Page 2 - Auto Parts

Auto parts-maker Kross raises Rs 150 cr from anchor investors ahead of IPO

The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale (OFS) aggregating up to Rs 250 crore by the promoters

Auto ancillaries bet on e-mobility to drive growth in FY25: Analysts

Analysts predict moderation in growth to 5-7% in FY25

Musashi India to ramp up EV component localisation to 70% by year-end

The company aims to produce 1 million e-axles per year by 2030 to accelerate India's transition to green mobility

Ramkrishna Forgings to supply powertrain components to US' largest EV maker

The company has not disclosed the name of the vehicle manufacturer in its announcement, but sources indicated that it could be Tesla

Musashi appoints Naoya Nishimura as CEO for India and Africa region

Previously, Naoya Nishimura was the global Chief Research & Development Officer at Musashi

Ceat MD Arnab Banerjee takes over ATMA chairmanship from JK Tyre MD

Automotive Tyre Manufacturers' Association on Friday said Arnab Banerjee, Managing Director (MD) & CEO of CEAT Ltd has been elected as its new Chairman. Banerjee was elected at the Managing Committee Meeting (MCM) of the association held on Thursday evening, Automotive Tyre Manufacturers Association (ATMA) said in a statement. He takes over from Anshuman Singhania, Managing Director of JK Tyre and Industries. Having joined CEAT in 2005 as Vice President-Sales and Marketing, Banerjee held several roles and was the Chief Operating Officer at CEAT since 2018 prior to taking over his current role, the statement said. An alumnus of the Harvard Business School, IIM Kolkata, and IIT Kharagpur, Banerjee also holds an Associate Certified Coach (ACC) Certification. ATMA members include Apollo Tyres, Bridgestone India, CEAT, Continental India, Goodyear India, JK Tyre & Industries, MRF and TVS Tyres.

DRI initiates inquiry against Maruti Suzuki over incorrect HSN code

Maruti Suzuki India on Wednesday said the Directorate of Revenue Intelligence has initiated an inquiry against it over incorrect HSN (Harmonized System of Nomenclature) code of an imported component. In a regulatory filing, Maruti Suzuki India said it has received a communication regarding the inquiry from the Directorate of Revenue Intelligence (DRI), Hyderabad Zonal Unit, on February 20, 2024. "As perI inquiry, the imported good 'Shaft Assy Propeller' is imported under incorrect HSN code as per explanatory notes of WCO (World Customs Organisation). Also, IGST (Integrated Goods and Services Tax) has been paid on few automobile parts at the rate of 18 per cent whereas the correct IGST is 28 per cent...," the company said. The company will file a suitable reply toI, the filing said adding, that there is no major impact on financial, operation, or other activities due to this inquiry.

Samvardhana Q3 results: Profit rises 19.4% to Rs 542 cr, misses estimates

The net profit number included a negative hyperinflationary impact of Rs 191 crore for the Argentina business, the company said in a presentation

Auto parts firm Sundram Fasteners Q3 profit rises 10% to Rs 118.07 cr

Company plans capex of Rs 300 cr in FY24, has got orders to serve large electric vehicles

Mobile phones, auto parts top cargo items at Jaipur airport in September

Surprisingly, human hair also comes in the top category

$5 bn opportunity for auto parts industry in material circularity: Report

Business practice could increase companies' top line by 10-20 per cent, it says

SAMIL to acquire 81% stake in Honda Motor arm for Rs 1,059 crore

The Noida-based automotive (auto) parts maker said it expected this deal to close by the first quarter of 2024-25

Domestic auto industry scaling up efforts to make electric parts locally

The domestic automobile industry is scaling up efforts to enhance localisation of electronic components in order to curtail dependence on other countries, especially China, as per auto component industry body President Sunjay Kapur. In an interaction with PTI, Kapur noted that the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Heavy Industries are working together to achieve the target of localisation especially in electronics. He noted that there lies a great opportunity for the auto component industry with the big push towards electrification. With growth in consumption of electric vehicles, the industry is witnessing fast transformation of the auto components sector to be an integral part of the electric vehicle manufacturing supply chain. The component industry is making steady investments and acquiring technology companies. "We will have to keep localising...we as an industry are very fortu

OEMs to drive 16-18% rise in auto-parts MSME revenues: CRISIL SME Tracker

MSMEs in the automotive components sector should see higher growth as well, but will lag average industry revenue growth owing to lack of vertical integration.

Sundram Fasteners says it will invest around Rs 400 cr in next 2 years

Government's production linked incentive scheme will be good for the automotive sector, says firm

Auto component industry likely to clock 8-10% growth in FY23: Report

The Indian auto component industry is expected to clock 8-10 per cent growth in FY23, supported by the easing of supply-chain issues and commodity inflation in the second half of the year, according to rating agency Icra. For 2021-22, the revenue growth of the industry is pegged at 13-15 per cent, driven by domestic OEM, replacement, export volumes and pass-through of commodity prices. The healthy volume growth will, however, come on a low base of FY2021, the agency said in a statement. "Demand for auto components stems from domestic OEMs, replacement and exports. Domestic OEM demand has remained a mixed bag across segments in FY2022, with a slowdown in two-wheelers (2Ws) and semiconductor shortage dragging down overall production volumes," Icra Ltd Assistant Vice President & Sector Head Corporate Ratings - Vinutaa S said. Exports have remained a bright spot in the Indian auto component story, partly aided by the "China+1 strategy". This is despite supply chain issues, she ...

Auto PLI will foster Rs 2.3-trn additional investment over 5 yrs: Arun Goel

In a Q&A, Heavy Industries Secretary breaks down the nitty-gritty of the selection process

Japan output rises for first time in 4 months as supply eases for carmakers

The increase was smaller than market expectations, underscoring the lingering impact of global supply chain disruptions

B2B auto parts startup Koovers raises $1.5 mn in Inflection Point-led round

Koovers assures workshops of spares with ease of ordering, doorstep delivery, genuine and complete basket of parts of all car makers; has over 5,000 workshops in network

Raymond consolidates tools & hardware, auto parts biz into engineering biz

Board clears move to convert realty division into fully-owned subsidiary