Andhra Pradesh Pushes for Tesla’s EV Factory with Special Incentives

Gold prices saw a small drop on Saturday, with 24-carat gold falling by ₹10 to ₹87,740 per 10 grams. The price of 22-carat gold also dropped by ₹10, now selling at ₹80,240 per 10 grams. In Delhi, 22-carat gold costs ₹80,290, while in Mumbai and Kolkata, it stands at ₹87,740 and ₹87,540, respectively. Silver prices also fell by ₹100 per kg, now priced at ₹1,00,300. Hyderabad recorded the highest gold price at ₹88,110 per 10 grams.

Reliance Jio is making 4G more affordable with JioBharat, a feature phone platform offering budget-friendly plans. JioBharat phones, which are Jio-SIM locked, provide three prepaid recharge options: Rs 123, Rs 234, and Rs 1234. The Rs 123 plan is the cheapest, giving users unlimited calls, 0.5GB daily data, and 300 SMS for 28 days, along with JioSaavn, JioCinema, and JioTV access. The lowest-priced JioBharat phone, the K1 Karbonn 4G, is available for just Rs 699 on Amazon and JioMart, making digital connectivity easier for all.

Trade unions in Kancheepuram have announced a one-day strike on March 8 to protest against Samsung Electronics. Around 15,000 workers from 58 industrial units, led by the Centre of Indian Trade Union (CITU), will join the protest. Union leader E. Muthukumar accused the state government of siding with corporate interests and warned of intensified action if suspended employees are not reinstated. Workers have been protesting since February 5, and some were removed from the factory for disrupting production. Samsung stated it follows all labor laws and is open to direct discussions with workers.

This week saw several major updates in the automotive world. BYD launched the Sealion 7 electric SUV with a 567 km range, while Tata introduced the Stealth Edition for the Harrier and Safari. Tesla posted job openings in India, signaling its entry into the market. Kia refreshed the Seltos with new trims, and Toyota launched the Land Cruiser GR-S with enhanced off-road capabilities. Hyundai hiked prices for the Grand i10 Nios and Venue N Line. Audi introduced the RS Q8 Performance, and Kia recalled the EV6 again due to battery issues.

• M&M: Declined by 6.07%, closing at ₹2,667.80.

• Adani Ports: Declined by 2.57%, closing at ₹1,082.95.

• Tata Motors: Declined by 2.46%, closing at ₹672.90.

• Sun Pharma: Declined by 1.60%, closing at ₹1,643.05.

• Power Grid Corp: Declined by 1.52%, closing at ₹261.75

• Tata Steel: Gained by 1.88%, closing at ₹140.60.

• Larsen & Toubro: Gained by 1.20%, closing at ₹3,314.60.

• HCL Tech: Gained by 0.75%, closing at ₹1,700.85.

• Nestle: Gained by 0.41%, closing at ₹2,215.05.

• Asian Paints: Gained by 0.35%, closing at ₹2,257.20.

Pi Network Coin has officially launched, allowing users to mine cryptocurrency directly from their mobile phones. Now tradable on exchanges like OKX, CoinDCX, Pi Coin brings crypto access to millions.

Founded by Stanford graduates in 2019, Pi’s unique model requires no expensive hardware. With over 110 million downloads, it’s gaining massive traction. As of February 20, Pi traded at $0.91 with a $811M volume. The mobile-friendly, energy-efficient approach makes Pi a game-changer in the crypto world.

Tesla is set to enter the Indian market with new showrooms in Mumbai and New Delhi. The Mumbai showroom will be located in the Bandra Kurla Complex, a major business and retail hub near the city's airport.

In New Delhi, the showroom will be situated in Aerocity, close to the international airport. Both locations are approximately 5,000 square feet in size. While opening dates have not been announced, these showrooms will sell imported electric vehicles but will not serve as service centers.

Gold prices in India touched an all-time high of ₹89,450 per 10 grams, rising ₹50 from the previous close, driven by global market trends. On MCX, April gold futures climbed ₹500 to ₹86,410 per 10 gm, while silver surged ₹700 to ₹1,00,300 per kg. US President Donald Trump's tariff hike announcement on key imports like semiconductors and vehicles sparked market fears, pushing investors toward safe-haven assets. Globally, Comex gold reached a record $2,972.91 per ounce. Experts link the price surge to economic uncertainty and geopolitical tensions.

