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☆ 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.

☆ Electric Vehicles Are Taking Off in India—but the Runway Is Long
▼ + stars: | 2022-10-14 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

India’s electric-vehicle market is coming of age, finally. But success will ultimately depend on car makers’ bridging the affordability gap—a tall task in a volatile battery-metals market. This week, Chinese EV heavyweight BYD officially entered the Indian passenger-vehicle market with an electric sport-utility vehicle. It aims by the end of this decade to capture 40% of India’s EV market, now dominated by Tata Motors , with Maruti Suzuki , Volkswagen and Toyota planning to enter in the next few years.

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