On Wednesday, Tata Motors had announced shutting down its Jamshedpur unit, the mother plant for its heavy commercial vehicles, for three days due to slump in demand. The Jamshedpur plant is the hub for manufacturing tippers, tractor trailers and multi-axle vehicles.
Daimler, world's largest manufacturer of commercial vehicles, had reached an understanding in December 2007 for establishment of a joint venture with Munjal family-promoted Hero group, a leading Indian business house with presence in automotive manufacturing, auto parts and services sector.
The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries
The complainant accused the Consulting Editor of spreading false news about the scheme offered by the corporation and trying to disturb communal harmony in the state.
Commercial vehicle drivers, caught unaware of Supreme Court's imposition of an 'environment tax', remained stranded on National Highway-8 in Gurgaon on Saturday for around five hours which led to a massive traffic jam in the area.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Sales of commercial vehicles, which were on a decline for over a year, are showing signs of a recovery. Two out of the three CV makers reported an increase in sales last month.
Mahindra and Mahindra will set up a medium and heavy commercial vehicle plant in Maharashtra at a cost of Rs 2,500 crore
After clocking losses for seven straight quarters, Tata Motors on Wednesday posted a consolidated net profit of Rs 3,043 crore in the third quarter (Q3) of 2022-23. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix. "We remain cautiously optimistic about the demand situation, notwithstanding the global uncertainty.
Auto major Tata Motors on Wednesday said it will shut down its commercial vehicle plant in Pune for three days -- the second time within 15 days -- to prevent inventory build up on account of falling sales.
The company attributes the delay to the slump in demand for commercial vehicles in the country since the beginning of the current year.
Swedish behemoth Volvo has charted out an aggressive strategy to become a leader in the country's heavy commercial vehicle sector, following its alliance with the Delhi-based Eicher Motors.
Tata Motors on Thursday reported a 42.9 per cent rise in its sales during the fiscal 2003-04 at 3,14,256 vehicles, including exports, as against 2,19,865 units sold in the previous year.
Top commercial vehicle maker Tata Motors has raised the prices of its medium and heavy vehicles by 2-2.5 per cent on account of increase in input costs.
As per SIAM data, vehicle sales across categories, including passenger vehicles and two-wheelers and commercial vehicles stood at 18,21,490 units last month as against 23,82,436 units in August 2018, a fall of 23.55 per cent.
The plant, which would be functional in 2010, would produce up to 70,000 trucks in its initial phase of operation. The company said it plans to export from the plant to markets whose product requirements are similar to those of the Indian market. The investment plan is valued at about Rs 4,500 crore (Rs 45 billion).
Germany's Daimler AG, known for its luxury cars and high-end commercial vehicles, has pulled out of the race to acquire a strategic stake in the Delhi-based commercial vehicles maker Eicher Motors.
GSLV-MK III, which uses a homegrown cryogenic engine, has to do at least two more launches before it begins commercial operations, report Raghu Krishnan and T E Narasimhan.
The company will start manufacturing commercial vehicles by 2010. The new company is aiming to achieve a localisation rate of up to 80 per cent. The production of commercial vehicle for export to other emerging markets will also be launched thereafter. The two companies signed a joint venture agreement on Monday to float a company Daimler Hero Motor Corporation, in which the German company will have 60 per cent stake and the rest with Hero.
The sharp fall in commercial vehicle (CV) sales has forced automobile giant Tata Motors to again shut its Pune plant for six days this month. The CV plant will be out of action from December 5 to 7 and again from December 26 to 28.
The situation in and around Lailapur, which was rocked by deadly violence, along the interstate border remained calm with a large number of Central Reserve Police Force troops patrolling the National Highway-306, they said.
High loan-to-value and high-yield buckets have reported higher delinquencies
15 to 25 per cent of property registrations in Mumbai come from redevelopment, with over 3,500 projects approved by May 2024.
Japanese commercial vehicle major Isuzu is entering the Indian commercial vehicle market through a technical agreement with Swaraj Mazda, the joint venture between Japan's Sumitomo Corporation and Punjab Tractors.
Market leader Maruti Suzuki sold 51,274 units, down 49.61 per cent from the same month last year. Hyundai Motor sold 21,320 units, a decline of 49.25 per cent and Mahindra & Mahindra sold 8,075 units, down 54.54 per cent.
Domestic passenger vehicle sales declined 0.84 per cent to 2,63,773 units in November from 2,66,000 units in the year-ago period. Motorcycle sales, too, declined 14.87 per cent to 8,93,538 units. Vehicle sales across categories registered a decline of 12.05 per cent to 17,92,415 units from 20,38,007 units in November 2018.
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
As it makes inroads into the quality-conscious global markets, Tata Motors on Wednesday said it was in the process of "shrinking" vendor base as part of a "strategy" to rationalise supplier chain.
Riding on the back of Indica, which crossed the sales mark of 9,000 units, Tata Motors on Friday reported a 31.3 per cent increase in its October sales at 35,283 vehicles as against 26,862 units in the same month last fiscal.
Buoyed by staggering sales of Tata's Ace, the one-tonne mini-truck launched mid-2005, Mahindra & Mahindra, Ashok Leyland Ltd, Bajaj Auto Ltd, Piaggio and Hyundai
It has decided not to levy the 2 per cent tax deducted at source (TDS) on cash payments above Rs 1 crore made through Agricultural Produce Market Committees.
Tyre stocks have been on a tear over the past six months, with average returns exceeding 45 per cent. Except for Apollo Tyres, which has seen a slight correction in the last month and a half, limiting its gains to 16 per cent, listed peers such as MRF, CEAT Tyres (formerly Cavi Elettrici e Affini Torino), and JK Tyre & Industries have delivered returns exceeding 30 per cent during this period. Production-related constraints and sluggish demand in Europe, where sales are expected to remain flat, coupled with high valuations, have contributed to Apollo Tyres' underperformance. The tyre sector's gains can be attributed to robust growth trends driven by the replacement market, which constitutes more than two-thirds of sales.
Commercial vehicle manufacturer Eicher Motors Ltd on Monday said it will form a joint venture (JV) with Swedish truck maker AB Volvo, which will have an enterprise value of $506 million.
The launch of a range of electric motorbikes (e-bikes) by Bengaluru-based Ola Electric, a first for the company, has disconcerted the industry because the low price the firm claims to be offering has the potential to disrupt the market. On August 15, Ola unveiled its Roadster series e-bike with a starting-price at Rs 74,999. This new pricing undercuts the previous lowest price in the category, which was Rs 110,000.
On Sunday morning, the sun shone brightly on vintage cars parked in symmetry on the grounds of ITC Maurya in New Delhi. The owners were making sure the old beauties turned up spick and span for a rally organised by ITC Hotels in partnership with the Heritage Motoring Club of India. The rally would end at ITC Grand Bharat in Gurugram, Haryana, later in the day.
While traditional automakers in India are reeling under a global shortage of semiconductors, the country's electric vehicle (EV) makers, too, are now facing a shortage of lithium-ion batteries, a key raw material. The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries. Battery manufacturers say that prices have been increasing every quarter since the beginning of 2021.
On Sunday, July 30, 2023, the Indian Space Research Organisation successfully launched its proven Polar Satellite Launch Vehicle rocket carrying seven Singapore satellites from the Satish Dhawan Space Centre in Sriharikota and placed them into intended orbits.
