Page 2 - Auto Components

Bharat Forge posts Rs 270-cr net profit for September quarter

The auto components major on Friday reported a consolidated net profit

Motherson Sumi board approves fundraising of up to Rs 1,000 cr via NCDs

Auto components major Motherson Sumi Systems Monday said its board has approved raising of up to Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis

Cabinet clears auto PLI scheme for EVs, hydrogen fuel cell vehicles

Incentives worth Rs 26,058 crore will be provided to industry over five years

Covid 19 effect: Auto component industry's revenue decline 3% in FY21

The fall for the second straight year comes on back of lower automobile volumes

Terra Motors joins hands with FCC Corp to develop EVs, parts in India

Japanese electric vehicle maker Terra Motors Corporation has joined hands with FCC Corporation to collaborate on the development of futuristic electric vehicles for global markets

Minda Industries raises Rs 50 cr via issuance of commercial papers

Auto component maker Minda Industries on Friday said it has raised Rs 50 crore through issuance of commercial papers. "Minda Industries has issued the commercial paper of Rs 50 crore with allotment date June 17, 2021, and due for maturity on August 11, 2021," the company said in a regulatory filing. Minda Industries said this is in line with the management's efforts to bring down the finance cost. Last month, Minda Industries said its board has approved the acquisition of a 27.55 per cent stake in CSE Dakshina Solar for Rs 27 lakh. The acquisition is for availing solar power from CSE Dakshina for the company's units in Tamil Nadu. CSE Dakshina, a special purpose vehicle, is engaged in the business of providing solar power solutions for the captive consumption of commercial and industrial customers in India. It was incorporated in 2019. The company is in the process of setting up the project.

Motherson Sumi Systems posts nearly eight-fold jump in Q4 profit

Consolidated net profit in the quarter came in at at Rs 1,018.69 crore

Autocomp sector set for a rebound after two tough fiscals, says Crisil

The automotive components sector will see revenue rebound 21 to 23 per cent next fiscal: Crisil

Burden of proof lies with manufacturer

A car was taken to the workshop several times, yet its problems persisted. So, Maruti needed to establish why the problems couldn't be rectified

Auto components maker Rolex Rings Ltd submits IPO papers with Sebi

Auto-components maker Rolex Rings Ltd has filed preliminary papers with capital markets regulator Sebi to launch an initial share sale

ArcelorMittal-Nippon JV launches brands in HR steel, rolled plate segments

Products will be sold via the firm's hypermarkets and will largely target users in the MSME space

Auto parts imports from China down 42% during April-July: Ministry data

Industry body is optimistic about govt's push for greater localisation of components, but says indigenous manufacture will take some time

Auto component firms eye higher exports, low imports to become self-reliant

Top official at various auto component firms said exports, which anyways have been intrinsic to the overall strategy, will increase at a rapid pace over the next two to five years

Steel Strips Wheels bags orders worth $455,000 from US, European Union

The company said orders of similar capacity are anticipated from the same customer base as businesses have picked up speed

Auto component industry faces shortage of skilled labour: Industry leader

Sector employs around 5 million people and it accounts for 2.5 per cent of country's GDP

Covid-19 pandemic a big blow for auto-component SMEs: CRISIL SME Tracker

The nationwide lockdown imposed till April 14 has brought production to a standstill, and will hurt even more if it is extended.

Lower raw material cost to help tyremakers amid economic slowdown

Higher share of replacement segment should help cushion demand drop

Tata Motors, M&M, MG Motors face supply issues from China over coronavirus

Tata Motors, Mahindra and Mahindra (M&M) and MG Motor India on Sunday said they are facing challenges in terms of component supply from coronavirus hit-China. M&M has reported a 42 per cent decline in total sales at 32,476 units in February. "...because of the unforeseeable challenges on the parts-supply from China, our BS VI ramp-up has been affected," Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M Ltd said in a statement. This has resulted in high de-growth in billing volume for February and dealer inventory is now under 10 days, he said. "Going into March, we anticipate the challenge on parts-supply to continue for another few weeks, before we get back to normalcy," he added. Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors Ltd said the outbreak of Covid-19 in China and a recent fire incident at one of its strategic vendors affected the vehicle production and wholesale volumes. MG Motor India too reported lower retail ...

Higher import duty on auto components likely to increase burden of industry

Industry sales have sagged for about 18 months and prices were anyway rising with the compulsory nationwide switch to the stiffer BS-VI emission standards by April 1

Online sales of automobile components steal a march over offline sales

The major factor contributing to the rising sales of auto components online is the availability of all categories, including car and bike accessories/components on a single platform