Page 9 - Maruti Suzuki India

Maruti Suzuki announces senior management rejig; promotes several employees

Maruti Suzuki India on Wednesday said its board has elevated Partho Banerjee as the new head of marketing and sales function with effect from April 1, 2024. He is currently serving as Head - Service. Banerjee replaces Shashank Srivastava who is "transferred from the position of Head Marketing & Sales to Member Executive Committee", the auto major said in a regulatory filing. Similarly, Tarun Aggarwal has been named as Head of Engineering with effect from April 1, 2024. He replaces CV Raman who also stands transferred to Member Executive Committee, it added. Aggarwal is presently working as Executive Officer and Head of Powertrain vertical, Maruti Suzuki said. The automaker also elevated Sandeep Raina as Head of Product Planning and Ram Suresh Akella as Head of service. MSI also transferred Rajesh Uppal, currently Head of HR & IT, to the Member Executive Committee. The automaker named Manoj Gautam as Head of Information Technology (IT) and Salil B Lal as Head of Human Resources

Maruti Suzuki market cap crosses Rs 4 trillion; stock jumps 4%

The stock has zoomed 31 per cent in the last two months after Suzuki Motor Corporation said it plans to invest up to Rs 35,000 crore to set up its second manufacturing facility in Gujarat.

Maruti India's gearshift to growth: Turbocharging the product portfolio

Brokerages foresee smooth ride for passenger vehicle maker, with SUV dominance, EV entry on the horizon, and Suzuki Motor Gujarat consolidation

MSIL would have faced capacity hurdle without rail infra: Executive

50,000 truck trips will be cut due to new railway siding at automaker's Hansalpur plant in Gujarat

PM Modi unveils India's 1st auto in-plant railway siding project of MSIL

Prime Minister Narendra Modi on Tuesday inaugurated India's first automobile in-plant railway siding project of Maruti Suzuki (MSIL) at its plant at Hansalpur in Gujarat's Mehsana district virtually from a function here. PM Modi, who visited Gujarat on Tuesday, inaugurated and laid the foundation stone of Rs 85,000 crore railway projects, including the launch of 10 new Vande Bharat trains, from Sabarmati area of Ahmedabad in Gujarat after visiting the Dedicated Freight Corridor's (DFC) Operation Control Centre here. The MSIL's in-plant railway siding project was also inaugurated during the event. The project has been developed under the Centre's PM Gati Shakti mission in partnership with the Gujarat government, Indian Railways and MSIL at a cost of Rs 976 crore, MSIL's Executive Officer, Corporate Affairs, Rahul Bharti said. "It is for the first time in India that an in-plant railway siding for any automobile company has happened. This is the excellence of the Gati Shakti ...

Stocks to Watch today: RIL, LTIMindtree, Marurti, NBCC, Axis Bk, Zee, Sugar

Stocks to watch on Thursday, February 22, 2024: As many as 15 stocks are in F&O ban today including Ashok Leyland, Balrampur Chini, Biocon, India Cement, PVR Inox and Zee Entertainment.

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.

Sky's the limit: Maruti Suzuki ventures into electric air copters

Maruti Suzuki unveils plans for SkyDrive, electric air copters that bridge the gap between drones and helicopters and may offer ride-sharing services with easy rooftop take off

Expect some impact on costs due to ongoing Red Sea crisis: Maruti Suzuki

Maruti Suzuki may see some increase in costs due to the rerouting of vessels amid the ongoing Red Sea crisis, according to a senior company official. The auto major, which exported around 2.7 lakh cars last calendar year, however, noted that it does not expect the issue to have a very big impact on the company's overseas shipments. "We are seeing some logistical challenges because of the Red Sea issue. And there may be some increase in costs because of risk or because of rerouting of vessels but it should not be significant," MSI Executive Officer (Corporate Affairs) Rahul Bharti said in an analyst call. The lead time of dispatches might change, and there may be some uncertainty in vessels coming and picking up their consignments, among others, he noted. That is a small issue, which is quite common in the export business, Bharti said. Red Sea strait is crucial for 30 per cent of global container traffic and 12 per cent of global trade. About 80 per cent of India's merchandise trad

Valuation surge

Turnaround in Tata Motors is driving share prices

Maruti launches compact format Nexa service workshops for non-urban areas

Maruti Suzuki India on Tuesday launched compact-format Nexa service workshops with plans to have 100 such outlets across the country by the end of next fiscal. Through this strategic move the auto major aims to bring the Nexa service experience to customers in non-urban centres, the company said in a statement. The first six centres inaugurated are strategically located in Ateli (Haryana), Charkhi Dadri (Haryana), Bankura (West Bengal), Dahod (Gujarat), Nirmal (Telangana), and Ooty (Tamil Nadu), it added. "With the growing similarities in consumer preferences in urban and non-urban centres, there is a notable increase in interest for our Nexa offerings from both regions," Maruti Suzuki India (MSI) Managing Director & CEO Hisashi Takeuchi stated. Almost 30 per cent of the Nexa sales come from non-urban centres, he added. "To cater to these customers, we are introducing these compact-format Nexa service workshops. Our goal is to set up 100 such workshops by the end of FY 2024-25," .

