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☆ Tesla’s entry into India’s EV market will be 'good news’ for the country, says MG Motor India
▼ + stars: | 2024-04-24 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +3 min

"When India as a market gets attention, more and more players and investments will come in. Numbers are still constrained because consumers don't have compelling choices," Chaba told CNBC's Sri Jegarajah in Gurugram, India. India's electric vehicle sector still lacks competition, but entry from international automakers like Tesla will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba said. Tesla CEO Elon Musk postponed a scheduled trip to India this week where he was to meet Prime Minister Narendra Modi, citing "heavy Tesla obligations." It'll be good for the industry, good news for the country, and for serious players like us."

Persons: Tesla, Chaba, EVs, CNBC's, Rajeev Chaba, Elon Musk, Narendra Modi, Maruti Suzuki, It'll, Musk Organizations: Bain & Company, CNBC's Sri, Motor, Reuters, Tesla, Tata Motors, Mahindra, Maruti Locations: India, CNBC's Sri Jegarajah, Gurugram, New Delhi, Mumbai

☆ Indian carmakers end fiscal 2024 at record levels as March sales rise
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +1 min

Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported higher car sales in March, wrapping up fiscal 2024 at record levels, monthly data from the automakers showed on Monday. Maruti Suzuki , Tata Motors and Mahindra & Mahindra reported higher car sales in March, wrapping up fiscal 2024 at record levels, monthly data from the automakers showed on Monday. Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers. A surge in domestic sales of pricier sport utility vehicles, or SUVs, last year has extended into 2024. Utility vehicles accounted for nearly 60% of total passenger vehicle sales from April 2023 to February 2024, according to industry data.

Persons: Maruti Suzuki Organizations: Tata Motors, Mahindra Locations: India

☆ JPMorgan says India is its No. 1 market in Asia; investors are unlikely to return to China this year
▼ + stars: | 2024-01-16 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India is JPMorgan's top pick in Asia, and one of its favorite markets globally, the investment bank's Asian Equity Strategist Mixo Das told CNBC. "It's our number one market at this point," he said, highlighting that the South-Asian nation will continue to benefit enormously as companies increasingly adopt a "China plus one" strategy. Companies that already have a base in India are also expanding production capacity. The country's largest automaker, Maruti Suzuki, announced last week that it would invest $4.2 billion to build a second factory in India. Even Vietnamese electric auto maker VinFast said earlier this month it aims to spend around $2 billion to set up a factory in India.

Persons: Mixo Das, Das, CNBC's, Maruti Suzuki, VinFast Organizations: BSE, Equity, CNBC, Apple, Maruti Locations: Asia, China, Vietnam, India

☆ ‘A year of volatility’: Morgan Stanley names its top stocks as India prepares to head to the polls
▼ + stars: | 2023-11-28 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

The investment case for India is hard to argue with, according to analysts at Morgan Stanley — but they warn that upcoming elections with "potential binary outcomes sets the market up for volatility." "Government policy remains supportive, and the RBI (Reserve Bank of India) executes a calibrated exit from its current hold stance. For Morgan Stanley, the downside, or bear case, to its forecast would see India's elections result in a change in government. Focus list of overweight-rated stocks Looking ahead to India in 2024, Morgan Stanley is overweight on companies in the financials, consumer discretionary, industrials and technology sectors. From the financial services sector, Morgan Stanley is overweight on ICICI Bank and insurer SBI Life Insurance .

Persons: Morgan Stanley —, Ridham Desai, Narendra Modi, Morgan Stanley, — CNBC's Michael Bloom Organizations: Bombay Stock Exchange, Reserve Bank of India, International Monetary Fund, Maruti Suzuki, Hindustan Aeronautics, Infosys, ICICI Bank, SBI Life Insurance Locations: India, U.S, Government, F2026E

☆ Exclusive: Toyota plans third India plant, new SUV as domestic sales surge, sources say
▼ + stars: | 2023-09-27 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

The plant's proposed initial capacity would expand Toyota's existing manufacturing capacity in India by as much as 30% from 400,000 units currently. A representative for Toyota's India unit declined to comment. Cars originally from Maruti Suzuki's (MRTI.NS) stable such as the Glanza hatchback and Urban Cruiser Hyryder SUV now account for 40% of Toyota's India sales. Toyota, known for its Fortuner SUV and Camry hybrid in India, told Reuters earlier in September it expects record domestic sales in 2023. If Toyota does decide to press ahead with the model, parts would be imported for assembly in India, they said.

