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.
Even as a court case rages over the alleged intellectual property infringement, Chennai-based TVS Motor on Thursday launched its new 125-cc motorcycle, Flame, which rival Bajaj Auto says is based on its patented twin spark plug technology.
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.
In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.
Leading industrialists met with Prime Minister Manmohan Singh (not in picture) in New Delhi on Thursday to discuss the general state of the Indian economy and other industry-related matters.
The Bajaj Auto management and its union on Friday came to the negotiating table in a bid to end the four-day-old strike by over 1,500 workers at the Chakan plant demanding wage revision and better working conditions apart from a hefty paring of the companies shares with employees.
The country's second largest two-wheeler maker Bajaj Auto Ltd (BAL) on Monday joined hands with Renault-Nissan to launch a small car in India by 2011 that will compete with Tata Motors' Nano on price point - Rs 1 lakh.
Auto giant Bajaj Auto has landed in trouble for its "misleading and deceptive" advertisements as a consumer court has asked it to compensate a scooter owner who was lured into buying the vehicle due to the company's allegedly false claims on its mileage.Holding the auto-major guilty of causing "mental agony and harassment," Justice Kapoor directed the company to pay Rs 15,000 to New Delhi resident Karan Pal Singh, whose four-stroke scooter gave him an average of 34 km a litre
The fight between TVS and Bajaj might remain out of court, but TVS Motor's stand spoke of the company's resolve infused by its chairman Venu Srinivasan.
Several companies, including Tata Motors and Bajaj Auto, which are setting up units in Uttarakhand, want to buy more land amid reports that plots comprising an area of 300 acres are still lying vacant in the key industrial estates of Haridwar.
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
The duty for two-wheelers and small cars has been brought down to 12 per cent in the Budget proposals, a move, two-wheeler manufacturers feel, would lead to unfair competition. "The excise duty on two-wheelers and three-wheelers should be brought down to 8 per cent," Chairman of Bajaj Auto Rahul Bajaj said.
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.
Bajaj Auto had accused TVS Motor of infringing its patent on DTS-i -- acronym for Digital Twin Spark Plug ignition -- in TVS Flame. TVS, in its latest 125 cc motorcycle Flame, uses CCVTi technology which Bajaj claims to be a copy of its DTS-i technology. The Pune-based two-wheeler maker uses DTS-i technology in various products including the Pulsar series of bikes.
A majority of CEOs from top Indian companies including ICICI Bank, Bajaj Auto, TVS Motor GE India, and HUL, do not foresee any production slowdown in this fiscal, even as rising input and interest costs are affecting the net profit margins, a CII survey has found.
India's four-wheeler sector may post a flat profit growth in the first quarter due to a rise in input costs. The cost of automobile steel, which constitutes about 40 per cent of the total raw materials, rose by more than 25 per cent during the three-month period. Prices of raw materials like aluminium, copper, rubber and fuel also appreciated significantly.
Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M, SBI and Bharti Airtel.
Tata Motors drove the Sensex rally for the second session in a row, surging over 8 per cent. Other top gainers were Bharti Airtel, TCS, Bajaj Finance, PowerGrid, IndusInd Bank and State Bank of India -- rising as much as 5 per cent.
Carlos Ghosn, the iconic CEO of Nissan Motors and Renault, is on a whistle-stop visit to India on Monday to finalise a joint venture and small-car blue-print with India's second-largest two-wheeler maker Bajaj Auto. Renault, Nissan and M&M also have a three-way equity tie-up to make passenger vehicles in Chennai, for which the facility is yet to be built.
Shishir, Rahul factions dissent over all-important chairmanship.
Bajaj Auto Chairman Rahul Bajaj said on Monday there was no intention to oust Shishir Bajaj from Bajaj Hindusthan, as alleged by his nephew Kushagra Bajaj, CEO of Bajaj Hindusthan.
The stand-off between Bajaj Auto and TVS Motor Co over the alleged patent infringement continues with both the companies sticking to their positions.
Although the revocation application was filed in August, it takes time for the Apellate Board to send notices and hence, TVS took upon itself to inform BAL about the same.
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.
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.
Two wheeler sales dropped in the past quarter as leading banks put two wheeler finance under high risk category.
Domestic passenger car sales in June grew by 16.36 per cent at 94,002 units as against 80,784 units in the same month a year ago.
Index majors NTPC, BHEL, Reliance Reliance Energy, Reliance Communications and HDFC, DLF, TCS, SBI and Bajaj Auto have zoomed.
Auto analysts suggest that Tata Motors may not be able to generate more than three to four per cent on net profit margins and five to six per cent on EBIDTA margins on the car. In addition, while production of the model is ramped up, sales will also have to rise in tandem.
While the investors have lost a whopping Rs 6,63,975 crore (Rs 6,639.75 billion) in just one trading session from market cap of Rs 66,17,501.33 crore (Rs 66,175.01 billion) on Friday last week. The investors had lost over 5,21,310 crore (Rs 5,213.1 billion) in the five trading sessions last week.
TVS was represented in court by K Parasaran, Mukul Rohtagi and Dushyant Dave, among others. C A Sundaram appeared for BAL.
Now, sources in Bajaj Auto have confirmed that it is expected to offer a sneak preview of its small car, priced at roughly Rs 1.17 lakh, at the Expo. The country's second largest two-wheeler company had announced a tie-up with Renault and Nissan in October to develop an ultra-low cost small car for India.
The total dividend income for seven firms grows 25%.
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Scooters such as those from Kinetic Motors had become gearless by then and were no more family rides, but peppier individual modes of transport.
Shareholders of the world's fourth largest two-wheeler manufacturer, Bajaj Auto, have long hoped that some of the cash on the company's balance sheet would be returned to them in some form.
Buoyed by staggering sales of Tata's Ace, the one-tonne mini-truck launched mid-2005, Mahindra & Mahindra, Ashok Leyland Ltd, Bajaj Auto Ltd, Piaggio and Hyundai
Bajaj Auto, BHEL, Infosys, ITC and RIL are among the 12 listed Indian companies which have figured in the latest list of 'Fabulous 50' of prestigious international magazine Forbes Asia.
The ongoing credit squeeze in the sluggish two- and three-wheeler markets may affect the March sales targets of the three leading domestic players in the country. Taking the cue from a buoyant FY07 where the two-wheeler industry grew by a healthy 11.42 per cent, companies such as Hero Honda, TVS Motors and Bajaj Auto were hoping to surpass the FY07 target of 7.8 million units this year.
