Tata Motors, India's third largest passenger vehicle maker, took pole position in the competitive sport utility vehicle (SUV) market in October, reveals the data from industry sources. Riding high on the Punch - the sub-compact SUV offering launched on October 18 - the Tata group flagship sold a record 23,381 units in October, higher than 20,022 units sold by archrival Mahindra & Mahindra, 18,538 units sold by Hyundai Motor India, and 15,931 units sold by Kia Motors India. Utility vehicles - that include SUVs and multipurpose vehicles - accounted for almost one in every two passenger vehicles sold in India in the first seven months of the current financial year, according to the Society of Indian Automobile Manufacturers.
Home-grown automobile major Mahindra & Mahindra, whose sales are predominantly driven by diesel-powered utility vehicles, has said an increase of Rs 5 a litre in the price of the fuel or a differential of up to 20 per cent with petrol price will not impact vehicle sales.
Passenger and commercial vehicle prices are expected to rise as automobile companies invest in upgrading vehicles to meet stricter emission norms that kick in from April next year. The Indian automobile industry is currently working to make their products meet the second phase of Bharat Stage VI, equivalent to Euro-VI emission norms, in real time driving conditions. Four-wheeler passenger and commercial vehicles will need more sophisticated equipment to be added to meet the next level of emission standards.
Top HR minds in India, including Santrupt Misra of Aditya Birla Group, Satish Pradhan of Tata Sons, P Dwarakanath of Max India, Aquil Busrai (ex-IBM India) and Price Augustine of Mahindra & Mahindra and Pankaj Bansal of People Strong were among those who brainstormed with Maruti Suzuki India chief operating officer (administration) S Y Siddiqui last week.
Mahindra & Mahindra has come a long way from being a utility vehicle maker to a reigning SUV czar.
The transaction will be done through the stock market via block deals.
Touted as its first global product, the diesel SUV was recently introduced in the South African market.
Other players who have declared no production days in the recent past, and during this month, include Mahindra & Mahindra, Maruti Suzuki, Hero MotoCorp, Bosch, Jamna Auto, Wabco and Sundaram-Clayton.
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In less than two weeks, the 11th Auto Expo will start in New Delhi.
Consumer stocks remain the biggest laggard on the bourses. The Nify50 weighting of FMCG stocks declined to a decade low of 9.9 per cent at the end of March this year, down 150 basis points from 11.4 per cent a year ago. At their peak in March 2013, major FMCG stocks, such as Hindustan Unilever, ITC, and Asian Paints, together accounted for 15 per cent of the Nifty50. But now together with automobile stocks, the consumer goods sector accounts for only 14.7 per cent of the index, down 200 basis points in the past 12 months and 37 per cent from the record high weighting of 23.4 per cent at the end of March 2014.
Pawan Goenka did not offer any details on the new models or launch dates.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
You will come across many a hurdle while purchasing a used car. That, however, cannot keep you away from realising your dream.
M&M's primary target is the Rs 21.7-lakh Toyota Fortuner, that has a 70-per cent market share in its category.
While the Slavia comes in eight different variants, it's the base model that starts at around Rs 10.7 lakh that is most likely to take a bite out of the market share of its competitors, says Pavan Lall.
Described as the 'most affordable' 4 wheeler Cab, the product has been developed to "change the face of intra city stage and contract carriage travel in India", Jacob Vargehse, general manager, sales strategy planning and commercial, automotive division, told reporters in Kochi.
Mahindra & Mahindra has decided to dismandle its recently acquired Boeing plant in Melbourne, Australia, which makes machinery for aircraft, and shift it to Bangalore.
M&M recently roared past Tata Motors in auto sales for the first time.
Mahindra & Mahindra, Reliance hold on to some gains
The plaintiffs sought to represent all dealers who entered into agreements with Global Vehicles to sell Mahindra vehicles in the United States.
Bhavish Aggarwal, the founder of ride-hailing firm Ola who disrupted the electric scooters market in the country, is planning to launch an electric sports car in 2024. The plan will put it in competition with Indian players, such as the Tata group and Mahindra & Mahindra, and global giants like Tesla and Hyundai. Aggarwal, recently, took a group of reporters to the firm's design studio at the Ola campus in Bengaluru where his teams are working on several EVs, including scooters, motorcycles, sedans, and SUVs - and even robotaxis.
The Mahindra Group is an automotive, farm equipment, financial services, trade and logistics and information technology conglomerate.
Mahindra & Mahindra, the tractors to information technology conglomerate, will launch its first indigenously built aircraft before March, at a price at least 20 per cent cheaper than an equivalent aircraft of Cessna, the market leader.
The Mumbai-based entity has yet to apply for a re-certification for federal emissions with the Environmental Protection Agency of the American government.
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.
While customers in metro cities are still buying cars, quick growth is likely only from upcountry markets, where highways and roads are being built, and discretionary income and aspirations are rising.
Mahindra & Mahindra is one of India's leading auto makers.
The still-unnamed sports utility vehicle (SUV), slated for launch this June, will be in line with its heritage, says Force Motors managing director Prasan Firodia.
Net sales increased 29 percent to Rs 10,643 cr.
Finance Minister Pranab Mukherjee on Friday announced raising of excise duty to 12 per cent from 10 per cent at present.
Mahindra Satyam still has to face 13 Class Action Law suits filed in the US. Analysts peg the cash outflow for these cases to be around $100 million. Satyam also has to get large marquee outsourcing deals, and is yet to restate its accounts which will give investors a good picture of where the company stands.
The French carmaker wants to erase the Logan memory by opting for a premium play before going down the value chain.
M&M is preparing a plan for carbon 'footprinting' of all group companies. That includes carbon emissions made even during air travel by employees.
The New Xylo comes with an all new front and rear that appears distinct in the MUV crowd along with some more innovative and class leading features inside the cabin.
Mahindra & Mahindra on Thursday said it expects to come up with a sophisticated ventilator at just Rs 7,500, which otherwise costs up to Rs 10 lakh, as it seeks to assist in combating coronavirus pandemic. The company said it hopes to have a prototype of an automated version of bag valve mask ventilator, commonly known as Ambu bag, in three days for approval.
Homegrown auto major Mahindra & Mahindra today said creditors and shareholders of SsangYong Motor Co (SMC) have given a final approval to a rehabilitation plan, thus paving way for its $ 463 million acquisition of 70 per cent stake in the ailing South Korean firm.
Mahindra & Mahindra is looking to increase production of its latest sports utility vehicle XUV500 to about 3,000 units per month in the next 2-3 months because of strong demand.
Mahindra & Mahindra on Friday confirmed its bid to acquire the Romanian government's stake in SC Tractorul UTB SA, Brasov.
Issues relating to shortage of key automotive components, which were supposed to be sorted out a month ago, will hit production even for the next two quarters, as slow ramp-up and discrepancies in tyre prices impact output.
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