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Sharda Motor Industries shuts down manufacturing unit at Greater Noida
Group photo of agency representatives Auto component maker Shard Motor Industries LTD on Monday said the manufacturing plant in Greater Noida, which is the manufacturing plant of Maruti Suzuki and Mahindra Mahindra supplying roof liners, has been closed. All business and activities carried out by the Sharda Motor Industries division at Surajpur Bypass Industrial Area in Greater Noida, Uttar Pradesh, belong to Maruti Suzuki and Mahindra Mahindra, the plant said. Ceilings have been discontinued. The document details the reason for the closure, stating, “Maruti Suzuki’s ‘Gypsy’ model business has been terminated due to the demerger of the company’s seating business.” Further, the document adds that Mahindra’s manufacturing and supply facilities are being shifted to the Nashik plant in Maharashtra. The Greater Noida plant, which has an operating profit of around Rs 1.66 billion in 2020-21, is expected to be shut down on April 30 plan...
JoyceStephen
55
May 31, 2024
India is sufficiently prepared for a second wave, no reason to panic, says Endurance Technologies’ COO, Ramesh Gehaney
Endurance Technologies Ramesh Gehaney discusses the COVID-19 pandemic, the resulting embargo, and the business impact of the virus making a comeback a year later with The Economic Times Today. ET Now: How do you think the second wave of the pandemic will affect teaming companies like yours? Ramesh Gehaney: The impact of the second wave of the epidemic won’t be immediate, but if cases continue to rise and restrictions are tightened, there will be a ripple effect with economic consequences. But so far, everyone is trying to take precautions, so we should be fine. For now, there are no changes to the supply model, the dispatch model, or the consumption model. ET Now: Do OEMs need to increase supply? Or increase inventory? Any panic calls? Ramesh Gehaney: I am not embarrassed yet. However, the OEMs, especially those sourcing from Maharashtra, are obviously keeping a vigil. They are operating carefully to ensure adequate secondary and tertiary stocks. We are confident that...
OliverMichael
48
May 31, 2024
Sona Comstar commissions new manufacturing plant at Manesar
Getty Images Representational Photos Automotive component maker Sona BLW Precision Forgings (Sona Comstar) on Tuesday, he said, has commenced operations at its new manufacturing plant in Manesar, Haryana. The five-acre plant will manufacture differential components and electric drive modules for the company’s global customers. The plant is expected to create direct employment for 720 skilled workers. The company has earmarked Rs 377 crore for the plant. Part of the investment has been completed in the first phase and the rest will be completed in the coming years. “The plant is being built with a focus on manufacturing differential components for electric vehicle customers. We have adopted cutting-edge technologies and techniques at the plant to meet the stringent quality requirements of our customers.” He said in a statement. The company filed a document last month. It will make an initial public offering. (IPO) to raise 600 billion won. As stated in ...
CyrilSenior
49
May 31, 2024
Auto components sector set for a rebound
Next, auto parts industry sales are expected to rebound around 21-23%. On the financial front, domestic demand and export demand are expected to recover after two consecutive contractions. Operating profit will also increase as margins improve. CRISIL ratings are expressed in %. An analysis of 230 companies shows that the credit profile of auto component manufacturers will account for 40% of industry revenues in the next fiscal through prudent capex and working capital management. This value 32 About 60% of the industry is billion rupees Revenues come from automotive original equipment manufacturers (OEMs) and the remaining revenues are equally distributed among OEMs (original equipment manufacturers). Substitute demand and exports. Gandhi, Research Director, HetalilCRIL said, “Continued rebound in economic activity will drive a strong recovery for automakers in the next fiscal. Improved vehicle utilization and financing will also boost demand for commercial vehicles. ...
DevinMacPherson
45
May 31, 2024
Essential for Bureau of Indian Standards to supervise manufacture, sale of helmets: Delhi High Court
Delhi High Court Institutions (Data Chart) The Delhi High Court on Monday said the Bureau of Indian Standards on Monday said the (BIS) strictly monitors the manufacture and sale of helmets that have an impact on consumer safety. Justice Prathaba M Singh made the observations following a plea by an NGO. The NGO accused the BIS of failing to take any action on more than 14,000 complaints received so far in 2019. This highlights the alleged abuses in the manufacturing and sale of helmets. Various violations of the law. The NGO Utprit Consumer Foundation has alleged in a petition filed by advocate Tusharr A John that the manufacture and sale of BIS head gear is not properly monitored and supervised. After hearing brief arguments on the matter, Justice Singh said : “In view of the threat to consumer safety, it is very important that the manufacture and sale of helmets is strictly monitored and supervised.” The court directed the BIS to look into the complaint filed ...
