Top headlines: Two-wheeler EVs under fire, Vivad se Vishwas-II, and more

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FAME subsidy violation: Two-wheeler EVs under fire for pricing breach

The ministry of heavy industries (MHI) is widening the scope of investigation into the alleged misappropriation of the FAME subsidy for electric vehicles (EVs). The ministry has asked some of the top players in the electric two-wheeler space to explain how the maximum ex-factory price cap was being breached. Read more

Finance cost weighs on India Inc's earnings in Q3; operating profit dips

After supporting India Inc’s profits for two-and-a-half years since the outbreak of Covid-19 at the end of the fourth quarter of financial year 2019-20 (FY20), interest rates and finance costs have become a drag on corporate earnings. Read more
 

Vivad se Vishwas-II: Govt aims to settle 500 cases involving about Rs 1 trn

The Central government is aiming to resolve about 500 cases, involving an estimated Rs 1 trillion, under the new voluntary settlement scheme, which has been proposed to bring an end to its contractual disputes with private parties, according to officials. Read more

Toll in Turkey, Syria crosses 7,800; chorus to lift US sanctions grows

The death toll from Monday's devastating earthquakes climbed to 5,894 in Turkey and 1,932 in Syria on Tuesday, while calls mounted to lift the US sanctions on Syria, state media reports say. Read more

Subsidy halt, price rise and supply-chain bottlenecks hit EV sales in 2023

After a surge in 2022, the retail market share and sales of electric vehicles began declining in January 2023. Industry players say the dip in sales is due to the halt of FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) subsidies, rising cost of EVs, and supply chain constraints. Read more

After Rs 10,500 crore infusion, Ikea plans further investment in India

IKEA India has invested most of the Rs 10,500 crore it had set aside for the country and is currently working on a roadmap for the next phase of investments in the country.

In 2012, the Swedish furniture retailer had committed to investing Rs 10,500 crore in two phases. Since then, it has opened three large-format stores in Hyderabad, Navi Mumbai and Bengaluru. Read more