Passenger vehicle wholesales in India increased by 11.14 per cent to 2,76,554 units last month as compared with same month last year amid supply chain challenges, unavailability of semiconductors and higher container charges, auto industry body SIAM said on Thursday.
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards. HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra & Mahindra were the gainers.
The government on Monday said the country's total vehicle export is likely to increase by up to 15 per cent in the current fiscal, as demand from Europe is expected to rise.
When the focus at Europe's premier auto show is firmly on Ferrari and McLaren's hypercars rather than regular, mass driven cars, you know something's amiss.
The domestic passenger car sales fell by 6.59 per cent in October to 98,900 units from 1,05,877 units in the same month last year.
China has zoomed past the United States as the world's biggest auto maker and market with sales exceeding 13.64 million units last year, an industry association said in Beijing on Monday.
Even though electric two wheeler (e2W) companies saw a slight recovery in July of 12 per cent with 49,518 registrations - after a wash out in June because the government slashed the FAME 2 subsidy by a third - registrations are still lower for the second month in a row compared to April FY24. The slow pace has raised doubts about whether the registrations will reach anywhere near either Niti Aayog's ambitious target of 2.4 million vehicles in FY24 or whether they will be closer to the trimmed down industry expectation of around one million. In June, e2W registrations plunged to a mere 44,253, the worst month in more than a year, as companies hiked scooter prices.
The traffic tells a story. During the lockdown, it took 45 minutes to zip through the deserted 35-km stretch from Chennai to reach the automobile heart of Sriperumbudur-Oragadam, where the big names of the car industry - Hyundai Motor India, Renault-Nissan India, Daimler India Commercial Vehicles, Apollo Tyres, and Royal Enfield - are based.
Investors became richer by over Rs 2.27 lakh crore on Monday as equities rebounded, with the BSE Sensex rallying over 1 per cent amid continuous foreign fund inflows and upbeat global markets. The 30-share BSE Sensex jumped 709.96 points or 1.16 per cent to settle at 61,764.25. During the day, it zoomed 799.9 points or 1.31 per cent to 61,854.19. Following the rally, the market capitalisation of BSE-listed firms jumped by Rs 2,27,794.46 crore to Rs 2,76,06,443.06 crore.
The auto industry, however, said any such step to impose additional taxes on the sector will not 'make sense'.
As many as 44 flights to and from the Kempegowda International Airport in Bengaluru were cancelled owing to the Karnataka bandh over the Cauvery water sharing issue with Tamil Nadu, airport authorities said.
Higher defence allocation will spur investment in new vehicles.
Society of Indian Automobile Manufacturers lowered car sales growth projection to just 1-3 per cent for this fiscal from the 9-11 per cent announced in July.
'When 99.9 per cent of the most vulnerable are above 65, I see no logic in this sweeping lockdown in a country in which 94 per cent are below 65.' 'The most sensible thing to do would be to recalibrate this unnecessary lockdown as soon as possible.'
as the FAME II deadline of March 31, 2024, nears, EV manufacturers are worried about their investments and future plans.
With a glass-walled-like seating area on four hidden wheels, Mike and Maaike's electric car drives on its own. 'Summoned by phone, your ATNMBL arrives. You enter from the curb side through an electric glass sliding door into a standing-height entryway. Upon entering, you are presented with a simple question: 'Where can I take you?' There is no steering wheel, brake pedal or driver's seat,' the duo described the experience.
The Petroleum Federation of India, the apex body of public and private oil firms, has submitted to the oil ministry a 100-day agenda for the new government. On top of its list is decontrol of petrol and diesel prices. Currently, public sector retailers sell auto fuel at government-dictated rates, which the private sector competition is unable to match in times of high input cost (crude oil prices).
India Inc is set to post an 18-20 per cent revenue growth for July-September as compared to the year-ago period, domestic rating agency Crisil said on Thursday ahead of the filing of quarterly earnings by companies. The handsome growth in the topline will be driven by both higher volumes and higher commodity prices, the rating agency said. However, the rising input prices may have capped operating profit margin expansion for companies when compared to the preceding quarter, the agency said.
Tata AutoComp Systems Ltd on Wednesday said it would acquire the business and assets of Wundsch Weidinger, a German automotive components supplier, for an undisclosed sum.
