Giving in to rising input cost pressures, the country's largest carmaker by sales, Maruti Suzuki India has increased prices of its vehicles by up to Rs 8,000 across models, except its newly launched compact car Alto K10.
Rising for the fourth straight day, benchmark indices Sensex and Nifty settled marginally higher after a choppy session on Friday, tracking mixed global trends amid uncertainties on the geopolitical front. The BSE Sensex opened weak and declined 414.44 points to 55,049.95 in opening deals. But within minutes, it pared all its losses and jumped 369.56 points to 55,833.95. Facing volatility, the index finally settled at 55,550.30, higher by 85.91 points or 0.15 per cent.
The company had posted a net profit of Rs 465.36 crore (Rs 4.65 billion) for the same quarter last fiscal, Maruti Suzuki India said.
India is sceptical that Tesla might import into the country cars made in China. Tesla executives were in India last month and appear to have proposed a factory in the country. But do not be surprised if that does not happen in a hurry.
Automobile sector saw a huge spurt in sales in September as per figures that poured in on Friday.
MSI's exports, however, fell by 13 per cent to 10,554 units.
The country's largest carmaker Maruti Suzuki India is understood to be planning to ramp up its output by about 10 per cent to produce over 1,10,000 units every month from October.
MSI is also looking to produce one million vehicles by the end of this fiscal.
The e-SURVIVOR symbolises Maruti Suzuki's commitment to help develop the entire life cycle of EVs in India
Concerned over sales growth coming mainly from two of its models - Dzire and Swift - country's largest carmaker Maruti Suzuki India said unless its other products contribute equally the company could face problems in the long-term.
Automobile companies put in an impressive show in April.
In March it reported an increase of 38.85 per cent in sales in the domestic market to 110,424 units from 79,530 units.
Sales for the same month last year were at 79,872 units.
India's largest carmaker Maruti Suzuki India is planning to launch a new version of its small car Alto, the highest selling model in India, with a bigger engine.
MSI will inspect certain WagonR models for a possible issue of fuel hose fouling with metal clamp.
Sales for the same month previous year were at 84,804 units, Maruti Suzuki India said.
Company managements need to "curtail the kind of expenditures on themselves personally" with the COVID-19 pandemic highlighting the need to build internal resources with a frugal style of functioning, Maruti Suzuki India chairman R C Bhargava said on Tuesday. Addressing shareholders in the company's annual general meeting held virtually, he also termed as "a good development for the whole of industry" recent shareholder actions that did not approve expenditures by management on themselves, without specifying details. In the wake of the pandemic, building internal resources has to become a priority of industry and companies.
The company's Ritz, launched in May, was the first car in India to conform the Bharat Stage-IV emission norms.
The company had sold 85,669 units during the same month last year, Maruti Suzuki India said.
After a strong opening, shares of the car-maker further zoomed 9.37 per cent to Rs 1,899.90 -- its 52-week high on the BSE.
The company's overseas sales growth was driven mainly by the export of its flagship model A-Star, which clocked sales of over one lakh units till December 2010, within 11 months of launch.
"Our sales have been growing since December 2008. December 2008-July 2009 are great months", Maruti Suzuki India chairman R C Bhargava told reporters in Chennai. He hoped that the next two-three months would yield a double digit growth.
Use of 10 per cent ethanol-blended petrol has led to a saving of over Rs 41,000 crore in the foreign exchange for the country, minister of state for environment, forest and climate change Ashwini Kumar Choubey said on Wednesday. Speaking at an online event of auto industry body SIAM on sustainable mobility, the minister said the government is working in multiple ways to encourage sustainable mobility. "India recently achieved 10 per cent ethanol blending target 5 months in advance, saving over Rs 41,000 crore worth of fuel imports for the nation," Choubey noted.
Automobile companies saw remarkable growth in sales in June.
In terms of volumes, sales were up by 19.6 per cent to 2,75,586 units compared 2,30,376 to the year-ago period.
"Out of the total exports, A-Star alone will comprise one lakh units while the rest would be other models," Maruti Suzuki India executive officer (marketing) Mayank Pareek told reporters in New Delhi. The company currently has an inventory level of three weeks and is producing more to meet the upcoming festive demands. On the company's diesel-engine plans, Pareek said it will expand the production capacity to 300,000 units per annum by 2010-11 from the existing 2,40,000 units
Good sowing of kharif crops, better minimum support prices, and fewer Covid-19 cases (in villages) will help the rural growth story to continue, says Maruti.
The company had posted a net profit of Rs 243.13 crore (Rs 2.43 billion) in the corresponding quarter of 2008-09 fiscal, Maruti Suzuki India told the Bombay Stock Exchange.
Taking exception to an advertisement by Maruti Suzuki India in November last year in one of the newspapers published in Chandigarh, HSCI's notice said a comparison between SX4 and the new Honda City was made, which had 'given completely false figures of the new Honda City in order to show superiority of your product SX4.' The comparison relates to height and length of the new Honda City as well as the 'absence' of integrated stereo systems.
It is currently working out the details of the quantum of price increase, which will vary depending on the model.
Car maker Maruti Suzuki India Ltd on Monday reported a 15.75 per cent jump in the total sales in May at 79,872 units as against 69,001 units in the same month last year.
Maruti Suzuki India, on Friday launched its latest small car Ritz in both petrol and diesel variants, offered at an introductory price of Rs 3.90-4.99 lakh.
Suzuki Motor Corporation has already said India would be the global small car development hub outside Japan for other markets, he added. MSI's R&D centre is being developed to be at par with SMC's facility in Japan. It will also have crash test centre.
The recent currency volatility - rupee's depreciation against international currencies - may have given heartburns to automakers that rely on imports or pay royalty to parent companies abroad. But for Maruti Suzuki India, favourable movement of the yen - the currency that matters the most - against the Indian rupee, has given it reasons to cheer. The yen's sharp fall against the rupee and the rupee's depreciation against the US dollar, which in turn will bump up export realisations, are set to give a margin boost to the maker of Baleno and Brezza, said analysts. The softening of commodity prices and slew of new SUV launches in the coming months will also aid margins, they said.
Maruti Suzuki India managing executive officer (production) M M Singh said that although commodity prices had come down, the company was still 'struggling with (high) steel prices.' By 2010, Maruti plans to produce one million units from its two plants at Gurgaon and Manesar in Haryana.
The A3 segment (Swift Dzire and SX4 sedans) sales grew by 36.5 per cent to 8,995 units in January 2010.
The country's largest car maker, Maruti Suzuki India, on Thursday said that "Tata Nano" may have a marginal impact on the sales of its entry level small car Maruti 800 but ruled out cutting its price.
With 15 models and a market share of close to 50 per cent, it rules the Indian market, selling almost 1.5 million units every year, rolling out one model every ten seconds.
The muted expectation of dealers come at a time when vehicle manufacturers such as Maruti Suzuki, Hyundai Motor, Mahindra & Mahindra and others reported a double-digit fall in wholesale dispatches to dealerships in July and August.
The auto-maker's total headcount is currently 7,200. "We plan to have a total employee strength of 7,350 by the year-end," Maruti Suzuki India Managing Executive Officer Administration (HR, Finance and IT) S Y Siddiqui said.
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