Shares of ASK Automotive fell by 5.4 percent to its day’s low of INR 442.05 on the BSE on 26 September 2024 as the automotive supplier’s INR 5.16 million Offer For Sale (OFS) opened for subscription for the non-retail category.

The floor price for the issue has been set at INR 433 per share and 119,271 shares are available for subscription. At this price, the total size of the issue would come to is INR 5.16 million.

Claimed to be India’s largest manufacturer of brake shoes and advanced braking systems (ABS) for two-wheelers with a market share of about 50 percent in FY2022-23 in terms of production volume for OE and organised aftermarket, Delhi NCR-based ASK Automotive expanded its manufacturing footprint recently to supply to electric two-wheeler products from OEMs like TVS Motor Company, Ather Energy, Hero MotoCorp, Greaves Cotton, Bajaj Auto and Revolt.

While it increases its market share in what is considered to be an extremely competitive and ruthless market place, its promoter Kuldip Singh Rathee is said to be keen to sell a 6.05 percent equity position through an OFS on 27 September 2024.

Tata International, one of the global trading and distribution arm of the Tata Group and Tata Motors, one of India's largest commercial vehicle manufacturers, have inaugurated a new Registered Vehicle Scrapping Facility (RVSF) in Pune called 'Re.Wi.Re – Recycle with Respect’.

The new facility operated by Tata International Vehicle Application (TIVA), a subsidiary of Tata International, can process 21,000 passenger and commercial vehicles per annum.

Rajeev Singhal, MD, Tata International, said, "The commencement of operations at our RVSF plant marks a pivotal milestone in Tata International's journey towards circularity. This state-of-the-art facility exemplifies our dedication to fostering sustainable growth through responsible and environmentally conscious solutions. At Tata International, we are steadfast in our efforts to embed sustainability across all facets of our operations, ensuring a meaningful and lasting contribution to the environment and the communities we serve."

Vivek Bhimanwar, IAS, Transport Commissioner of Maharashtra, said, “The launch of the TIVA RVSF in Pune is another milestone in our journey toward sustainable vehicle scrapping in Maharashtra. The infrastructure that TIVA has built is of high standards and entails the surety of making the scrapping process of vehicles environment-friendly and as per government norms. I congratulate the team and extend my support to the RE.WI.RE initiative”.

Rajeev Batra, CEO, Tata International Vehicle Applications, said, "TIVA and Tata Motors have taken a pivotal step in transforming the approach to the lifecycle of vehicles in India. With the capacity to dismantle 21,000 vehicles annually, this facility has been designed to address the growing need for efficient and safe vehicle recycling. This initiative supports India’s transition toward a cleaner and more regulated vehicle-recycling framework. At TIVA, we constantly push ourselves to reach new heights and remain committed to delivering our best to the communities we serve.”

The scrapping centre is equipped with cell-type and line-type dismantling has dedicated stations for the safe dismantling of various components, including tyres, batteries, fuel, oils, liquids and gases.

Bengaluru-based Ohm Mobility has rebranded itself as Ohm Daily in an effort to make it big and address the market needs more accurately as an EV financing technology platform. 
Having enabled thousands of EV users to efficiently access institutional capital from financial institutions like IDFC, EvFin, Bike Bazaar, Ohm Daily as a brand of Ecofy was founded by Oxford alumni and Skoll scholars Nikhil Nair and Nikhil Saigal with an aim to address a critical cash-flow challenge faced by gig workers and mobility professionals. 
It did so by aligning their irregular, daily income with monthly financial obligations. The change of name marks an evolution in the company’s focus—from financing electric vehicles to becoming a platform offering sachet products and financial services for daily earners, particularly auto drivers and mobility workers.
Its innovative sachet-style financial products and services are expected to enable customers to make small, daily payments towards the repayment of their loans in a way that they match their income streams. 
“Why should a driver struggle to pay INR 9,000 at the end of the month when they can break it down into manageable daily payments? Our proposition is simple: we transform all your financial obligations into manageable, daily sachet payments and we simplify financial access for the informal workforce, giving them tools that align with their cash flows,” said Nikhil Nair, Co-founder and CEO of Ohm Daily. 
“Now is the right time for solutions of this nature, thanks to the rise of UPI and the rapid formalisation of incomes for daily earners. Our product aims to drive meaningful change for a historically underserved segment. Financial inclusion isn’t just about having a bank account—it’s about ensuring that all products and services are accessible to everyone in ways that truly work for them”, he added. 
From processing over 120,000 micro payments during its validation phase, Ohm Daily is now gearing up to scale its operations, leveraging digital payment adoption and increasing financial formalisation among daily earners. The company is focusing on creating a robust financial ecosystem for the 25 million mobility workers and eventually expanding its services to 140 million informal workers living on daily-income.

Luxury Ride’s Co-founder and CEO Himanshu Arya has stepped down with immediate effect to pursue his interest in other endeavours. While he would soon announce his next move, his tenure at Luxury Ride would be remembered for his leadership role where he drove the strategic overhauling of operations to be able to scale up and provide exciting services and solutions.  
With a career spanning more than 15 years where he worked at Citibank, Kotak Mahindra and successfully co-founded Grapes Worldwide, an integrated marketing agency, Arya displayed a commitment to innovate and of a strategic vision. 
Both these factors have ensured growth and success. 

The Automotive Component Manufacturers Association of India (ACMA), the apex body representing the Indian auto component industry, successfully concluded the 9th edition of its flagship reverse buyers-and-sellers meet, iAutoConnect, held at Yashobhoomi, New Delhi.

The two-day B2B event brought together global aftermarket distributors, dealers and their Indian counterparts providing component makers a platform to showcase their latest product offerings.

ACMA states that the event brought together 91 domestic exhibitors and over 170 buyers from more than 40 countries, including Africa, ASEAN, Eastern Europe, Latin America, SAARC, and West Asia.

The event was organised with the support of the Ministry of Commerce & Industry, Government of India, the event was inaugurated by Vimal Anand, Joint Secretary, Ministry of Commerce and Shradha Suri Marwah, President, ACMA & CMD, Subros.

Shradha Suri Marwah, President, ACMA, said, “iAutoConnect has grown into a premier platform for the Indian automotive component industry, offering unparalleled access to international markets. It’s inspiring to witness the strong engagement from both our members and international buyers. We are confident that these interactions will result in fruitful partnerships that further expand the reach of Indian-manufactured components worldwide, supporting the government’s vision of ‘Make in India for the world.”