Volkswagen, which has two heavy-duty truck brands, Scania and MAN, is eyeing an equity stake in Navistar to gain a stronger foothold in the US commercial vehicle market, according to international media reports.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
The investment will be made through a joint venture with Toshiba and Denso. The battery is the most expensive single part of an EV.
Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.
Tata said it was a matter of "great shame" that the company allowed Mahindra & Mahindra to get ahead of it to claim the number three spot in passenger vehicle production.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Customers, instead of visiting showroms, now do most of their decision-making in the comfort of their drawing rooms using internet
Ruural markets contribute a significant chunk of SUV sales and there was a slowdown in demand from semi-urban and rural areas.
SBI had a bad day, sliding the most by 5.36%. Others that dragged the key indices down were M&M, Reliance Industries and L&T.
An expected drop in sales may prompt Mahindra & Mahindra to cut scheduled capacity expansion plans, if the government goes ahead with the imposition of additional tax on diesel vehicles, according to the country's biggest maker of sports utility vehicles.
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.
Auto firms are likely to perform better in coming months.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
Pawan Goenka did not offer any details on the new models or launch dates.
HDFC and HDFC Bank were the biggest losers in the Sensex pack, plunging 5.09 per cent and 3.32 per cent, respectively, after the private bank reported a rise in non-performing assets.
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
The country's largest carmaker Maruti Suzuki India (MSI) on Monday reported a 11.8 per cent increase in wholesales to 164,469 units in February. The company had sold 147,110 units in February last year, Maruti Suzuki India (MSI) said in a statement. Domestic sales increased 11.8 per cent to 1,52,983 units last month, as against 1,36,849 units in February 2020, it added.
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
The company, in a BSE filing, said "the matter was resolved amicably through mutual dialogues and the matter has also been withdrawn by them from the conciliation officer, Mohali."
On Tuesday, one of the longest serving chairmen of India Inc decided to step down from his post, which he held for 49 years.
Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said.
The fire broke out in the Scorpio unit of the company, early morning, which was brought under control with the help of 25 fire tenders of the Nashik Municipal Corporation as well as the company's own firefighting unit.
Corporate affairs ministry sending notices seeking details of fund disbursal
The Mumbai-based entity has yet to apply for a re-certification for federal emissions with the Environmental Protection Agency of the American government.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
All BSE sectoral indices ended in the red, with oil and gas, bankex, capital goods and finance falling up to 3.04 per cent.
Top laggards in the Sensex pack included HDFC, ICICI Bank, TCS, HCL Tech, Kotak Bank, Asian Paints, TechM and HUL, dropping up to 2.67 per cent.
Buses that run on battery, trucks that purr on LNG, and more from the stables of Tata Motors, Mahindras and Ashok Leyland. The Auto Expo 2018 had these and more.
The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80.
Top losers include Hero MotoCorp, HDFC, SBI, Infosys, HCL Tech, ICICI Bank, Bajaj Finance, ONGC, Bajaj Auto and IndusInd Bank, falling up to 2.63 per cent.
India's largest utility vehicle maker is also planning to take it own products to the Korean market next year, said Pawan Goenka, M&M president, automotive and farm equipment sector.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Mahindra joins hands with Robert Redford's Sundance Institute.
Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent.
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
Bucking the overall downtrend, shares of RIL rallied nearly 10 per cent, capping the Sensex loss to a large extent.
Mahindra & Mahindra is one of India's leading auto makers.
The French carmaker wants to erase the Logan memory by opting for a premium play before going down the value chain.
Tata now occupies the fourth slot with the incremental volumes from the Tiago
The Mahindra Group is an automotive, farm equipment, financial services, trade and logistics and information technology conglomerate.
