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EquityPandit
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Bank of Maharashtra Shares Hit 52-Week High on Strong Q2 Results

The public sector lender reported a 22.1% YoY increase in its total deposits at Rs 2.3 lakh crore.

Bank of Maharashtra shares hit a 52-week high of Rs 51.90 on 4 October after the company reported a strong quarterly report for Q2.

The public sector lender reported a 22.1% YoY increase in its total deposits at Rs 2.3 lakh crore for the quarter under review, against the Rs 1.9 lakh crore reported in the year-ago quarter.

The bank’s gross advances saw a 23.55% YoY increase at Rs 1.83 lakh crore against the Rs 1.48 lakh crore reported in the corresponding quarter in FY23.

The CASA (current account savings account) deposits saw a 10.11% YoY increase at Rs 1.21 lakh crore for Q2 against the Rs 1.10 lakh crore in the year-ago quarter. The CASA ratio was at 50.71% for the second quarter against the 56.27% in the Q2FY23.

The bank’s net interest income for the quarter under review was at Rs 2,340 crore, up from Rs 1,686 crore reported in the year-ago quarter.

At 11:20 am, the shares of Bank of Maharashtra were trading at Rs 49.80 or 0.61% above its previous close on NSE.

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INDIA

India’s First Hydrogen Train Delayed, Now Expected by June

Dhruva Kulkarni

India’s first hydrogen fuel cell train is delayed until June due to technical issues found during testing. Initially, it was set to launch on the Kalka-Shimla route by December 2024.

The train requires a larger fuel cell for full-capacity operations. Testing showed it could complete the 96 km journey on a single cell but struggled at full load in extreme weather.

Indian Railways will modify the train over the next two to three months. Officials noted it may need to run at reduced speeds under heavy loads in temperatures below 5°C or above 35°C.

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Track upgrades between Shimla and Kalka are underway to support speeds of around 100 km/hr, ensuring better efficiency once the train is operational.

The train, manufactured by the Integral Coach Factory, is part of India’s Rs 2,800 crore push for zero-emission mobility, with plans to develop 35 hydrogen-powered trains.

Currently undergoing trials on the Jind-Sonipat route, it will feature a 1,200-horsepower engine, making it the world’s most powerful hydrogen train. Fuel cell operations require 40,000 litres of water per hour.

India joins Germany, China, and the UK in adopting hydrogen rail technology. The project includes hydrogen refuelling infrastructure with safety approvals in place, reinforcing Indian Railways’ goal of carbon neutrality by 2030.

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INDIA

Toyota to Launch First India R&D Hub, Plans 1,000 Engineers & EV Expansion by 2027

Dhruva Kulkarni

Toyota Motor Corp. is establishing its first R&D centre in India near its Bidadi plant, starting with 200 employees and expanding to 1,000 engineers by 2027, highlighting the market’s rising significance.

The facility aligns with Toyota’s strategy to make India a hub for its Middle East, East Asia, and Oceania operations, focusing on clean and green technologies.

While plug-in EVs have yet to be sold in India, Toyota has relied on hybrids and its partnership with Suzuki to expand in the market. The upcoming Urban Cruiser EV—a rebadged Suzuki e-Vitara—will be built in Gujarat starting in 2025.

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The India R&D centre will be Toyota’s third in Asia-Pacific outside Japan, potentially evolving into a global hub like Mercedes-Benz’s Bengaluru centre.

Amid growing competition from Chinese automakers like BYD, Toyota is intensifying its focus on India for future growth.

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INDIA

Delhi Govt Plans Artificial Rain, Anti-Pollution Drive to Tackle Smog

Dhruva Kulkarni

The Delhi government is set to conduct artificial rain trials, pending water sample test results, along with large-scale anti-pollution efforts to tackle pollution hotspots across Delhi-NCR.

Environment Minister Manjinder Singh Sirsa said the government is actively working to reduce pollution, with visible improvements and efforts accelerating for better air quality.

The government is considering artificial rain, with studies underway to check if the chemicals used could harm health.

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A small-scale test will be conducted in outer Delhi, and water samples will be analysed before moving forward with the plan.

Sirsa called the smog tower project a “failure” and said a new multi-area anti-pollution plan will be announced soon.

The new plan will focus on directly targeting pollution sources and working to reduce them.

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INDIA

West Bengal Govt Announces Rs 6,800 Bonus for Employees, Rs 3,500 for Pensioners

Dhruva Kulkarni

The West Bengal government will provide an ad hoc bonus of Rs 6,800 to employees earning below Rs 44,000 per month as of March 2024, excluding those under productivity-linked bonus schemes.

Eligible employees will receive the bonus before Eid-ul-Fitr or between 15th and 19th September.

Pensioners will get an ex gratia payment of Rs 3,500.

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Employees earning up to Rs 52,000 per month can avail an interest-free advance of up to Rs 20,000.

Thousands of government employees and pensioners are expected to benefit from this decision.

Separately, the West Bengal government informed the Supreme Court that the state commission for backward classes is reassessing the issue of backwardness, with the next hearing scheduled for July.

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INDIA

Chandrababu Naidu meets Indian-origin teen behind AI heart disease detection app

Dhruva Kulkarni

Andhra Pradesh Chief Minister Chandrababu Naidu met Siddharth Nandyala, a 14-year-old Indian-American from Andhra Pradesh and the world’s youngest AI-certified professional, who developed ‘CircadiaV,’ an AI app that detects heart diseases in seven seconds with 96% accuracy.

Tested on over 15,000 patients in the US and 700 in India, including trials at Guntur Government General Hospital, the app uses smartphone heart sound recordings for early detection.

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Naidu invited Siddharth to the Secretariat, praised his innovation, and assured full government support.

Deputy CM Pawan Kalyan also congratulated Siddharth, who attended the meeting with his father and Health Minister Satyakumar Yadav.

Naidu later shared his admiration on social media, calling the app a medical breakthrough and encouraging Siddharth’s contributions to healthcare technology.

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