Japanese car major Nissan on Tuesday said will hike the prices of its vehicles, including hatchback Micra and sports utility vehicle Terrano in India, by up to 4 per cent from next month in order to offset the impact of rupee depreciation and escalating input costs.
Toyota Enterprises, the non-automotive arm of Toyota Group, has entered into a joint venture with the Bangalore-based Hyagreev Hotels, which runs The Chancery Hotel in Bangalore. Toyota Enterprises operates a chain of hotels in Japan, and this is its first project away from home.
Overseas shipments at auto firms expanded at a brisk pace year-on-year (YoY) in March, bumping up the overall annual exports for FY22 and taking it to a record level for some like Maruti Suzuki India and Bajaj Auto. Amid a semiconductor shortage, a depreciating rupee and a strong demand in various export destinations, passenger vehicle makers diverted capacity meant for the local market in favour of the more-lucrative export market. Among the passenger vehicle makers, market leader Maruti Suzuki led the rally with its overseas shipments touching a record level of 238,376 units in FY22 - the highest for the company in any financial year.
Homegrown auto major Tata Motors on Tuesday said it has received 98 patents last year under its accelerated drive for engineering excellence and innovation. These patents predominantly relate to the megatrend of CESS (connected, electrified, sustainable and safe) automobiles, the company said in a statement. The patents also encompass an eclectic mix of improvements in automotive electronics, noise vibration and harshness, conventional and advanced powertrain systems, and crash safety under various categories of industrial designs, copyrights and notarisations, the statement added.
The latest trade mission is a part of Victorian government initiative, Trade Engagement Program -- India, specially designed to strengthen trade relations with the subcontinent, according an official statement.
The companies' combined net profit declined by 10.1 per cent y-o-y during June '19 quarter against 26.2 per cent y-o-y growth a year ago.
The global semiconductor shortage is turning into a headache for automotive (auto) and appliance manufacturers. But it is proving to be a boon for equity investors. Semiconductor stocks are among the best performers this year. The PHLX Semiconductor Index has gained more than 35 per cent year-to-date.
By the year 2026, India will be the third in the world after China and USA in engineering, manufacturing and export of vehicles and auto components.
You'd love to take these pocket-friendly automatics for a spin
The government is currently also revising its MSIPS policy to extend its mandate apart from making it more investor friendly.
Passenger vehicle wholesales in India increased by 17 per cent in the second quarter of the current fiscal year as buying sentiment improved and companies stocked up to cater to enhanced demand in the festive season, auto industry body SIAM said on Friday. According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicles sales in the July-September quarter increased to 726,232 units from 620,620 units in the same period last year. Similarly, two-wheeler sales during the September quarter this fiscal rose marginally to 46,90,565 units as compared with 46,82,571 units in the same period last fiscal. However, commercial vehicles sales saw a dip of 20.13 per cent at 133,524 units in the quarter under review as compared with 167,173 units in July-September 2019.
'It will be best for investors to have a systematic investment plan in mid-cap and small-cap funds with a three-/five-year horizon.'
Tepid growth in verticals like banking and finance, healthcare, retail and automotive will drag overall IT spends in the current year, reports Debasis Mohapatra.
Auto major Fiat Chrysler Automobiles (FCA) on Wednesday said it will invest $150 million (around Rs 1,103 crore) to set up a global digital hub in Hyderabad to help the group develop new technologies to cater to its automotive operations across the globe. The facility, which is FCA's largest digital hub outside of North America, would create nearly 1,000 jobs by the end of next year.
Automotive (auto) and consumer appliance companies are hoping for a bounty from the harvest season after two consecutive dry spells in 2020 and 2021. The season, which also marks the beginning of the regional New Year, kicked in across the country from April 1 - Gudi Padwa in Maharashtra; Ugadi in Karnataka, Telangana, and Andhra Pradesh; Bihu in the Northeast; and Chaitra Navratri in the North. Manufacturers and retailers of cars, two-wheelers, and consumer appliances said they have seen demand pick up year-on-year (YoY) at a brisk pace across categories.
In light of the recent incidents involving scooters from prominent electric mobility brands bursting into flames, the subject of electric vehicle (EV) safety has come under the spotlight. As many as 20 electric scooters of Nashik-based Jitendra EV Tech caught fire after being loaded on a transport container. While no one has been reported injured, the company said it is conducting an investigation to find the 'root cause' of the fire.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
While commercial vehicles are expected to benefit from strong replacement demand, the two-wheeler and tractor segments are expected to gain from a recovery in the rural economy.
