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India’s auto components industry grows 14% to about Rs 3 lakh crore
NEW DELHI: India’s auto component industry grew by 14.3% to reach sales of Rs 2.92 billion in the last fiscal on the back of strong growth in aftermarket sales. Latest data from the Automotive Component Manufacturers Association of India (ACMA) shows that the aftermarket grew by 25.6% in the last fiscal, with exports increasing to Rs. 5609.660 crore from Rs. 4,466,5609.660 crore in the previous fiscal. Exports in 2016-17 stood at 731, 2800 compared to 709, 1600 in the previous year, Rs. billion Rs. billion Rs. billion up 3.1%. Imports declined by 0.1% to Rs 90,662 crore in the previous fiscal as compared to Rs 90,571 crore in 2015-16. Rattan Kapur, Chairman, ACMA, said: “Automobile production remained unchanged despite the demonetization issue and uncertainty over the implementation of Goods and Services Tax (GST). Against this backdrop, the performance of the auto component sector has been disappointing. He said the aftermarket is the “silver lining̶...
AngeloRebecca
56
May 21, 2024
UAE-based German Mirror Lubricants and Greases in talks to set up lubricant oil blending plant in India
Headquartered in the United Arab Emirates, Spiegel Lubricants and Greases of Germany is exploring plans to set up a lubricant distribution plant in the United Arab Emirates. The company will distribute petroleum products through A N Corp, a company based in Mumbai R S Jhaveri Group partly specializes in importing steel. German Mirror Lubricants and Greases, A.N. Once the sales volume reaches a certain size i.e. more than 1, 500 liters per month, the company can convert the partnership into a manufacturing distribution joint venture. The company on Monday announced the launch of Mirrrrr Oils, which will cater to a wide range of industries from automotive to marine and industrial applications. Dr. Hussein Hindi, MD, Mirror Lubricants and Mohamedes, Germany, said that India is the world’s third largest market after China and the US, accounting for 6% of the global share and one of the two most promising markets. “We are evaluating the market scenario and aim to s...
SamField
73
May 21, 2024
How a reluctant lawyer developed a roaring Dealer business in Alwar
ET Cars Sanghi, Founder and Managing Director of JS Fourwheel Motors (P) Limited Nikunj, didn’t reluctantly enter the industry as a car dealer. Coincidentally, he is currently one of the top 10 dealers of Mahindra Mahindra owning 5-3S in Rajasthan Showroom and 1 3S factory of Hero MotoCorp. At a cost of Rs 25 JS crore Fourwheel Motors is striving to add 5-3SSS plants by 2020, taking its total number of dealerships to 11 homes and generating revenues of Rs 50 crore. The initial target was to achieve sales of Rs 50 billion by 2016 but unfortunately it did not materialize. NCR banned diesel vehicles for more than 10 years and the Supreme Court banned the registration of diesel vehicles above 2,000cc in the capital for eight months to curb pollution, affect sales and erode the company’s profits. As a result, profits have fallen by 40% in the last two years and sales have plummeted from 35% starting Rs billion. But now that these court orders have been dismissed, Sangh...
LillianFrances
69
May 21, 2024
Lumax taps opportunities in car, emission control products
A recovery in the aftermarket business, higher contribution from the passenger car segment and a range of emission control products could boost Lumax Auto Technologies along with revenue growth, the company supplies lighting, chassis and gearshifts to automakers. The company’s revenues declined sharply in the first quarter of the current fiscal due to reduction in aftermarket inventory and GST transition. high-margin aftermarket segments in 2017 fell to 14% in the June quarter of the year and 19% in the previous fiscal. However, channel inventories are gradually normalizing and have recorded nearly 30% YoY growth in the last 6-month quarter. Longer term, the company plans to expand its aftermarket coverage to 15,000 retail touch points over the next three years, starting at $10,000 today. The company with a current annual turnover of Rs. 2 billion aims to more than double its aftermarket sales business in the next three years. Margins in the aftermarket business are 18%...
MichelleMike
69
May 21, 2024
NCLT admits Sandeep Axles for insolvency
Mumbai: The National Company Court (NCLT) New Delhi has recognized Sandep Axles Pvt of Haryana for entering into insolvency proceedings due to failure of the auto component manufacturer to make payments to its suppliers. Operating creditor Regallll Metal Ferro Alloys has dragged the company to a special bankruptcy court over an unpaid bill of Rs 556.4 crore, reflecting the effectiveness of bankruptcy and insolvency laws, which is expected to help address the growing problem of defaults in the financial system. Judicial Commissioner Ina Malhotra “Considering the confessions and prepared confessions on behalf of the debtors of the company, there is no impediment to accepting the petition in accordance with the requirements of the law,” he said in his order Vishnu Dutt has been recognized as an expert in interim solutions. Vishnu Dutt has been appointed as Interim Resolution Specialist and is now responsible for the day to day operations of the company. Regal Metal...
