Page 17 - Maruti Suzuki

Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

The country's largest car maker Maruti Suzuki India has signed an initial pact with IDBI Bank to offer financing solutions for dealers. The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs, the automaker said in a statement on Tuesday. A Memorandum of Understanding (MoU) has been signed with IDBI Bank in this regard. "We have worked closely with IDBI Bank in developing curated products and end-to-end working capital solutions for our dealer partners across the country," Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. Dealer partners are the backbone of the company's business and the automaker is committed to supporting them in enhancing their capabilities to address the growing Indian passenger vehicle market, he added. "IDBI Bank's supply chain finance will provide easy access to working capital finance to the dealers of

Maruti Suzuki eyes higher growth, market share gains with expansion

The company is also looking at a higher share of SUV with higher average selling prices and realisations

Maruti cranks up capital expenditure with Rs 1.25 trillion 8-year plan

MSIL operates with a total production capacity of 2.25 million units annually, with the Gujarat plant contributing about 750,000 units per annum to this figure

Capex till 2030-31 could be Rs 1.25 trn on product expansion: Maruti Suzuki

Maruti Suzuki India's capex till 2030-31 could be around Rs 1.25 lakh crore as it plans to enhance product range to 28 models from 17 currently and expand production capacity, according to a regulatory filing. The country's largest carmaker is lining up capex to expand its total production capacity to 40 lakh units per annum by 2030-31. "The regular capex in the existing plants at Gurgaon, Manesar and Gujarat will continue. The amount in 2022-23 was around Rs 7,500 crore. Total capex till 2030-31 could be as much as Rs 1.25 lakh crore," Maruti Suzuki India (MSI) said. In a presentation for shareholders, analysts and proxy advisors, the auto major stated that it will need about Rs 45,000 crore to create a capacity of 20 lakh units. This is based on current costs and a small amount for cost escalation, it noted. Elaborating on the benefits of issuing shares on a preferential basis to Suzuki Motor Corporation (SMC) rather than utilising cash for the acquisition of Suzuki Motor Gujar

Stocks to Watch today: Marico, OMCs, Sheela Foam, Suryoday SFB, defence

Stocks to Watch on Thursday, October 5, 2023: The government, on Wednesday, released the fifth Positive Indigenisation List (PIL) of 98 items which will be procured by the three armed services

Maruti Suzuki production decreases 1% to 174,978 vehicles in Sept

Maruti Suzuki India on Tuesday said its total production declined by 1 per cent to 1,74,978 units in September. The company had produced 1,77,468 units in September 2022. Last month, production of entry level cars -- Alto and S-Presso -- declined by 70 per cent to 10,705 units from 35,887 units in the year-ago period, Maruti Suzuki India said in a regulatory filing. Similarly, production of models like Baleno, Celerio, Dzire, Ignis, Swift and WagonR, declined to 90,849 units in September as against 92,717 units in the same month last year. Production of mid-sized sedan Ciaz declined to 2,304 units last month. It was 2,654 units in September 2022. Total passenger car production dropped by 21 per cent to 1,03,858 units last month as against 1,31,258 units in the year-ago period. Production of utility vehicles, including Brezza, Grand Vitara, Ertiga and Jimny, however, rose to 56,579 units last month as compared with 29,811 units in September 2022. Total passenger vehicle productio

Maruti Suzuki posts highest ever monthly sales in Sept at 181,343 units

Maruti Suzuki India (MSI) on Sunday said its total wholesales increased 3 per cent year-on-year to 1,81,343 units in September, its best ever in a month. The country's largest carmaker had dispatched 1,76,306 units to dealers in the same month last year. Total domestic passenger vehicle sales rose to 1,50,812 units last month, up 2 per cent from 1,48,380 units in September 2022, MSI said in a statement. In the April-September period, the company's total sales crossed the 10-lakh sales mark. MSI dispatched 10,50,085 units in the first half of the current fiscal as compared with 9,85,326 units in the same period of last fiscal. It is for the first time that the company surpassed the half-yearly sales mark of 1 million units, the automaker noted. In September, the company said the sales of its entry level cars -- Alto and S-Presso -- stood at 10,351 units, down 65 per cent from 29,574 units in the year-ago period. Sales of compact cars also declined to 68,552 units last month from

Maruti receives show cause notice from GST Authority, demands interest

Maruti Suzuki India on Friday said it has received a show cause notice from the GST Authority proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore. The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August, 2022, Maruti Suzuki India said in a regulatory filing. "The company will file a reply to the show cause notice before the Adjudicating Authority," it said, adding that there was no impact on its financial, operation or other activities due to the notice. The company also said it has received a favourable order from the High Court of Punjab and Haryana wherein appeals filed by the Central Excise Department for the period June 2006 to March 2011 have been dismissed. The Central Excise Department had filed appeals before the high court against an earlier tribunal order of August 2016, which was passed in favour of the company in which input .

