Category: economy

Why India’s largest oil producer has lower mcap than Zomato

**Why India’s Largest Oil Producer Has a Lower Market Cap Than Zomato**
*By Dwaipayan Roy | Oct 12, 2025, 06:21 PM*

India’s biggest oil and gas producer, Oil and Natural Gas Corporation (ONGC), is currently perceived as undervalued by the market. Despite boasting a market capitalization of around ₹3.1 lakh crore, ONGC trails behind companies like food delivery giant Zomato in terms of market value.

### Understanding the Market Discrepancy

One of the main reasons for this disparity is that over one-third of ONGC’s market capitalization comes from its stakes in subsidiaries and minority investments, which the market has not fully factored in.

### Market Cap Growth Comparison

Looking back over the last 13 years, ONGC’s market capitalization has grown by only about 26%. This growth is modest compared to other major Indian companies. For example:

– **Reliance Industries**: Its valuation surged from ₹2.43 lakh crore in July 2012 to ₹18.7 lakh crore today.
– **Tata Consultancy Services (TCS)**: Grew from ₹2.42 lakh crore in 2012 to ₹10.95 lakh crore now.

### ONGC’s Diverse Portfolio

ONGC holds significant stakes in various subsidiaries and minority investments, including:

– **Mangalore Refinery and Petrochemicals Limited (MRPL)**: 71.63% stake valued at over ₹18,000 crore.
– **Hindustan Petroleum Corporation Ltd (HPCL)**: 54.9% stake worth approximately ₹52,770 crore.

Alongside these, ONGC also has minority stakes in:

– **Indian Oil Corporation**: 14.20% stake valued at around ₹31,000 crore.
– **GAIL (India) Ltd**: 5% stake worth about ₹5,900 crore.

The total value of ONGC’s stakes in subsidiaries and minority investments exceeds ₹1.07 lakh crore, which is more than a third of its current market capitalization.

### The Minister’s Take on PSU Valuations

Oil Minister Hardeep Singh Puri recently expressed concern about the undervaluation of state-owned oil public sector undertakings (PSUs). He highlighted a “perception bias” among investors that undervalues these profitable and economically significant entities.

The Minister underscored the robust performance of oil marketing companies, noting that Indian Oil, Bharat Petroleum, and Hindustan Petroleum together generated a combined profit of ₹2.5 lakh crore over the past six years.

### Conclusion

While ONGC remains India’s largest oil and gas producer with a strong asset base and profitable subsidiaries, the market continues to undervalue its true worth. This disparity underscores investor perception challenges faced by public sector enterprises compared to fast-growing private sector companies like Zomato.
https://www.newsbytesapp.com/news/business/ongc-s-market-cap-growth-lags-behind-peers/story

惜しむ万博閉幕、寄せる人波　雨の中「駆け込み」で楽しむ

くらし

惜しむ万博閉幕、寄せる人波 雨の中「駆け込み」で楽しむ
2025/10/12 18:39 （2025/10/12 18:41 更新）
[有料会員限定記事]

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大阪・関西万博は12日、閉幕まであと1日となり、入場ゲートには名残を惜しむ人の波が続々と押し寄せました。

一時雨脚が強まり、会場シンボル「大屋根リング」の下はすれ違うのも難しいほど混雑しました。来場者からは「寂しい」という声が聞かれました。

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※この記事は有料会員限定です。
残り485文字
7日間無料トライアル、1日37円で読み放題。年払いならさらにお得です。

【シェア】
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※クリップ機能は有料会員の方のみご利用いただけます。

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西日本新聞meとは？
https://www.nishinippon.co.jp/item/1410538/

Why India’s electric truck makers are struggling to go local

**Why India’s Electric Truck Makers Are Struggling to Go Local**
*By Dwaipayan Roy | Oct 12, 2025, 05:21 PM*

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India’s electric truck industry is facing significant challenges in meeting the government’s localization demands. Despite efforts by leading manufacturers like Tata Motors and Ashok Leyland to produce local components and promote green logistics, they have struggled to pass the required localization tests. This slowdown is further compounded by the low market demand for electric trucks.

### Government Localization Push

The Indian government has been actively pushing e-truck manufacturers to comply with an ambitious localization plan. Recent consultations between the Union Heavy Industries Ministry and key industry players—including Tata Motors, Ashok Leyland, Volvo Eicher Commercial Vehicles, and Murugappa Group’s IPLTech—highlight the government’s focus on this initiative.

Under the *phased manufacturing program* (PMP), introduced in July as part of the ₹10,900 crore PM E-Drive scheme, manufacturers face strict deadlines for localizing components that are currently imported, mainly from China.

### What Is the Phased Manufacturing Program?

The PMP mandates that specific e-truck components—such as HVAC systems, electric compressors for brakes, charging inlets for standard EV chargers, battery management systems, vehicle control units, and traction motors—must be progressively manufactured domestically. The initial cut-off date for importing most of these parts was September 1, 2025.

