Hyundai Motor has divested its entire stake in Ola Electric, while fellow South Korean carmaker Kia has reduced its holding in the EV startup. The combined share sale netted approximately ₹6.89 billion ($80 million), news agency Reuters reported.

According to exchange data released on Tuesday, Hyundai, which previously held a 2.47 per cent stake, sold its shares at ₹50.70 each. Kia offloaded 0.6 per cent of its stake at ₹50.55 per share.

Hyundai Motor Group on Tuesday announced partnerships with the Indian Institutes of Technology (IITs) to establish a collaborative research system in the fields of batteries and electrification. The three institutes are IIT Delhi, IIT Bombay, and IIT Madras.

The Hyundai Center of Excellence (CoE), which will be set up within IIT Delhi, will operate through sponsorships from Hyundai Motor Group.

Shares of Hyundai Motor India, the country’s second-largest automobile player, made a negative debut on the stock exchanges. The stock was listed at Rs 1,931 on the BSE, dicount of 1.47 per cent over its issue price of Rs 1,960 per share.

On the National Stock Exchange (NSE), Hyundai Motor India listed at Rs1,934, reflecting a 1.32 per cent discount over its IPO price.

Shares of Hyundai Motor India Ltd. are set to start trading in Mumbai on Tuesday after a $3.3 billion initial public offering that was the South Asian nation’s largest ever.

The debut may set the tone for a string of other billion-dollar-plus deals coming to the market in India, one of the world’s most vibrant venues for new share sales this year.

Hyundai India will start taking orders for its $3.3 billion initial public offering in Mumbai on Monday, the company said in regulatory filings, a deal that will be the country's largest ever share offering and world's second biggest IPO in 2024.

The IPO shows that India's red hot capital markets show no sign of cooling, with 260 companies having raised more than $9 billion so far in 2024, according to LSEG data.

Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of Rs 1,865 to 1,960 ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year.

The India IPO will be Hyundai's first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.

Hyundai Motor Group said it will invest 18 trillion won ($13 billion) to apply an advanced software programme to all of its vehicles and offer its customers regular software updating services.

The South Korean carmaker has decided to make the massive software investment to launch most of its new vehicles as "software defined vehicle (SDV)" in global markets from 2025, Hyundai said in a statement.

Hyundai Engineering announced on the 28th that it has completed construction of GTL (Gas-to-Liquid) plant worth $2.62 billion (about 3.1 trillion won) in Uzbekistan.

Hyundai Engineering held a completion ceremony on the 25th (local time). At the ceremony, officials from the Uzbekistan government, including President Shavkat Mirziyoyev, Prime Minister Abdulla Aripov, Energy Minister Alisher Sultanov, and Korean officials, including Hyundai Engineering CEO Kim Chang-hak, attended.

Hyundai Motor India Ltd (HMIL) on Friday reported 23.6 per cent decline in total sales at 45,791 units in September.

The company had sold 59,913 units in the same month last year, HMIL said in a statement.

Domestic sales were down 34.2 per cent to 33,087 units as against 50,313 units in September 2020, the company added.

Hyundai Motor India Ltd (HMIL) on Saturday reported total sales of 59,203 units in April 2021, a decline of 8 per cent from 64,621 units it had sold in March this year.

Domestic sales stood at 49,002 units, while exports were at 10,201 units last month, the company said in a statement.

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