BorgElinor
57
May 31, 2024
Smaller auto component suppliers bore a larger impact from pandemic: Report
This report is based on 12 one-month public company tracking data for the year ending September 30, 2020 as a base year. Large bus and auto parts companies are shifting the financial burden of the outbreak embargo to smaller suppliers by delaying payments. A new report says it has improved its cash cycle and met short-term liquidity needs. While the average number of days large companies held inventory and received payments increased from last year’s 12 this month ending September 30, the number of days they paid their partners increased. This effectively shortens the cash conversion cycle, which is the time it takes to convert an inventory investment into cash flow from sales. The report is based on 12 listed companies tracking data as of September 30, 20200 published by consulting firm Ernst & Young. The average number of days past due for large automotive companies increased from 61 to 76 days, the report said. Even with the impact of unsold inventory, the cash ...
EricDaniell
54
May 31, 2024
ZF India to bear COVID vaccine cost for employees, family members
German auto parts giant ZF (ZF) on Tuesday said it will cover the cost of the COVID-19 vaccine for its employees and their families in India. ZF India, which is part of ZF Friedrichshafen AG, has offices in Pune, Hyderabad and Coimbatore and employs more than 30,000 people. The company also said in a press release that ZF hopes to learn positive lessons and experiences from the outbreak and expand mixed work arrangements for its employees. “ZF will bear the cost of COVID-19 vaccination for all employees and their dependents (including parents) operating in India. ZF India will also support contractual and logistic staff through this initiative. The vaccination campaign is to overcome the coronavirus crisis and provide an opportunity for employees to get vaccinated, said ZF, adding that the campaign is to ensure the well-being of employees. HR India said, “The vaccination campaign is in line with our global safety policy and is aimed at protecting employees and t...
EvelynRaymond
59
May 31, 2024
Minda Industries looks to outgrow peers by improving content per vehicle
In addition, the proportion of overseas business conducted through Minda is expected to increase further from the current 16%. Auto parts maker Minda Industries is betting on winning new business by entering new product lines, signing agreements for future models and adding content to each vehicle. The top management said. The company also specializes in electric vehicles (EVs) various sensors, controllers and other products involving electrical systems. Chairman, Nirminda Group “Unlike companies that manufacture engine components, Flagship Products’ existing product lines of switches, lighting, wheels, and audio products are protected from the transition to EVs.” The company also said it wants a quarter of its revenue to come from overseas operations, up from 16% currently. Minda Industries Chief Financial Officer (CFO) Sunil Bohra said that Minda Industries is benefiting from the growing consumer preference for premium products in the automobile market...
SaraHodge
74
May 31, 2024
Working closely with SIAM to enhance localisation in auto component sector: ACMA
To enhance localization, the auto component industry is working closely with SIAM. ACMA Chairman Deepak Jain on Thursday said the industry needs to upgrade its product range to be cost competitive globally. The program will also help the industry reduce imports of substandard parts, he said while addressing the two-day ACMA Automechanika at the first industry event. Chairman Jain said, “Close collaboration between the Automotive Component Manufacturers Association (ACMA) and the Society of Indian Automobile Manufacturers (SIAM) to enhance deep localization in the auto component industry will further enhance our price competitiveness in the global market.” This will not only help in increasing exports but also curb imports of counterfeit and substandard components. This is the reason for better prices, he added. Jain said that the recently announced PLI scheme is aimed at improving the export competitiveness of the industry by providing incentives to it. He add...
AudreyKennan
55
May 31, 2024
Steel Strips Wheels wins orders worth Rs 54 cr from US, Europe
The SSWL agency expects to execute the factory orders in 20217 Chennai and Dappar completed at the beginning of the month. Steell auto parts maker Strips Wheels Ltd (SSWL) on Monday said it has received orders worth around Rs 540 crore from the US and Europe. SSWL According to a regulatory filing, the company has received more than 525,000 export orders per wheel from the US and European caravan trailer market, US mobile home and US truck trailer market. Adding that the size of the new orders is more than $7.25 million (about Rs. 54 USD crores). The company said that SSWL will complete the order in 20217 The orders for Chennai and Dhapa plants were completed earlier this month. The company added, “With the rapid recovery of the business, orders for similar capacity have been placed and a similar customer base is expected in the coming months.”
ShirleyAnthony
56
May 31, 2024
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