India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
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Maruti being the market leader with a disproportionately high share of the passenger car market helped its component makers grow as an industry all these years and hence, the exit from a segment is a jolt if not a big setback.
Apart from around 40 Japanese companies and five global vendors of MG Motor India, many other biggies are eyeing Gujarat for either greenfield opportunities or brownfield expansion.
For every one experienced candidate being recruited by e-two wheeler companies, 10 have no prior experience; recruitments are for skilled, low-end jobs, not for managerial or supervisory roles.
Are we running a cricket match using football rules, asks Ajit Balakrishnan.
Indian bikers have been having a lot of attention lately. The latest to join the wagon is the Kawasaki Versys.
The global semiconductor shortage hit passenger vehicle sales in September, with major manufacturers like Maruti Suzuki, Hyundai and Mahindra & Mahindra reporting a decline in sales on Friday. Kia India and Honda Cars also reported a dip in wholesales last month as compared with the year-ago period. Carmakers like Tata Motors, Toyota Kirloskar Motor, Nissan and Skoda, however, reported an increase in passenger vehicle dispatches last month despite supply chain issues.
Overall, the credit profiles of players will be supported by healthy balance sheets and liquidity. Prudence in capital and development expenditure, efficient working-capital management, and recent equity raising will help sustain credit metrics in FY22.
Russia's war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That's because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers. Russia and Ukraine are major providers of steel and raw materials to the world.
The five-year (2015-16 to 2020-21, or FY21) compound annual growth rate (CAGR) of the overall auto industry is now negative at 2 per cent, against 5.7-per cent growth it saw in the previous five years (from 2010-11 to 2015-16).
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
BMW also unveiled its electric car i3s and hybrid vehicle i8 Roadster along with a slew of other top-end models at the Auto Expo 2018.
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China's biggest carmaker, which own brands like Maxus, MG, Roewe and Yuejin, plans to invest $1 billion in India manufacturing unit, reports Swaraj Baggonkar from Mumbai.
'If the business doesn't recover in next 6-10 months, there might be situation where there would be some lay-offs...That may be required for survival and to ensure livelihood to millions of people.'
Toyota Fortuner 2016 vs Ford Endeavour vs Chevrolet TrailBlazer InteriorsToyota Fortuner 2017 interior
The auto ancillary industry - one of the worst hit due to the labour exodus - will need at least three months to get its factories up and running.
Tata Motors recently cut the sales forecast of its luxury car brand, JLR, due to chip shortages, scaling down its production numbers from the earlier 120,000 units to 60,000-65,000 units by September, and leading to an almost 10 per cent fall in the company's stock. In May this year, Bosch India, too, had stated that chip shortfalls would impact its production, as supply chains were getting disrupted.
Besides, Toyota and MG Motor also reported nil sales as they suspended operations even before the imposition of lockdown on March 25 to check the spread of coronavirus. In two-wheeler segment, niche bike maker Royal Enfield said it had zero sales in the domestic market but exported a total of 91 units last month.
The Tata group flagship has sold more sport utility vehicles (SUVs) in the domestic PV market in the past four months than any other automotive manufacturer, cementing its no.1 spot. It first grabbed pole position in the SUV segment in October 2021 after the launch of the Punch - a sub-compact SUV offering.
Tepid growth in verticals like banking and finance, healthcare, retail and automotive will drag overall IT spends in the current year, reports Debasis Mohapatra.
India can become one of the world's automotive export hubs of the 21st century.
Earlier in May, Ford India announced that it had dropped its plans to make electric vehicles (EVs) in India, which it intended to export, under the production-linked incentive scheme (PLI). Ford was among 20 companies that had signed a Champion OEM Incentive Scheme under the PLI project with the government in February this year. The decision comes as a blow for the 4,000-odd employees at Ford India's Maraimalai Nagar plant near Chennai and in Sanand, Gujarat. In September last year, the company had announced that it would exit the India market, which it had entered in 1995 through an on-again, off-again joint venture with Mahindra & Mahindra (they split in 1998, signed a JV in 2019 and split again in December 2020), retailing petrol and diesel brands such as the EcoSport, Figo, Aspire, and Endeavour.
The year 2015 was quite eventful with plenty of automakers making news with either new models or facelifts of their existing models.
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.
Ideas don't have border controls and visas.
Issues like high insurance cost and the announced price hike effective January could also weigh on sales in 2019. The only bright spot is the softening seen in fuel prices over the past month.
Jaguar Land Rover and Saudi Arabia's National Industrial Clusters Development Programme will now begin a detailed feasibility study together, to determine the viability of setting up an automotive facility, the company said in a statement.
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
India's electric mobility goal, which has so far been riding on two wheels, is all set to graduate to four wheels. At least, the journey has begun. Hyundai Motor India said it would invest Rs 4,000 crore till 2028 to launch half-a-dozen electric vehicles (EVs) in India. It would eventually straddle premium and mass segments. The first of these - the electrified version of an internal combustion engine (ICE)-powered model - will go on sale as early as next year.
Only five sectors such as consumer internet companies, professional services, life sciences, automotive and consumer products are projecting double-digit increment.
For deciding which vehicles are to be scrapped, the setting up of fitness centres and regulating them would be a humongous task.
Scooters, once the fastest growing sub-segment, also declined for the second consecutive month in September.
Companies world over have to confront unprecedented factors that can cause losses.
The government has asked SIAM members, to provide fresh data which will provide an indication about the diesel vehicle demand in the country.
The 125-km stretch covering Sanand, Hansalpur and Vithalapur, with connected nodes at Kadi and Halol, is set to emerge as the next major automobile hub in India.
Bangalore-born Bhattacharyya, an alumnus of Indian Institute of Technology (IIT) Kharagpur, was awarded the Padma Bhushan in 2002 for his services to science and technology and made a life peer in the UK's House of Lords in 2004.
What will it take for Tesla to plug and play in India? Sector pundits say it's a mix of strategy, getting the price right, timing, the right talent, and above all, patience.
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