MOTOR
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Automakers take lead in FY24 salary hikes with double-digit raises
Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.
TAFE Motors, DEUTZ AG ink pact; to expand internal combustion engine business
TAFE Motors and Tractors Ltd would produce engines to suit newer applications in the Indian market as well as for DEUTZ's requirement. The engines would be produced at the manufacturing facility of TAFE Motors at Alwar, Rajasthan. The manufacturing facility currently produces diesel engines and gensets in the 5 to 125 kVA range that are marketed as Eicher Engines and TMTL Engines.
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
Tata Motors' passenger EV sales dropped 34 pc in June
Tata Motors experiences sales decline in passenger vehicles, including EVs, in June. Despite challenges, the company foresees a recovery in demand, especially with the upcoming festive season. Tata Motors stands ready to capitalize on growth opportunities, driven by a strong SUV portfolio and expanding presence in the international market.
F&O radar | Deploy Bull Call Spread in Tata Motors to benefit from potential up-move
Tata Motors stock shows strong bullish momentum supported by technical indicators, suggesting potential upside movements with a Bull Call Spread options strategy for traders anticipating a moderate rise in price.
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Tata Motors domestic sales dip 8 pc in June
Tata Motors reported an 8% decline in total domestic wholesales to 74,147 units in June, with passenger vehicle sales at 43,624 units. The company anticipates a demand recovery with a strong enquiry pipeline and the upcoming festive season in August. Focus remains on the SUV portfolio, especially Punch and Nexon models, as the industry prepares for growth.
Toyota records highest-ever monthly sales in June at 27,474 units
Toyota Kirloskar Motor achieved its best-ever monthly sales in June 2024, with 27,474 units, marking a 40% increase from June 2023. Domestic sales were 25,752 units, while exports reached 1,722 units. The sales surge was driven by strong demand for SUVs and MPVs and strategic expansion into rural markets.
Wait for earnings and Budget to identify attractive sectors for investment: Deepak Shenoy
These companies are quite cyclical, moving between downturns and upturns. Recently, there has been an upturn for Muthoot and Manappuram, partly because IIFL, a major player in the gold financing space, faced some RBI action leading to a slowdown in its gold lending portfolio.
Auto sector sees resilient two-wheeler growth amidst mixed performance in PVs and CVs for June 2024
Wholesale volumes across various segments of the automobile industry in June 2024 are expected to show a subdued trend. This is primarily due to the absence of wedding dates, as stated in an Anand Rathi report. Analysts predict a mixed performance in the market. Two-wheeler (2W) volumes are anticipated to be resilient, while passenger vehicles (PVs) and commercial vehicles (CVs) are expected to see slight declines. Tractor volumes are likely to remain flat.
Hold on to M&M; wait for the split in Tata Motors: Nischal Maheshwari
Cement sector consolidation will help in creating efficiency and sustainability. Stable prices despite inflation as the industry transitions to green cement. Key players are expanding capacity for future market dominance, focusing on EBITDA growth and improved financial performance. In auto, M&M in your portfolio, hold on, there is no hurry to take away profits from there, but Tata Motors should be looked at, says Nischal Maheshwari
Promoter Mala Relan cuts stake in Sharda Motor
Promoter Mala Relan offloads 25 lakh shares of Sharda Motor Industries for 499 crore in a block deal on NSE, selling at 1,996 each. With an 8.76% stake as of March 31, major buyers include Nippon India MF, Edelweiss MF, HSBC MF, ICICI Prudential MF, and Axis Smallcap Fund. Sharda Motor's shares climb 3.13% to 2,060, outperforming the BSE Smallcap Index's 8.73% gain over the past month.
Tata Motors has a Rs 18,000 crore EV plan, reveals MD Shailesh Chandra
Tata Motors is eyeing 30-40 per cent sales from EVs by FY30 and is planning to spend about Rs 18,000 crore to develope an ecosystem for the electric vehicle business. Over the next two years, the company has scheduled for launch Curvv EV, Curvv ICE ( internal combustion engine) and Sierra EV.
Budget 2024: Tata Motors expects policy continuity in electric mobility
Tata Motors expects policy continuity in the upcoming Union Budget and calls for more players in the charging infrastructure space for faster adoption of electric mobility in India. The new NDA government is expected to present the Union Budget next month, with GST and PLI schemes already in place.
Expect Indian PV market to touch 60 lakh units by 2030, targeting 18-20 pc share: Tata Motors
Tata Motors targets significant market share growth by FY30, focusing on EVs, CNG vehicles, and new product offerings. The company strategically prepares for upcoming CAFE III norms and aims to capitalize on industry transitions for sustainable growth.