### Policy Adjustments Amid Supply Challenges

Due to disruptions in the supply of rare earth magnets from China, the government has recently relaxed its rules. It now permits manufacturers to import traction motors that incorporate these magnets from Chinese suppliers. Additionally, the PM E-Drive scheme for e-trucks and e-buses has been extended by two years to FY28, reflecting underutilization of allocated funds for these vehicle segments.

### Testing Delays and Localization Bottlenecks

Despite the government’s push, no e-truck model has successfully passed the localization test over two months since the guidelines came into effect. This delay indicates a slow transition toward using locally sourced parts. Authorities have urged manufacturers to accelerate the localization process to clearly demonstrate which components in e-trucks and e-buses are made in India.

### Growth in Local Production

Encouragingly, several Indian auto component makers have begun ramping up local production of critical parts. Companies like Sona Comstar and Toyota Kirloskar Auto Parts Ltd are now manufacturing traction motors and trans-axles domestically. These efforts align with the government’s ₹25,938 crore production-linked incentive (PLI) scheme for automobiles and auto parts, which requires at least 50% of spare parts and raw materials to be sourced within India.

### Market Hurdles and Cost Concerns

E-truck manufacturers cite uncertainty in market demand as a key reason for the slow adoption of local components. However, the government notes that sectors such as ports, steel, and cement are keen to adopt green logistics solutions, indicating potential for growth.

Another significant challenge is the cost. Transitioning from diesel trucks to electric models is expensive for businesses, as electric trucks currently cost between 20% and 50% more than their diesel counterparts. This price gap poses a hurdle for faster adoption across industries.

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India’s electric truck sector stands at a critical juncture where government policies, manufacturing capabilities, and market realities must align to accelerate localization and promote sustainable transportation.
https://www.newsbytesapp.com/news/auto/india-s-electric-truck-makers-are-facing-these-issues/story

Don’t need China for most rare earth needs, says Taiwan

**Taiwan Says It Doesn’t Need China for Most Rare Earth Materials**

*By Dwaipayan Roy | October 12, 2025, 5:19 PM*

Taiwan’s economy ministry is currently evaluating the impact of China’s recent expansion of rare earth export restrictions on its critical semiconductor industry. According to the ministry, the majority of Taiwan’s rare earth materials are sourced from Europe, the United States, and Japan. However, officials are still assessing how the latest Chinese restrictions may affect supply chains and production costs in this sector.

**China Tightens Rare Earth Export Controls**

China has recently expanded its control over rare earth exports by adding five new elements to the restricted list. The country has also increased scrutiny specifically targeting chip manufacturers and users. This move comes ahead of high-stakes talks between US President Donald Trump and Chinese President Xi Jinping, intensifying concerns over supply chain stability.

The Taiwanese economy ministry emphasized that “the impact on the operation of the semiconductor industry still requires further stocktaking and assessment,” highlighting the need to carefully analyze potential disruptions.

**Impact on Taiwan’s Semiconductor Industry**

Taiwan is home to the world’s largest contract chipmaker, TSMC, which produces a majority of the advanced chips used in artificial intelligence applications globally. Any disruption in rare earth supply chains or increased costs resulting from China’s new restrictions could have significant repercussions for Taiwan’s semiconductor sector and the broader technology industry.

**China’s Defense of Export Restrictions**

Earlier today, China defended its export curbs on rare earth elements and related equipment. The Chinese government stated that the restrictions are motivated by concerns over the military applications of these metals amid what it described as “frequent military conflict.” This rationale reflects Beijing’s strategic considerations tied to national security.

As Taiwan continues to monitor the situation, industry stakeholders are closely watching the developments, given the critical role rare earth materials play in semiconductor manufacturing and advanced technology production.
https://www.newsbytesapp.com/news/world/taiwan-assesses-impact-of-china-s-rare-earth-export-curbs/story

万博来場者2500万人突破　閉幕へ、次回はサウジ

社会・くらし

万博来場者2500万人突破、閉幕へ　次回はサウジ開催

2025年10月12日 9:59（10:01更新）
※この記事は有料会員限定記事です

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大阪・関西万博会場の夜景＝11日午後、大阪市此花区の夢洲にて

日本国際博覧会協会（万博協会）は12日、大阪・関西万博の一般来場者数が11日時点の推計値で2,508万人に達したと発表しました。

「いのち輝く未来社会のデザイン」をテーマに、158カ国・地域が一堂に会した祭典は、まもなく閉幕を迎えます。

次回の万博はサウジアラビアでの開催が予定されています。

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※この記事の続きをご覧いただくには、有料会員登録が必要です。7日間無料トライアルも実施中。1日あたり37円で読み放題、年払いならさらにお得です。
https://www.nishinippon.co.jp/item/1410427/

公明、再連立の可能性に言及　次々回の首相指名時

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title: 公明党、再連立の可能性に言及　次々回の首相指名時に検討
date: 2025-10-12 00:02
category: 政治
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公明党の斉藤鉄夫代表は11日、配信されたユーチューブ番組で、自民党と再び連立政権を組む可能性について言及しました。

