In the month of August Indian car industry posted sales of 160,794 units and the industry grew 33 per cent.
Mahindra & Mahindra, Reliance hold on to some gains
Among the Sensex firms, Wipro, Axis Bank, Titan, UltraTech Cement and HDFC Bank, HDFC, HCL Tech and Reliance were the gainers.
Investors' wealth jumped Rs 2,93,054.25 crore on Thursday as markets returned to winning ways after falling for three straight sessions. The 30-share BSE benchmark Sensex zoomed 638.70 points or 1.22 per cent to close at 52,837.21. During the day, it gained 668.75 points to 52,867.26. Tracking the bullish trend, the market capitalisation of BSE-listed companies jumped Rs 2,93,054.25 crore to reach Rs 2,33,94,917.25 crore.
The French carmaker wants to erase the Logan memory by opting for a premium play before going down the value chain.
Maruti Suzuki India and Tata Motors reported decline in sales during June this year.
As Mahindra readies to unveil its latest version of the Jeep that is so beloved of adventure enthusiasts, the urban crowd as well as the countryside, Rajesh Karkera/Rediff.com traces the vehicle's journey through the decades.
When Jawa Motorcycles owner Jiri Gerle sold the legendary but defunct brand to Classic Legends (part-owned by Mahindra & Mahindra), he had one request to the new owners: Please do bring the brand back to its homeland -- the Czech Republic.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
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 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.
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.
It's built on an all-new platform and comes with contemporary styling.
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."
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.
Finance Minister Pranab Mukherjee on Friday announced raising of excise duty to 12 per cent from 10 per cent at present.
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.
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.
Automaker Mahindra & Mahindra (M&M) has offered to rectify a problem in the gearbox of some of its 110cc Stallio motorcycles. The Stallio marked the entry of the maker of utility vehicles and tractors into the highly competitive motorcycle market.
Automaker Mahindra & Mahindra (M&M) has offered to rectify a problem in the gearbox of some of its 110cc Stallio motorcycles.
A tribunal in London last month confirmed that it had an exclusive jurisdiction to resolve all disputes related to the relationship between M&M and Global Vehicles. It directed the US distributor to end all current litigation, said M&M.
At a time when merger and acquisition (M&A) activity is still recovering, companies are finding solace in private equity (PE) funds for acquisitions. And, PE funds seem keen to participate in such deals.
Indian automobile majors Tata Motors and Mahindra & Mahindra (M&M) have shown interest in taking over the Termini Imerese plant owned by Italy's largest car maker Fiat. Fiat has already decided to relocate the Termini Imerese plant, preferably to cost-effective areas of Poland or Germany, in 2011.
Benchmark BSE Sensex rallied nearly 630 points while Nifty closed above the 16,500 mark on Wednesday after sharp gains in IT and energy shares amid positive global market trends. Buying in index majors Reliance Industries, Infosys and Tata Consultancy Services and FII inflows bolstered the sentiment. Shares of firms related to oil exploration and refineries were in heavy demand, with Reliance Industries rallying 2.47 per cent and ONGC by 4 per cent, as the government slashed windfall tax on petrol, diesel, jet fuel and crude oil.
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.
The Indian passenger car market is booming like never before. With almost every car major already present in the Indian car market with various models, India is one of the hottest automobile markets in the world.
Fuelling competition in the Indian mid-size car market, Mahindra-Renault on Tuesday unveiled 'Logan' - an entry-level no frills sedan - with prices starting at Rs 4.28 lakh for the base petrol variant.
Mahindra & Mahindra Ltd. (M&M) in association with NDTV Profit has announced the launch of Auto Quotient (AQ), a unique auto-related pan-India quiz contest.
The news comes just three days after M&M received certification from the US Environmental Protection Agency allowing it to sell pick-up trucks in that country.
On the Sensex chart, Tata Steel, HDFC Bank, Ultratech Cement, PowerGrid, ONGC, Kotak Bank and Axis Bank were among prominent gainers. Nifty settled 82.10 points or 0.70 per cent up at 11,762.45.
This will help M&M secure a stable line of dealerships fairly quickly, which otherwise is time-consuming and painstaking. Chrysler LLC last month decided to terminate business with 789 dealers -- nearly 25 per cent of its total dealership -- as part of its restructuring process. Mahindra is moving into the US at a time when recession has forced companies to slash jobs, pushing auto sales to the lowest in three decades.
If 2010 saw a flurry of new cars, 2011 will only see more. Here are some that should matter, or just be eye candy:
From the Sensex pack, Larsen & Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.
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