Maruti has magnet stock till July, looking for alternatives: Chairman

R C Bhargava says commercial battle helps neither Indian nor Chinese companies
Surajeet Das Gupta Delhi
Listen to This Article
Maruti Suzuki has stocks of rare earth magnets imported from China that will last only until the end of July. The company will prepare a contingency plan, including exploring alternatives, if the ongoing issue remains unresolved by then.
Asked about the impact of China not clearing imports of rare earth magnets — an item for which automotive companies must now seek a licence — Maruti Suzuki Chairman R C Bhargava said: 'We have stocks of rare earth magnets till July-end, and everyone, including us, is hopeful that China will resume supplies. We are also looking at alternatives, but there is

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Mint

25 minutes ago

• Mint

Oswal Pumps IPO listing date today. GMP, experts signal debut of shares at decent premium in stock market today

Oswal Pumps IPO Listing: Oswal Pumps shares are set to make their debut in the Indian stock market today, June 20. The initial public offering (IPO) of the pumps manufacturer, Oswal Pumps Ltd, ended for bidding on June 17. Oswal Pumps IPO listing date is today, 20 June 2025. The offer was open from June 13 to June 17, and the Oswal Pumps IPO allotment date was June 18. The equity shares will be listed today, June 20, on BSE and NSE. 'Trading Members of the Exchange are hereby informed that effective from Friday, June 20, 2025, the equity shares of Oswal Pumps Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' Group of Securities,' a notice on the BSE said. Oswal Pumps shares will be a part of Special Pre-open Session (SPOS) on Friday, June 20, 2025, it added, and the stock will be available for trading from 10:00 AM. Ahead of the Oswal Pumps IPO listing today, investors wait for the trends in the grey market premium (GMP) to estimate the listing price. Oswal Pumps IPO GMP today and analysts signal decent listing gains for investors. Oswal Pumps shares are showing an upbeat trend in the unlisted market with a positive grey market premium (GMP) today. Oswal Pumps IPO GMP today is ₹ 41 per share. This signals that in the grey market, Oswal Pumps shares are trading higher by ₹ 41 than their issue price. Oswal Pumps IPO GMP today indicates that the estimated listing price of Oswal Pumps shares would be ₹ 655 apiece, which is at a premium of nearly 7% to the IPO price of ₹ 614 per share. Analysts also expect Oswal Pumps IPO listing price to be at a premium of around 8% - 12%. 'Despite prevailing stock market volatility, the Oswal Pumps IPO received a robust response from investors. We believe this overwhelming demand was driven by attractive valuation levels, offering reasonable long term upside potential along with a well-diversified product portfolio across agriculture, industrial, and domestic water solutions. We also see the company's strategic positioning to benefit from ongoing government infrastructure and rural development initiatives, especially those focused on water management and irrigation,' said Prashanth Tapse, Research Analyst at Mehta Equities Ltd. Given the strong subscription demand and ongoing market sentiment, Tapse anticipates a decent listing gain in the range of 10% – 15% for Oswal Pumps share debut. Mahesh M. Ojha, AVP Research and Business Development at Hensex Securities Pvt Ltd said that the Oswal Pumps IPO garnered strong investor interest across segments, which was a clear indicator of positive market sentiment, bolstered by a solid anchor book and credible domestic and global institutional participation. 'The listing is expected to be between 8% - 12% premium over the upper band of ₹ 614. Given the company's leadership in the solar pump segment, its alignment with government-backed schemes like PM-KUSUM, and strong execution history, the listing premium appears justified,' Ojha said. The public issue opened for subscription on Friday, June 13, and closed on Tuesday, June 17. Oswal Pumps IPO allotment status was fixed on June 18, and the Oswal Pumps IPO listing date is today, June 20. Oswal Pumps shares will be listed on both the stock exchanges - BSE and NSE. Oswal Pumps IPO size was ₹ 1,387.34 crore which comprised a combination of fresh issue of 1.45 crore equity shares worth ₹ 890 crore, and an offer-for-sale (OFS) of 81 lakh equity shares amounting to ₹ 497.34 crore. Oswal Pumps IPO price band was ₹ 584 to ₹ 614 per share. The issue was subscribed 34.42 times, as it received total bids for 55.80 crore equity shares as against 1.62 crore shares on the offer, according to data on NSE. The retail portion was subscribed 3.60 times, and the Non Institutional Investors (NII) category was booked 36.70 times. The Qualified Institutional Buyers (QIBs) segment received 88.08 times bids. IIFL Capital Services, Axis Capital, CLSA India, JM Financial, Nuvama Wealth Management are the book running lead managers of the Oswal Pumps IPO, while MUFG Intime India is the IPO registrar. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Economic Times

29 minutes ago

• Economic Times

Will eased KYC norms revive foreign investment in Indian sovereign bonds?

