India's domestic car sales up 6.7% in July
Passenger car sales in India grew at an annual rate of 6.7% in July, data from the Society of Indian Automobile Manufacturers (SIAM) showed on Thursday.
The industry body said this was the ninth consecutive monthly increase in car sales but cautioned that high interest rates, elevated fuel prices and increased vehicle prices are weighing on the overall demand.
Indian automakers sold 143,496 cars in the domestic market in July, according to the SIAM data.
Sales of Commercial Vehicles, or trucks and buses, rose 1.2% in July to 65,008 vehicles.
Motorcycle sales were up 5% at 821,821 units.
India's total two-wheeler sales increased by 7.5% to 11,32,696 units from the 10,54,120 units sold in the year-ago period.
Total automotive vehicle sales across categories expanded by 7.5% to 14,46,959 units in July 2012 as against 13,45,644 units sold in the same month of 2011, the SIAM data showed.
CEBBCO Q1FY13 net profit up 164%
Commercial Engineers & Body Builders Co Ltd, one of the leading designers and manufacturers of vehicle bodies for commercial vehicles in India, has declared its unaudited financial results for the quarter ended June 30, 2012.
The company saw an increase in revenue by a whopping 105% from Rs. 82.24Cr to Rs. 1.69bn for the quarter ended June 30, 2012.
The profit after tax for the quarter ended June 30, 2012 stood at Rs. 182.4mn, resulting into an increase of 164 %, as against Rs. 6.92Cr in the corresponding period of the last fiscal.
Basic EPS for the quarter was Rs.3.32 as compared to Rs. 1.26 for the corresponding period of the previous year.
Speaking on the occasion Ajay Gupta, Whole Time Executive Director, CEBBCO Ltd. said, “We are extremely pleased with our performance during this quarter. We have achieved more than 100% growth this quarter, and the future too looks very promising. We are focused to achieve our goals and look forward to a promising growth curve during the fiscal year. We also thank our shareholders for their continuous support and expect to receive the same in future.”
M&M Q1 net profit at Rs7.26bn
Eicher Motors Q2 net profit at Rs759.60 mn
Tata Motors Q1 net profit at Rs22.45bn
Motherson Sumi Q1 net profit at Rs81.40 mn
Apollo Tyres Q1 net profit at Rs. 1380.15 mn
Bharat Forge Q1 net profit at Rs1.05bn
IIFL recommends 'Buy' on Mahindra & Mahindra
IIFL InstitutionalEquities, a part of the IIFL Group, one of the leading players in the Indianfinancial services space, recommends “Buy ” Mahindra & Mahindra.
According to IIFLreport, - Mahindra & Mahindra’s (M&M) 1Q earnings came in 10%ahead of our estimates due to strong sequential margin improvement (margin haddeclined sequentially in five of the past six quarters).
Revenue grew 39% YoY (3% above estimate) led by 18%volume growth and a greater proportion of high-value UV volumes. The 40bp QoQ improvement in gross margin(in line with estimates), combined with a sharp reduction in operatingexpenses, drove Ebitda margin expansion of 150bp QoQ (80bp higher thanestimates).
Of this, about 40-50bp was due to the impact of the MADPL merger in the base quarter (4QFY12), report stated Margins of the auto segment expanded 170bp QoQwhereas those of the farm equipment segment remained flat.Combined margins of M&M and MVML (Chakan plant subsidiary) improved 180bp QoQ.
"We increase our EPS estimates for FY13 by 10% and forFY14 by 6%, primarily underpinned by higher margin estimates. We increase ourTP from Rs800 to Rs865 due to increase in EPS estimates and because we rollover our TP from Sept 2013 to FY14," brokerage added.
The report was publishedby IIFL’s Institutional Equities Research desk.
HMSI suspends 2 workers at Manesar plant
Honda Motorcycle reportedly suspends two workers at Manesar plant due to dispute on wages.
According to reports, the workers’ union - Honda Motorcycle & Scooter India Employees’ Union - has also opted to not go on a strike immediately, pending the outcome of a Labour Department-negotiated settlement with the Honda management.
Ashok Yadav, President of the union was quoted as saying, “A meeting was held today, but the Honda management refused to arrive at a conclusion because they were yet to discuss the matter internally. A second meeting with the Labour Department and company officials is now slated for Thursday (August 9).”
Maruti losing Rs. 900mn/ day due to Manesar lockout
Auto shares down on report of CCI probe
Nissan inaugurates third exclusive dealership in Mumbai
Apollo Tyres plans to invest Rs. 30bn in Kalamassery unit
BMW India launches BMW Mobile Showrooms
HDFC ERGO introduces new motor insurance add-on covers
AGM Speech - Mahindra & Mahindra Limited
Tata Motors delivers 5 Mine Protected Vehicles to Jharkhand Police
Aston Martin unveils new luxury sports car ‘Vanquish’ in India
Maneesh Kumar Meena from Jaipur wins WagonR Think Big Challenge
Ford India kicks off festive season with 200,000 Figo owners
Google's self-driving car logs more miles on new wheels
Technology is at its best when it makes people’s lives better, and that’s precisely what we’re going for with our self-driving car project. We’re using advanced computer science to try and make driving safer and more enjoyable.
Our vehicles, of which about a dozen are on the road at any given time, have now completed more than 300,000 miles of testing. They’ve covered a wide range of traffic conditions, and there hasn’t been a single accident under computer control.
We’re encouraged by this progress, but there’s still a long road ahead. To provide the best experience we can, we’ll need to master snow-covered roadways, interpret temporary construction signals and handle other tricky situations that many drivers encounter. As a next step, members of the self-driving car team will soon start using the cars solo (rather than in pairs), for things like commuting to work.
This is an important milestone, as it brings this technology one step closer to every commuter. One day we hope this capability will enable people to be more productive in their cars. For now, our team members will remain in the driver’s seats and will take back control if needed.
And while these team members are commuting, many of them will be testing our algorithms on a new type of vehicle we’ve added to the self-driving car family over the past few months to help us refine our systems in different environments and on different terrain: the Lexus RX450h.
With each breakthrough we feel more optimistic about delivering this technology to people and dramatically improving their driving experience. We’ll see you on the road!
Former Porsche executives could soon face charges
Strike to hit Hyundai, Kia sales
Toyota to recall over 160,000 SUVs in China