NEW DELHI, Feb 28: The Sensex plunged over 1,400 points while the Nifty tanked 420 points in line with global markets, which have been rattled by US President Donald Trump's announcement of an additional 10% tariff on China.

At the end of the day's trading on Friday, the benchmark Sensex closed at 73,198.10 - 1,414.33 points, or 1.9%, down - while Nifty settled at 22,124.70, down 420.35 points or 1.86%.

The BSE benchmark index is down 12,780.15 points, or 14.86%, from its peak of 85,978.25 on September 27, 2024. Nifty has tanked 4,152.65 points, or 15.8%, from its lifetime high of 26,277.35 on the same day.

Experts said the increased foreign fund outflows have also negatively impacted investor sentiment.

Tesla Set For India Launch In Second Half Of 2025 With Model Y In Tow

NEW DELHI, Feb 19: Tesla Inc. is set to enter India in the second half of 2025 and not any time sooner. The pricier Model Y will be launched first, and not the cheaper Model 3 or the “work-in-progress” Model 2.

The US-based electric car maker will import fully built Model Y from Berlin as the SUV is manufactured in right-hand drive configuration in that location, three people aware of the thinking at Elon Musk’s company said. The right-hand-drive Model 3 is made in Shanghai, but that’s unlikely to come first due to constraints on Chinese car imports.

The Tesla Model S, X and Cybertruck are unlikely to come to India as they are manufactured in left-hand drive configuration only. The Model 2, a previous iteration of which became the Robotaxi, is rumoured to be under development at Giga Texas and not Berlin.

Trump Tariffs Spark Markets Meltdown, Sensex Crashes Over 1,000 Points

NEW DELHI, Feb 11: The stock market crashed Tuesday - the Sensex fell by 1,038 points and the Nifty by over 300 points, each by around 1.32 per cent - a day after United States President Donald Trump announced a 25 per cent tariff on import of steel and aluminium.

A key poll promise, Trump's tariff hike - the rate for aluminium, for example, has been increased from 10 per cent to 25 per cent - will take effect from March 4, and will apply to all imports of that product and steel, including those from Canada and Brazil, the US' top two suppliers of each last year.

These were announced two days before Prime Minister Narendra Modi is due in the US.

Amid Trump Tariff Threats, India Cuts Import Duty On American Bikes, Cars In Boost To Harley And Tesla

NEW DELHI, Feb 2: In its Union Budget 2025-26, India has significantly slashed customs duties on high-end motorcycles, cars and smartphone parts, a move that seems to give a boost to American companies like Harley-Davidson, Tesla and Apple, after US President Donald Trump called out New Delhi as a "tremendous tariff maker."

However, according to Finance Minister Nirmala Sitharaman, custom duty rationalisation was introduced to ensure the Indian economy becomes aatmanirbhar (self-reliant), and was not a signal amid Trump's tariff announcements.

In her budget speech on Saturday, Sitharaman announced that import duty on high-end motorcycles, with an engine capacity of up to 1,600 cc, which are imported as completely built-up (CBU) units, will see a reduction of 10 per cent to 40 per cent as against 50 per cent earlier.

Per the Union Budget 2025-26, the import duty on semi-knocked down (SKD) kits has been slashed to 20 per cent versus 25 per cent earlier. Moreover, the completely knocked down (CKD) units will now be taxed 10 per cent, against 15 per cent earlier.

The move will boost the import of quintessentially American Harley-Davidson motorcycles into India-- high tariffs on which has long been a bone of contention between India and the US.

Harley-Davidson entered Indian markets in 2010 as part of the "mangoes for motorcycles" deal signed between India and the US in 2007. However, the American motorbike maker exited India about a decade later, in September 2020, as part of its broader additional cutbacks.

But a month later, Harley-Davidson motorcycles returned to Indian markets after MotoCorp Ltd formed a non-equity partnership with the American brand to make and sell its bikes in India. Today, Hero MotoCorp makes and sells the Harley-Davidson 440X-the smallest motorcycle in the company's lineup.

During his first term in the White House, Trump had raised the issue of 50 per cent import duty on Harley Davidson and said it was "unacceptable".

Separately, Sitharaman announced that the tariff rate on luxury cars, including station wagons and racecars, priced above $40,000 has been slashed to 70 per cent from 125 per cent levied earlier. She also announced that basic customs duties for the lithium-ion batteries used for electric vehicles in India have been totally scrapped.

A majority of the abovementioned EV makers are already present in India and are developing automobiles for Indian roads. But, the move could be an incentive for American companies like Tesla, which had been greatly eyeing the vast and emerging Indian EV market.

In April 2024, Tesla CEO Elon Musk made plans to visit India and meet Modi, sparking speculation of an investment into the country. However, he cancelled the visit due to his "very heavy Tesla obligations."

In budget 2025-26, Ms Sitharaman announced that 28 items in mobile phone battery production have been exempted from customs duty that arrive from countries like the US or China. The move is aimed at reducing the cost of mobile phones and accessories in India. It will also help boost local production, especially as India steadily evolving to become the world's second-largest mobile phone manufacturer.

America's Apple will benefit greatly from this import tax slash. According to a Reuters report, Apple has captured a 23 per cent share in total revenue during 2024.

With US President Trump looking to prioritise local industry under his "America First" trade policy, India's latest move around import tax is being viewed as a strong signal to the American administration, as it seeks an assurance that the US will not raise taxes or impose additional trade barriers against Indian products.