Tata Motors aims to sell about 50,000 electric vehicles (EVs) in the fiscal year to March 31, and double that in the 2023/24 period, Chairman N Chandrasekaran told a shareholders' meeting on Monday.

In 2021/22, Tata Motors sold 19,105 EVs, a growth of 353% from the previous fiscal year.

Chandrasekaran also said that his company's performance is expected to improve in this fiscal year as the overall supply situation, including that of semiconductors, is gradually improving and commodity prices are stabilizing.

Hindustan Motors (HM), may manufacture electric two-wheelers by 2023 as it expects to set up a new joint venture with a European partner, a senior official said. It might look at making electric four-wheelers at a later date, he said. Financial due diligence of both the companies will start in July, which will take two months.

The technical aspects of the joint venture will be looked into after that and this will take another month, Director of Hindustan Motors, Uttam Bose, told PTI. "Only then, the structuring of investments (will be decided) and the new company formed, and this is expected to be completed by February 15," he said.

Morgan Stanley believes the windfall tax on “extraordinary” profits from the export of petroleum products will leave ONGC battered while Reliance Industries can manage the changes in a better way.

The government earlier in the day imposed a Rs 6 per litre tax on exports of petrol and jet fuel and Rs 13 per litre on exports of diesel. It also announced a cess of Rs 23,250 per tonne on locally produced crude oil.

“Export taxes/restrictions and windfall taxes on oil producers are a global trend and highlight the tightening energy market outlook. India's announcement is incrementally negative for sector valuations,” said Mayank Maheshwari, an analyst with Morgan Stanley.

Reliance Industries share price on Thursday jumped 1.4 per cent as India's most valuable company provided the biggest boost to the blue-chip indexes.

The jump in Reliance's share price came after billionaire Mukesh Ambani decided to step down from the telecoms arm of Reliance Industries, handing the reins to his son Akash and setting the stage for a leadership transition at his energy-to-retail conglomerate.

Mukesh Ambani's 30-year-old son Akash has been appointed chairman of the board of Reliance Jio Infocomm Ltd.

With a salary of Rs 134.80 crore, JSW Steel’s Sajjan Jindal could be the highest paid chairman of a company in FY22 so far, according to the annual reports released by companies. His remuneration is nearly 84% higher over Rs 73.38 crore in FY21, as profit-linked commission to the chairman and managing director rises to Rs 121.70 crore, according to the company’s latest annual report.

In FY21, Kalanithi Maran, executive chairman, Sun TV, and Kavery Kalanithi, executive director of the company, both drew Rs 87.50 crore in annual pay package, making them the highest paid promoters in the country.