State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.
The $14-billion bailout package for the troubled United States auto industry has collapsed in the Senate amid dispute over the wages paid to workers of the troubled manufacturing giants, according to a media report.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
According to Mumbai-based auto analysts and dealers, cars are currently carrying an average inventory of about 25 days while two-wheelers are 20-25 days. Usually, cars carry an inventory of 12-15 days while two-wheelers have an inventory level of 10-15 days. Although the term inventory is used for semi or partly finished goods, it also explains completely finished goods, which are ready for sale.
Leading Indian electric two-wheeler (e2W) companies have said that "swapping" of batteries is currently unviable and will only increase the cost for a consumer to run the vehicle.
Auto sales continued to break record for the fourth consecutive month in October, with total vehicles sold in the country last month stood at 14,60,655 units.
'We handle close to 3 million rides daily, making us one of the largest players in this segment'
Industry expects sales to remain depressed in the coming festive season.
Major two-wheeler manufacturers in India witnessed a double-digit increase in domestic sales in October, driven by the festival fervour.
While Elon Musk's political influence continues to grow, his business empire is witnessing headwinds.
'The path beyond diesel is not going to be clear. It is really going to be dependent on applications.'
Carter was in politics, but not a politician, certainly not a transactional politician, points out Shreekant Sambrani.
The Indian automobiles and auto components industry is likely to create additional employment for 25 million people by 2016, said experts at an auto industry conference in in Ahmedabad.
With India's EV penetration at just 2.5 per cent, the market presents an opportunity -- provided Tesla gets its pricing right.
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks. Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
Market reaction to the Union Budget was overall neutral. The income tax "gift" wasn't enough to move the needle. There was some apparent rationalisation of Customs duty structure as well as cuts on import duties of some key components for the telecom and IT industry and duty cuts on vehicle imports. Other proposals related to development of agriculture and rural economy and renewables seem to be generally positive.
Fitch Ratings on Monday said India's steady GDP growth outlook, improved banking sector's financial health and expected interest-rate cuts in 2025 will support credit access for corporates in FY26.
Retail sales of automobiles in the domestic market saw a 7.73 per cent year-on-year decline in October this year at 21,17,596 units, mainly due to dip in two-wheeler uptake with the inauspicious period of Shraddh affecting new purchases, the Federation of Automobile Dealers Associations (FADA) said on Monday. Retail sales of automobiles in the domestic market stood at 22,95,099 units in October 2022, FADA said in a statement. Two-wheeler retail sales were at 15,07,756 units last month, as against 17,25,043 units in the year-ago period, down 12.60 per cent, as per the latest data by FADA.
Indian passenger vehicles market registered record wholesales of 43 lakh units in 2024, with companies like market leader Maruti Suzuki, Hyundai, Tata Motors, Toyota Kirloskar Motor, and Kia posting their best-ever annual domestic sales. The continued growth of SUVs, along with rural markets playing a key role in driving up car sales, helped the industry better the previous best of nearly 41.1 lakh units posted in 2023.
The Detroit bailout isn't about saving the U.S. auto industry, it's about Democrats and Republicans jockeying for power.
American auto industry's Big Three appear close to securing a bailout, with Wall Street Journal reporting that the White House and top Democrats have agreed in-principle for a $15 billion rescue plan -- less than half the amount sought by GM, Ford and Chrysler.
From the 30-share pack, Hindustan Unilever, Tata Motors, Axis Bank, Nestle India, Asian Paints, ITC, Reliance Industries, Mahindra & Mahindra, IndusInd Bank and State Bank of India were among the laggards. Larsen & Toubro, Tata Steel, JSW Steel, HDFC Bank, Adani Ports, Kotak Mahindra Bank, Bharti Airtel and PowerGrid were among the gainers.
The British auto industry is expected to witness 40,000 job losses over the next three years, mainly due to falling demand for cars, says a media report.
Tamil Nadu -- often dubbed as India's own Detroit due to its thriving automobile manufacturing ecosystem -- is in no mood to miss the EV bus either. Recent developments attest to it. Vietnamese electric vehicle (EV) maker VinFast has promised a $2 billion plant in the southern state. And as promised earlier, the work on Tata Motors-JLR plant will kick off next week, on September 28, after the foundation stone laying ceremony.
At the end of May, out of 26,500 outlets about 60 per cent showrooms and 80 per cent workshops were operational across the country.
Industry sees second-highest monthly growth after November.
The Indian auto industry, which was heading towards negative growth territory, managed to stay in the positive zone in the fiscal ended March 31, thanks to the government's stimulus packages, recording a 0.71 per cent increase in total vehicle sales.
With a slew of new players entering the Indian small car market, segment leaders like Maruti Suzuki India and Hyundai Motor India will face challenge to their domination.
'The US has agreed to negotiate with us a mutually beneficial bilateral trade agreement, which will go for reduction of tariffs on both sides so that our trade can grow.'
Siemens's share price has lost ground in the past few sessions following weak management commentary. The management indicated challenges to the growth outlook due to stagnant private capex and concerns over semiconductor shortages for digital industries. Government infra-spending may regain momentum from January 2025.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
The central government will invest Rs 1,700 crore (Rs 17 billion) in setting up world-class automotive testing and R&D infrastructure with foreign collaboration.
Benchmark Sensex advanced 110 points in a choppy trade on Wednesday, extending its gains to the fourth day in a row helped by buying in HDFC Bank, ICICI Bank and fresh foreign fund inflows. The 30-share barometer rose by 110.58 points or 0.14 per cent to settle at 80,956.33 with 14 of its constituents ending with gains and 16 stocks with losses. During the day, it jumped 399.64 points or 0.49 per cent to 81,245.39 and dipped to a low of 80,630.53.
At Srinagar's famed Lal Chowk, Rediff.com's Syed Firdaus Ashraf meets a computer engineer who drives an auto for a living and discovers that Kashmiris are more interested in finding jobs than discussing the assembly election.
Passenger vehicle wholesales in India touched a record high of 42,18,746 units in the financial year 2023-24, registering a year-on-year growth of 8.4 per cent on the back of robust demand for utility vehicles, industry body SIAM said on Friday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), the overall passenger vehicle dispatches stood at 38,90,114 units in fiscal year 2022-23. Two-wheeler sales were up 13.3 per cent last fiscal at 1,79,74,365 units, as compared to 1,58,62,771 units in the financial year 2022-23.
Ahead of the Budget, the auto industry is understood to have asked the government to reduce excise duty and remove the additional Rs 15,000 tax imposed on big cars to minimise the gap with those of small cars.
Auto majors report positive sales figs for November.
The automobile sector is considered a good indicator of economic health. It has a very long value chain, from primary materials, like metals, glass and plastic, to value-added high-end electronic components, specialised alloys, and software.
Auto sector cheers RBI rate cut as 'festival gift'
