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Stock Radar: Eicher Motors, Hero MotoCorp, Mankind Pharma, Ashoka Buildcon, KRN Heat, ITC in focus on Thursday
Money Control
·
10m ago
Medial
- Mankind Pharma receives regulatory approvals for the acquisition of Bharat Serums and Vaccines. - Zydus Lifesciences gets tentative approval from the USFDA for manufacturing Enzalutamide tablets. - Ashoka Buildcon receives the letter of award for multiple infrastructure projects worth crores. - Royal Enfield sales increase by 11% YoY, surpassing analysts' estimates. - Hero MotoCorp reports sales of 6.37 lakh units, beating analysts' expectations. - Maruti Suzuki India records a 1.9% increase in total sales, driven by higher exports.
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Related News
Q3 earnings review: Nifty 50 beats estimates, says Motilal Oswal
Livemint
·
1y ago
Medial
Indian corporates reported strong Q3FY24 earnings, with widespread outperformance across various sectors, driven by favorable margins, according to Motilal Oswal Financial Services. Domestic cyclical sectors such as autos and financials, along with global cyclical sectors like metals and oil & gas, performed well. Technology earnings declined slightly, the first drop in 26 quarters. Nifty 50 exceeded expectations, with 17% YoY growth in PAT. The top earnings upgrades for FY25 were recorded in Tata Motors, Coal India, Hero MotoCorp, Cipla, and Bharti Airtel, while the top downgrades were UPL, LTI Mindtree, ITC, Divis Labs, and HUL.
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Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding
Entrackr
·
6m ago
Medial
Exclusive: Hero MotoCorp to lead Euler Motors’ Series D funding Commercial electric vehicle manufacturer Euler Motors is in talks to raise up to $50 million in its Series D round led by Hero MotoCorp, according to two sources familiar with the matter. In May 2024, the firm raised $24 million in an extended Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated. “Hero MotoCorp will lead the round along with existing investors including Caladium Investments (GIC),” said one of the sources requesting anonymity as talks are yet to be public. According to sources, the round is yet to be fully subscribed and the company may end-up raising anywhere between $45 to $50 million. The Delhi-based company already raised $20 million in debt from responsAbility Investments AG last month. According to startup data intelligence platform TheKredible, Euler has raised over $110 million and is currently valued at around $160-170 million. Queries sent to Euler, Hero MotoCorp, and GIC did not elicit a response until the publication of the story. Launched in 2018 by Saurav Kumar, Euler Motors claims that its commercial electric vehicles have covered a total distance of over 45 million kilometers in goods transportation. The company's flagship model, the HiLoad EV, is claimed to be the most powerful electric cargo three-wheeler, offering a range of 170 kilometers. For the fiscal year ending in March 2024, Euler Motors’ operating revenue soared 3X to Rs 189 crore in FY24 from Rs 62 crore in the previous fiscal year. During FY24, the company posted a net loss of Rs 226.9 crore. In FY24, the company sold 3,700 vehicles and expanded its footprint from five to 22 cities. In the electric three-wheeler segment, Euler Motors competes with Altigreen, as well as established players like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others. It's worth noting that Hero MotoCorp was reportedly in talks to invest Rs 900 crore in Bengaluru-based startup Altigreen. The entry of Hero MotoCorp would certainly raise a few eyebrows, but the decision is not as unexpected as it seems. Hero MotoCorp will find the three wheeler commercial category worth a relook now that it is looking to become EV led, creating a fresh opportunity for many players. With its stake in two wheeler EV firm Ather already at 40%, the Hero’s $5 billion balance sheet can well afford a stake in Euler, before it takes a strategic call to go big possibly. But for industry watchers, it is an enticing prospect indeed.
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Small cars and two-wheelers face demand pain: Sudip Bandyopadhyay
Economic Times
·
6d ago
Medial
The commercial vehicle sector is performing well, offsetting weaker demand for two-wheelers and small cars, according to Sudip Bandyopadhyay, Group Chairman of Inditrade Capital. Despite challenges in small car and two-wheeler demand, the festive season may boost interest. Ashok Leyland and Eicher Motors show promise in the commercial vehicle segment, while Bajaj Auto faces domestic sales issues but benefits from strong exports. Caution is advised for pharma firms with high US exposure due to potential tariff threats.
