Tata Group firm Indian Hotels and auto major Mahindra & Mahindra are the only Indian brands to figure in the list of 27 top 'Great Brands of Tomorrow' compiled by Credit Suisse.
Home-grown automobile major Mahindra & Mahindra, whose sales are predominantly driven by diesel-powered utility vehicles, has said an increase of Rs 5 a litre in the price of the fuel or a differential of up to 20 per cent with petrol price will not impact vehicle sales.
Scorpio's All Wheel Drive variant is the cheapest.
India, one of the world's fastest growing auto markets, will see the launch of over ten vehicles, including small cars during the 10th Auto Expo.
All industry bodies including Confederation of Indian Industry and Federation of Indian Chamber of Commerce and Industry should work together in their efforts to contribute the country's economic growth, Anand Mahindra, managing director, Mahindra &
Easily the biggest high-power gathering and by far the starriest event staged in Gujarat, concluded at the Reliance petro township in Jamnagar on Sunday.
The overall volume at India's top four M&HCV makers - Tata Motors, Ashok Leyland, Volvo Eicher, and Mahindra & Mahindra - fell 59.5 per cent to 31,067 units during the month.
Homegrown auto major Mahindra & Mahindra today said creditors and shareholders of SsangYong Motor Co (SMC) have given a final approval to a rehabilitation plan, thus paving way for its $ 463 million acquisition of 70 per cent stake in the ailing South Korean firm.
The company is designing the motor-cycle at its Italy-based Engines Engineering, which was acquired by the Mahindra group in 2008.
"Three acquisitions are underway in India and another two abroad," M&M vice-chairman and managing director Anand Mahindra said at the Tenth Asia Pacific Automotive Industry Roundtable.
The Scorpio-based pick-ups, engineered by M&M specifically for the US market, were set to reach North American shores three years ago, but launch dates were postponed more than thrice thereafter before the company's marketing and distribution partner Global Vehicles Inc filed a lawsuit against it for the delay.
Workers of the Nashik plant had gone on an indefinite 'tool down strike' from May 4 in protest against the suspension of Mahindra Union president Madhav Dhatrak by the management and the company's alleged delay in signing a wage agreement for the past 22 months.
Mahindra & Mahindra Ltd on Thursday announced its plans to set up a special economic zone at Jaipur entailing an investment of $2 billion.
The deal size ranges from $200 million to $300 million. The 27-year-old S P Metal Forgings has been a large exporter to Europe, the UK and Israel for over three years. It provides parts for BMW, Peugeot and Renault and also services the after-market and non-automotive companies.
While the value of the deal could not be ascertained, it is estimated that it could be around $100 million (Rs 450 crore approximately).
Hopes to launch e-scooters within two years
Mahindra & Mahindra, the utility vehicle and tractor market leader, says it will leave no stone unturned in the fiercely competitive two-wheeler market. After last week's launch of two indigenously built motorcycles, the company wants to position at least one new product in every segment of the 9.37-million-units-a-year market.
In the month of August Indian car industry posted sales of 160,794 units and the industry grew 33 per cent.
Automakers Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Kia reported robust growth in their vehicle dispatches in the domestic market for August buoyed by festive demand and easing of semiconductor shortage woes. Other manufacturers like Hyundai, Toyota and Skoda also reported growth in wholesales in August as compared with the same month last year. The country's largest automaker Maruti Suzuki India said its domestic passenger vehicle dispatches increased by 30 per cent to 134,166 units in August as compared with 103,187 units in the year-ago month.
Mahindra & Mahindra, Reliance hold on to some gains
The carmaker is set to redefine SUVs with the all-new Scorpio N. Rajesh Karkera offers a peak.
The French carmaker wants to erase the Logan memory by opting for a premium play before going down the value chain.
It's built on an all-new platform and comes with contemporary styling.
Among the Sensex stocks, Larsen & Toubro rose the most by 3.96 per cent after the company announced a major project win in the Middle East. HDFC, HDFC Bank, Sun Pharma, ITC, HUL, Titan, TCS, HCL Tech, Asian Paints, Bajaj Finance, Infosys and Tata Steel were among the major gainers.
Maruti Suzuki India and Tata Motors reported decline in sales during June this year.
Equity benchmarks ended modestly higher on Friday after the Reserve Bank raised the key interest rate in an effort to cool stubbornly high inflation and defend the rupee. Continuous foreign fund inflows into the capital markets and softening crude oil prices also helped the bourses regain momentum, traders said. The 30-share BSE Sensex ended 89.13 points or 0.15 per cent higher at 58,387.93 after facing volatility during the fag-end of trade. During the day, it climbed 350.39 points or 0.60 per cent to 58,649.19. The broader NSE Nifty went up by 15.50 points or 0.09 per cent to finish at 17,397.50.
According to the Society of Indian Automobile Manufacturers, total sales of vehicles across categories registered a growth of 13.40 per cent to 13,70,786 units in May, as against 12,08,820 units in the same month last year.
The group's foray into the segment dates back to the start of 2004 when M&M Group Chairman Keshub Mahindra said the company had started testing some two-wheeler models and was looking at a commercial launch. Vice-Chairman Anand Mahindra said: "The company's foray into the bottom segment of the pyramid will create tremendous brand awareness in an entire section of the population and open a whole new population in the urban market."
A year after French auto major Renault terminated its joint venture with homegrown automobile manufacturer Mahindra & Mahindra (M&M), the company is back to prove its mettle in the world's second fastest growing automobile market with its premium mid-size sedan Fluence.
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.
Mahindra & Mahindra is planning to set up a 2,50,000 units per annum commercial trucks plant in Maharashtra in association with US-based International Truck and Engine Corporation.
Slowdown in vehicle demand also behind decision.
The leading auto maker Mahindra & Mahindra, which makes both personal and commercial vehicles, said in a statement issued to the stock exchanges that it is not in a position to either confirm or deny any talks about acquiring Kinetic Motor. M&M said it examines various opportunities in different areas, from time to time on a continuing basis, but it is not practicable to comment upon every opportunity at every stage.
Industry insiders in India warn that any such move in the pharmaceutical sector could be counterproductive for the US as it may face increased drug shortages if tariffs are imposed on such imports.
Finance Minister Pranab Mukherjee on Friday announced raising of excise duty to 12 per cent from 10 per cent at present.
Auto makers, who enjoyed a record-breaking sales run over recent months, are now bracing themselves for upheaval, led primarily by changing government policies and rising inflationary pressures.
Manufacturers that mainly sell diesel cars like Mahindra & Mahindra, Tata Motors, Toyota, Mercedes, BMW and Volkswagen anticipate a significant fall in sales if the government accepts the Parikh committee's recommendation of a flat tax of Rs 80,000 on diesel cars, because of a widening cost differential with petrol variants.
