During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
Stocks in the automotive, financial, cement, metal, and hotel sectors are likely to benefit if the Narendra Modi-led Bharatiya Janata Party (BJP) comes back to power for a third time. The key investment themes have been identified after analysing the Sankalp Patra - the party's manifesto for the next five years - released on Sunday.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
ABB India's March quarter results (Q1CY24) were led by strong margin performance. Revenue was, however, largely in line with estimates at Rs 3,080 crore (up 28 per cent Y-o-Y and up 12 per cent Q-o-Q). The growth was across electrification (30 per cent Y-o-Y), process automation (73 per cent Y-o-Y) and robotics & motion (8 per cent Y-o-Y).
Salaries in India are expected to increase by 9.5 per cent in 2024, slightly lower than the actual increase of 9.7 per cent in 2023, largely in response to market dynamics, according to global professional services firm Aon plc. According to the firm's annual salary increase and turnover survey 2023-24 India, that analysed data across 1,414 companies from almost 45 industries, salary increase in India seems to have stabilised at high single digits, after the post-pandemic high increments in 2022. "The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape.
This is the case even though the benchmark index is only 5 per cent below its all-time high. The list of stocks trading at a discount primarily consists companies in the automotive, banking, oil and gas, insurance, healthcare, and metal sectors.
From its lows this month, the stock of Sona BLW Precision Forgings is up 10 per cent on better-than-expected results. The stock rose by 4 per cent in the trading session on Tuesday after Japan's Nikkei Group said the Indian automotive component major has topped its rankings in terms of competitive advantage. The rankings are based on sales, profit margin, capital expenditure, research and development, and market capitalisation.
His transformational vision and strategic orientation played a crucial role in navigation of BMW Group India in a challenging business environment.
BJP workers depend on Annamalai's popularity to emerge victorious. He has has made 100 promises to be fulfilled in 500 days and assurances include cleaning up rivers, an international airport and food vans named after former Chief Minister K Kamaraj.
The global recall of millions of vehicles has put the focus on quality.
Says the automobile sector would grow double digit in Asia's third largest economy after financial year 2017-18.
"I took some time to explore the contours of this initiative. I don't use the term 'game-changer' too often but it's apt in this case. For me, what's much more important than the mechanics of the scheme is the dramatic shift it signals in the attitude towards industry," Mahindra said in a tweet.
Tata Group on Wednesday announced an investment of 4 billion pounds (about Rs 42,500 crore) in setting up a flagship factory to make batteries for Jaguar Land Rover as well as other manufacturers. Tata Sons, owner of JLR, chose Bridgwater in Somerset in southwest England for the gigafactory over a rival location in Spain. The gigafactory, at 40GWh, will be one of the largest in Europe and Tata's first outside of India, the conglomerate said in a statement.
Here are the four most eye-catching offers from some of the most prominent brands.
Expanding its presence in the automotive sector, the world's biggest steel maker ArcelorMittal has reached a preliminary agreement to acquire French major Vallourec's two steel tube-making units for an undisclosed sum.
'Which is growing fast and where we are very strongly positioned.'
With the automobile marking booming in India, vehicle makers are likely to set base here.
More and more women are making their presence felt in jobs related to sciences, technology, and engineering across organisations.
Tata Consultancy Services' (TCS') contribution to the overall market capitalisation (mcap) of listed Tata group companies has slipped below 50 per cent for the first time in over a decade. This has happened amid a rally in other Tata stocks, led by smaller companies, even as TCS, the group's largest company by mcap, has lagged. In recent quarters, Tata's listed firms have emerged as leading performers on the bourses, with the group's combined mcap crossing Rs 30 trillion early last week - a first for a private sector conglomerate.
'We're putting a lot of focus on GenAI developers and people who can really do all the architecture and programming.'
The company, however, expects the direct impact of the Japanese crisis to be minimal on its business in the short-term.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
In a boost to the electric vehicle boom in India, Taiwanese major Hon Hai Technology Group (aka Foxconn) is likely to set up an EV manufacturing unit in India through its subsidiary Foxtron. Amid speculation that the company may look at Tamil Nadu and probably the Ford India unit near Chennai for its new facility, sources indicate that the group was already betting big in the electric vehicle component space in India through Bharat FIH, which is already having a tie up with companies like Ola Electric and Ather. Bharat FIH currently has two manufacturing units in Tamil Nadu's Sriperumbudur that manufactures phones like Apple iPhones and Xiaomi phones.
In an announcement sent to the Bombay Stock Exchange, Musco said that due to the on-going economic slow down in the steel as well as automotive industry, and taking into account the slowdown in demand for the company's product, it has been decided to align the company's production plan with the expected demand.
At least one Indian company will be among the top six carmakers that would dominate the global auto industry by 2020, a study by global consultancy firm Deloitte said.
Almost every car maker is offering either new models or face-lifted versions of existing models.
The zippy power delivery, the smooth gearshifts, the spot-on gear ratios and the narrow dimensions of the car mean that they make short work of your daily commute in thick traffic.
In the last couple of years, the luxury car segment has evolved significantly and demand for premium and luxury sedans and SUVs has increased rapidly.
Identifying 10 areas that could help triple Indo-US trade by 2010, industry body Assocham has prepared a roadmap to boost trade between the two countries to over $120 billion from the current $40 billion.\n\n
The town houses some 1,500 small and tiny units, of which 75 per cent are engaged in manufacturing components for the automotive industry. The town houses some 1,500 small and tiny units, of which 75 per cent are engaged in manufacturing components for the automotive industry.
The first leg of Micron's semiconductor play in Sanand is crucial for the company to sprint towards India's goal of joining the chip race.
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.
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
Only five of India's top 20 car models have seen a reduction in wait times over the past year.
The second wave of the pandemic in the country has derailed the recovery momentum of the domestic auto industry, which was poised for a comeback in the current fiscal after witnessing the two consecutive challenging years, ratings agency ICRA said on Thursday. Unlike the first wave where infections were largely localised to urban clusters, the second wave has seen deeper and wider penetration, including into rural hinterlands. Accordingly, outlook for various segments has been revised downwards, it said.
The car is powered by a 1.5-litre turbo petrol engine
The Indian automotive industry has the potential to reach a size of $33 to 40 billion by 2015 from the current $6.7 billion, chairman of 'CII Auto SCM India 2004,' M Lakshminarayanan, said in Chennai on Friday.
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.
Two-wheeler exports from India fell by 17.8 per cent to 3.65 million units in 2022-23 (FY23), according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. This decline is due to a rise in global inflation and the weakening of economies and currencies in key export markets of Africa, Latin America (LatAm), and South Asia. In contrast to FY23, two-wheeler exports from India jumped 35.4 per cent to 4.44 million units in 2021-22 (FY22).
Crisis in the automotive industry is not over yet, but there are increasing signs that the bottom has been reached.
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