Author: Eqwires

Mumbai-listed mining conglomerate Vedanta Ltd is hunting for a global partner for its $20-billion expansion projects spanning multiple segments.

The company, in a statement, said the move aligns with Vedanta’s strategic plans to significantly expand its operations over the next three years, as it restructures into four entities– Vedanta Aluminium, oil and gas, power, and iron and steel.

“We are looking for an experienced global engineering company with experience in engineering, procurement and construction management (EPCM) to implement our projects acting as an extended office to us,” as per the Expression of Interest (EoI) on the company’s official LinkedIn page.

Further, the company said it will spend $20 billion on growth projects in metals and mining and hydrocarbons in the next three years.

These projects are extensions of its existing operations, the company added.

“The interested companies are invited to submit” their relevant experience, profile and current projects under execution, the company said, adding that the “Expression of Interest (is) to be submitted by April 30, 2025.” Diversified natural resources company had earlier said that it has pushed back its demerger by a quarter to June-July.

Vedanta’s Chief Financial Officer Ajay Goel had earlier said the demerger is in the last stage, and the company sees it completed in the month of June- July this year.

The company had earlier said that the demerger was expected to be completed by the end of FY25.

The approval of the demerger proposal will pave the way for the company’s various business verticals to become separate entities.

The mining firm had revised its demerger plan and decided to retain its base metal undertaking within the parent firm.

Vedanta Chairman Anil Agarwal had earlier said the proposed demerger of the company’s diverse verticals, which represent more than 15 commodities, will see it progress from asset managers to asset owners.

As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as a world leader in each of its verticals, the chairman had said.

After receiving a nod from lenders, the diversified natural resources company moved to the NCLT, seeking a demerger.

According to the company, the demerger will help simplify its corporate structure by creating independent businesses. It will also offer global investors direct investment opportunities in pure-play companies linked to the country’s impressive growth.

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Love your two-wheeler? Delhi may soon say goodbye to petrol, diesel, and CNG bikes if the draft EV Policy 2.0 gets the green light. The policy proposes a complete ban on fossil-fuel-powered two-wheelers from August 15, 2026. 

As part of a larger strategy to curb Delhi’s air pollution, the draft EV Policy 2.0 also aims to phase out CNG-driven auto-rickshaws and fossil fuel-powered vehicles used by civic bodies for solid waste collection. 

The new policy is expected to be announced soon following approval of the Delhi cabinet, according to a report by news agency PTI. 

According to the draft EV Policy 2.0 recommendations, no new CNG auto-rickshaw registrations will be allowed in Delhi starting August 15, 2025. From that date, permits for CNG autos will also not be renewed. Instead, only electric auto permits will be issued. CNG autos that are over 10 years old will have to be either replaced or retrofitted to run on batteries.

Ban on fossil fuel two-wheelers

The draft policy also proposes a complete ban on petrol and CNG two-wheelers from August 15, 2026. It also proposes no registration of fossil fuel-powered three-wheeler goods carriers from August 15, 2025.

Govt-run vehicles are in focus

Government-run vehicles that deal with solid waste collection and city buses are also under focus. The upcoming policy recommends phasing out fossil fuel-driven vehicles used by Municipal Corporation of Delhi, New Delhi Municipal Council, and Delhi Jal Board, with a target of 100 per cent electric garbage vehicles by December 31, 2027.

Public transport is set for a transformation too. Delhi Transport Corporation (DTC) and Delhi Integrated Multi-Modal Transit System (DIMTS) will only procure electric buses for city use and BS VI-compliant buses for inter-state operations. 

Recommendations for car owners

For private car owners, the draft recommends that if a person already owns two vehicles, any further purchase must be an electric car. This rule will apply once the new EV policy is officially notified. 

According to the PTI, officials said that while the draft policy is mostly final, recommendations related to two-wheelers might be revised before cabinet approval. The current EV policy, which expired on March 31, has been extended for 15 days, possibly for the last time.

Delhi’s air pollution crisis

The national capital has been witnessing a serious air pollution crisis for many years which become worse during winters with the Air Quality Index (AQI) at hazardous levels.  

Reports suggest that the actual causes of pollution are vehicle emissions, dust from construction, smoke from factories, and stubble burning by farmers in nearby states like Punjab and Haryana.  

Furthermore, firecrackers during festivals and burning of waste make the situation more challenging. All these sources release harmful particles into the air, which can cause breathing problems, asthma, and heart diseases, especially in children and the elderly.

Responding to this air pollution crisis, the aim of the new policy is to aggressively reduce air pollution in Delhi by replacing a large number of fossil fuel vehicles with electric ones, officials added.

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Shares of InterGlobe Aviation, which operates IndiGo Airline, hit an all-time high of ₹ 5,199.50, as they surged 4per cent on the BSE in Tuesday’s intra-day trade on healthy outlook.  The stock surpassed its previous high of ₹ 5,177.90 touched on March 28, 2025. 

In the past one month, the stock has rallied 12 per cent on expectations of strong passenger growth outlook in the January to March 2025 quarter (Q4FY25). In comparison, the BSE Sensex was up 0.7 per cent during the same period. 

