The investment will be made through a joint venture with Toshiba and Denso. The battery is the most expensive single part of an EV.
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.
Oil and select auto heavyweights bore the brunt of selling pressure; ONGC, RIL, Tata Motors, M&M key losers.
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
All BSE sectoral indices ended in the red, with oil and gas, bankex, capital goods and finance falling up to 3.04 per cent.
As competition heats up in the multi-utility vehicle (MUV) segment, the country's leading utility vehicles player Mahindra and Mahindra (M&M) plans a flexible manufacturing line for its latest launch the compact SUV Quanto to capture market share.
Rajesh Jejurikar had quit M&M to join Zee Entertainment Enterprise.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80.
SBI had a bad day, sliding the most by 5.36%. Others that dragged the key indices down were M&M, Reliance Industries and L&T.
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.
The different tax structures for smaller and larger vehicles in the Indian market have resulted in the emergence of a unique category of compact sub-four-metre sedans and utility vehicles that are gaining favour among consumers. Come mid-2013, half-a-dozen sub-four-metre vehicles will be on road.
The different tax structures for smaller and larger vehicles in the Indian market have resulted in the emergence of a unique category of compact sub-four-metre sedans and utility vehicles that are gaining favour among consumers. Come mid-2013, half-a-dozen sub-four-metre vehicles will be on road.
Workers at utility vehicle major Mahindra & Mahindra's Nashik facility on Tuesday issuing a notice to the management to go on strike on or after March 11, if their demands for higher wages were not settled by the company.
While some carmakers are lowering their sales targets, Maruti Suzuki DZire, M&M XUV500 and Renault Duster are selling strong.
Bucking the overall downtrend, shares of RIL rallied nearly 10 per cent, capping the Sensex loss to a large extent.
Top losers include Hero MotoCorp, HDFC, SBI, Infosys, HCL Tech, ICICI Bank, Bajaj Finance, ONGC, Bajaj Auto and IndusInd Bank, falling up to 2.63 per cent.
Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent.
Higher disposable incomes, rural push and infra push to boost auto sector
While retail sales at dealerships have suffered the full impact of demonetisation, the growth in wholesale volumes comes as dealers had relatively lower inventory after Diwali in October.
Volkswagen, which has two heavy-duty truck brands, Scania and MAN, is eyeing an equity stake in Navistar to gain a stronger foothold in the US commercial vehicle market, according to international media reports.
Corporate affairs ministry sending notices seeking details of fund disbursal
Ruural markets contribute a significant chunk of SUV sales and there was a slowdown in demand from semi-urban and rural areas.
Tata said it was a matter of "great shame" that the company allowed Mahindra & Mahindra to get ahead of it to claim the number three spot in passenger vehicle production.
Yes Bank was the biggest gainer in the Sensex pack, rallying 11.48 per cent amid reports that private equity firms have showed interest in buying a major stake in the private sector lender.
To be able to tide over the current crisis, automobile manufacturers have waged a war against all cost heads.
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.
Buses that run on battery, trucks that purr on LNG, and more from the stables of Tata Motors, Mahindras and Ashok Leyland. The Auto Expo 2018 had these and more.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
An expected drop in sales may prompt Mahindra & Mahindra to cut scheduled capacity expansion plans, if the government goes ahead with the imposition of additional tax on diesel vehicles, according to the country's biggest maker of sports utility vehicles.
Pawan Goenka did not offer any details on the new models or launch dates.
After a positive opening, the 30-share BSE Sensex suddenly faced selling pressure in late-afternoon trade. It finally settled just 5.67 points, or 0.01 per cent, lower at 39,586.41.
Auto firms are likely to perform better in coming months.
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
The company, in a BSE filing, said "the matter was resolved amicably through mutual dialogues and the matter has also been withdrawn by them from the conciliation officer, Mohali."
On Tuesday, one of the longest serving chairmen of India Inc decided to step down from his post, which he held for 49 years.
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
Tata now occupies the fourth slot with the incremental volumes from the Tiago
The fire broke out in the Scorpio unit of the company, early morning, which was brought under control with the help of 25 fire tenders of the Nashik Municipal Corporation as well as the company's own firefighting unit.
'Is it advisable to have more number of scrips in small quantities or a few scrips in big quantities?'
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