Pune

Maruti aims to make 3m vehicles by 2025

Maruti Suzuki, India’s biggest car maker by sales, is targeting annual production of 3 million units by 2025, and it sees car manufacturing cost coming down due to a new royalty formula signed with parent Suzuki Motor Corp.

“The contract manufacturing arrangement with Suzuki Motors Gujarat is working very satisfactorily,” RC Bhargava, chairman at Maruti Suzuki, said in a message to shareholders.

Bajaj Finance net profit jumps

Bajaj Finance on Thursday reported a 83 per cent rise in its standalone net profit for the June quarter to Rs 833.7 crore, higher than what analysts had estimated, as it earned more in interest income. The firm had reported a net profit of Rs 456.40 crore in the year-ago quarter.

The NBFC reported a net interest income of Rs 2,578 crore for Q1, around 46 per cent higher than a year ago, the firm said in a stock exchange filing on Thursday.

Increase in truck axle load to impact CV sales

The road transport ministry’s notification on Monday to increase truck axle load by 10-25 per cent across various categories will impact overall commercial vehicle segment in India -- the world’s fourth biggest automobile market.

While the government move would lead to substantial gains for the medium and heavy commercial vehicle (M&HCV) segment in the short term, it is likely the light commercial vehicle (LCV) segment, or more specifically the small CV sub-segment, will be impacted adversely by a demand shift to heavier machinery.

CARE upgrades Srei Ratings

CARE Ratings has upgraded its rating on Srei Equipment Finance (SEFL), one of India's largest equipment financing institutions.

CARE Ratings, according to Srei officials, has upgraded its rating on the firm's long term facilities to 'CARE AA' with stable outlook enhanced from 'CARE AA-' with positive outlook.

The rating upgrade factors the overall improvement in the financial risk profile of SEFL, marked by significant growth in disbursements in financial year 2017-18, improvement in profitability, collection efficiency and asset quality indicators. 

Luxury carmakers register double-digit growth in H1

The luxury car market in India is stabilising after the shock of Goods and Service Tax (GST) and a hike in cess on the luxury cars in the country last year.

Significantly, three of the top five luxury car brands posted double digits growth in the first six months, January—June period (H1).

BMW posts record sales growth

BMW, India’s second biggest luxury car maker by sales, on Thursday set another record with best ever half-yearly sales and clocking a double digit growth in Asia’s third largest car market. 

Its sales jumped 13 per cent at 5,171 cars in India during January to June period, up from the same period last year. BMW competes against its compatriot archrival and market leader Mercedes-Benz, Audi, Jaguar Land Rover and Volvo, which sell together sell about 40,000 cars annually in the country.

BMW posts record sales growth

BMW, India’s second biggest luxury car maker by sales, on Thursday set another record with best ever half-yearly sales and clocking a double digit growth in Asia’s third largest car market. 

Its sales jumped 13 per cent at 5,171 cars in India during January to June period, up from the same period last year. BMW competes against its compatriot archrival and market leader Mercedes-Benz, Audi, Jaguar Land Rover and Volvo, which sell together sell about 40,000 cars annually in the country.

Volvo drives in all new XC40 SUV @ Rs 39.90 lakh

Volvo, the Swedish luxury car maker, on Wednesday introduced the much anticipated Volvo XC40, its smallest sports utility vehicle to take on rival and market leader Mercedes-Benz, BMW, Audi and Jaguar Land Rover and to boost sales in Asia’s third biggest car mart.

With an aggressive introductory price of Rs 39.90 lakh at pan India, Volvo XC40 competes with the likes of the Mercedes-Benz GLA, Audi Q3, and the BMW X1 in the growing 40,000 units per year Indian luxury car market.

JLR’s new strategy to gain growth trajectory

Tata Motors-owned British luxury car brand, Jaguar Land Rover has a clear cut strategy in place to push volumes and increase its market share in India.

In order to achieve this, the company keeps updating its product portfolio and introducing new cars to lure buyers.

It has also announced plans for a slew of 10 new product launches during financial year 2019 to sustain its growth trajectory.

Apart from this, it has also committed fresh investment in an engine assembly and manufacturing line at its Pune factory to chart a growth momentum.

Monsoon rains cover India, but kharif sowing yet to pick up pace

Even as monsoon rains, the lifeblood of India’s agriculture-dependent economy, covered the entire country on Friday, more than a fortnight ahead of the normal schedule, sowing of kharif crops is yet to pick up pace.

The revival of monsoon rains in the grain bowl of northwest and central regions should help speed up the sowing of summer crops such as rice, corn, soybeans, oilseeds and cotton.

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