Officials in states function like licence raj days: Maruti Suzuki chairman

Despite the central government ushering in reforms, the manufacturing sector is yet to see enhanced growth rates as officials in the states continue to function in a way they used to during the "licence and control days", Maruti Suzuki India Chairman RC Bhargava said on Tuesday. Speaking at an event here, the veteran industry leader noted that the central government over the last nine years has been bringing in a series of reforms and improvements in the business environment. He noted that the country has seen massive improvement in the rankings when it comes to the ease of doing business. Besides, the government has also abolished over 1,000 old acts while initiating a lot of reforms in taxation as well, Bhargava said. "All designed to make it easier to do business in India, and to be more competitive in manufacturing. Unfortunately, the results are not yet apparent," Bhargava said. He noted that the bulk of the interaction of manufacturers and entrepreneurs is with the state ...

Won't be difficult for firms to fully give up diesel vehicles: R C Bhargava

Mahindra & Mahindra, Hyundai, Tata Motors, Toyota Kirloskar and Kia are major players in the diesel car market. Maruti stopped producing diesel-run cars in the financial year 2019-20

Hyundai's dealers most satisfied, Maruti at number 2: Fada survey

Kia, which topped the survey in 2022 and 2021, slipped to fifth place in this year's assessment

Maruti partners with Indian Bank to provide financing solutions to dealers

Maruti Suzuki India Ltd on Thursday said it has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements, the company said in a statement. "This alliance with Indian Bank will strengthen relationships with dealer partners and ensure a seamless car buying experience for customers," Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava, said. "The goal all along has been to work closely with Indian Bank in developing personalised offers and end-to-end working capital solutions for our dealer partners across the country," he said. Indian Bank Executive Director Ashutosh Choudhury said the bank's supply-chain finance will provide easy access to working capital finance to Maruti Suzuki dealers, at favourable terms ...

Maruti, Hyundai say diesel PV sales may dip with stricter emission norms

Leading carmakers Maruti Suzuki India and Hyundai Motor India on Tuesday said the percentage of diesel cars in passenger vehicle sales is expected to come down with stricter emission regulations, increasing the cost of ownership. On a day when Union Road Transport and Highways Minister Nitin Gadkari spoke of the need to levy an additional 10 per cent tax on diesel-run vehicles to help cut emissions, although clarified that there is no proposal under the government consideration to impose such a tax, the automakers pointed out that already sales of diesel passenger vehicle have been declining. "It is a natural phenomenon that as the emission regulations keep tightening, the cost of acquisition will keep increasing, and this process (decline in diesel vehicle percentage) will be much faster going forward," Maruti Suzuki India Senior Executive Officer (Marketing & Sales) Shashank Srivastava told reporters here on the sidelines of SIAM annual convention. Most manufacturers have ...

Industry needs to match govt steps taken in last 9 yrs: RC Bhargava

The government has taken several steps in the last nine years to resolve issues that were coming in the way of Indian industry and the latter needs to match what has been done, according to Maruti Suzuki India Chairman RC Bhargava. In order to grow faster and become globally competitive, the Indian industry also has to look at itself and see what could be done to improve overall efficiency, productivity and cost control, he told PTI. "The bigger opportunity for Indian industry has been created by what the government has been doing over the last nine-ten years. So many of the problems which are coming in the way of industry in the past have been resolved. Bhargava, however, acknowledged that there is much work to be done. He was responding to a query on what must the Indian industry do in order to cash in on the opportunity created by India's G20 Presidency. Bhargava further said, "I think Indian industry now needs to recognise that it cannot always keep blaming the government for

Aug auto sales: Maruti scales new high; M&M m-cap nears Rs 2 trillion

Maruti Suzuki (up 4% at Rs 10,390) and M&M (up 2% at Rs 1,604.55) hit their respective new highs, and rallied up to 9% in the past five days as compared to a less than 1% rise in the S&P BSE Sensex.

Maruti to Amul: Disney Star onboards 18 sponsors for Asia Cup 2023

Asia Cup 2023 is set to take place from August 30 to September 17 and the tournament will be broadcast live on Star Sports Network and Disney+ Hotstar

Maruti Suzuki to invest Rs 45,000 crore to double capacity in 8 years

Company chairman Bhargava defends decision to issue equity shares on preferential basis to parent Suzuki Motor Corporation

Maruti Suzuki India appoints Schneider's executive Arnab Roy as CFO

Roy to take charge as CFO from January 1, 2024

Maruti Suzuki India announces appointment of Arnab Roy as CFO Designate

Maruti Suzuki India on Tuesday announced appointment of Arnab Roy as CFO Designate with effect from October 16, 2023. He will succeed present CFO Ajay Seth who will retire at the end of this year. Seth shall be superannuating from the post of wholetime CFO of the company with effect from close of business hours of December 31, 2023, Maruti Suzuki India said in a regulatory filing. The board in its meeting held on Tuesday approved the appointment of Roy as CFO Designate from October 16, 2023 and wholetime CFO from January 1, 2024, it said. After his superannuation, Seth will continue to be a Member - Executive Board (MEB), the filing said. Roy has 26 years of experience with US, British and French MNCs handling all aspects of Finance & Accounts, the company said. Since January 2022, he has been serving as Zone Chief Financial Officer for Greater India Region covering all Schneider businesses. He earned his bachelor's degree in Economics, Statistics and Maths from Ranchi Universi

Arnab Roy to be Maruti Suzuki's new CFO from January 1, Ajay Seth to retire

Ajay Seth, current CFO of the company, will step down from his post on December 31 on account of superannuation