Jaiprakash Power Ventures' second quarter revenue rose 5.1% year-on-year, while profit before exceptional items and tax climbed nearly 79%. A Rs 511 crore provision for a settlement with NARCL weighed on earnings this quarter. JP Power Ventures's consolidated net profit fell 81.7% year-on-year to Rs 33.34 crore in the quarter ended Sept 30, compared with Rs 182 crore in the year-ago period. The decline followed a Rs 511 crore exceptional charge towards a proposed full-and-final settlement with the National Asset Reconstruction Company Ltd. (NARCL) over a corporate guarantee furnished by the company for loans to Jaiprakash Associates. Net profit fell 81.7% to Rs 33.3 crore as compared to Rs 182 crore the previous year in the same period. Revenue from operations increased 5.1% year-on-year to Rs 1,512.12 crore from Rs 1,438.30 crore. Total income rose to Rs 1,579.34 crore from Rs 1,478.49 crore. The company's September-quarter earnings therefore reflect the impact of ...
German carmaker Audi has dropped its iconic four rings logo in China, a move that has shocked social media. The logo has been a symbol of the luxury cars since the 1930s, but wasn't a part of a new E Concept electric sportback that was showcased in Shanghai earlier this month. The car just carried 'AUDI' in all caps on the front. This comes at a time when Jaguar's new logo has sparked a buzz on social media, with users criticising the move.
Internet is shocked by Audi's rebranding too - though it has so far only happened in China.
"Very confusing branding choice," commented one user. "Bad move. Everyone knows the Audi logo. This new one is lame," said another.
While explaining the reason behind Audi's move, another user expressed his disappointment by saying, "The Chinesification of foreign premium brands in China continues, one way to survive the bloodbath."
The new AUDI logo is part of a project with Chinese automaker SAIC to co-develop electric vehicles aimed at attracting younger customers in the world's largest auto market.
It marks an effort by both Audi and SAIC to win back market share in China, where legacy local players and foreign automakers have been losing ground to EV- and hybrid-focused rivals.
"The customers (here) are much younger than the rest of the world, 30 and 35 (years old) on average in the premium segment, while the rest of the world is 55," Fermin Soneira, CEO of the project, told news agency Reuters.
"The EV series aims to attract younger drivers who seek high-end technology features such as advanced driver-assistance systems," the CEO further said.
The new EV series uses automotive architecture co-developed with SAIC, and Audi says it will rely more on local suppliers and technologies.
Audi sold fewer than 15,000 EVs in China in the first nine months of 2024, according to data from the China Association of Automobile Manufacturers. In comparison, Chinese premium EV brands Nio and Xpeng sold roughly 10 and seven times more, respectively.
from NDTV News- Special https://ift.tt/PQvpxIq
Comments
Post a Comment