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.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
Eleven companies have launched their initial public offerings (IPOs) in December 2023, making this month the second-best December for public offerings since 1996. Collectively, they are raising Rs 8,182.7 crore this month. In December 2021, 11 companies raised Rs 9,534 crore. However, excluding December 2021, this month marks the best December for IPOs since 1996.
Benchmark BSE Sensex recovered from early lows to close at a five-month high on Friday, riding on gains in banking and auto stocks ahead of the release of key inflation data. The 30-share index gained 123.38 points or 0.20 per cent to settle at 62,027.90, the highest closing level since December 12, 2022. The barometer opened lower due to early weakness in energy, power and IT stocks and touched a low of 61,578.15 in the day trade.
Tata Motors is looking at various measures, including direct buying from stockists and making changes in the product configurations, to offset the impact of semiconductor shortage on its production activities and sales, a top company official has said. The auto major, which sells models including Nexon, Harrier and Safari in the domestic market, is also looking at different kinds of chips which could be used in components where the supply situation is severe. The automaker expects the situation to remain challenging in the ongoing quarter and some improvement in supplies only in the second half of the fiscal.
Battered by the recent economic downturn, the Indian automobile industry is looking up to the newly elected government to implement some key measures to kickstart car sales. Top on their wish-list is ensuring availability of auto loans at lower rates of interest, continuation of some of the sops announced earlier in a stimulus package and a reduction in taxes.
The country's largest carmaker Maruti Suzuki India (MSI) aims to sell 4-6 lakh CNG units in the current fiscal year depending upon supply situation of essential components, as per a senior company official. The company sold about 2.3 lakh CNG units in 2021-22. MSI currently sells nine of its 15 models with CNG powertrain and is looking to drive in more models with such technology in the coming days.
At the car enthusiast's paradise, auto beauties from global manufacturers stole the show.
Indian auto component industry is expecting a slowdown in growth to 12-15 per cent in 2011-12 from over 34 per cent in the previous fiscal, Automotive Component Manufacturers Association of India said on Tuesday.
Here are the four most eye-catching offers from some of the most prominent brands.
Auto companies are looking forward to the continuation of incentives, including excise duty cuts, given in the two stimulus packages in the Budget 2009-10.
The government on Wednesday assured domestic and global auto companies all help such as granting SEZ status and a re-look at tax structure for setting up testing centres and manufacturing plants in a bid to make India the automotive hub of the world.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
The ongoing second quarter earnings, movement of oil benchmark Brent crude and the uncertainty in the Middle East would dictate terms in the domestic markets this week, analysts said. Furthermore, the activities of Foreign Institutional Investors (FIIs) will also influence trading in the markets. "A slew of earnings reports from heavyweights expected this week will significantly impact market direction.
Jharkhand Chief Minister Arjun Munda on Monday said his government has a long-term plan to make the state the country's 'auto component hub.'
The German luxury carmarker on Tuesday said it will invest $50 million (about Rs 230 crore) to set up a financial services subsidiary to better serve its customers besides industry as a whole.
Firm Asian cues and a higher opening of European markets reflecting a rally on Wall Street, where all three US indices hit new records following strong economic data, bolstered trading sentiments here
Young, raw energy from India's engineering colleges on display!
Abhijit Roy says second price rise is due to be effective from June.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
While third quarter results do not reflect it, the sector's reluctance to cut interest rates points towards either high NPAs or wrong strategies.
Quite a few international players also have ambitious plans for the Indian roads.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
White-collar hiring witnessed an 8.6 per cent annual decline in September, following a negative trend in sectors including IT, BPO or ITES and FMCG, a report said on Monday. On a month-on-month basis, however, there has been a growth of almost 6 per cent in job postings. In September, there were 2,835 white-collar job postings, down by 8.6 per cent compared to the same month last year when 3,103 jobs were posted, according to Naukri.com's monthly 'Naukri JobSpeak Index'.
Disappointed with the RBI decision of not reducing policy rates, carmakers and real estate players today said the sectors, which are already reeling under a slump, will continue to suffer due to the high interest rate regime.
Sliding for the fourth straight day, the BSE Sensex shed 152 points in choppy trade on Wednesday amid mixed global cues ahead of the US Federal Reserve's policy decision.
About 1,800 workers at Rico Auto Industries, in Gurgaon near Delhi, ended their almost 50-day strike following an agreement with the management on reinstatement of some employees.
India will have 30 per cent of its two-wheeler industry turning electric by 2030 as new manufacturers lead the shift, said a report on Monday. Passenger vehicles will be 15 per cent electric and the three-wheeler segment 75 per cent electric by 2030, said the report by BNP Paribas called 'India Autos-Electric vehicles: Minutes to midnight'. "We see FY22 as the year of inflection for the two-wheeler EV industry, with an accelerated EV adoption helped by incentives, wider availability, model launches, rise in crude prices and improved general awareness. We see 30 per cent of the 2W industry turning electric by 2030; the pace of incentive withdrawal presents an upside/downside risk," the report (India Autos - Electric vehicles: Minutes to midnight) said.
There are 230 million vehicles on the road, and counting. Bulk of these are under seven years old and once they get older, the industry estimates the requirement for spare parts and aftersales service to shoot up sharply.
According to the Auto Component Manufacturers Association, the apex body of component makers in India, global sourcing of components from the country will double from $2.95 billion to $5.9 billion in 2008-09, and is slated to hit $20 billion in seven years.
German premium car maker Mercedes-Benz on Wednesday reported nearly 100 per cent growth in sales at 4,101 units in the domestic market in September of the current year. Mercedes-Benz India had sold 2,058 cars in the Indian market in the July-September period of 2020. The strong rebound in sales particularly in Q3 2021 retail, reflects the continuous V-shaped recovery witnessed since the pandemic affected second quarter (April-June), owing to the return of economic activities, a stable economy at large and an overall positive market outlook.
Delhi, labelled the world's most polluted city in a 2014 World Health Organization survey, alone makes up about 7 per cent of total Indian auto sales.
In June, the new government led by Narendra Modi extended the excise duty concession by six months to December 31, which is not being further extended.
Other players who have declared no production days in the recent past, and during this month, include Mahindra & Mahindra, Maruti Suzuki, Hero MotoCorp, Bosch, Jamna Auto, Wabco and Sundaram-Clayton.
The company is willing to partner existing players; to begin with commercial vehicle launch.
According to Siam data, Indian auto companies sold 982,456 units of utility vehicles in the first half of FY23, a 50.29 per cent growth over the corresponding period last year.
'The Nifty index looks to be 20 per cent overvalued as per our model after moving up more than 10 per cent in the last two months.'
Business is growing fast and continues to draw investment, but making big bucks in a country smitten with small cars won't be easy.
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