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Covid-19 pulls down Bosch India’s BS VI order book by $800 million
Market tumbles due to Covid-19 pandemic. Bosch Ltd, the Indian arm of the world’s largest auto parts maker, saw its order book for the BS VI program drop by 8 billion dollars. The German auto parts giant told analysts in its first quarter financial report conference call that the company had secured 24,000 million worth of BS, crore rupees VI orders, but due to the new Covid-19 pandemic, the orders fell to 18,000 crore rupees. Business declined by 11% in FY2020. The auto components industry is poised for another year of sharp decline as domestic export demand remains weak. Bosch said on its Q4 FY2020 conference call that it does not expect the market to return to its previous highs before FY2024. Clearly, the company will have a long and difficult road ahead. Looking back at the quarter, Soumitra Bhattacharya, Managing Director of Bosch India, said that the economic recovery looks weak this year, with global GDP expected to contract significantly in FY21. It is also a to...
TracyYerkes
43
June 2, 2024
Billionaire car-part supplier Vivek Chaand Sehgal is setting a daunting goal for Motherson Sumi
Segal admitted: “There are a lot of problems with this system.” Written by Anurag Kotoky Vivek Chaand Sehgal has a track record of achieving the seemingly impossible. His company supplies bulk parts to the world’s largest automakers. It has exceeded its five-year target every year for the last 25 years. His latest goal was just as difficult. Motherson Sumi Systems Ltd. aims to triple its revenue by 2025 to $36 billion. 63 Sehgal plans to achieve that goal by doing what he does best: trading. Or, more specifically, acquiring a company that is struggling because of the coronavirus epidemic. But for that to happen, conditions at Segal would have to improve dramatically. Five years ago, Motherson set a consolidated net sales target of $18.1 billion by 2020, but the company failed to reach $12 billion due to a viral attack and the worst auto sales slowdown in India’s history. The stock plunged nearly 60% over the same period and has doubled this fiscal y...
SusieBacon
48
June 2, 2024
Epsilon Carbon forays into battery material business, plans to invest Rs 500 cr by 2025
Phase I of the institutional project with an annual production capacity of 2,500 tons of large carbon intermediate phase (a key raw material for lithium-ion battery manufacturing) has been completed. Mumbai: Epsilon Carbon, a coal tar derivative company, has entered the battery materials business by setting up a manufacturing facility in Ballari district of Karnataka to produce graphite anode materials for lithium-ion batteries. Epsilon Carbon Vikram Handa “With India’s aggressive pursuit of an electric vehicle policy,” he said Epsilon Graphite anode manufacturing will enable India to achieve self-sufficiency in key raw materials for lithium batteries. ‘ Handa added that the company plans to invest Rs 5 billion by 2025 to build 50,000 tons of anode material capacity through its newly formed subsidiary Epsilon Advanced Materials. Negative electrode materials include carbon and alloy-based materials such as silicon, tin, antimony and nitride. The fir...
BeverlyMilne
45
June 2, 2024
Auto components major Motherson expects demand to be normal by October
VC Sehgal, Chairman, Motherson Sumi Systems Limited NEW DELHI: Auto component giant Motherson Sumi Systems Limited (MSSL) expects demand to return to normal from the 10th of this year from month to month following the collapse in demand due to a nationwide blockade. VC Sehgal, Chairman, Motherson Sumi Systems Limited (MSSL), said that while the recovery in demand after the blockade in India has been weaker than in China, South Korea and Japan, automakers across segments have resumed their operations and are registering YoY growth in the local Market. /p “In Europe, the market is stronger,-65-70% plus. The same is true in the US. In that sense, India is a bit weak. In October, things will start getting back to normal, but everyone is eager to get back to normal,” Sehgal said.”” The Motherson Group has 270 one manufacturing plants in 41 countries. Sehgal said all but two units are operational. About 65-70% of them. About 65-70% of them are operating at...
LilithKingsley
53
June 2, 2024
Steel Strips Wheels bags orders worth Rs 34 lakh in US caravan trailer market
Last month, Steel Strips Wheels, on the basis of current orders, is on track to surpass a turnover of over Rs 3,25,100 crore and sales of over 10 million sets of alloy wheels in the current fiscal. This is a growth of more than 300% as compared to the previous financial year. NEW DELHI:Auto component maker Steelelellel Strips Wheels on Monday said it has received orders worth over 46,000 US dollars (about Rs 3.4 lakh crore) will supply about 3,700 orders of individual wheels for the US RV trailer market. Steel Strips Wheels Ltd (SSWL) in a regulatory filing, these new export orders will be for 9 This month at the Chennai plant for execution. The company said it expects to receive more similar orders from the same customer base as business growth accelerates. Last week, SSWL received orders worth 253,0000 euros (approx. Rs. 2.21 crore) is the European Union’s order (EU) for supply of around 370,000 wheels to the caravan trailer market. Last month, Steel Strips Whe...
