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According to JLL data, Delhi NCR demonstrated 64% of luxury residential launches among India’s leading seven cities in the first half of 2024. The segment is headed by Gurugram with 88% of launches focused on Southern Peripheral Road areas and the Dwarka Expressway, signaling a rising demand for high-end residences. Seizing a 65% market share with the sell of 4,763 units, Delhi NCR leads the luxury home sales. With 23,500 units launched, the region made a powerful recovery by surpassing 2023’s total of 22,707 units. This upswing in luxury housing demand can be attributed to factors like growing disposable incomes, surging aspiration for an upscale lifestyle, and the current infrastructure development programs including the recent inauguration of the Dwarka Expressway, which has driven a considerable boost in interest in luxury properties among people.
Ford Motor Company is eyeing a re-entry into the Indian automotive market, leveraging Tamil Nadu as a global export hub. The US-based automobile company has entered into a discourse with MK Stalin, the Chief Minister of Tamil Nadu about their potential resumption of vehicle production in the state. This move indicates a possible back-pedal on Ford’s exit from the Indian passenger automobile market in 2021, where the company wrestled against rising competition. In the face of earlier challenges, Ford continues to remain optimistic about the market’s future and perceives Tamil Nadu as a strategic venue for setting up a manufacturing unit focused on exports. According to reports, Ford is viewing numerous options for its established Chennai plant, including transforming it into an electric vehicle manufacturing hub. This outlook lines with the company’s global plan of action to extend its EV offerings so that it can meet the rising demand for sustainable transportation solutions. However, a final decision on this approach is yet to be announced.
Shares of Tata Motors plummeted over 5%, reaching an intra-day low of Rs 976 on the NSE. This came after global brokerage firm, UBS issued a ‘Sell’ rating with a target price of Rs 825 on the stock, indicating a 20% stumbling block from Tuesday’s closing. On July 30, 2024, the stock peaked at Rs 1,179, which has now seen a dip of 12%. Concerns about Tata Motors’ UK subsidiary- Jaguar Land Rover- were raised by UBS, specifying growing discounts on top-end models like the Range Rover, Defender, and Range Rover Sport. Albeit these models have fortified JLR’s average selling prices, demand for them seems to be dying down. It has further risks, like potential margin declines in both JLR and Tata’s Indian passenger vehicle division. With EBIT margins boosting to 8.9%, JLR’s June quarter revenue surged to 5.4% to £7.3 billion.
Following inquiries regarding a report from The Times of India, in a clarification to stock exchanges, the Adani Group has confirmed plans for setting up a huge semiconductor plant in Panvel, Maharashtra. As indicated by the report, a joint venture between Adani Group and Israel’s Tower Semiconductor has been approved by the Maharashtra Government for the establishment of a semiconductor manufacturing facility. Devendra Fadbavis, the Deputy Chief Minister of Maharashtra, tweeted about the deal, emphasizing that the project worth Rs 83,947 crore is expected to produce 80,000 wafers each month after completion and generate more than 5,000 jobs in the area.