Persons: Maruti Suzuki, Suzuki, Aditi Shah, Edwina Gibbs Organizations: Toyota, Suzuki, Maruti, Cruiser, Reuters, 340D, Hyryder, Thomson Locations: DELHI, India, Europe, North America, Southeast Asia, Bidadi, Karnataka

☆ India minister to propose higher diesel vehicle tax, warns automakers
▼ + stars: | 2023-09-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

A worker switches on a fuel pump before filling a car with diesel at a fuel station in New Delhi September 13, 2012. REUTERS/Mansi Thapliyal/File photo Acquire Licensing RightsNEW DELHI, Sept 12 (Reuters) - India's road transport minister, Nitin Gadkari, on Tuesday said he will propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to cripple their ability to sell such high-polluting vehicles. Gadkari said he will later in the day ask the finance minister for an "additional 10%" goods and services tax on diesel vehicles to tackle problems related to pollution. The Indian government currently imposes a 28% tax on diesel cars and an additional so-called "cess" is levied depending on the vehicles' engine capacity. Shares in Indian automakers Tata Motors, Mahindra and Mahindra, Ashok Leyland (ASOK.NS), and Eicher Motors (EICH.NS) fell between 1.5% and 4.5%.

Persons: Mansi, Nitin Gadkari, Gadkari, Maruti Suzuki, Ashok Leyland, Aditi Shah, Tanvi Mehta, Christian Schmollinger, Tom Hogue Organizations: REUTERS, New, Tata Motors, Mahindra, Maruti, Volkswagen, automakers Tata Motors, Eicher Motors, Thomson Locations: New Delhi, DELHI, India

Petrol vehicles have been the top sellers in recent years - increasing their market share to around 68.4% in January-July 2023 from 42.5% in 2014, according to data from automotive market intelligence provider JATO Dynamics. Cost-conscious Indians are preferring to buy petrol cars as they are cheaper than diesel, even though diesel cars offer better fuel efficiency. DIESEL VEHICLES:Tuesday's warning from minister Nitin Gadkari targeted diesel carmakers, whose market share has seen a steady decline to nearly 18% of passenger vehicles in January-July this year from 47.9% in 2014. But when it comes to luxury cars, diesel variants remain in vogue, with their market share rising to 33% so far this year from 31% in 2021. Among automakers, Mahindra and Mahindra (MAHM.NS) has the highest diesel car market share with 47% of unit sales so far this year, up from 28% in 2021.

Persons: Maruti Suzuki, Nitin, Tesla, Aditi Shah, Aditya Kalra, Mark Potter Organizations: Maruti, Tata Motors, Volkswagen, Society of Indian Automobile Manufacturers, JATO Dynamics, Mercedes, BMW, Audi, Mahindra, Hyundai, Kia, Thomson Locations: MUMBAI, China, United States, India

☆ Electric vehicle premiums will ride high in India
▼ + stars: | 2023-08-14 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Mahindra Funster electric concept SUV is on display after it was unveiled at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. Singapore's Temasek handed Anand Mahindra’s EV business a punchy valuation of up to $9.8 billion this month. The $23 billion Mumbai-listed Mahindra & Mahindra (MAHM.NS) generates most of its top line from its sprawling autos business churning out everything from commercial vehicles to three wheelers. It follows the sale of up to 4.8% to British International Investments, the UK's development finance institution, at a $9.1 billion valuation in July last year. True, Temasek's valuation of the EV business depends on the latter hitting undisclosed milestones.

