New Delhi sources have stated that senior officials of General Motors, from Detroit and regional office in Singapore are here in India to finalize the India action plan. These officials reached on Tuesday and since then they have been deliberating on the situation and options for the company. The American car maker is likely to announce the next course of action for GM in India.
New Delhi sources have stated that Indian two-wheeler manufacturer TVS Motor Company's revenue grew by 9.6% to Rs 13363 crore in FY 2016-17 the company informed in a BSE filing.
TVS Motor Company sold a total of 29.27 lakh of its two-wheelers (Motorcycles, Scooters and Mopeds) in FY 2016-17. Total revenue for the year recorded a growth of 9.6% increased from Rs.12194.77 crores in the year ended March 2016 to Rs.13363.43 crores for the year ended March 2017.
Sources have stated that Indian automotive designing firm Tata Technologies has acquired Gothenburg based Escenda Engineering to significantly enhance the company’s scale and service offering in Sweden and across Europe, informed the company in an official statement and when following the acquisition, Escenda Engineering is to be established as a 100% subsidiary of Tata Technologies Europe.
According to sources 28 year old Rohtas Ahlawat, like millions of other two-wheeler riders in India, the choice of helmet is always dictated by its price. It doesn’t matter that his last helmet, also a cheap one, broke into many pieces when he met with an accident in December. “The helmet has to be cheap and in fact, cheaper than traffic challans.
Sources have stated that the latest vehicles crash tested by European New Car Assessment Program or Euro NCAP includes new products like Skoda Kodiaq SUV, New generation Suzuki Swift, new Nissan Micra and Mini Countryman. Most of these cars faired well and the crash test results are not disappointing.
New Delhi sources have stated that the National Green Tribunal (NGT) has allowed registration of diesel ambulances of the premier medical institute AIIMS which conform to BS-IV emission norms. Meanwhile a bench headed by acting Chairperson Justice U D Salvi granted the relief to the applicant after it assured the tribunal that it does not possess vehicles which were more than 10 years old.
Tata Motors Limited
Formerly known as ‘Tata Engineering and Locomotive Company (TELCO), Tata Motors is one of the leading Indian car companies. Headquarters is in Mumbai and manufacturing plants in Pune, Dharwad, Sanand, Lucknow, Pantnagar, and Jamshedpur.
New Delhi sources have stated that in order to promote local manufacturing, Finance Minister Arun Jaitley had announced an increase in basic customs duty by 5-7.5% on cars, bikes and SUVs, which are imported as completely knocked down (CKD) units as an effect to this announcement, luxury cars will get dearer by Rs 1.25-5 lakh, and this will jolt the demand of luxury cars.
According to sources Maruti Suzuki India presently anticipates easing of waiting period pressure on its popular models as it is slated to receive 2.5 lakh units in 2018-19 from parent Suzuki's Gujarat plant. Meanwhile a senior company official said in the ongoing fiscal ending March 31, the company will get 1.5 lakh units from the Gujarat plant, from where the popular premium hatchback Baleno is being rolled out.
New Delhi sources have stated that Indian arm of Japanese car maker Honda Cars India is gunning to up its component exports from India to overseas markets. It is targeting parts exports to the tune of Rs 1500 crore in the current financial year (2017-18) up 31.57% from Rs 1140 crore posted in FY17.
New Delhi sources have reported that after posting a record year in 2017, Luxury car maker in India expects the Modi-led government to incentive hybrids and plug-in hybrids as they view it as a strong stepping stone for 2030 full electric ambition. While they feel a lower Goods & Service Tax (GST) and upper cap on income tax will help create demand for their cars.
Pune sources have stated that the country's largest car maker Maruti Suzuki India plans to introduce around four new products in the next 12 to 18 months to build further on five years of successive double digit sales growth.
Meanwhile the company expects to close the ongoing fiscal with double digit sales growth.
Panaji sources have reported that Union Steel Minister Chaudhary Birender Singh said that setting up auto-shredding plants will not only help India save foreign exchange but also preserve its natural resources like iron ore for posterity. He said "It will reduce the dependence on present annual import of scrap of 5-6 million tonnes of shredded scrap in the country. Consequently, foreign exchange outgo will also be reduced.
New Delhi sources have reported that the three newly established foreign car makers namely Puegeot, M G Motor India and Kia Motor India have beefed up appointments at the key roles. According to sources Saurbh Vatsa, a General Motors veteran has recently joined the Indian unit of Peugeot as head of marketing.
According to sources the Revenue Department had clarified that sale of old jewelry as well as old vehicles by individuals will not attract any GST as the sale is not for furthering any business. Meanwhile when clarifying on Revenue Secretary Hasmukh Adhia's comments yesterday stating that it was informed at GST Master Class that "purchase of old gold jewelery by a jeweler from a consumer will be subject to GST at the rate of 3% under reverse charge mechanism in terms of the provisions contained