A major fire broke out on Thursday in a commercial multi-storey building housing a market of sarees on Puna Kumbharia road in Surat and 80 fire tenders have been rushed to the spot.
Owing to the poor market conditions and tepid sentiments, the size of the show has shrunk compared to the last edition, which took place in 2018. A majority of the two-wheeler makers, and several car and commercial vehicle makers, have opted out of this year's show, which opens for the media on Wednesday.
While commercial vehicle (CV) sales were the worst hit, down by 21 per cent to 67,793 units from 85,833 units, two-wheeler sales dropped by 16 per cent to 12,64,169 units from 15,00,545 units. Passenger car sales dropped nine per cent to 215,716 units from 236,586 units.
Thotakura was selected as one of the six crew members for the NS-25 mission, making him the first Indian space tourist and the second Indian to venture into space after the Indian Army's Wing Commander Rakesh Sharma in 1984.
According to FADA, automobile retail trade and service industry comprises a network of 9,500 automobile dealers and their service stations engaged in sale, service/repair and spares of vehicles across segments, is an essential link in automotive business and a significant stakeholder.
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 Centre will invest around Rs 200 crore over five years for the exploration and development of these mines.
Auto major Mahindra & Mahindra on Friday said it will hike the prices of its passenger cars and commercial vehicles by Rs 6,000 to Rs 20,000 from October 1, partly to offset higher input costs and depreciation of rupee against the dollar.
Bajaj Auto, the world's largest three-wheeler maker, expects to launch its four-wheeled passenger carrier RE60 by end of the current financial year.
It will house the company's first diesel engine developed for markets like India.
The Bharatiya Janata Party (BJP) led central government will use the unorganised workers database - e-Shram portal - to provide the benefits of various government programmes to the nearly 300 million workers over the next five years, if it is voted to power for the third consecutive term in the upcoming general elections. "We have registered unorganised workers on the e-Shram platform. "We will reach out to the e-Shram registered 'shramik bandhu' and help them avail the benefits of various government programmes that they are eligible for," the manifesto of the party read.
Indian Oil Corporation Ltd will start manufacturing fuel used in F1 racing in three months' time.
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.
In a step towards diversifying its resource base and securing green energy minerals, India is poised to launch its first-ever offshore mineral auction in the first quarter of 2024, announced Union Minister of Mines Pralhad Joshi during the launch event of the National Geoscience Data Repository portal. The government plans to hold auctions in March, offering 10-15 blocks for bidding. Meanwhile, the ministry of mines is currently developing rules and regulations for offshore mining.
Under interim measures, there will be no renewal of registration of diesel vehicles which are more than 10 years old.
In further retaliatory steps over the arrest of diplomat Devyani Khobragade, India has asked the United States to "discontinue" commercial activities being undertaken from its embassy premises in New Delhi by January 16.
Domestic passenger vehicle sales dropped by 17.54 per cent to 2.25 lakh units in June from 2.73 lakh units in the same month of previous year, data released on Wednesday by an apex industry body showed.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
Auto sector has nothing to look forward to in the Budget.
The company, which sells every second car in the domestic market, said it expected production and sales to grow between 4 per cent and 8 per cent for the financial year started in April.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
While the slowdown in the domestic economy and a ban on mining has sharply impacted the demand for medium and heavy commercial vehicles, sales of LCVs rose 15.61 per cent to 378,509 units between April and December, driven by need for products for last mile transportation.
Consolidated earnings of Bharat Forge in Q3FY23 missed estimates, largely due to higher-than-expected interest burden, although operational numbers (including standalone numbers) were close to consensus. Still, the management guidance was positive and appeared to be based on logic.
The Karnataka Rakshana Vedike (Narayana Gowda faction) on Wednesday targeted business establishments in Bengaluru and damaged their signboards and name plates which did not use Kannada.
Passenger vehicle (PV) retail sales rose to 184,134 units last month against 85,733 units in May this year as the COVID-19 situation improved across the country. According to the Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,295 out of the 1,498 regional transport offices (RTOs), two-wheeler sales rose to 930,324 units last month as compared to 410,757 units in May.
Total sales of commercial vehicles were down by 26.95 per cent to 51,680 units from 70,746 units in the year-ago period, SIAM said.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 1,65,654 crore (Rs 1.65 trillion)
The mini truck and passenger vehicle, which together crossed the 1-million sales mark in August, are already present in 24 countries.
Eicher Motors' shareholders in its recently held annual general meeting (AGM) have rejected a proposal for re-appointment of Siddhartha Lal as the company's managing director for a period of five years with effect from May 1 this year. During the company's 39th AGM, which was held earlier this week, the members also rejected the proposal of increasing Lal's remuneration. While 73 per cent of the votes favoured the re-appointment, the rest 27 per cent were against it.
Tata Motors owned Jaguar Land Rover will start producing its Range Rover and Range Rover Sport in India, marking a first for the iconic models in their 54-year long history, to be rolled out from a country outside of the UK. Till now the two models were only produced in Jaguar Land Rover's Solihull plant in the UK and then exported to around 121 markets globally, including India.
The Reserve Bank on Thursday tightened norms for consumer credit as it asked banks and NBFCs to assign a higher risk weight for unsecured personal loans, a move aimed at making the lenders more cautious on such advances. The risk weight on unsecured consumer loans has been raised by 25 percentage points. The new regulations, however, will not be applicable on housing loans, education loans, vehicle loans and loans secured by gold and gold jewellery, the Reserve Bank said in a circular.
The country's largest manufacturer of buses, Tata Motors, will roll out hybrid buses for the domestic market in the next few years, said Ravi Pisharody, its president (commercial vehicles).
Issues relating to shortage of key automotive components, which were supposed to be sorted out a month ago, will hit production even for the next two quarters, as slow ramp-up and discrepancies in tyre prices impact output.
Sales of commercial vehicles were down by 24 per cent to 43,080 units in April, SIAM said.
Bajaj Auto, India's leading two-wheeler (2W) and three-wheeler (3W) maker, is scaling up its wholly owned finance subsidiary, Bajaj Auto Credit Ltd (BACL), with an investment of more than Rs 3,000 crore planned over the next two financial years, company's managing director Rajiv Bajaj said. BACL has already started commercial operations, Bajaj recently said on the sidelines of the group's CSR identity event. According to rating agency CRISIL, BACL's operations began on January 1 after receiving its licence from the Reserve Bank of India (RBI) in August last year.
Swift Dzire has clocked 2.5 million in sales, and you might, in a non-too-distant future, see headlines that the DZire has done 3 million as well, observes Suveen Sinha.
The launches will be be both in the passenger vehicle segment as well as the commercial vehicle segment of truck and low tonnage vehicles. M&M, like its competitors in the overseas market, has decided to make increased use of a single platform for several models. A vehicle platform is the basic structure on which a vehicle is built, which defines its general size, strength and body construction.
The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit announced an agreement in early June to merge and form a unified commercial entity. The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund (PIV). Critics have accused it of being a vehicle for the country to improve its reputation as it faces criticism of its human rights record.
Among the cars unveiled at the Auto Expo on Wednesday was Mahindra and Mahindra's e-KUV for Rs 8.2 lakhs ex-showroom Delhi. With a single charge range of 150 km and a 55 min fast charging upto 80 pc, it was both a head-turner and a conversation-starter.
Total two-wheeler sales in June rose 3.55 per cent to 13,07,710 units.
