Auto Sector

These solutions are designed to service India's burgeoning EV sector as well as other stationary applications.

Samvardhana Motherson International Ltd (SAMIL) has successfully acquired a 34% stake in Motherson Auto Solutions Ltd (MASL) from Sojitz Corporation.

The company declared a profit before tax (excluding exceptional items and one-time events) of ₹594 Crore (up 51%) for the quarter.

The company's overall revenue from operations amounted at ₹4,393 Crore, up 10.20% from ₹3,986 Crore in Q1FY24.

In July, Class 8 truck orders in North America reached a 15-month low of 12,400 units. These orders were down 5% from June.

This transaction will be carried out by Samvardhana Motherson Innovative Solutions Ltd (SMISL), SAMIL's wholly-owned subsidiary.

This move intends to allow the respective businesses to follow their unique objectives with greater agility, hence increasing shareholder value.

The country's largest automaker's April-June revenue increased 9.9% to ₹35,531.4 Crore from ₹32,326.7 Crore in the same period last year.

The collaboration between EVfin and ACKO aims to reduce the financial burden on EV owners in the event of an accident or hospitalisation.

For the quarter ended June 2024, the company's total sales increased by 13.5% to 15.35 lakh units, compared to 13.52 lakh units.