Parts are concentrated in commercial vehicle companies and companies already in business report that recent large debt-financed expansions will be more vulnerable than diversified expansions. MUMBAI: Sales in the auto parts industry may fall 16% this fiscal due to supply chain disruptions caused by the COVID-19, epidemic and weak demand for cars in India and abroad, a supplier said. Report. Crisil Ratings, in a report on Tuesday, said the industry’s revenues would have declined by about 10 percent in the last fiscal, adding Rs 32 percent crore to the losses. Based on a growth forecast of 30000000000000 Home Crisil analyzed the auto component suppliers based on their ratings, which account for 40% of the industry’s revenue. Krisil Ratings “Because the COVID-19 pandemic has disrupted the supply chain, it has dealt a fundamental blow to the demand for automobiles in both domestic and international markets. The auto parts industry is expected to see a decline in sales of...

Mumbai: Auto component maker Talbross Automotive on Thursday, he said, has raised Rs 210 crore by selling land and buildings of its defunct Chennai plant. The funds will be used to reduce debt and strengthen the balance sheet. The Gurgaon-based company is involved in two-and three-wheelers, passenger cars, commercial vehicles, agricultural/off-road vehicles and industrial vehicles and has its own manufacturing facilities in Haryana, Uttarakhand and Maharashtra. “. The company has sold approximately 1.67 acres of land and buildings at Ambattur Industrial Park, Chennai (Tamil Nadu),” Talbros Automotive Components Ltd said in a regulatory filing. Total sales revenue was Rs 210 crore. The net proceeds after statutory liabilities will be utilized to reduce debt and strengthen the balance sheet of the company.” The manufacturing operations at the plant have been discontinued, the company said, adding that this will not affect the company’s operations. TACL its ...

(This article was originally published on October 20, 2014) The Narendra Modi government has finally taken the bold step of liberalizing diesel price controls and raising petrol prices to some extent. The move will revive the retail fuel market and end the gas crisis. However, the oil-based industry needs to be more aware that oil is the most volatile and controversial commodity in the world. Diesel deregulation is not a new reform. A decade ago, market forces were in full swing. New Real Industries, Essar Oil and Shell made a dazzling array of gasoline pumps that turned off the public sector, which was rapidly losing market share. Old, rusting state-owned gas stations have been transformed into modern retail outlets, complete with ATMs, modern car-wash facilities and even regular department stores. Subsequently, volatility in the oil market destroyed the market. As oil prices soared and inflation became a non-political issue, the government subsidized the sale of diesel by state-owne...

ET Online (This article was originally published on October 20, 2014.) NEW DELHI: ONGC, HPCL along with other state-run oil companies saw their shares rise by more than 8 percent on Monday after the Modi government hiked gas prices to $5.6 per unit from $4.2. This will significantly increase ONGC revenues and lift restrictions. This is on diesel fuel regulation. However, private exploration companies like Reliance Industries may be disappointed as the price of new gas will not apply to Reliance Industries’ KG-D6 production as expected as the company is in mediation with the government. ONGC shares rose 8.7% on the news, while Indian Oil Corp shares rose 5%. State-owned oil exploration companies like BPCL gained 7.2%, HPCL rose 8.7% to touch a 52-week high of Rs 534% and IOC rose 7.9%. Shares of companies including state-owned oil and gas firm IOC rose 6.1 percent to Rs 388, BPCL gained 6.7 percent to Rs 709.80 and HPCL rose 7.4 percent to Rs 528. Shares of Reliance Industries (RI...

Aurangabad-based Dhoot Transmission, a manufacturer of automotive electrical components, has agreed to acquire the entire stake of Scotland-based TFC Cables Assemblies for an undisclosed amount. This will be the third deal for the Indian company, helping it to expand its presence in Europe and gain share in the key automotive components market in Western Europe. The deal is expected to be first announced on Thursday. Mumbai-based investment bank Singhiii Advisors was the sole advisor. Established in 1999, Dhoot Transmission is one of the leading electrical equipment companies supplying products to the automotive and industrial sectors in India and Europe. Today, it is a multi-regional multinational company with 13 family operations in Pune, Aurangabad, Chennai, Manesar, Pithampur, UK and Slovakia. The company’s key customers include Volvo, Piaggio, Honda, Bajaj Auto, Royal Enfield, Suzuki and CNH, with revenues of Rs. 6 billion in FY 2017.