再連立を検討するタイミングについては、「次々回の首相指名選挙の時になる」との考えを示しました。

首相指名の際に連立についての協議が行われる見通しであり、今後の政局が注目されています。

※この記事は有料会員限定の内容を含んでいます。残りの全文は7日間の無料トライアルや有料会員にてご覧いただけます。
https://www.nishinippon.co.jp/item/1410391/

国民・玉木氏「立民と組めない」　首相指名、野党一本化巡り

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title: 国民・玉木氏「立民と組めない」首相指名、野党一本化巡り
date: 2025-10-11 20:54
categories: 政治
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国民民主党の玉木雄一郎代表は11日、首相指名選挙での野党間の候補者一本化を巡り、立憲民主党とは安全保障やエネルギー政策で隔たりがあるとして、現時点で連携は困難との認識を示した。

大阪市で記者団に対して「現在は…」と述べ、立憲民主党との協力には慎重な姿勢を見せた。

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※本記事の続きは有料会員限定です。7日間の無料トライアルや月額料金で全文をお読みいただけます。
https://www.nishinippon.co.jp/item/1410306/

Claude’s technical usage in India higher than rest of world

**Claude’s Technical Usage in India Significantly Higher Than Global Average**

By Dwaipayan Roy | Oct 11, 2025 | 05:29 pm

Guillaume Princen, Global Head of Start-ups and Head of Europe, Middle East, and Africa (EMEA) at Anthropic, has revealed that half of the usage of their AI tool, Claude, in India is for technical purposes. These tasks include user interface (UI) design, code debugging, and software development. This percentage is notably higher compared to the global average, where only 30% of Claude’s usage involves such technical applications.

**India: Anthropic’s Second Largest Market**

India, home to the world’s fourth-largest developer community, stands as Anthropic’s second largest market after the United States. Princen highlighted that approximately 33% of all Claude conversations globally occur in India, underscoring the scale and reach of their services within the country.

**Plans for Expansion in Bengaluru**

To strengthen its presence in India, Anthropic plans to open an office in Bengaluru by the first quarter of 2026. The new office aims to expedite the launch of key offerings tailored to one of Anthropic’s largest markets.

Princen said, “You’ll see more of us because we really want to have a local presence.” He added that the company intends to be closer to its users and will be building teams focused on community support across the board.

This expansion reflects Anthropic’s commitment to growing its footprint in India’s vibrant tech ecosystem and enhancing user engagement with Claude’s AI capabilities.
https://www.newsbytesapp.com/news/science/half-of-claude-s-usage-in-india-is-technical-anthropic/story

Ford reconsidering plans for Tamil Nadu plant amid Trump tariffs

**Ford Reconsidering Plans for Tamil Nadu Plant Amid Trump Tariffs**

*By Akash Pandey | Oct 11, 2025, 02:27 pm*

US auto giant Ford is re-evaluating its plans for the Maraimalai Nagar plant near Chennai, according to The Economic Times. This reconsideration comes in response to the tariffs imposed by former President Donald Trump, which have compelled the company to reassess its financial strategy relating to the facility. A meeting of top executives from Ford’s Michigan headquarters is slated to further discuss the matter.

**Facility Status**

The Maraimalai Nagar plant has been non-operational since mid-2022 after Ford ceased vehicle production in India. Previously, the company had explored repurposing the facility for engine production. However, Trump-era tariff policies have increased costs for American companies exporting to the US, complicating investment plans for the plant.

**Strategic Shift: Focus Moves from India to Europe**

Amid shifting global economic conditions and rising political challenges, Ford is pivoting its focus away from India towards Europe. The company has made substantial investments in its European operations, including a $4.4 billion project in Germany, an electric vehicle initiative in Cologne, a parts manufacturing plant in the UK, and a series of electric vehicle launches supported by extensive battery research.

**Ford’s Continued Commitment to Chennai**

Despite the uncertainties, a Ford spokesperson reiterated the company’s ongoing commitment to its Chennai manufacturing facility. “Our position in relation to our Chennai manufacturing facility has not changed since we confirmed our intention to utilize the plant for manufacturing for export,” the spokesperson stated.

The spokesperson also highlighted that Ford maintains a strong presence in Chennai through its 12,000-strong Ford Business Services team based in the city.

**Government Dialogue**

The Tamil Nadu government continues to engage in regular discussions with Ford representatives concerning the plant’s future. The state government is keen to secure a decision on the plant’s use as part of its broader initiative to bolster Tamil Nadu’s position as a key auto manufacturing hub.

As the situation develops, both Ford and the Tamil Nadu government remain in talks to navigate the challenges and explore viable options for the Maraimalai Nagar facility.
https://www.newsbytesapp.com/news/auto/ford-re-evaluates-tamil-nadu-plant-plans-amid-trump-s-tariffs/story

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