Mercedes-Benz India on Friday said it is expecting a 10 per cent increase in its sales in the next one year as the future prospect for his company and the auto sector is looking up with a stable Congress-led government at the Centre.
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
Pandemic-hit auto majors are likely to set aside these time-tested strategies for now, and, instead, focus on attractive finance schemes and an enhanced digital experience.
'Bilateral trade has suffered seriously because of the growing unrest.' 'There is a standstill on both sides amid the curfew.'
The market capitalisation of BSE-listed firms reached an all-time high of Rs 288.50 lakh crore on Wednesday amid an ongoing rally in equities, as the benchmark Sensex settled above 63,000-level for the first time ever. The 30-share BSE barometer climbed 417.81 points or 0.67 per cent to settle at 63,099.65, its fresh record closing high. During the day, the benchmark jumped 621.17 points or 0.99 per cent to 63,303.01, its lifetime intra-day peak. Extending its winning momentum to seventh day, the Sensex has rallied 1,954.81 points or 3.19 per cent during this time.
Industry expects sales to remain depressed in the coming festive season.
The S&P BSE Sensex gained 122 points to end at 26,525.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
Rajiv Bajaj is on a high. First Bajaj Auto raced into the executive segment with the Discover snapping up a share of 21 per cent
Net profit at M&M and Mahindra Vehicle Manufacturing Ltd contracted to Rs 918 crore from Rs 1,238 crore a year ago while revenue and other income decreased to Rs 12,997 crore from Rs 13,551 crore a year ago.
Stock markets will be largely driven by global trends and macroeconomic data announcements in a holiday-shortened week which may see volatility amid monthly derivatives expiry, say analysts. Equity markets will remain closed on Monday for Gurunanak Jayanti. Trading activity of foreign investors and the movement of the rupee against the dollar will also be tracked by investors.
Vehicle prices have gone up as manufacturers gear up for the transition to stricter emission norm BS-VI from BS-IV beginning April 1.
Chinese players form a major part, around 20 per cent of the auto expo this year, despite a slowdown in the Indian automobile sector in the last one year. Over two dozen top officials from various companies were planning to participate in the event, besides a group of journalists.
From the 30-share basket, 28 scrips suffered losses. Over 200 stocks were at their 52-week low in Tuesday's trade.
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
Passenger vehicle wholesales in India rose by 14.16 per cent in August to 2,15,916 units, driven by pent-up demand, industry body SIAM said on Friday. According to the latest data by the Society of Indian Automobile Manufacturers, passenger vehicle wholesales stood at 1,89,129 units in the same month last year.
Maruti Suzuki posted a marginal increase in January and the likes of Hyundai, Ford and Mahindra & Mahindra reporting a single-digit growth.
Bajaj Auto on Friday reported a 36 per cent increase in its motorcycle sales for November at 2,14,321 units compared to 1,57,831 units in the same month last year.
Component makers don't see any recovery yet, but manufacturers believe the end of poor sales is nearing its end.
Automobile sector accounts for the third-highest equity mutual fund contributions.
Car maker Ford plans to unveil a new concept vehicle at the upcoming Delhi Auto Expo as the company looks to tap growth in the compact car segment India.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Mahindra Tractors is recruiting Territory Managers for their sales team.
Royal Enfield's sales are equivalent to the global sales of Harley-Davidson, KTM, BMW, Triumph, and Ducati combined, but Bajaj's MD has a counterview.
After a stellar run on the bourses that saw tractor stocks rise up to 52 per cent, analysts are turning cautious on the sector as muted demand trends may weigh in the near-term. Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. Across industry, total domestic sales volume so far in the current financial year (April '23 to January '24) has declined 5 per cent Y-o-Y, as per Tractor Manufacturers Association (TMA).
Passenger vehicle wholesales in India increased by 12.73 per cent to 285,367 units in November as against 253,139 units in the same month last year riding on the back of festive demand, auto industry body SIAM said on Friday. According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales rose 13.43 per cent to 16,00,379 units, compared with 14,10,939 units in the same month last year.
Analysts say Bajaj's move to correct prices can potentially disrupt the market.
Markets snapped a three-day winning streak to end lower on Tuesday on profit taking.
Indian engineering research and development (ER&D) players, such as Tata Technologies, Tata Elxsi, and Cyient, among others, had a subdued January-March quarter of 2023-24. The outlook for 2024-25 (FY25) also remains unexciting amid weak discretionary spending, prompting analysts to revise their growth expectations for the ongoing financial year (FY25).
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 North American International Auto show in Detroit completes 23 years in 2011.
The slowdown in private consumption in the economy is taking a toll on the growth of fast-moving consumer goods (FMCG). The net sales growth of listed FMCG companies hit a 14-quarter low of 2.5 per cent in October-December 2023 (Q3FY24). This is the lowest revenue growth for the industry since the June 2020 quarter, when the FMCG firms in the Business Standard sample had reported a 13.2 per cent Y-o-Y decline in combined net sales owing to the lockdown.
On a surprise visit to Beijing amid speculation that he may unveil Tesla's autonomous driving technology in the burgeoning electric vehicle (EV) market in China, billionaire Elon Musk on Sunday met Chinese Premier Li Qiang and discussed future expansion plans for his automobile.
The ongoing elections and overall subdued market sentiment continue to affect the sales momentum
The lockdown in Maharashtra will have a catastrophic impact on April sales, as dealers will not be able to realise the potential of festivities like Ugadi, Gudi Padwa, Baisakhi and Poila Boishakh.
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.
If the court order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners.
For an industry which saw sales shrinking in 2013-14, this is hope indeed.