Persons: Kumar Rakesh, It’s, Maruti Suzuki, Una Galani, Katrina Hamlin Organizations: Mahindra, India, REUTERS, Reuters, Singapore's Temasek, Anand, Temasek, British International Investments, BNP, Tata Motors, TPG, HK, China’s MG Motors, Maruti, India’s, India’s Mahindra, British International Investment, Thomson Locations: Greater Noida, India, BENGALURU, Mumbai, China, EVs, Temasek

☆ 'Stark contrast' to China: Morgan Stanley upgrades India stocks and shares 4 top picks
▼ + stars: | 2023-08-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Morgan Stanley upgraded Indian stocks to "overweight" from "equal weight," citing a strong profit outlook and the country's attractiveness to investors in a "multipolar world." India's situation is in "stark contrast to that in China," the bank said in its Aug. 2 note. Morgan Stanley downgraded Chinese stocks to equal weight in the same note. Stock picks While Indian stock valuations "overshot somewhat" last October, it's "less extreme" now, Morgan Stanley said. Morgan Stanley added two Indian stocks to its focus list: Maruti Suzuki : Morgan Stanley said the automaker is set to benefit from a higher per-capita income in India; an expansion in market share; and an improving product mix.

Persons: Morgan Stanley, capex, Maruti Suzuki, Larsen, Toubro, — CNBC's Michael Bloom Organizations: Maruti, ICICI Bank, Hindustan Aeronautics Locations: China, India, Saudi Arabia

☆ Morgan Stanley upgrades India to "overweight", terms it top pick among emerging markets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

The Indian flag flies in front of the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 3 (Reuters) - Morgan Stanley has upgraded its view on Indian markets to "overweight" from "equal weight", citing easing valuations as compared to October 2022, when the global brokerage identified the onset of a new bull market in Asian and emerging market equities. India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday. Sectorally, the brokerage remains overweight on financials, consumer discretionary and industrial segments in India, and has an "add" rating on Larsen & Toubro and Maruti Suzuki India in its Asia Pacific focus and Global Emerging Markets lists. "We think returning India to an "overweight" rating and downgrading China to "equal weight" is warranted," analysts said, referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

Persons: Francis Mascarenhas, Morgan Stanley, Larsen, Bharath Rajeswaran, Sonia Cheema Organizations: Securities and Exchange Board of India, REUTERS, Toubro, Maruti Suzuki, Thomson Locations: Mumbai, India, BENGALURU, Asia, China, Bengaluru

☆ We have strengths in India that other companies do not, says Maruti Suzuki
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have strengths in India that other companies do not, says Maruti SuzukiRC Bhargava, chairman of the automobile manufacturer, discusses the country's auto sector and how it fares against its competitors.

Persons: Suzuki, Bhargava Locations: India

☆ Maruti Suzuki goes upmarket in India with new seven seater
▼ + stars: | 2023-07-05 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

[1/3] Hisashi Takeuchi, MD & CEO of Maruti Suzuki India Ltd. and Shashank Srivastava, Senior Executive Officer, Marketing and Sales of Maruti Suzuki India Ltd., pose after the launch of multi-purpose vehicle Invicto in Gurugram, India, July 5, 2023. REUTERS/Sunil KatariaNEW DELHI, July 5 (Reuters) - Maruti Suzuki, India's biggest automaker, is looking to break into the premium car segment with its new seven seater, as a growing number of buyers opt for bigger, feature-packed cars. Maruti, known for small and compact cars that are mostly priced below 1 million rupees ($12,000), on Wednesday launched the Invicto seven seater with a hybrid powertrain starting from around 2.5 million rupees ($30,000). Maruti, majority owned by Japan's Suzuki Motor (7269.T), made its name as a mass market car brand offering affordable prices and low maintenance costs. When it comes to premium cars, or those typically priced above 2 million rupees, buyers tend to turn to the likes of Toyota Motor (7203.T) or Volkswagen (VOWG_p.DE), say analysts.

Persons: Hisashi Takeuchi, Shashank Srivastava, Sunil Kataria, Maruti Suzuki, Takeuchi, Japan's Suzuki, Srivastava, Aditi Shah, Mark Potter Organizations: Maruti Suzuki India Ltd, REUTERS, Maruti, India's, Wednesday, Japan's, Toyota Motor, Volkswagen, Thomson Locations: Gurugram, India, DELHI

☆ IT, auto stocks help Indian shares hit new highs
▼ + stars: | 2023-06-30 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, June 30 (Reuters) - Information technology (IT) and auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment. Reuters GraphicsThe Nifty 50 (.NSEI) rose as much as 1.21% to hit an all-time high of 19,201.70, before closing at 19,189.05. The S&P BSE Sensex (.BSESN) also gained 1.26% to settle at a fresh record of 64,718.56. The Nifty 50 (.NSEI) has risen over 10.5% in the three months ended June 30, its best performance since the September quarter of 2021. Midcaps (.NIFMDCP100) also hit a fresh record while smallcaps (.NIFSMCP100) hovered around their 52-week high.