The Indian government is set to introduce new credit cards with a limit of Rs 5 lakh starting in April 2025. These cards aim to provide financial support to small business owners and entrepreneurs, offering them easier access to credit. Eligible applicants include individuals with a proven business track record and a good credit history. This initiative is part of the government's broader efforts to boost economic growth by empowering small businesses with the necessary financial tools.

India is preparing to launch a new incentive scheme for electric vehicle (EV) manufacturing, allowing global automakers like Tesla to test demand before committing to local production. The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SMEC) will open applications for at least 120 days and may reopen multiple times. Tesla is exploring showroom locations and hiring staff but has not confirmed local manufacturing. The scheme will also benefit existing automakers by allowing EV assembly within current factories. The government expects applications from next month.

Suzlon Energy's stock price saw a strong rise today, increasing by 2.17% to ₹56.04 from the previous close of ₹54.85. The stock is performing well, surpassing its first resistance level of ₹55.72, signaling a bullish trend. Investors are watching closely for a potential breakout beyond ₹56.58, which could lead to further gains. Over the past year, Suzlon's share price has jumped by 22.64%, significantly outperforming the Nifty index’s 8.84% rise. Suzlon's 52-week high stands at ₹86.04, while its low is ₹35.49.

Indian stock markets may open on a weaker note today as GIFT Nifty fell by 37.50 points to 22,870.50, signaling a cautious start for Dalal Street. Analysts suggest that Nifty is likely to remain between 22,800-22,900 as investors wait for fresh triggers. Foreign portfolio investors sold stocks worth ₹3,311 crore, while DIIs bought shares of ₹3,908 crore. Global cues remain weak after US markets saw a sell-off, with the Dow dropping 1.01% and the S&P 500 ending lower. India’s manufacturing and services PMI data will be key to market movement today.

Gold prices are set to rise for the seventh straight week, marking the longest winning streak since the COVID-19 rally. The MCX gold rate opened lower today at ₹85,715 per 10 grams but rebounded to ₹85,890. In global markets, spot gold hit a record high of $2,954 per ounce. Investors are shifting to gold due to economic uncertainty, trade war tensions, and inflation concerns. Analysts have raised price forecasts, with Goldman Sachs predicting gold to reach $3,100 per ounce by year-end. Experts suggest a buy-on-dips strategy as demand remains strong.

• HDFC Bank: Declined by 2.35%, closing at ₹1,686.40.

• Maruti Suzuki: Declined by 1.91%, closing at ₹12,437.45.

• Tech Mahindra: Declined by 1.69%, closing at ₹1,657.55.

• HCL Tech: Declined by 1.33%, closing at ₹1,688.20.

• ITC: Declined by 1.06%, closing at ₹402.20.

• Shriram Finance: Gained by 4.13%, closing at ₹580.85.

• NTPC: Gained by 3.29%, closing at ₹325.15.

• M&M: Gained by 2.98%, closing at ₹2,839.45.

• Bharat Electronics: Gained by 2.70%, closing at ₹260.25.

• Adani Ports: Gained by 2.66%, closing at ₹1,111.70.

Pharma stocks are falling fast, with some dropping up to 10%! This happened after the U.S. talked about adding a 25% tax on imported medicines.

Indian pharma companies send nearly 40% of their medicines to the U.S., so this could hurt their profits. Big companies like Dr. Reddy’s and Aurobindo Pharma lost 6% and 10% in share value. Higher costs and tough competition may cause more trouble for these companies. Investors are also worried about stock prices being too high, leading to more selling.

U.S. President Donald Trump has confirmed he will announce new tariffs on cars, semiconductors, pharmaceuticals, and lumber next month or even sooner. Speaking at a conference in Miami, Trump reiterated his tough trade stance, emphasizing that he is pushing for tariffs to protect American industries. Since returning to the White House for a second term, he has introduced multiple trade measures, aiming to restructure global commerce in favor of the U.S. Trump also warned Prime Minister Narendra Modi about imposing reciprocal tariffs on India, stating that the U.S. would match India's import duties.