General Motors HAS appointed Arvind Saxena, former Managing Director of Volkswagen Passenger Cars India, as the President & Managing Director of its Indian unit.
In the Sensex pack, Vedanta rallied 3.20 per cent, followed by Tata Steel, M&M, Tata Motors, ONGC, Hindustan Unilever, Maruti, Hero MotoCorp, HDFC, Bajaj Finance, SBI, HDFC Bank, HCL Tech, Coal India, Sun Pharma, Infosys, Reliance and Bharti Airtel, rising up to 2.69 per cent.
Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 per cent, followed by Maruti, PowerGrid, NTPC, L&T and SBI.
Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M, SBI and Bharti Airtel.
Bajaj Auto, India's second biggest two-wheeler manufacturer, will continue to pursue its broad plans with the Austrian bike manufacturer KTM Power Sports AG, including a gradual increase of its stake in the performance bike making company.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said.
In the Sensex pack, Bharti Airtel was the top performer, surging 4.61%. Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M -- climbing up to 3.69%.
Although most companies had geared for increased production at their plants, most say the surge in demand was unexpected, partly driven by yesteryear purchases which had been postponed earlier due to lack of funds.
Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients.
Bajaj Auto's ultra low-cost car project may have a bumpy ride ahead, with partner Renault India still to take a final call on branding and marketing the vehicle.
the broader NSE Nifty settled 114.90 points, or 0.96 per cent, higher at 12,086.70. Axis Bank was the top gainer in the Sensex pack, rallying 4.21 per cent, followed by Vedanta 3.75 per cent, SBI 3.39 per cent, Maruti 3.20 per cent, IndusInd Bank 3.07 per cent and Yes Bank 2.87 per cent. Bharti Airtel slipped 1.98 per cent, Kotak Bank 1.38 per cent, Bajaj Auto 0.88 per cent, Asian Paints 0.31 per cent, HDFC Bank 0.05 per cent and HUL 0.03 per cent.
Amid an uproar over corruption in Parliament, leading industrialist Rahul Bajaj on Tuesday hit out at large corporate houses that pay bribes to get jobs done and claimed he never did it.
These companies had threatened to leave Maharashtra and invest in other states when the state government had brought amendments to the Maharashtra VAT Act with effect from April 1, 2011, and made net sales the basis for VAT set-off claims.
In a first at the National Institute of Design (NID), academic profiles were offered to the graduating batch of young designers during placements this year.
Auto companies in the state are likely to go on an expansion drive buoyed by better-than anticipated sales over the past few quarters.
Top laggards in the Sensex pack included HDFC, ICICI Bank, TCS, HCL Tech, Kotak Bank, Asian Paints, TechM and HUL, dropping up to 2.67 per cent.
The Insurance Regulatory and Development Authority (Irda) has fined 10 insurance companies, including both the insurance arms of the Bajaj Auto Group, Reliance General, United India, Iffco-Tokio, New India Assurance and Shriram Life for non-compliance with various guidelines. The violations varied from opening branch offices without seeking the regulator's permission to violation of advertisement guidelines and non-fulfilment of social sector obligations.
Bajaj Auto will be launching the Kawasaki Ninja 650R on the June 8. So what is the Ninja 650R all about? Find out.
But will this dilute Bajaj's strong Indian identity that straddled the rural-urban markets and the Hindi-English divide quite easily?
As the second wave of the Covid-19 pandemic abates, India's automakers are hopeful of a quick recovery in sales volumes, led by better rural sentiment, low interest rates, improved availability of finance and a gradual uptick in business and economic activity. In fact, companies have started to ramp up production already, encouraged by high order books and the growing preference for private transport in both rural and urban areas as a means to avoid infections. In early April, the industry had been bullish as the sales trend for March showed that the effects of the Covid-19 pandemic had been left behind. The total vehicle sales had grown by 77 per cent, albeit on a lower base, and for the past few months, sales had consistently touched 300,000 units per month.
It is confidential for Bajaj, Nissan and Renault and so, I will not speak much about it." The total cost of this project is Rs 2,000 crore (Rs 20 billion).
Sebi penalised Shruti Vishal Vora - found guilty of leaking price sensitive information related to financial results of Wipro, Asian Paints and Mindtree, and Parthiv Dalal for similar action in case of Wipro earnings.
The bad news is that the company has reported an output constraint at its plants because some component vendors were unable to keep pace with the faster production cycle.
In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.
After many attempts, Bajaj finally has a bike to counter Hero Honda in the 100cc segment.
In 2008, the companies had planned a tripartite joint venture entity that would build and sell a $3,000 (about Rs 1.4 lakh) competitor to Tata Motors' Nano, the world's cheapest car. Bajaj was to have a 50 per cent stake, with Renault and Nissan having 25 per cent each.
The first of these bikes would be launched in the European market by the end of this year, followed by the India launch during the first half of next year.
Hyundai Motor and Toyota Kirloskar Motor have announced the suspension of manufacturing operations at their respective plants amid coronavirus outbreak. On Sunday, various automakers like Maruti Suzuki India, Honda Cars, Mahindra & Mahindra and Fiat announced a temporary halt in manufacturing operations at their respective facilities.
Led by market leader Hero Honda, two-wheeler manufacturers posted an impressive growth in sales during the month of November on the back of favourable bank lending rates and a good response to new launches. Heavy promotional campaigns and sales offers by most companies also aided demand.
The Supreme Court on Monday allowed Chennai-based two-wheeler company TVS Motor Company Ltd to manufacture TVS Flame, a 125-cc bike sporting twin-spark plugs, the technology for which Bajaj Auto allegedly holds the patent rights.
Bajaj Auto Managing Director Rajiv Bajaj said the company has, in partnership with Renault-Nissan, developed India's most fuel efficient and least-polluting car engine.
The partners have, thus, solved the tricky issue of pricing, which has been widely speculated as the reason for the delay in the project announced in 2008.
Other than ITC, other laggards include PowerGrid, Infosys, M&M, NTPC, SBI, HDFC, Kotak Bank, HDFC Bank, TCS, Hero MotoCorp, Coal India, ONGC, RIL, Asian Paint, IndusInd Bank, ICICI Bank, Maruti Suzuki, Bajaj Auto, Tata Motors, Bharti Airtel and Axis Bank.
Top gainers in the Sensex pack included Yes Bank, TechM, Bajaj Finance, Bharti Airtel, Maruti, Asian Paints and Hero MotoCorp - rising up to 5.30 per cent. The 50-share Nifty ended 85.65 points, or 0.79 per cent, higher at 10,948.25 points.
Japanese auto major Nissan Motor Co plans to launch a $3,000 car (about Rs 134,000) in 2012 in India to challenge Tata Nano, the world's cheapest passenger car.
For the first time in more than 25 years, Japans Kawasaki Heavy Industries will introduce a high-powered motorcycle in the Indian market with the help of its Indian partner and long-time collaborator, Bajaj Auto.
Nissan also has a car-manufacturing tie-up with its global alliance partner Renault.
Japanese carmaker Nissan on Tuesday said it is in talks with Hinduja flagship company Ashok Leyland for developing a small car for the global market that could be priced around $4500-5000.
After the hit of the pandemic, India Inc is now worried about the adverse impact of inflation and higher commodity prices on their revenues and margins. The inflation scare is the strongest among manufacturers of consumer goods such as automobiles, consumer durables, and fast-moving capital goods (FMCG). Companies across sectors fear they will not be able to pass on the hike in input costs to their consumers due to weak demand, which, in turn, would lead to a hit on margins and profitability in the forthcoming quarters.
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