Category Archives: Business

Steven Forsberg, Managing Director at Marinetrans, says: “The reasons to sponsor the TU Delft Hydro Motion Team are clear. As a marine logistics company we are aware of our own footprint and the environmental impact we make when handling global transport projects for our customers. Since we formulated our ‘Going Green’ mission, we actively seek to align ourselves with sustainable technologies, projects and suppliers. Innovative propulsion systems and other emission-reducing maritime systems, software or equipment are of key interest to that mission. This project, the technical developments behind it and the vessel itself provide all of that. A great example of what is possible today, especially with real teamwork.”

At Marinetrans, several emission-reduction schemes movie review are currently unfolding, incl. its own CO2 Offset Programme that clients can partake in to counter the environmental effects of their operations and the transports handled by Marinetrans to make them happen.

What is the Hydro Motion Team?

The TU Delft Hydro Motion Team was founded to show the maritime industry a number opportunities to tackle industry-related climate challenges. To this end, a new team of 20+ students is formed every year aiming to push the boundaries of sustainable technology. This year, the team consists of 23 multidisciplinary students who explore innovative developments in collaboration with industry experts, partners and alumni. Over the course of 17 years the teams built a number of solar-powered vessels (top speed of 55 km/h / 29.7 knots!), switching to hydrogen propulsion in 2021 and, among other results, delivering the first foiling hydrogen-powered boat in the world!

Design, build, test, race

The ‘Aurora’ is built from scratch and will become a monohull, carbon fibre, zero-emission vessel. The foiling system has been re-designed and to that end as much weight as possible is being saved, which is important for the Monaco Energy Boat Challenge where all teams compete on Manoeuvrability, Speed and Endurance. All other teams are experienced professionals, making the race and creating their own technology all the more interesting for the student team. They even build their own Lithium battery.

PNB Housing Finance, an arm of state-owned Punjab National Bank, has received capital markets regulator Sebi’s go ahead to raise up to Rs 2,500 crore through rights issue of shares.

The housing finance firm, which had filed draft papers with Sebi in December 2022 regarding the rights issue, obtained its ‘observations’ on March 6, which is necessary for any company to launch the issue, an update the markets regulator showed on Monday.

Going by the draft papers, PNB Housing will issue fully paid-up equity shares of the company by way of a rights issue to its existing shareholders for an amount not exceeding Rs 2,500 crore.

The company intends to utilise the net proceeds from the issue towards augmenting its capital base.

Post the rights issue, the shareholding of Punjab National Bank (PNB) as a promoter of the company would come down from the current level of 32.53 per cent to below 30 per cent but it would be higher than 26 per cent so that the bank retains promoter status.

In March 2022, PNB Housing’s board approved the Rs 2,500-crore rights issuance and in November last year, the board cleared the draft letter offer that was to be filed with the Sebi.

PNB Housing was looking to raise equity capital worth Rs 4,000 crore and had entered into a deal with joint venture partner Carlyle Group, among other investors, in May 2021. However, in October 2021, the mortgage lender decided to terminate the Rs 4,000 crore stake sale citing delays due to pending legal proceedings.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Domestic passenger vehicle (PV) sales grew by 11 per cent year-on-year (YoY) in February to 291,928 units amid positive consumer sentiment and high production, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday.

Two-wheeler sales in India continued to grow at a moderate pace of about 8 per cent in February to 1.12 million units amid lukewarm demand.

Among PV makers, Toyota Kirloskar’s domestic wholesales jumped by 75.18 per cent in February to 15,323 units, according to SIAM data. Kia’s domestic wholesales increased by 35.8 per cent to 24,600 units in February 2023.

Maruti Suzuki, India’s largest car maker, saw its domestic PV wholesales increase by 10.1 per cent to 147,467 units in February. Hyundai’s domestic wholesales increased by 6.7 per cent to 47,001 units and Mahindra & Mahindra’s figure saw a jump of 9.73 per cent in February.

Vinod Aggarwal, president of SIAM, said, “Overall positive sentiment in the market continues. This is also driven by encouraging announcements in the Union Budget.”

PV exports from India decreased by 9.24 per cent YoY to 46,486 units in February this year.

Maruti Suzuki, India’s largest exporter of PVs, saw its foreign sales decrease by 28.7 per cent to 16,956 units.

Hyundai, which is number two in terms of PV exports, saw its foreign sales jump by 19.1 per cent to 10,850 units in February.

Though the 2022-23 financial year (FY23) is expected to end with record sales for the Indian real estate sector, valuations are at multi-year lows on worries of rising interest rates hurting volumes. Most brokerages, however, expect listed realty majors to get support, given their comfortable leverage, steady rise in location-agnostic demand, and falling inventory levels.

Signature Bank was closed by New York state financial regulators on Sunday as the fallout from last week’s implosion of SVB Financial Group’s Silicon Valley Bank spreads to other lenders.

Depositors at the New York-based bank will have access to their money under “a similar systemic risk exception” to one that will allow Silicon Valley Bank clients to get their money on Monday, the Treasury Department, the Federal Reserve and the Federal Insurance Deposit Corp. said in a joint statement Sunday.

“All depositors of this institution will be made whole,” the regulators said. “As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”

Signature Bank, a New York state-chartered commercial bank that’s FDIC-insured, had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of Dec. 31, the New York Department of Financial Services said in a separate statement.

New York banking regulators appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of the bank’s assets.

Signature Bank reported deposit balances totaling $89.17 billion as of March 8. As of 31 December, it had approximately $110.36 billion in assets, according to New York state’s Department of Financial Services.