Car wholesales set to hit 42 lakh in a fiscal year

Car wholesales remained strong in February as the industry races to a record 42-lakh-plus mark for first time in a financial year in 2023-24. All top players, including Maruti Suzuki, Tata Motors and Mahindra & Mahindra, despatched healthy numbers to retail outlets as industry inventory remains at moderate level of around a month of sales. … Read more

Bajaj Auto announces buyback at steep premium

Key points related to the buyback are – 4,00,000 equity shares, representing 1.41% of the total shares would be bought back at Rs 10,000/ share i.e, Rs 4,000 crore of total consideration (excluding the associated costs and fees). Company may later decide to increase the buyback price without increasing the total consideration amount of Rs … Read more

Blackstone completely exits out of Sona. Made enviable returns.

Funds affiliated with Blackstone were classified as promoters and held 20.50% in the Sona Comstar before this transaction. Blackstone has now sold off this final balance 20.5% @ Rs 410/ share aggregating to Rs 4,917 cr through open market bulk deals Buyers included Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds and Insurance. companies. … Read more

Minda acquires significant stake in Pricol. Sparks hostile takeover buzz.

Minda Corporation has acquired 15.70% stake in Pricol through open market transactions. Shares have been acquired @ Rs 209/ share, similar to the current prevailing price. The amount spent on acquisition is Rs 400 cr Did Pricol promoters also sold any shares? Promoters held 36.53% stake in Pricol as at December 31, 2022. Of the … Read more

Tesla Cuts Prices In US, Europe To Boost Demand

Tesla Inc. has reduced its electric vehicle prices in the United States and Europe, aiming to boost demand, Reuters reported. The move comes nearly one week after the luxury electric major slashed prices at its biggest international market in China. Following the news, Tesla shares were losing more than 4 percent in Frankfurt as well … Read more

Maruti targets to regain old glory

Maruti has set two targets for itself – Become No. 1 in SUV by FY 24 Which would help it regain it’s 50% market share (as was the case earlier) Over the years, Maruti has lost some ground to the competitors. It was controlling almost half (50%) of the Indian passenger vehicles (cars) sales for … Read more

Sona takes a significant stake in a ADAS start-up

Sona BLW Precision Forgings Ltd. (Sona Comstar) has signed an agreement to acquire 54% equity stake in NOVELIC, a Serbian Company founded in 2012. NOVELIC is primarily into providing sensor based solutions for smart vehicles. Sona’s immediate objective is to use it’s own existing client relationships to ramp up NOVELIC’s ADAS (Advanced Driver Assistance Systems) … Read more