Page 13 - Automotive Industry

Strong SUV sales bump up M&M's Q2 net by 46% YoY to Rs 2,090 crore

Revenue during the period rose 57% to Rs 20,839 crore from Rs 13,314 crore

Mahindra & Mahindra September quarter profit up 44% at Rs 2,773 crore

Homegrown diversified group Mahindra & Mahindra on Friday reported 44 per cent increase in consolidated profit at Rs 2,773 crore for September quarter, boosted by robust sales across business verticals. The group had logged a net profit of Rs 1,929 crore in July-September last fiscal year, Mahindra & Mahindra (M&M) said in a regulatory filing. Revenue from operations during the quarter under review rose to Rs 29,870 crore from Rs 21,470 crore in the year-ago period, it added. M&M, on a standalone basis, reported revenue of Rs 20,839 crore in the second quarter, up 57 per cent from Rs 13,314 crore in the same period a year ago, the company said. Profit after tax increased 46 per cent to Rs 2,090 crore in September quarter, as compared to the year-ago period. The auto major said it sold a total of 1,74,098 vehicles in the second quarter, higher 75 per cent from 99,334 units in September quarter 2021-22. Tractor sales increased 5 per cent to 92,590 units in September ...

Pricol Ltd reports consolidated Sept quarter net profit of Rs 47.52 crore

Pricol Ltd has recorded a consolidated profit for the July-September 2022 quarter at Rs 47.52 crore, the company said on Friday. The city-based automotive technology company had registered consolidated profit at Rs 14.66 crore during corresponding quarter of previous year. For the half year ending September 30, 2022 the consolidated profit grew to Rs 68.12 crore from Rs 20.60 crore registered in same period of previous year, the company said. The consolidated total income during the quarter under review went up to Rs 516.46 crore from Rs 409.49 crore registered in same period of last year. For the six-month period ending September 30, 2022 the consolidated total income grew to Rs 962.90 crore as against Rs 729.41 crore registered in same period of last year. "Whilst the demand from the industry remains stable, the supply chain disruptions and chip shortages still continue to put a stress on our top-line and bottom-line. With our focused efforts to meet the customer demand despite

Maruti Suzuki may boost Manesar plant capacity by 100k units by April 2024

Maruti Suzuki India (MSI) may increase its Manesar plant production capacity by one lakh units to cater to the enhanced demand before its Sonipat facility commences operations in 2025, a senior company official said. The country's largest carmaker may also look at expanding production capacity at its Gurugram-based manufacturing facility to cater to the rising demand for its products. Currently, MSI has a cumulative production capacity of 15 lakh units per annum at both Manesar and Gurugram plants. It additionally has access to 7.5 lakh units from parent Suzuki Motor's facility in Gujarat. The company has already commenced work at the new facility in Kharkhoda in Haryana. The plant is expected to be operational by 2025 with an installed production capacity of 2.5 lakh units in the first phase. "As of now, we have about 22.5 lakh capacity in Haryana plus Gujarat...And in times to come, we are in process of working on the Kharkhoda plant, which will be up and running in the year ...

Maruti Suzuki's Q2 suggests a big bounce for auto sector stocks

Revenue and net profit both were ahead of consensus estimates

Auto sales up 57% during Navratri as all categories put up strong show

Overall sales were also 27% higher than Navratri 2020 and 16% above the pre-pandemic season in 2019; trend seen continuing till Diwali

Automobile sales revved up 11% in Sept amid festival fervour: FADA

October likely to be good, too, amid the festival season

House panel moots spl projects to fill 29 mn skill gap in automotive sector

Calls for involving the industry to bridge the huge gap

Relief for automakers as govt defers six airbags rule to Oct 2023

Nitin Gadkari cites 'global supply chain constraints' as reason for the shift in decision

Bharat Gears trades ex-date for 1:2 bonus; stock zooms 20%

The management is cautiously optimistic of growth in Indian markets for automotive components, agricultural machinery and construction equipment

Exide to invest Rs 6,000 crore in setting up lithium-ion unit in Karnataka

Exide Industries expects an annual revenue of Rs 10,000 crore- Rs 12,000 crore in the next 8-10 years from the lithium-ion cell business

Visteon to come up new mfg unit in India; sets sight on West and North

This is in addition to the expansion plans at its existing manufacturing unit in Chennai

Chipmaker Nvidia Corp launches new system for autonomous driving

DRIVE Thor would be able to replace numerous chips and cables in the car and bring down the overall system cost, although he did not give specific numbers on savings.

We're reading too much into weak two-wheeler demand: Hero Moto exec

The optimism is in contrast with the dealers' confidence, which flagged the recovery in motorcycles and scooters "as an area of concern"

Passenger vehicle dispatches surge 21% in Aug on better chip supply, demand

Passenger vehicle wholesales in India witnessed a 21 per cent annual growth in August riding on improved supplies of semiconductors and festive demand, according to Society of Indian Automobile Manufacturers. As per the latest data released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) dispatches to dealers stood at 2,81,210 units last month, against 2,32,224 units in August 2021. Similarly, total two-wheeler wholesales increased to 15,57,429 units last month, compared to 13,38,740 units in the year-ago period, a growth of 16 per cent. Total three-wheeler sales rose to 38,369 units last month against 23,606 units in August 2021, up 63 per cent. Sales across segments rose by 18 per cent to 18,77,072 units in August this year, from 15,94,573 units in the same month last year, SIAM said.

SoftBank, others in talks to lead $75-million funding in GoMechanic

"The conversations between the investors and GoMechanic are still going on and one of the investors has also shared the term sheet with the firm," said a person familiar with the development

Stock price of this automotive supplier firm has doubled in last 6 months

Shares of Schaeffler India soared 10 per cent to hit a new high in Monday's intra-day trade. The stock has surged 16 per cent in the last four days.

Is the stage set for an EV boom in India?

Electric vehicles are set to take India by storm. Foreign as well as domestic companies have lined up a host of variants. The stage is set for the electric vehicle revolution in India. Here's more

PM Modi to initiate event celebrating Suzuki's 40 years in India on Aug 28

PM Modi will lay foundation stone of two key projects in Gujarat's Gandhinagar, said the Prime Minister's Office

Amid demand for SUVs, Maruti launches new generation of small car Alto K10

New K10 will be sold alongside the Alto 800; it comes with both five-speed manual and automatic gear shift