Maruti Suzuki Q3 results: PAT up 33% at Rs 3,207 cr amid high SUV sales

The company sold 501,207 units in the third quarter of this year, which was 7.6 per cent more than in the corresponding period of the last financial year

Maruti Suzuki Q3FY24 result: Net profit rises 33% to Rs 3,206.8 crore

Maruti Suzuki Q3FY24 result: Its revenue from operations was up 14.56 per cent at Rs 33,512.8 crore

India should not cut customs duty on auto sector in any pact: GTRI

India should not cut import duties for the automobile sector under free trade agreements (FTAs) with countries like the UK as it will adversely impact the sector and may result in closure of companies here, economic think tank GTRI said in a report on Wednesday. The Global Trade Research Initiative (GTRI) said India has not given tariff or duty reductions for cars in its free trade agreements with ASEAN (Association of Southeast Asian Nations), Japan, and Korea. "Do not cut auto (including electric vehicles) tariffs through FTAs. This will adversely impact auto majors who have invested billions of dollars in India and force them to wind up," it said. It added that there is no reason to offer these concessions to the UK either, as the UK mostly assembles cars with parts imported from the EU (European Union), and China. It said if India offers duty concessions to the UK, it might face pressure to do the same for other free trade agreement partners like Japan and Korea. "This could l

After 7 yrs, TaMo pips Maruti Suzuki to become most valuable auto company

The combined market cap of Tata Motors (Rs 287,327 crore) and Tata Motors DVR (Rs 29,226 crore) stood at Rs 3.16 trillion

Maruti Suzuki Q3: Analysts expect profitability to weaken QoQ; here's why

Maruti Suzuki news: Analysts expect Q3 earnings to take a hit on a sequential basis on the back of adverse product mix and higher discounts offered during the December quarter.

Maruti Fronx clocks 100,000 sales milestone in passenger vehicle segment

Maruti Suzuki India on Wednesday said its model Fronx has crossed the 1 lakh sales milestone in the domestic passenger vehicle segment in record time. The model has crossed the milestone in 10 months, setting a new industry benchmark, the car market leader said in a statement. Maruti Suzuki India (MSI) had introduced Fronx in the domestic market on April 24, 2023. "Fronx was strategically added to our portfolio to address the growing demand for another compact SUV that blends distinctive design with a captivating driving experience," MSI Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. The model has been instrumental in more than doubling the company's SUV segment share to 19.7 per cent last year from 10.4 per cent in 2022, he added. MSI has also commenced exports of the Fronx for Latin America, the Middle East, and South-East Asian markets. So far, the company has exported over 9,000 units of the model to these markets.

Maruti Suzuki India hikes prices by around 0.45% across models from Jan 16

Maruti Suzuki price hike: The company's announcement followed as several automakers have announced that they will increase prices due to rising input costs and other factors

Automobile major Maruti Suzuki hikes prices by 0.45% across models

Maruti Suzuki India on Tuesday said it has increased prices of its entire model range with immediate effect. An estimated weighted average of increase across models is 0.45 per cent, the auto major said in a regulatory filing. This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from January 16, 2024, it added. Maruti Suzuki India (MSI) sells a range of cars starting from Alto to Invicto, priced between Rs 3.54-28.42 lakh (ex-showroom).

Maruti Suzuki plans to start exports of EVs, lithium-ion battery this year

Maruti Suzuki India plans to start exporting Electric Vehicles (EVs) from India this year after launching them in the country, a senior company official said on Thursday. The company also expects to export lithium-ion battery cells and modules worth around Rs 750 crore this fiscal. "This year itself we will start exports of EVs to countries like Europe and Japan," Maruti Suzuki India Executive Director Rahul Bharti said at the Vibrant Gujarat Global Summit here. On the export of battery cells and modules, Bharti said, "We are exporting it to advanced countries like in Europe. We will be touching almost Rs 750 crore of lithium-ion advanced chemistry cells, battery packs and module exports this financial year." Automotive Electronics Power Private Ltd (AEPPL) -- a joint venture between Japan's TOSHIBA Corporation, Denso Corporation and Suzuki Motor Corporation, has a lithium-ion battery plant at Hansalpur in Gujarat. Maruti Suzuki procures the cells and models from the JV and export