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Hero MotoCorp invests over $60 Mn in EV startup Euler Motors
Entrackr
·
4m ago
Medial
Hero MotoCorp, a leading motorcycle and scooter manufacturer, has announced a strategic investment of up to Rs 525 crore (approximately $60 million) in Euler Motors, a company focused on electric three wheelers. The move marks Hero MotoCorp’s entry into the electric three-wheeler market. This is its second major EV investment, following a 40% stake in Ather Energy. Entrackr was first to report about the deal last month. The Board of Directors of Hero MotoCorp approved the investment in its meeting held on March 20, 2025. The investment, which will be made in one or more tranches, will provide the company with a 32.5% stake in Euler Motors on a fully diluted basis. The new round has come within a year of $24 million extended Series C round. Hero MotoCorp’s Executive Chairman, Pawan Munjal, described the investment as a bold step toward achieving the company’s vision to "Be the Future of Mobility." He emphasized that the investment highlights the power of collaboration and adaptability in an evolving market while reinforcing Hero MotoCorp’s commitment to accelerated growth through both organic and inorganic expansion. Launched in 2018 by Saurav Kumar, Euler Motors’ flagship model, the HiLoad EV, is claimed to be the most powerful electric cargo three-wheeler, offering a range of 170 kilometers. The Delhi-based firm recently expanded its product lineup with the launch of its first electric commercial four-wheeler. Currently operating in over 30 cities in India, Euler Motors has shown significant growth, reporting a turnover of Rs 172 crore in the financial year 2023-24, a sharp increase from Rs 49 crore in the previous year. Hero MotoCorp’s investment in Euler Motors is expected to provide the company with a strong foothold in the electric three-wheeler market, where EVs are projected to account for a significant portion of total sales in the coming years. In the electric three-wheeler segment, Euler Motors competes with Altigreen, as well as established players like Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.
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Tata Motors, Maruti, M&M, Hyundai shares: Fresh price targets amid auto sector underperformance
Business Today
·
5m ago
Medial
Analysts from InCred Equities favor Hero MotoCorp as the top OEM for its valuation, followed by Maruti Suzuki and Ashok Leyland due to expected volume recovery. Tata Motors and TVS Motor are among the reduce-rated stocks, while Bharat Forge and Balkrishna Industries receive an add rating. Bajaj Auto is upgraded, alongside Samvardhana Motherson in the component sector. Despite some optimizations, the general stance on the auto sector remains neutral.
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Tata Motors, M&M, Maruti, Bajaj Auto, Hero MotoCorp: How auto stocks fared on February sales data
Business Today
·
5m ago
Medial
Tata Motors shares fell by 0.83% due to a 9% drop in February domestic sales. Mahindra & Mahindra saw a 15% sales increase, while Hyundai Motor India experienced a 3% decline. Maruti Suzuki's domestic sales rose by 1%. Escorts Kubota's agri-machinery sales increased by 11.4%. VE Commercial Vehicles had a 9% growth in sales. Hero MotoCorp faced a 20% decrease, Bajaj Auto grew by 2%, and TVS Motor Company saw a 10% sales increase.
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Mid-day Mood | Nifty, Sensex plunge further; all sectors, broader markets trade with sharp cuts
Money Control
·
9m ago
Medial
The Nifty 50 index experienced heavy selling pressure, with Hero MotoCorp, Bajaj Auto, and Sun Pharma being the top losers. The Sensex and Nifty 50 both saw significant declines, affected by factors such as the US elections, China stimulus plans, the Federal Reserve meeting, foreign institutional investors selling, and a lackluster earnings season. All sectoral indices traded with losses of over 1 percent. As the market faces headwinds from slowing earnings growth, investors may look to remain invested in fairly valued large caps.
