There is some good news for vehicle owners. The repair and maintenance costs on their cars could come down soon if a report on monopolistic behaviour of automobile makers is accepted by the country's anti-trust watchdog.
The operating margin of India Inc is likely to drop in the December quarter with a 100-120 bps year-on-year decline, as 27/40 sectors are set to see crimped margins despite higher revenue, according to a report. Surging commodity prices and price hikes may help companies report a healthy 16-17 per cent revenue growth to Rs 9.1 lakh crore during the quarter ending December, the Crisil report said on Tuesday. Software major TCS will open the earnings season Wednesday.
The company said its domestic sales rose by 31.1 per cent during the month to 1,00,964 units as against 77,002 units in June 2013.
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
The 30-share Sensex gained 271 points to end at 28,805 and the 50-share Nifty ended up 84 points at 8,712.
Tata Motors on Wednesday unveiled Tigor EV, its second electric model in the personal mobility space after Nexon EV. The auto major has tasted success with Nexon EV, which currently commands about 70 per cent market share in the domestic electric vehicle segment. The Tigor EV comes powered by the company's high voltage electric architecture - Ziptron - and has been developed based on three pillars of technology, comfort and safety.
Maruti sold 191 units of SX4 sedan in January 2014.
Participants at the Indian Wheelchair Tennis Tour held in Chennai did not let adversity affect their outlook on life. A Ganesh Nadar presents some of their stories.
Online auto classified platform CarTrade Tech on Tuesday said it fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced. The initial share-sale will be entirely an offer for sale (OFS) of 18,532,216 equity shares.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
It plans to increase India sales by a tenth, helped largely by launches next year
Sensex ended up 190 points at 25,519 and Nifty climbed 57 points to end at 7,626.
Ford's India boss, shares that the success of the Indian market so far has also come with its share of challenges.
Trend researchers who come from design schools and have an art and sociology background are the latest foot soldiers in the struggle of auto companies to stay ahead in the competitive race.
Sachin Tendulkar, Virat Kohli, Katrina Kaif, Ranbir Kapoor and Alia Bhat all turned up at the 13th edition of the gala car fair.
But lower growth numbers in the quarters to come may not mean renewed weakness in the economy at the ground level, says Pranjul Bhandari.
Passenger vehicle wholesales in India declined by 27 per cent year-on year in October with semiconductor shortage hitting production of automobile manufacturers, auto industry body SIAM said on Friday. Passenger vehicle sales last month stood at 226,353 units, as compared to 310,694 units in the year-ago period. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches to dealers also witnessed a 25 per cent decline at 15,41,621 units, compared to 20,53,814 units in October 2020.
Union Minister Nitin Gadkari on Friday said he has asked US-based Tesla several times to manufacture its iconic electric vehicles in India, while assuring that all support will be provided by the government to the company. Addressing 'India Today Conclave 2021', Gadkari further said electric cars manufactured by Tata Motors are not less good than electric cars manufactured by Tesla. "I have told Tesla that don't sell electric cars in India which your company has manufactured in China.
The list clearly shows the dominance of Maruti and Hyundai in the Indian passenger vehicle market.
The buzz in the IPO market continues with four companies launching their initial share sales this week to raise over Rs 14,628 crore collectively. This comes after four companies -- Devyani International, Krsnaa Diagnostics, Windlas Biotech and Exxaro Tiles-- launched their initial share-sales last week to mobilise Rs 3,614 crore. So far in the current fiscal, 16 companies have raised Rs 30,666 crore through IPOs against Rs 31,277 crore by 30 firms in the entire 2020-21. Going forward, market analysts expect the IPO environment to remain buzzing during the entire 2021-22.
About two dozen car & SUV models and two-wheelers lined up for launch
The two-wheeler sector has been underperforming its peers on the volumes front for over five quarters now. Even in the March quarter, Bajaj Auto and Hero MotoCorp posted a 17-24 per cent YoY decline in volumes, the sharpest in the listed auto universe. The ongoing impact of frequent price hikes, all-time high fuel prices, and muted rural sentiment has led to the lacklustre showing by two-wheeler makers. What has aggravated the situation for two-wheeler companies, which get almost all their sales from the internal combustion engine or ICE-based units, is the traction for electric two-wheelers (EV).
