Tata Motors expands its EV line-up

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⭐ Tata Motors expands its EV line-up

Tata Motors launched a new electric car, Tiago EV, in India on Wednesday. With this launch, Tata Tiago EV has become the most affordable electric car, priced under ₹10 lakh. As per the management, Tata Motor’s previous two electric car models have witnessed 25-30% penetration and similar volumes are expected from Tiago EV.     

⭐ Indian fertiliser companies sign new deal

Major Indian fertiliser companies Coromandel International, Chambal Fertilisers and Indian Potash have signed a new agreement with Canada-based Canpotex. As per the agreement, Canpotex will supply up to 15 lakh metric tonnes (LMT) of potash annually for a period of three years. This will ensure a stable long-term supply of potash fertilisers to India and will reduce the price and supply volatility. 

⭐ China’s yuan hits 14-year low 

Chinese yuan fell to a record low of 7.23 per dollar on Wednesday, which is the lowest level since January 2008. The slide in the currency came after the US Fed’s interest rate hike earlier this month. A weaker yuan makes Chinese goods cheaper abroad and makes its exports competitive compared to its Asian counterparts like India. 

Global markets (at 7:30 AM today)

Fact of the day

India’s net direct tax collection has increased by 23% to ₹7.04 lakh crore so far this fiscal, as per the income-tax department 

Source: Economic Times