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Euler Motors raises Rs 638 Cr in Series D funding round
Entrackr
·
2m ago
Medial
Euler Motors raises Rs 638 Cr in Series D funding round Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, led by Hero MotoCorp, along with participation from existing investor British International Investment (BII). This latest infusion will be instrumental in expanding the company’s sales and service network, while advancing new product development to accelerate India’s commercial EV adoption. Last month, the company announced a $60 million investment from Hero MotoCorp. Entrackr also reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round. According to Entrackr’s estimates, Euler Motors' valuation remains flat at $176 million. Euler Motors has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore. Launched in 2018, Euler Motors specializes in the production of EV three-wheelers. The company has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of electric vehicles, including the HiLoad EV and the StormEV. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, founder and CEO of Euler Motors. Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period. Euler competes with players like Altigreen, Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.
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Exclusive: Euler Motors’ valuation remains flat in Series D round
Entrackr
·
3m ago
Medial
Exclusive All Stories Exclusive: Euler Motors’ valuation remains flat in Series D round Commercial electric vehicle manufacturer Euler Motors is raising Rs 638 crore (around $75 million) in its Series D round led by Hero MotoCorp. The company has already announced a $60 million investment from Hero MotoCorp, and the round is expected to see further participation from other existing investors. While the investment will provide a much-needed breather for Euler, which has been seeking funds for some time, the Delhi-based company will have to settle for a flat valuation in this round. To delve deeper into Euler’s latest funding round, Entrackr has reviewed the company’s regulatory filings to uncover details such as the round's breakdown, shareholding structure, and current valuation. The board at Euler Motors has passed a special resolution to approve the issue of 8,33,047 Series D Cumulative Compulsorily Convertible Preference Shares and 10 equity shares at an issue price of Rs 7,659 to raise Rs 638 crore or $75 million. Hero MotoCorp led the round with an investment of Rs 510 crore ($60 million) whereas British International Investment and Caladium Investment (GIC) will contribute Rs 96 crore ($11.3 million), Rs 32 crore ($3.76 million), respectively. As per Entrackr’s estimates, the Saurav Kumar-led company is expected to be valued at approximately Rs 1,496 crore ($176 million) post-allotment, reflecting a flat valuation compared to the previous round. According to startup data intelligence platform TheKredible, Euler Motors has raised around $128 million prior to this round including debt and equity. Following the allotment of Series D round, Hero MotoCorp will be the largest external shareholder in the company with 34.10%. Caladium Investment (GIC) and British International Investment will hold 18.00% and 10.40% stakes respectively. Launched in 2018, Euler Motors is a commercial electric vehicle startup specializing in the production of three-wheelers. The company has deployed its EV fleets for major clients such as BigBasket, Ecom Express, Amazon, and Udaan. On a year-on-year basis, Euler recorded over a 3X jump in its operating revenue, reaching Rs 189 crore in FY24 from Rs 62 crore in FY23. However, it also incurred a loss of Rs 227 crore during the same fiscal. The firm has yet to disclose last fiscal year numbers (FY25). It competes with Altigreen, along with established players such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others. The three-wheeler market is perhaps the one market that has evolved at its own pace. It has been the same story in the electric version, with nothing like the horde that entered the two-wheeler space hoping to strike it big. Margins are way healthier for the established players, and Euler has done enough to show it can punch its weight or even above as well. That explains the continued interest from Hero MotoCorp, albeit at the flat valuation to reflect the rising challenges or Euler’s present situation. With EV mandates only spreading faster to more and more states and some of the biggest buyers known to be open to a better deal, Euler certainly has a better than even chance of gaining further traction and enjoying a good ride. The key will be the ability to produce newer products for a market with a variety of needs by size and features.
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NSE Indices Launches Nifty EV & New Age Automotive Index
Inc42
·
1y ago
Medial
The NSE Indices has introduced a new index that includes stocks from the Nifty 500 involved in the production and supply of electric or new-age automotive vehicles, batteries, components, raw materials, and technology. The launch of this index aligns with the Indian government's efforts to promote EV adoption and position India as a manufacturing destination. Some of the stocks included in the index are Amara Raja Energy & Mobility, Exide Industries Ltd, Bajaj Auto Ltd, Hero MotoCorp Ltd, Olectra Greentech Ltd, TVS Motor Company Ltd, and Tata Motors.
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