IndiGo is one of the most efficient low cost air carriers (LCCs) with a market share of 62 per cent in the Indian aviation sector. It is amongst the fastest growing low-cost carriers in the world. It had a fleet of 437 aircraft and provided scheduled services to 89 domestic and 34 international destinations as of December 31, 2024.

Since January 22, 2025, the stock price of IndiGo has zoomed 32 per cent after the company reported a better than expected 14 per cent year-on-year (YoY) growth in revenue, led by a 13 per cent YoY rise in passenger volumes in October to December 2024 quarter (Q3FY25). The company touched new milestones – operated a peak of 2,200 daily flights and served a record 31.1 million passengers during the quarter. 

Earnings before interest, tax, depreciation and amortization (EBITDA) was flat due to higher forex loss on account of INR depreciation, higher lease expenses, costs due to grounding of aircraft and airport fees.

The management expects this robust demand growth to continue in coming quarters. Expansion of Cargo operations supported ancillary revenue. The management guided to a healthy demand outlook and Indigo beating sector estimates with Q4 ASK (available seat per kilometer) growth of 20 per cent YoY (on a low base, though). 

Indigo’s strategic vision emphasizes a strong expansion trajectory, with an anticipated aircraft addition of 1 aircraft per week. As of December 31, 2024, the airline’s fleet comprises of 437 aircrafts, which it plans to take to 600+ aircrafts by 2030. The airline remains well on-track to achieve this with a pending orderbook of 900+ aircrafts (aircrafts ordered in 2019 still coming in), reflecting sustained capacity expansion, analysts at JM Financial Institutional Securities said in the management meet update on March 19, 2025.

Indigo plans to take its passenger traffic (PAX) per year from 118 million in FY25E to 200 million in FY30. Indigo plans to achieve this while maintaining its cost leadership via large orders to reduce ownership costs, new generation aircrafts to reduce fuel consumption and higher aircraft utilization. In order to increase its international presence, the company plans to add more destinations across regions and take its international capacity share from ~28 per cent currently to 40 per cent by FY30, the brokerage firm said. 

Analysts at Emkay Global Financial Services have ‘Buy’ rating on IndiGo with a target price of Rs 6,000 per share. While the brokerage firm believes Q4 would have an impact of Maha Kumbh, FY26 ASK/PAX growth guidance is set at early double digit, which seems conservative.

“IndiGo’s CY25 analyst day underpinned the burgeoning aviation opportunity in India viz a rising domestic base with higher spending power (leading to over 16 per cent pax compound annual growth rate (CAGR) during CY25-30E), strategic location for building a major hub (with new NCR-MMR airports in the next 3-4 months), and a large Indian diaspora boosting international foray (which is highly limited for Indian carriers currently),” Emkay Global Financial Services said. 

Nevertheless, with moderation in oil prices, spreads are likely to expand. The brokerage firm raised its FY25E R-EPS by 3 per cent, building in current forex rates while slightly tweaking FY26/27E by 1-2 per cent each. However, on the back of positive sector outlook, Indigo’s continued dominance and upside optionality like business class, cargo, and more importantly international, analysts raised target PE multiple to 22x from 20x and rollover to Mar-27E EPS.

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Tata Motors-owned Jaguar Land Rover (JLR) on Monday announced a 1.1 per cent year-on-year jump in wholesale dispatch at 111,413 units in fourth quarter of financial year 2025, and 6.7 per cent up as compared to Q3FY25. 

Compared to the preceding year, wholesale volumes for the fourth quarter were higher in North America (14.4 per cent), Europe (10.9 per cent) and flat in the UK (0.8 per cent), the company said in a statement. It was lower in China (29.4 per cent) and Overseas (-8.1 per cent). 

Meanwhile, the retail sales of the company stood at 108,232 units (including the Chery Jaguar Land Rover China JV) for Q4FY25, 5.1 per cent down compared to Q4 FY24 and up 1.8 per cent compared to Q3 FY25.

“The overall mix of the most profitable Range Rover, Range Rover Sport and Defender models was 66.3 per cent of total wholesale volumes in Q4 FY25 and 67.8 per cent for the full year,” the UK-based automaker said. 

Apart from giving out the sales numbers, the company also highlighted that it has achieved its net debt zero target, ending the financial year net cash positive. 

Paused shipments to the US

The announcement comes soon after JLR announced a temporary pause in the shipments to the US in response to the 25 per cent tariff on auto imports imposed by the Donald Trump administration. The halt caused a over 10 per cent crash in the stock price of Tata Motors in the Indian stock market.

“The USA is an important market for JLR’s luxury brands. As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans,” JLR said in a statement on April 5.

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The Government of India, on Monday, raised excise duty on petrol and diesel by ₹2 per litre, according to an official notification by the Department of Revenue, Ministry of Finance. The order stated that the change will take effect from April 8. The excise duty on petrol was increased to Rs 13 per litre and that on diesel to Rs 10, according to the order.

While the excise duty has been increased, the Ministry of Petroleum and Natural Gas has confirmed that there will be no burden on the common man as there will be no increase in retail prices of petrol and diesel.

Earlier in December 2024, the government had scrapped the windfall profit tax on domestic crude and fuel exports, first imposed on July 1, 2022, amid falling global oil prices.

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