DarrenGosse
44
June 2, 2024
Steel Strips Wheels bags orders worth $455,000 from US, EU
Steell auto parts maker Strips Wheels on Tuesday, he said it has received orders from around 42,000 people in the US and EU trailer market for the production of one wheel worth more than $4.55 million (about Rs 3.32 lakh). Steel Strips Wheels Ltd (SSWL) in a regulatory filing, the company has received new export orders worth more than $ 455, 0000 from the U.S. and the European Union departures (EU) trailer market will be for the month of September and October received from financial institutions. Execution. The company said it expects to receive orders for similar capacity from the same customer group as business growth accelerates. On Monday, SSWL said it has received orders worth more than $460,000 to supply about 37,000 wheels to the US RV trailer market. Last week, SSWL received orders worth €253,0000 (Rs 2.2 crore) to supply around 37 lakh orders of wheels for the EU camping trailer market.
AnnaMackintosh
39
June 2, 2024
Steel Strips Wheels receives orders worth $1.17 million from US market
Reuters Steell auto parts maker Strips Wheels said on Wednesday it had received about 139,000 supplies for the U.S. RV trailer market Orders for each wheel worth 117 (about $855.5 (about $855.5) million (about $855.5 million) crore rupees). Steel Strips Wheels Ltd (SSWL) in a regulatory filing, as of 2020 year 11 In the fourth quarter of this month, the company received new export orders worth more than 117 New export orders of USD 1 million from the US caravan trailer market. It will be operational within a month from our Chennai plant. The company said it expects to receive more similar orders from the same customer base as business growth accelerates. This week, SSWL said it has received orders worth $10,000 from more than 50 markets in the US and EU. Last week, SSWL received orders worth €253,0000 (Rs 2.2 crore) for about 370,000 orders for individual wheels for the EU camping trailer market.
SibylKelsen
46
June 2, 2024
Improve productivity, explore smart solutions: Piyush Goyal to auto components industry
NEW DELHI: On Saturday, Commerce Minister Piyush Goyal asked the auto component industry to explore smarter solutions to improve productivity and become a preferred supplier for customers. Speaking at the annual conference of the Automobile Manufacturers Association Minister (ACMA) 60th, a flexible global supply chain requires a large number of trusted partners. He added: “We need to tighten our belts, improve productivity and start thinking about all the cost elements and smarter solutions to be the supplier of choice for our customers.” He said that by sticking to quality and scale, the industry’s export competitiveness would increase. He also called for innovative financing for the automobile industry.
TracyBelloc
40
June 2, 2024
Auto component industry seeks long term roadmap for regulatory changes
The ACMA President noted that the automobile industry will play a very important role in the recovery of the Indian economy. New Delhi: The auto component industry is looking at “breathing opportunities” and developing a long term roadmap to introduce new laws and regulations and new standards. So, the industry is gearing up for changes that will require a lot of investment, he said. The automotive industry accounts for about 2.3 percent of South Korea’s gross domestic product (GDP), but the COVID-19 incident has led to a prolonged downturn across the automotive industry, causing supply chain problems and affecting productivity gains. Deepak Jain said that the challenging business environment has limited the industry’s ability to make additional investments in response to the new regulations. “During the transition from BS-IV to BS-VI, the automotive industry invested nearly Rs. 8,000 crore, of which 40-50% came from the auto component indust...
KentGregory
40
June 2, 2024
Auto ancillary sector’s revenue may fall 16-20% in current financial year: India Ratings
Demand in the aftermarket is also likely to remain weak, but dealers will be least affected. Mumbai: Revenues of the auto ancillary sector are expected to fall by 16-20% this fiscal due to falling demand in the domestic market and exports, according to India Ratings and Research. The credit rating agency also said in a statement on Tuesday that it will maintain a negative outlook for the automotive ancillary sector from October 2020 to March 21, 2020 Auto components in the commercial vehicle segment are expected to continue to be the worst affected as compared to those in the two-wheeler, passenger car or tractor segments. The Indian Rating Council (Ind-Ra), in a press release, expects the industry to start recovering from the second half of 2020-210. Aftermarket demand is also likely to remain weak but with minimal impact. However, October-March 2020-2021 is expected to perform better than the first half of the year with gradual improvement in demand for cars in the dome...
PearlNell
49
June 2, 2024
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