Persons: Deepak Jasani, MotoCorp, Maruti Suzuki, Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: Reuters, BSE, HDFC Securities, Auto, Mahindra, Maruti, Infosys, Thomson Locations: BENGALURU, United States, Bengaluru

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

☆ Indian shares hit over 1-wk low; Adani group stocks fall
▼ + stars: | 2023-01-25 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, Jan 25 (Reuters) - Indian stocks hit an over-one-week low in volatile trading on Wednesday, ahead of the monthly expiry of derivatives and the federal budget. The Nifty 50 index (.NSEI) was down 1% at 17,936.25 as of 11:17 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.96% to 60,394.36. Nifty's volatility index (.NIFVIX) climbed as much as 8.5% to 14.815 after hovering around the 14 mark for over a month. Auto stocks (.NIFTYAUTO) shed early gains to trade 0.2% lower, with Maruti Suzuki (MRTI.NS) and Bajaj Auto (BAJA.NS) the only gainers on the index. Maruti was up 0.8% on strong third-quarter earnings, while Bajaj Auto rose 0.3%.

BENGALURU, Jan 25 (Reuters) - Indian carmaker Tata Motors (TAMO.NS) beat analysts' expectations to post a profit for the first time in two years as improving semiconductor chip supplies and rising demand helped its luxury car unit Jaguar Land Rover (JLR) turn profitable. Like others in the sector, Tata Motors and JLR have been struggling to navigate supply chain disruptions and shortages of critical semiconductor components since the onset of the coronavirus pandemic. The total number of orders reached a record 215,000 units with its three most profitable models - the New Range Rover, Range Rover Sport and Defender - accounting for three-quarters of the order book. [1/5] A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. Analysts, on average, had expected a loss of 185.6 million rupees, according to Refinitiv IBES data.

☆ We aim to launch e-SUVs by 2025, Indian automaker says
▼ + stars: | 2023-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe aim to launch e-SUVs by 2025, Indian automaker saysRC Bhargava of Maruti Suzuki explains how it plans to scale that segment of the market.

☆ India's top carmaker Maruti's profit doubles on strong demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 24 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS) beat quarterly profit estimates and reported improved margins on Tuesday as the country's biggest carmaker benefitted from strong demand for its passenger cars, helped by festive sales. Profit for Maruti, which has over 40% market share in the country's passenger vehicles segment, more than doubled to 23.51 billion rupees ($288.5 million) in the quarter ended Dec. 31, from 10.11 billion rupees a year ago. Analysts on average had expected a profit of 18.81 billion rupees, according to Refinitiv IBES data. Festive demand and improved availability of semiconductors pushed car sales up nearly 23% across companies last quarter, the Society of Indian Automobile Manufacturers has said. Maruti, majority owned by Japan's Suzuki Motor Corp (7269.T), said vehicle sales rose to 465,911 units in the quarter from 430,668 units a year ago.

☆ India's Maruti tops Q3 profit view on strong passenger car demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 24 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS) reported better-than-expected quarterly profit on Tuesday, as the country's biggest carmaker benefitted from strong demand for its passenger cars, sending shares up as much as 2.4%. Profit for Maruti, which has over 40% market share in the country's passenger vehicles segment, came in at 23.51 billion rupees ($288.53 million) for the quarter ended Dec. 31, compared with 10.11 billion rupees a year ago. Maruti, majority owned by Japan's Suzuki Motor Corp (7269.T), sold 465,911 vehicles in the quarter, up from 430,668 units the same quarter last year. The company said it had about 363,000 pending orders, out of which about 119,000 orders were for newly launched models. Analysts on average had expected the company to report a profit of 18.81 billion rupees, according to Refinitiv IBES data.