WinniHarold
64
May 21, 2024
Amara Raja Batteries aims to be Rs 10,000-cr firm in 3 yrs
Amaraja Batteries Limited (ARBL) is targeting to become a physical asset rupee company in the next two to three years, a senior official said, adding that the Hyderabad-based company has seen strong double-digit growth in the automotive sector. This will be Rs 10,000 crore. ARBL looks forward to the contribution of the automobile industry. SSSARBL Vijayanand, CEO, SARBL, said that with the growth in the automotive segment, about two-thirds of the total revenue will come from the industrial sector in the next two to three years. The company also sees potential in the following areas: with the growth of green energy, the solar industry needs clean batteries to store energy. ARBL’s revenue for 2016-17 was Rs. 5,981.39 crores. Asked if ARBL will achieve Rs 100 crore revenue when it comes to ARBL, Vijayanand said: “We are in two different industries so it depends a lot on the growth pattern of each industry but if we have our own way and what we can achieve, we ...
ErnestSusanna
64
May 21, 2024
Blaupunkt eyes 10 per cent revenues from online this year
Mumbai:German auto parts maker Blaupunkt is considering a 10% stake acquisition this year as the company generates revenue online and has a wide range of products suitable for the retail channel. “Currently, (online) accounts for 6-7% of sales, and we expect it to account for about 10% of financial profits. We have also launched some DIYYY products this year and we have seen a good performance online since the start of the year. “We have a wide range of products available offline,” Managing Director Pankaj Jagwani told PTI. “This difference allows us to sell very aggressively online without affecting the margins of distributors and retailers. Depending on the product and features, the price difference is around 8 to 10 percent,” he added. Last year’s sales of Rs 75 crore are expected to grow by 20% to Rs 90 crore this year. /p “Like in small towns, the growth is mainly indoors. People are buying more compact cars, often without factor...
AntonyChurch
61
May 21, 2024
Blaupunkt slashes prices up to 9% on GST cut
Multinational automotive infotainment provider Blaupunkt has reduced the prices of some of its models, lowering the tax rate on goods and services from 28% to 18% on products costing up to 9%. The discounted products include car radios, combo speakers, amplifiers and subwoofers. Blaupunkt In a statement, the company decided to start from 111 Month 15 The MRP of some products will be reduced by up to 9% from the day of production, revising the GST rate on 200% of various goods, including daily necessities. Earlier, the GST rate on these products was 28% but now it has been reduced to 18%. “We welcome the decision of the GST Council to reduce GST to 18% (about 200) (about 200) plantation commodities) starting from 28%. We hope that by reducing prices, we will be able to fulfill our commitment to deliver innovation to our customers. Blaupunkt India Pankajajaja Jagwani said in a press release. The price adjustment applies to certain products such as single DIN radios...
CandiceDalton
70
May 21, 2024
Tesla’s new truck could hit Bharat Forge in long term: Analysts
MUMBAI: Tesla’s new electric semi-trailer truck could top the charts, analysts say, which could favor Indian auto parts maker Bala Forge’s line in the long run. After more than a decade of cars and SUVs, On the manufacturing side, Tesla unveiled a new electric semi-truck over the weekend. Tesla’s CEO said it can travel 804 kilometers on a single charge, even with a payload of 36,000 kilograms. The cost is lower than a diesel semi-trailer, taking into account factors such as fuel savings and reduced maintenance. The electric truck is expected to begin production in 2019 Annually. Truck component sales account for about 44% of Bharat Forge’s revenues, of which 57% is exported to major North American markets. According to one of the world’s leading securities firms, half of the industry’s revenue comes from crankshafts that are not needed for electric trucks. If the global truck fleet is electrified, more than 20% of the industry’s revenu...
IngramJoule
65
May 21, 2024
Schaeffler to invest Rs 200 cr to set up new unit in Pune
NEW DELHI: Schaeffler, a supplier of industrial and automotive components, today announced an investment of Rs. 2 billion to set up a manufacturing facility and a new R&D unit at Talegaon, Pune. The company INA Bearings Pvt Ltd new manufacturing plant will produce engines and transmissions. The R&D organization will focus on strengthening product development and engineering capabilities for customer innovation, the company said in a statement. Commenting on the development, Dharmesh Arora, CEO, Schaeffler India, said: “In the short and medium term, we see great opportunities in India as the economy grows and the mobile environment for technology suppliers like Schaeffler evolves.” He added that the new plant will help the company increase its production capacity and strengthen its product portfolio to meet the future needs of its customers. “This investment is part of a larger strategic growth plan we have previously launched for India called Ind...
KyleEdison
70
May 21, 2024
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