Matter Motors raises Rs 82 crore from Japan Airlines & TransLink Innovation Fund, others
Matter Motors secures significant funding from diverse investors, propelling expansion plans. With a competitive market landscape, the company aims to deliver innovative electric motorcycles globally, targeting European markets like Turkey and Spain for growth.
Hyundai IPO: A chaebol looks at India to break out of a Korean trap
Just as Indian stock markets are trading near record highs, Hyundai expects the listing of the equity shares in India "will enhance our visibility and brand image", and "provide liquidity and a public market" for the shares.
Force Motors partners with EY Parthenon India for digital transformation program
Force Motors has partnered with EY Parthenon India to undertake a digital transformation programme aimed at boosting innovation and productivity across its value chain. The collaboration will focus on redesigning Force Motors' digital landscape, implementing advanced digital platforms, technologies, and solutions for customers, and enhancing its capabilities and security.
Carmakers take the multiple powertrain ride
Carmakers from industry leader Maruti Suzuki to Tata Motors, Toyota Motor, Honda and Citroen, a relatively newcomer in the Indian market, offer diverse options in powertrains, from petrol, diesel and CNG to flexible fuel, electric and hybrid.
Indian streets gear up for electrifying SUV launches from Tata, Hyundai, Maruti & more
India gears up for a wave of SUV launches, including Tata Motors, Hyundai, Kia, and more, showcasing the industry's move towards sustainable transportation. Maruti Suzuki to unveil its first EV at Auto Expo 2025, and Mercedes-Benz targets a quarter of sales from EVs by 2026.
Tata Motors launches digital marketplace 'Fleet Verse' for commercial vehicles
Tata Motors, the renowned Indian automobile manufacturer, introduced Tata Motors Fleet Verse on Thursday, marking its debut as a robust digital marketplace tailored for the company's commercial vehicles. This platform facilitates various functionalities such as discovering new vehicles, configuring them, acquiring them, and arranging financing. It is designed with future scalability to accommodate a wide array of additional services and features, positioning Fleet Verse as a comprehensive digital hub catering to all commercial vehicle requirements in one place.
JSW MG Motor India partners with Ecofy for EV financing
JSW MG Motor India has partnered with Eversource Capital-backed NBFC Ecofy to offer financing and leasing solutions for up to 10,000 JSW MG electric vehicles over the next three years. The partnership includes loan options and leasing arrangements for retail customers and B2B operators.
Hot Stocks: Brokerages view on Kotak Bank, Tata Motors, Uno Minda, and Tata Technologies
Macquarie upgraded Kotak Mahindra Bank, City Union Bank, and Bandhan Bank to outperform with raised target prices. They downgraded SBI to underperform but increased its target price.
JLR steps up its 5-year investment plan by £3 billion
Tata Motors has increased its five-year investment in Jaguar Land Rover to £18 billion for FY24-FY28, up from £15 billion, focusing on developing electric vehicles and hybrid models. This aligns with JLR's "Reimagine" strategy. Additionally, JLR will partner with China's Chery to produce electric vehicles under the Freelander brand in China.
Tata Motors to raise commercial vehicle prices by up to 2% from July 1
Tata Motors announced through an exchange filing on Wednesday that it will implement a price hike of up to 2% on its commercial vehicles starting July 1, 2024. This adjustment is a response to rising commodity prices, intended to counter their impact.
Hyundai Motor IPO: 10 things investors should know about the public offer
Hyundai Motor's Indian arm has filed preliminary papers with SEBI for a $2.5-$3 billion IPO. The company aims to raise funds by selling shares through a public offer.
Now, customise motor, home insurance policies: Irdai
The IRDAI master circular, which repeals all earlier circulars and guidelines, was released on 11 June 2024 and suggests providing wider choice and options to customers. It follows a master circular on health insurance released on 29 May.
Hyundai Motor teases new EV, the Inster
Hyundai teases the Inster, a sturdy yet compact SUV with signature LED lights and pixel-graphic signals. The electric vehicle boasts a range of 355 km and sets new benchmarks in technology and safety features, set to debut globally at the Busan International Mobility Show.
Tata Motors Finance to be merged with Tata Capital
Tata Motors announced a merger of Tata Motor Finance with Tata Capital, approved by their respective boards. This aligns with Tata Motors' strategy to focus on core businesses and emerging technologies. Tata Capital will issue its equity shares to Tata Motor Finance shareholders, giving Tata Motors a 4.7% stake in the merged entity. Tata Capital, a major NBFC in India, will expand its presence in CV/PV financing, aiming to offer innovative products and digital services. The merger is subject to regulatory approvals and is expected to take 9-12 months to complete, with no adverse impact on customers or creditors.
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