Passenger and commercial vehicle prices are expected to rise as automobile companies invest in upgrading vehicles to meet stricter emission norms that kick in from April next year. The Indian automobile industry is currently working to make their products meet the second phase of Bharat Stage VI, equivalent to Euro-VI emission norms, in real time driving conditions. Four-wheeler passenger and commercial vehicles will need more sophisticated equipment to be added to meet the next level of emission standards.
High lending rates, fuel prices, higher input costs and labour trouble impact profitability.
The record contraction in the growth rate of eight core sectors will have its impact on IIP.
After a stellar run on the bourses that saw tractor stocks rise up to 52 per cent, analysts are turning cautious on the sector as muted demand trends may weigh in the near-term. Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. Across industry, total domestic sales volume so far in the current financial year (April '23 to January '24) has declined 5 per cent Y-o-Y, as per Tractor Manufacturers Association (TMA).
'Now that all the early adopters have the electric car, governments are backing down in some countries because they do not have the money to subsidise so much.'
It will be priced slightly higher than the current WagonR and Maruti will sell both alongside.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
New York Auto Show is one of the most awaited motoring events in the world.
Use of 10 per cent ethanol-blended petrol has led to a saving of over Rs 41,000 crore in the foreign exchange for the country, minister of state for environment, forest and climate change Ashwini Kumar Choubey said on Wednesday. Speaking at an online event of auto industry body SIAM on sustainable mobility, the minister said the government is working in multiple ways to encourage sustainable mobility. "India recently achieved 10 per cent ethanol blending target 5 months in advance, saving over Rs 41,000 crore worth of fuel imports for the nation," Choubey noted.
It is pouring heavily not only in North India, but at Dalal Street too. However, the latter is seeing a flurry of initial public offers (IPOs). After a busy fortnight that ended on July 7 with seven IPOs - IdeaForge Technology, Cyient DLM, PKH Ventures, Pentagon Rubber, Global Pet Industries, Tridhya Tech, and Synoptics Technologies -- four more IPOs will hit the Street this week, including one mainboard IPO of Utkarsh Small Finance Bank. That apart, India's largest securities' depository National Securities Depository Limited (NSDL) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an IPO.
Two-wheeler exports from India have decreased by 20 per cent year-on-year (Y-o-Y) to 1.69 million units in the first half (H1) of 2023-24 (FY24) due to a challenging geopolitical situation and foreign exchange (forex) crises in key markets such as South Asia, industry body Society of Indian Automobile Manufacturers (Siam) said on Monday. On the other hand, passenger vehicle (PV) exports in H1FY24 increased by 5 per cent to 336,754 units because the key markets are much more diversified worldwide, Vinod Aggarwal, president, Siam, told reporters during a press conference. The Russia-Ukraine war, which started in February 2022, has brought significant instability to global fuel prices.
Manufacturers view the agreement - when it is signed - as a defence against the slowdown in the car market.
The auto industry has had a mixed month. The build up to Dhanteras and Diwali was good but the demand tapered off subsequently.
Even as India overtakes Japan in automotive sales in 2022, moving to third place for the first time, oddly enough the country's biggest motor show is going to see some big hitters give it a clear miss. Some prominent automotive brands have cited high event costs, negligible returns on investment, poor event management, and unfavourable location as reasons for their reluctance to participate. Major pure-play electric two-wheelers, too, are riding past this year's edition of the Auto Expo.
The FM said, change in the mindset of the millennials not to commit any EMIs towards buying an automobile and instead taking Ola, Uber or the Metro (train) services also led to automobile sector slowdown.
Liquidity continues to be a worry for both, customers and dealers, with the latter facing working capital issues.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
China's largest commercial vehicle manufacturer, Beiqi Foton, is understood to be considering setting up a greenfield facility in India shortly.
'Some companies have agreed to 2-3% incentive but the automakers and SIAM have to decide amongst themselves'
If freedom of speech is allowed beyond limits, it could lead to disastrous consequences, the Bombay HC has said.
M&M was the biggest loser in the Sensex chart, falling 6.39 per cent, followed by Tech Mahindra, Nestle India, Bajaj Finance, Axis Bank, ITC, JSW Steel, HDFC Bank and RIL. On the other hand, Sun Pharma, Tata Motors, Bharti Airtel, L&T and Infosys were among the winners, rising up to 2.10 per cent.
Based on discussions with stakeholders, the ministry is proposing to allocate Rs 26,400 crore for FAME-III subsidy alone with electric two wheelers getting around Rs 8,158 crore, electric buses Rs 9,600 crore and electric three-wheelers Rs 4,100 crore, according to sources in the know. Along with some other components like setting up an innovation fund and money for testing , the total allocation could cross Rs 33,000 crore, estimates suggest.
India's Auto Expo is considered to be among the biggest motor shows in the world.
Reliance Industries, headed by India's richest man Mukesh Ambani, has bought an ultra-luxury Rolls Royce hatchback costing Rs 13.14 crore.
Auto majors face dip in exports due to credit squeeze in Lanka, Nepal
Haryana Industries Minister Mahender Partap Singh said the state would continue to accord priority to this sector in allotment of developed industrial land for the existing manufacturers for meeting their expansion requirements, as well as the new entrepreneurs.
The surge in IT, auto and FMCG stocks were led by investors seeking safety against market volatility.
Maruti Suzuki, Hyundai and M&M draw visitors with a range of concept cars.
Auto companies in the state are likely to go on an expansion drive buoyed by better-than anticipated sales over the past few quarters.
Over 950 automobile and ancillary companies from 26 countries will take part in the seventh Auto Expo, slated to begin in New Delhi on Thursday.
Component makers don't see any recovery yet, but manufacturers believe the end of poor sales is nearing its end.
The offer covers the Ritz, Swift, Swift Dzire and Ertiga, and is valid until May 24.
Reliance has a 24 per cent conversion rate of 'oil-to-chemicals' at present and may be targeting 70 per cent conversion.
With about 2,000 participants and 1,20,000 square feet of display area, the 9th Auto Expo would be next only to the Shanghai Motor Show in terms of space occupied and is expected to host over 12 lakh visitors during January 10-17. Organised jointly by Confederation of Indian Industry, Society of Indian Automobile Manufacturers and Automotive Component Manufacturers Association of India, the 9th Auto Expo would be open for general public from January 10-17.
Accelerated depreciation expires by September 2009 while funds under JNNURM for urban transport is available till June 2009; industry seeks these benefits for extended time period.
Only Rico Auto Industries, whose Gurgaon plant was the epicentre of the strike after the death a worker in a group clash on Sunday, continued to be under lock-out.
