Automobile
Wheels India posts Rs 20.60 crore PAT for Q3
In a statement issued here, the company said it had closed the Q3 ended 31.12.2021 with a net profit of Rs 20.60 crore up from Rs 12 crore logged during the previous year corresponding period. Revenues for Q3 ended December 31, 2021, went up 57 percent to Rs 1,007.18 crore as compared to Rs 641.74 crore registered in Q3 ended December 31, 2020.
Automakers to suffer from chip, labour shortages amid new Covid surges
The general theme for semiconductors in 2021 was shortages in mature process technology nodes. The IDC expects tight semiconductor supply to continue through the first half of 2022 as the industry builds up inventory to normal levels. One of the key supply constraints for the semiconductor market was in mature process nodes.
Bajaj Auto's Q3FY22 net profits decline 22% YoY to Rs 1,214 cr
The net profit during the period under review fell to Rs 1,214 crore from Rs 1,556 crore reported for the corresponding period of the previous fiscal.
Supply side constraints dent India's auto sector Dec sales
In terms of PVs, challenges pertaining to electronic components' availability dragged sales lower on a year-on-year basis in December. Sales of passenger vehicles fell to 219,421 units in December as compared to 252,998 units sold during the corresponding month of 2020. The data furnished by the Society of Indian Automobile Manufacturers (SIAM) does not include sales figures from some key players such as Tata Motors.
Auto component maker Pricol shares up 8%, 155% in past 1 yr
During the entire session, the shares pared a portion of its intra-day gains and settled nearly 8 per cent high at Rs 129. The company is heavily investing in next-gen technologies to sustain growth besides continuing with its focus on reducing debt to become debt free over the next few quarters.
Pricol commenced its operations in 1975 in Coimbatore is a manufacturer of automotive instruments.
Bajaj Auto to invest Rs 300 cr for new EV making unit
"In 2001, Bajaj 2.0 took off on the roaring Pulsar, in 2021 Bajaj 3.0 arrives on the charming Chetak. Going forward, for the Bajaj portfolio, except for implementing one state-of-the-art ICE platform that is currently under development, all our R&D drive train resources are now laser focused on creating EV solutions for the future," said Rajiv Bajaj - Managing Director, Bajaj Auto.
Auto industry expects smooth ride, but Omicron could be a speed breaker
India's automobile industry expects continuation of healthy demand along with easing of semiconductor supply issues during the upcoming year. However, speed breakers such as third Covid wave triggered via spread of Omicron variant in India as well as rising commodity prices might deccelerate the industry's recovery.
Indian auto component industry grows to Rs 1.96 lakh cr in H1
Exports of auto components grew by 76 per cent to Rs 68,746 crore in the first half of 2021-22 from Rs 39,003 crore in the first half of 2020-21. Europe accounting for 31 per cent of exports, saw an increase of 81 per cent, while North America and Asia, accounting for 32 per cent and 25 per cent respectively also registered increase of 81 and 73 per cent respectively.
Production cuts on semiconductor shortage dent Nov PV sales
"Industry continues to face headwinds due to global semi-conductor shortage," Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said. "In the festive season, industry was hoping to make up for the lost ground, but the sales in the month of November 2021, were lowest in seven years for passenger vehicles, lowest in 11 years for two-wheelers, and lowest in 19 years for three-wheelers."
MG Motor India to commence exports to other South Asian countries
"MG Motor India is constantly progressing its operations, expanding the market reach, stakeholder base, and adding new customers and partners to the MG family. Taking this spirit forward, MG is geared up to expand its footprint across the other South Asian countries starting with Nepal," MG Motor India President and Managing Director Rajeev Chaba said.
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