☆ Despite India's economic growth, few jobs and meagre pay for urban youth
▼ + stars: | 2023-01-20 | by ( Manoj Kumar | ) www.reuters.com time to read: +7 min

He has since remained unemployed, unable to pay back a 100,000 rupee ($1,224) loan he took to buy a two-wheeler scooter. The rising unemployment in India belies other indicators suggesting the economy is undergoing a healthy rebound from the COVID-19 pandemic. Instead, the surge in people looking for work, many of them rural migrants, raises concerns about consumption and longer term growth prospects. The urban unemployment rate swelled to 10.1% in December, although the total number of jobs in India touched a pre-pandemic level of 410 million, data compiled by Mumbai-based think-tank Centre for Monitoring Indian Economy (CMIE) showed. Urban unemployment spiked during the pandemic years, largely because of lockdowns, but before that it hovered between 6%-7%, according to CMIE data.

NEW DELHI, Jan 11 (Reuters) - Suzuki Motor Corp's (7269.T) Indian unit showcased a concept electric sport utility vehicle (SUV) at India's biennial car show on Wednesday, with the Japanese car maker's president saying the car would be launched in 2025. "I'm delighted to unveil the eVX, a concept SUV of our first global strategic EV (electric vehicle). We plan to bring it to market by 2025," said Suzuki Motor President Toshihiro Suzuki, speaking at an auto show event on the outskirts of the capital city of New Delhi. India is pushing carmakers to build more electric cars by offering companies billions of dollars in incentives with a lofty target of a market share of 30% for electric cars by 2030. Currently, electric cars make up less than 1% of total car sales in India.

☆ Indian shares eye muted start to 2023 on weak cues, oil rise
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 2 (Reuters) - Indian shares were set to kick-start 2023 on a muted note due to higher oil prices and a surge in COVID-19 cases in China. Oil prices rose on year-end holiday travel. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. ** HG Infra Engineering (HGIN.NS): Co declared as L-1 bidder by Delhi Metro Rail Corporation for project worth 4.12 bln rupees. ($1 = 82.7170 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ India's utility vehicles sales rise in Dec, demand for entry-level cars muted
▼ + stars: | 2023-01-02 | by ( Nandan Mandayam | ) www.reuters.com time to read: +2 min

BENGALURU, Jan 2 (Reuters) - India's top automakers in December reported a double-digit rise in the sale of the more expensive utility vehicles, while entry-level cars saw muted demand despite discounts. Auto sales numbers are keenly watched as they are among the key indicators for assessing private consumption, which has more than 50% weightage in calculating the country's economic growth. Utility vehicles (UV), among the fastest-growing segments, saw a 22.3% rise in sales at Maruti Suzuki India (MRTI.NS) and 62.2% at Mahindra and Mahindra (MAHM.NS). Hero MotoCorp (HROM.NS), the world's largest bikemaker, reported a marginal fall in sales, while Bajaj Auto's (BAJA.NS) two-wheeler sales dropped 22%. The commercial vehicles (CV) segment reported a double-digit growth for December, with sales at industry leaders Eicher Motors (EICH.NS) and Ashok Leyland (ASOK.NS) rising 17.3% and 44.9%, respectively.

☆ India's Maruti says chip shortage to cause bigger hit to Dec production
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 2 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS), the country's top carmaker, said on Friday it expected a shortage of electronic components to impact its production in December more than in recent months. The company's production in November, which also saw a "minor impact" due to the shortage, rose 5% year-on-year to 152,786 units, but was at the lowest level since June. Reporting by Chris Thomas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Apparel retailers, restaurants, banks, construction companies all saw a rise in sales and orders, as the country geared up for the first pandemic-free festive season in two years. Reuters Graphics"There is definitely a festive boost which cannot be denied and which is reflected in earnings performance," said Vivek Kumar, economist at Mumbai-based QuantEco Research. "There was also some comfort on input prices moderating in the quarter, and a boost from pent-up demand. read moreNair said he expects sales in the festive quarter to top pre-pandemic levels. State Bank of India (SBI) (SBI.NS), the country's largest lender, reported record quarterly profit and forecast credit growth to remain in double-digits.

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