rs 51.3 crore were also downgraded to [ICRA]D.

Similarly, CARE Ratings downgraded the credit ratings for bank facilities totaling Rs 716 crore to CARE D, signaling default or high credit risk. The long-term bank facilities of Rs 639.7 crore were downgraded from CARE BB+ (Stable) to CARE D, while the long-term/short-term bank facilities of Rs 76.3 crore were downgraded from CARE BB+ (Stable)/CARE A4+ to CARE D.

Gensol Engineering’s shares have experienced a dramatic 73% decline over the past nine months, plunging from Rs 1,126 to Rs 303.

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The Supreme Court on Friday put a stay on a recent Bombay High Court order that had barred a Pune-based restaurant from using the name ‘Burger King’, according to a report by Bar and Bench. 

With this stay, the Pune eatery can continue to operate under the disputed name until the High Court issues a final decision.   

A SC bench comprising Justices BV Nagarathna and Satish Chandra Sharma said, “The impugned order shall remain stayed. However, the Bombay High Court can continue to hear the appeal.” 

Earlier, the Bombay High Court overturned a Pune court’s decision, which had dismissed a trademark infringement lawsuit filed by the US-based fast-food giant Burger King Corporation against the local restaurant operating under the same name.  

‘Burger King’ case details

The legal dispute centres around Burger King Corporation, which officially entered the Indian market in 2014, and the Pune-based restaurant, which has been using the ‘Burger King’ name since 2008. The multinational chain argued that the local restaurant’s use of the name was detrimental to its brand reputation and sought a permanent injunction to prevent it from continuing under the same trademark.  

In July 2024, a Pune court ruled in favour of the local establishment, citing its earlier use of the name. The court observed that the Pune eatery had been in operation since the early 1990s, whereas Burger King Corporation registered its trademark for restaurant services in India only in 2006. Declaring the Pune restaurant a “prior and honest user” of the name, the court dismissed the US company’s claims.  

Challenging this verdict, Burger King moved the Bombay High Court, asserting that it had registered the trademark in India as early as 1979, despite launching its operations much later. Meanwhile, the local restaurant’s legal team maintained that it had been using the name since 1992, predating the US chain’s entry into the Indian market.   

Represented by senior advocates Abhishek Manu Singhvi and K Parameshwar, along with advocates Abhijit Sarwate and Anand Dilip Landge, the Pune eatery argued that it had been using the mark long before the US company entered India. They also accused the corporation of ‘squatting’ on the trademark, pointing out that Burger King had initially applied for registration only in relation to paper products, not restaurant services.  

HC’s order stayed amid legal battle

Additionally, they contended that an interim stay against a trial court’s decree could have significant repercussions, as the appeal process could take a considerable amount of time.   

On the other hand, advocate Aditya Verma, representing the US corporation, asserted that the appeal in the Bombay High Court was progressing swiftly, leaving no justification for staying the High Court’s order. He argued that allowing another restaurant to operate under the Burger King name would confuse consumers.   

The apex court, however, granted relief to the Pune-based restaurant, noting that it only operated two outlets in the city, whereas Burger King is a global brand with numerous locations. The court also acknowledged that an interim stay on the trial court’s ruling could negatively impact the affected party. Consequently, it stayed the High Court’s order. 

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JSW Steel Managing Director Sajjan Jindal claimed that Tesla boss Elon Musk will not be able to compete with Indian automakers. He dismissed the expectations of Musk disrupting the Indian market.

“Elon Musk is not here. He is in the US….we Indians are here. He cannot produce what Mahindra can do, what Tata can do—it’s not possible,” Jindal stated at the EY Entrepreneur of the Year awards programme.

He also appreciated Musk’s achievements and credited US President Donald Trump as well.

“He (Musk) can do under Trump’s shadow, in the US. He’s super smart, no question about it. He’s a maverick, doing spacecraft and all that. He’s done amazing work, so I don’t want to take anything from him. But to be successful in India is not an easy job,” Jindal said.

Social media users reacted

Following Jindal’s claim, several social media users have reacted to his statement. Most users have criticised his claim.

One of the users commented, “Good entertainment. How much these companies invest in R&D? One company I see still makes the three wheeler since my childhood day and I am already a confirmed social media until!”

Social media users reacted

Following Jindal’s claim, several social media users have reacted to his statement. Most users have criticised his claim.

One of the users commented, “Good entertainment. How much these companies invest in R&D? One company I see still makes the three wheeler since my childhood day and I am already a confirmed social media until!”

“Decade back, the same doubts were cast on @elonmusk by US industrialists, automakers, and even NASA—and all were proven wrong. You can’t defeat someone who relentlessly pursues their goals despite setbacks. Think twice before forming conclusions,” added another.

“He is right; Babus will not tolerate Musk’s tantrums,” one of the users commented.

“This guy will be proven wrong. That ego will be shattered. Wait and watch,” added one of the users.

Another concerned user, “Happy to hear this take. If we have better cars, why aren’t we able to sell them around the world like Tesla, BYD, Toyota? You can deny the facts and get claps. We should be ready to tackle Tesla in India.”

Some users also echoed Jindal’s sentiment.

One of the users said, “Tesla is exorbitantly expensive. He will be in competition with a different league. Mass Market will be different. A healthy competition will push up our capabilities also. Definitely, we support TATA and Mahindra. Tesla will be only a small market.”

“He could be right. If you think why, then just look into the past. Why General Motors, Ford closed their business in India. For car market Indian are more aligned with Asian cars like Japan or South Koria but not America or Europe (sic),” added one of the users.

Tesla in India

Jindal’s statement comes after Tesla signed a lease agreement for a showroom in Mumbai, according to a report by Reuters. The carmaker has secured a five-year lease starting from February 16, 2025. Tesla has also identified showroom locations in New Delhi and Mumbai. The development comes after Elon Musk met Prime Minister Narendra Modi in the United States last year.

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