RIL, which had over 1,470 retail outlets, is said to be running only 350 of those at present.
Exports in August were up 10.3 per cent to 12,472 units from 11,305 units in the same month of previous year.
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
Already reeling under a demand slump, automobile manufacturers have expressed disappointment over the RBI's decision to hike short term lending rate saying it is likely to impact the interest rates on car and automobile loans further.
With interest rates on car loans adversely impacting domestic sales, many companies are aggressively pushing up their export targets, especially with India becoming a small car hub.
The Indian auto industry is thriving on the consumers' tendency to upgrade as a new study claims that nearly two-thirds of the new cars are purchased by people who had previously owned a car, while one fourth of them previously riding two-wheelers.
Technology firm Wipro has a "high probability" of getting included in the benchmark Sensex, while two-wheeler major Bajaj Auto is the "most likely" deletion candidate, according to an analysis done by Brian Freitas, an analyst at independent research provider Smartkarma. The changes to the index will be announced mid-November, and will become effective from December 17. The December review uses the 6-month average market capitalisation and trading turnover data between May 1 and October 31 to determine changes.
Maruti Suzuki India (MSI) on Wednesday reported over two-fold jump in its consolidated net profit to Rs 1,036 crore for the first quarter ended June 30, mainly due to a low base in the year-ago period. The auto major had posted a net profit of Rs 475 crore in the COVID-hit April-June quarter of the last fiscal. Its net sales rose to Rs 26,512 crore in the June quarter compared to Rs 17,776 crore in the same period of 2021-22.
During April, Maruti Suzuki India's domestic car sales were up 2.72 per cent at 86,481 units, as against 84,188 units in the same month last year.
Delhi, labelled the world's most polluted city in a 2014 World Health Organization survey, alone makes up about 7 per cent of total Indian auto sales.
General Motors HAS appointed Arvind Saxena, former Managing Director of Volkswagen Passenger Cars India, as the President & Managing Director of its Indian unit.
While retail sales at dealerships have suffered the full impact of demonetisation, the growth in wholesale volumes comes as dealers had relatively lower inventory after Diwali in October.
According to the data released by Society of Indian Automobile Manufacturers (SIAM), domestic car sales in October this year stood at 1,59,036 units as compared to 1,63,199 units in the same month of 2013.
Don't get carried away by the current rally; be picky and take a stock-specific approach.
During September, Maruti said it dispatched 1,375 units of the soon-to-be-launched sedan Ciaz.
Brokerages expect Nifty50 firms to post 11.8% growth in net profit in Q1 but sales may decline
'We are going to have hybrid cars, which, as far as I know, none of our competition is working on, and this includes ethanol.'
The company's sales had declined over 14 per cent last year.
The company wants to corner 10 per cent market share with both the brands, Nissan and Datsun, contributing half of sales by then.
The company said its domestic sales rose 19.9 per cent during the month to 90,093 units as against 75,145 units in July 2013.
The South Korean auto major which entered India in 1998 through its flagship compact car Santro, has reached the 20 lakh (2 million) car production for domestic market in 12 years.
Govt may not announce any new concessions in excise duty
If you are planning to buy an electric car in the near future, it would be highly advisable to wait for these upcoming electric SUVs.
Riding on new launches, Japanese auto major Honda is set for over 62 per cent growth in its sales in India this year at around 1.8 lakh units.
American auto giant Ford is likely to retain a stake and continue supplying engines and some of the components for Jaguar and Land Rover, even after the sale of the two British luxury brands, media reports said in the United Kingdom.
Driven by strong demand, the overall passenger vehicle dispatches crossed 3.35 lakh units in February as automakers, including Maruti Suzuki India, Hyundai, Tata Motors and Mahindra & Mahindra, reported robust sales during the month. The dispatches of more than 3.35 lakh units last month marked an 11 per cent over February 2022. It was also the highest ever overall wholesales in the month of February. The country's largest carmaker Maruti Suzuki India on Wednesday said its domestic wholesales rose 11 per cent to 155,114 units in February as compared with 140,035 units in the same month last year.
The 30-share Sensex gained 271 points to end at 28,805 and the 50-share Nifty ended up 84 points at 8,712.
It manufactures cars ranging from entry-level hatchbacks to sedans to sport utility vehicles to vans to pick-up trucks. It also has a range of electric and hybrid vehicles
The sedan portfolio grew 39 per cent in the January-September 2015.
Indian automakers dispatched nearly 2.92 lakh passenger vehicles, the highest ever for February so far, driven by strong demand for cars and utility vehicles, industry body SIAM said on Friday. The total passenger vehicle dispatches from companies to dealers last month increased 11 per cent to 2,91,928 units from 2,62,984 units in February 2022. Passenger car sales rose to 1,42,201 units in February against 1,33,572 units in the year-ago period.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
The sector has grown at a mere 5% rate in the first six months.
For players like Toyota Kirloskar and Ford, the contribution of UVs to overall sales is now well over 60%.
As much as 35 per cent to 40 per cent of all vehicles sold in the country across segments will be electric by 2030, up from a mere 2 per cent this year, says a Bain & Co report released today. This translates to 14-16 million new electric vehicles (EVs) selling in a year. The inflexion point, which is now being seen month on month in many segments (such as two-wheelers which hit around 4-5 per cent in December), will be more than visible in 2026, when 4-5 million EVs across segments are expected to be sold, accounting for 15-20 per cent of the total sales, says the report.
TVS was represented in court by K Parasaran, Mukul Rohtagi and Dushyant Dave, among others. C A Sundaram appeared for BAL.
Many promoters still consider the cash in the company as their money and are averse to sharing this pie with minority investors, points out Akash Prakash.