The strong domestic growth for new vehicle sales during 2008-12, which witnessed a compounded annual growth rate of 14 per cent, led to an increased inventory of used cars, thanks to trade-ins.
In the 2012-13, car sales in India fell 6.69 per cent, which was the first decline in a decade.
The new car market is estimated at around 30,000 units a year in sales in a good year, whereas the used car market for luxury vehicles is estimated at around 60,000 cars annually.
For automakers, the festive season is about raking it in through ramped up sales and attractive consumer offers. However, despite the robust demand, what may spoil the party this year is a global shortage of semiconductors.
Having established its presence in the country, luxury carmaker Lexus is now looking to chart its next phase of growth in India as it looks to consolidate sales network and drive in new models, including fully electric cars in the country, according to a top company official. The company, which is the luxury car arm of Japanese auto major Toyota, initiated operations in India in 2017 and currently sells seven models in the country, including the locally-produced ES 300h sedan. Known for its self charging hybrid cars, the company is now gearing up to drive in battery electric vehicles, besides ramping up its existing product portfolio in the market.
However, IT stocks fell on weak growth forecast by Gartner
Investors have been hoping for a cyclical recovery.
Maruti Suzuki India is eyeing a leadership position in the SUV segment as it continues to add new products across various sub segments, a top company official said on Wednesday. The country's largest carmaker has bolstered its presence in the high volume entry and mid level SUV segments with new Brezza and all new model -- Grand Vitara. "In every segment except SUV, we are the market leader by a distance. "It is only in the SUV that we are behind, so we need to catch up. Clearly, we have to become number one in the SUV space also," Maruti Suzuki India MD and CEO Hisashi Takeuchi said in an interaction on the sidelines of the global unveiling of Grand Vitara.
The country's largest carmaker Maruti Suzuki India will not "walk away" and fight to get back to 50 per cent market share in the domestic passenger vehicle segment, according to company Chairman R C Bhargava. The auto major, which is commemorating 40 years of operations, has seen its market share drop to 43.38 per cent in FY22 from a peak of 51.21 per cent in FY19. In order to get back its dominant leadership, the company plans to drive in models catering to both urban and smaller cities and rural areas.
Ford dealers in India are staring at huge losses with the automaker deciding to shut production in the country with immediate effect, automobile dealers' body FADA said on Thursday. Terming the company decision as shocking, the industry body noted that the dealers have invested over Rs 2,000 crore in creating sales infrastructure while employing around 40,000 people across the country. "The auto retail fraternity is really shocked to hear another Ford India's announcement where it has said that it will shut down production with immediate effect," FADA president Vinkesh Gulati said in a statement.
Sensex ends belowe 26,800 on domestic concerns.
The dangerous thing about the present situation is that the government is complacent enough to not realise that we are in the midst of a protracted economic slowdown, Singh said.
As many as 11 Mercedes models are impacted by the ban.
...followed by financial services, IT, and sales and marketing.
India's growth outlook has weakened sharply this year, with a crunch that started with the non-banking finance institutions spreading to retail businesses, car-makers, home sales and heavy industries.
Ratings agency ICRA on Wednesday revised downwards growth forecast for the domestic passenger vehicles industry to 8-11 per cent in the ongoing fiscal from the earlier estimate of 14-17 per cent on account of the ongoing semiconductor shortage. Similarly, for the two-wheeler segment, it said the volumes are expected to contract by 1-4 per cent in FY2022 against an earlier prediction of 6-8 per cent growth as affordability and demand sentiments of target clientele was hit sharply by the second wave of COVID-19 pandemic. With around 5 lakh units of production lost by various automakers in the passenger vehicles segment due to the semiconductor shortage, ICRA said the earnings loss for the OEMs (Original Equipment Manufacturers) could be around Rs 1,800 crore to Rs 2,000 crore for the ongoing fiscal.
Czech automaker Skoda on Monday forayed into the midsize SUV segment in India with the launch of its new offering Kushaq, priced between Rs 10.5 lakh and Rs 17.6 lakh (ex showroom Delhi).
The government did not tell us why our economy had imploded. The prime minister simply stopped speaking on the subject, asserts Aakar Patel.
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