Among the Sensex losers, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.
Supreme Court slaps temporary ban on luxury diesel car sales in Delhi.
The report quoted unnamed sources at Land Rover as saying, "It is definitely Tata. There is one final meeting and so long as there is no last minute hitches, which are not expected, then an announcement will be made on Friday." The final details would be worked out in the next six weeks, it added. The report also quoted a union official as saying that Mahindra's bid fell flat because of links to a private equity firm as the Indian firm was working with Apollo.
India has a history of jugaad, and retrofitting vehicles is one such manifestation of the legendary Indian skill. Not so long ago autorickshaws and small Marutis used to strap on subsidised LPG cylinders and power themselves to a cheap ride. There were the odd explosions, lives were lost, but the jugaad continued. Then compressed natural gas (CNG) was introduced in Delhi following a court order. Initially, customised CNG kits were fitted to conventional (internal combustion engine or ICE) autos cheaply, enabling commuting at less than half of what you would cough up for diesel. The industry is better organised now with Suzuki and Hyundai designing CNG-fired vehicles, and Mahindra and TVS manufacturing liquefied petroleum gas (LPG)-powered three wheelers.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
After its pullout from the tripartite joint venture with Renault and Nissan to set up a manufacturing plant in Chennai, homegrown auto major Mahindra & Mahindra on Monday said it will invest an additional Rs 1,500 crore (Rs 15 billion) in its Chakan unit, near Pune in Maharashtra.The company has signed an MoU with Maharashtra government to invest an additional Rs 1,500 crore to the already earmarked Rs 2,500 crore (Rs 25 billion) in the Chakan manufacturing plant.
Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints. On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.
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BSE auto index surged 2%, capital goods, healthcare and oil & gas indices also up.
It is learnt that the state government is likely to sign a memorandum of understanding with the partnering companies this Monday.
Months after Mahindra & Mahindra (M&M) exited a joint venture with Renault and Nissan Motor, the French and Japanese auto firms have got their car project back on the road, signing an MoU today with the Tamil Nadu government for a greenfield facility near Chennai.
From Hyundai to Tata Motors, automakers are staring at a bleak future. With no succor provided in the Budget, the pain for companies is likely to continue for the next two quarters.
Auto majors like Honda, Hero MotoCorp, Mahindra, Vespa, Yamaha and TVS have launched a slew of products to take advantage of the rising interest in scooters in India.
Tata Motors sells Indica and Indigo cars, pick-up trucks and long-haul high capacity trucks that are exported to SA through its subsidiary Tata South Africa.
Ssanyong has invested 700 billion won since its M&A (with Mahindra) and would put one trillion won ($920 million) in next three years.
After the biggies, Nissan India on Thursday said it is planning to increase prices across all its vehicle models from January.
Market leader Maruti registers a growth of 19% in 2007.
Mahindra British Telecom, a telecom-focussed software joint venture between Indian auto group Mahindra & Mahindra and British Telecom, plans to raise its staff strength by 50-65 per cent this year, a spokesman said.
Vehicle prices have gone up as manufacturers gear up for the transition to stricter emission norm BS-VI from BS-IV beginning April 1.
India wasn't applying widespread crash testing like foreign countries do, so manufacturers didn't see the need for an investment focus on safety. Customers rarely walked into showrooms asking for the safest car. They wanted the cheapest or the most fuel-efficient or the best-looking car.
The company announced on July 11 that it would stop production at its automotive plants for a period ranging from 1 to 8 days during the remaining period of the month.
Automobiles major Mahindra & Mahindra is gearing up to launch a mild-hybrid technology version of its passenger vehicle Scorpio in the near future.
Financials emerged as the top gainers while auto shares rallied on robust September sales
The Supreme Court on Tuesday upheld a December ruling that temporarily banned the sale of large diesel cars in New Delhi to combat toxic smog in India's capital.
Mahindra to replace ageing models with new ones, especially the popular XUV500.
India's auto giant, Mahindra & Mahindra on Saturday launched its ambitious bid to become the world's biggest tractor producer by kicking off its China operations, including rolling out the first M&M branded tractor in Nanchang, capital of south-centr
Maruti Suzuki India said its domestic sales rose 10.6 per cent in May.
Ahead of the international auto show that begins next Wednesday, the Indian auto industry continues to be buffeted with bad news. According to data released by leading automobile companies on Saturday, the industry's sales volumes in January fell about five per cent from those in the same month last year.
Japanese auto major Nissan said on Tuesday it expects to finalise its India plans, including setting up of a manufacturing facility, by March this year as it is still at an early stage of talks with Mahindra-Renault for a joint venture.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
Market breadth turned negative with 1,779 declines over 884 advances on the BSE
At present, Mahindra First Choice is the leader in the Rs 60,000-crore (Rs 600-billion) multi-brand used car market.
Mahindra e20Plus; Tata Hexa; Volvo S90; New Toyota Fortuner; New Hyundai Tucson. Get ready for the beauties!
Other than ITC, other laggards include PowerGrid, Infosys, M&M, NTPC, SBI, HDFC, Kotak Bank, HDFC Bank, TCS, Hero MotoCorp, Coal India, ONGC, RIL, Asian Paint, IndusInd Bank, ICICI Bank, Maruti Suzuki, Bajaj Auto, Tata Motors, Bharti Airtel and Axis Bank.
Maruti and Hyundai favoured among used car buyers