Mumbai: India's regulatory latitude on compliance and KYC norms for foreign funds buying only sovereign bonds is expected to burnish the allure of an asset class already featuring in global gauges, although an immediate halt to recent outflows would require worldwide rate dynamics and geopolitical risks to settle in favour of the emerging markets. ADVERTISEMENT "Considering that the Indian economy is growing and the market is coming up the maturity curve with inclusion in global indices, it is quite logical for making the investing route easier for FPIs," said Divaspati Singh, partner at Khaitan & Co. According to a senior official at a foreign bank, there has been a long-pending demand to ease the operational issues around reporting and KYC. On Wednesday, Sebi approved the proposal to relax certain regulatory requirements for all existing and prospective foreign portfolio investors that exclusively invest in G-Secs. Overseas investors have been shedding Indian bonds of late. Easing of the KYC norms are unlikely to lead to an immediate trend reversal. "While this may not see a sudden spurt of inflows, it does make life easier for FPIs participating only in G-secs," Singh overseas banker expects long-term benefits from Sebi's move. (You can now subscribe to our ETMarkets WhatsApp channel)

Business Standard

29 minutes ago

• Business Standard

Valuations, fresh equity supply key risk to Indian stock market: Chris Wood

High valuations, especially in the midcap space, coupled with fresh supply of equity via the initial public offers (IPOs) are the main risks to the Indian stock markets, cautioned Christopher Wood, global head of equity strategy at Jefferies in his recent note to investors, GREED & fear. The rally in the market (since recent lows), Wood cautions, means that valuations have become an issue again, most particularly in the mid-cap space. The Nifty Index now trades at 22.2x 12-month forward earnings after rising by 14.1 per cent from its April 7 low. While the Nifty Mid-Cap 100 Index trades at 27.1x 12-month forward earnings, following a 23.7 per cent gain from its April 7 low. 'This is also why corporates are again placing equity to take advantage of such valuations. The equivalent of $7.2 billion of equity supply was raised last month and $6 billion so far in June. It is this supply which poses the main risk to the market. Equity supply was running at around $7 billion a month prior to the correction, which began in late September last year,' Wood wrote. Mid, smallcaps steal the show From April 7 levels, while the Nifty 50 has rallied nearly 12 per cent till date, the up move in the mid-and smallcap indices has been sharper. The Nifty Midcap 150 index and the Nifty Smallcap 250 indexes have surged nearly 17 per cent and 18.5 per cent respectively during this period, ACE Equity data shows. Meanwhile, primary market activity is set to rebound in the coming week with at least four companies planning to raise a total of about ₹15,000 crore ($1.7 billion) via IPOs, reports suggest. Some prominent ones include Kalpataru, Ellenbarrie Industrial Gases, and Globe Civil Projects. HDB Financial Services Ltd., a unit of India's biggest private lender HDFC Bank, is also planning to launch its $1.4 billion IPO on June 25, reports suggest. This will be one of the biggest IPOs since Hyundai Motor India IPO in October 2024 that raised over Rs 27,000 crore. Capex theme The focus in the Indian market since the budget announcement on February 1, Wood wrote, has rotated to playing consumption rather than investment, helped by the monetary easing context with consumer finance stocks rallying sharply. The property market, now in its 5th year of an upturn, has further to run, he believes. 'Pre-sales growth of the top seven developers covered by Jefferies is forecast to accelerate to 22 per cent YoY in FY26 after slowing to 17 per cent YoY in fiscal year 2024-25 (FY25) ended March 31, a four year low. A lower mortgage rate, now at 8 per cent and expected to fall to 7.5 per cent when the latest Reserve Bank of India (RBI) rate cuts are passed on, should help boost sales in the affordable and mid-income segments,' he said. Portfolio rejig Wood has also rejigged his India portfolio, with the investments in Larsen & Toubro, Thermax and Godrej Properties will be removed and replaced by investments in TVS Motor, Home First Finance and Manappuram Finance, with four percentage points each. An additional one percentage point each will be added to the existing investments in PolicyBazaar and Bharti Airtel, he said. The investment in Larsen & Toubro in the global long-only equity portfolio has been replaced by an investment in Saint-Gobain, a French construction materials company. In the Asia ex-Japan long-only portfolio, too, the investment in Larsen & Toubro will be removed and replaced by an investment in PolicyBazaar, he said.