Top headlines: Go First blames lessors, Vedanta balance sheet in stress

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Missed opportunity: India far behind in race for electronics exports to US
Unlike competing nations such as Vietnam, Malaysia and Mexico, India has failed to push electronics exports to the US by exploiting the latter’s imposition of a punitive 25 per cent duty on key Chinese electronics imports from 2018 .
As China saw its electronics exports fall by $29 billion in the last four years as a direct result, the punitive duty created an opportunity for other countries to replace China in the US. Read more...

Lobbying by lessors, faulty Pratt & Whitney engines hurt India: Go First

The Indian aviation sector has suffered huge losses due to faulty engines supplied by American firm Pratt & Whitney, with nearly 75 aircraft currently grounded across the nation, top executives of Go First Airlines said.  The grounding of aeroplanes due to issues with P&W engines has led to a spike in airfare, they said.
Asking Aviation Working Group (AWG) — an association of aircraft lessors, engine makers, and plane makers — to pressure P&W to meet its obligation to supply engines, they claimed its members via the lobby group were trying to “influence” the National Company Law Appellate Tribunal (NCLAT). Read more...

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Premium smartphone sales soar as Amazon India bets on 5G, tier-2+ markets
While overall smartphone shipments in India slowed down, e-commerce giant Amazon India recorded a 1.7-fold year-on-year (YoY) increase in sales of premium handsets in the first quarter of calendar year 2023. The performance rode on the coattails of skyrocketing 5G device sales and increasing demand from tier-2 and beyond markets. Read more...

Semiconductor chip prices are up 50%: Bajaj Auto EV head Eric Vas
The semiconductor chip supply for the electric two-wheeler industry has normalised but the prices are up by nearly 50 per cent compared to pre-pandemic period, said Eric Vas, President, Urbanite, the electric vehicle (EV) business of Bajaj Auto.

"It (the supply) has improved greatly. It has pretty much normalised. The problem is the cost. The costs remain very high. Hopefully, the costs will start correcting themselves over this fiscal year," he said in an interview with Business Standard. Read more...
Vedanta's record dividend to parent strains company's balance sheet

Vedanta Limited (Vedanta) helping its parent and group holding company Vedanta Resources to deleverage its balance sheet has started to strain its balance sheet.
Vedanta’s gross debt (consolidated) was up 24.3 per cent year-on-year (YoY) in FY23 and reached a six-year high of Rs 66,628 crore by the end of March. Similarly, its net debt went up 20.3 per cent YoY to Rs 45,706 crore at the end of FY23, up from Rs 38,228 crore a year ago; it was the highest since FY20. Read more...

First Published: May 15 2023 | 9:15 AM IST

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