The Bolero has sold over 1 lakh vehicles during FY2015.
Co-founders of India's latest unicorn expected Covid-19 to be a speed breaker; instead it accelerated sales. Cars24 now enjoys more than 90 per cent market share among all other similar online transaction platforms. Dhruv Munjal traces the birth of this used-cars platform.
M&M also saw its domestic passenger vehicle sales grow by 1 per cent, while Toyota Kirloskar Motor witnessed a decline in its PV sales.
Hindustan Zinc (HZL), a subsidiary of Vedanta, announced an interim dividend of Rs 21 per share last week, resulting in an outflow of Rs 8,863 crore. The announcement has turned the spotlight on India Inc's dividend-paying policy - more so for reasons driving the generosity of firms. An analysis of BSE 500 companies by Business Standard Research Bureau shows that some of the top 20 dividend-paying companies in 2021-22 (FY22) include Vedanta, Tata Consultancy Services, HZL, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IndianOil), Hindustan Unilever (HUL), Reliance Industries (RIL), and Bajaj Auto, among others.
Indian auto and pharma industries import several critical components and raw materials from China.
Earlier in May, Ford India announced that it had dropped its plans to make electric vehicles (EVs) in India, which it intended to export, under the production-linked incentive scheme (PLI). Ford was among 20 companies that had signed a Champion OEM Incentive Scheme under the PLI project with the government in February this year. The decision comes as a blow for the 4,000-odd employees at Ford India's Maraimalai Nagar plant near Chennai and in Sanand, Gujarat. In September last year, the company had announced that it would exit the India market, which it had entered in 1995 through an on-again, off-again joint venture with Mahindra & Mahindra (they split in 1998, signed a JV in 2019 and split again in December 2020), retailing petrol and diesel brands such as the EcoSport, Figo, Aspire, and Endeavour.
The price increase is marginal and the company is confident that the customers will appreciate its efforts to offer globally renowned products at affordable prices.
Only five sectors such as consumer internet companies, professional services, life sciences, automotive and consumer products are projecting double-digit increment.
India Inc's hiring outlook has become the weakest in the past eight years in the Asia-Pacific region, even as job losses have emerged as a critical concern.
Automakers are caught in a chicken-and-egg situation: Prices have to come down if volumes are to increase, and volumes won't increase unless prices come down, notes Pavan Lall.
With India's manufacturing sector slamming the brakes on production, the fallout is being felt by contractual labourers.
So far at least eight incidents of EV fires have been reported in just over a month's time.
Around 8 out of every 10 cars manufactured in the UK is now exported, bound for one of 160 markets worldwide
Homegrown auto major Tata Motors on Tuesday said it will raise $1 billion (Rs 7,500 crore) in its passenger electric vehicle business from TPG Rise Climate at a valuation of up to $9.1 billion. Tata Motors Ltd (TML) and TPG Rise Climate, the dedicated climate investing strategy of private investment firm TPG, have entered into a binding agreement in this regard. Under the agreement, TPG Rise Climate along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated, the company said in a statement.
The company, which has opened an exclusive showroom in Gurgaon, plans to open more showrooms in metros and mini metros in the coming months, the company said in a statement.
'A soft landing of the Indian economy would be a long-term positive for the equity markets.'
The winners for the year 2019 are from fields as diverse as agriculture, sports, handicrafts, afforestation and wildlife conservation, armed forces and education.
Indian car market is crucial for any carmaker to maintain an upper hand in automotive industry dynamics.
India can be the new global manufacturing hub for small cars with BRIC countries, says PricewaterhouseCoopers.
Some cars that are emblematic of India's automobile industry will no longer come off the assembly lines after this year.
Leading carmakers Maruti Suzuki, Hyundai and Tata Motors reported robust dispatches to dealers in May on the back of strong demand for passenger vehicles across regions, even as the global semiconductor shortage continued to impact production. Mahindra & Mahindra, Kia India, Toyota Kirloskar Motor, Honda Cars and Skoda also witnessed strong demand for their models last month. The month of May also witnessed Tata Motors race ahead of Hyundai in terms of domestic wholesales.
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