Berlin, March 23 : German engineering and technology giant Bosch has announced that it would end its solar business as it had failed to gain competitive position due to "global overcapacity."
Bosch said in a statement Friday that it had decided to cease the manufacture of crystalline photovoltaics products, such as ingots, wafer, cells, and modules at beginning of 2014, reported Xinhua.
Plans to construct a manufacturing facility in Malaysia would also be ended. Bosch will also sell its shares in Aleo Solar AG.
A union representing workers at Bosch, has started a tool down strike against the company management at the company’s plant in Bangalore.
The auto component maker has described the strike by the members of MICO Employee's Association (MEA) as illegal. The company said that the workers have gone on a strike from yesterday without any prior notice to the company. It also said that efforts are on-going to make sure that the issues are resolved at the earliest and normalcy is restores at the plant in the south Indian city.
Germany-based auto parts producer Bosch Group on Friday announced the appointment of Steffen Berns as managing director of Mumbai-listed Bosch Ltd as well as president of Bosch Group in India.
Mr. Berns will take over on January 1. He will replace V. K. Viswanathan, who will retire at the end of December, after heading the company's Indian operations for the last five years.
Mr. Berns, who is currently the head of the electronics business of the group's diesel arm, had previously served the group's India arm from 1996 to 1999.
It has been reported that Bosch, world’s largest producer of home appliances, is seeking permission from Indian authorities to establish a unit in Chennai. It is good news for the country as it will lead to increase in revenue however the final decision is yet to be taken by the concerned authorities.
Bangalore, June 2 : Global supplier of technology and services Bosch group Thursday announced a planned investment of Rs. 2,500 crore over the next two years to augment its production capacity, business portfolio diversification and research and development.
Angel Broking is bullish on Bosch and has maintained 'buy' rating on Bosch stock with a target of Rs 6753.
Today, the stock of the company opened at Rs 6,010.00 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 6,774.95 and a low of Rs 4,702.05 on BSE.
Current EPS & P/E ratio stood at 256.88 and 23.52 respectively.
The German automotive component manufacturer Bosch has recently reached an agreement with the workers of its Bangalore unit that were protesting against the company during past few weeks.
However, the company has reached an agreement to finalise a hike of Rs. 8,000 in place of the demanded Rs. 15,000 by the workers. But the auto component major has also agreed on the fact that the company will be paying its workers the revised salary with effect from January 2009.
The 58-year old subsidiary of the German component maker Robert Borsch, Bosch India has threatened a lock out even at its main plant after the workers at its Naganathpura production plant refused to come back on work.
The company has already lost an order from Maruti Suzuki and as the other orders from the auto majors like Hyundai, Ford and Tata are also expected to feel the heat of the lockout, the component maker is perhaps in no mood to stay quiet.
The tussle between the management and the workers of Bosch continued after the management threatened a lockout at the factory in Bangalore.
The component making unit is the main factory of the company.
If the management goes for a lockout, it will be the second in a row. The plant at Naganathapura was closed on March 9, after the agitating employees refused to come back to normalcy.
As much as 3,000 employees have gone on a go-slow strike. Another 1,000 employees have already stopped working for the past two days.
The announcement came as a shock to many when Bosch, one of the leading auto component manufacturers in the country and a subsidiary of Robert Bosch announced a lock-out at its Naganathpura production plant.
While the lock-out was declared keeping in mind the safety of employees, machinery and the other installations, the situation arise when there was a rift between an officer and a worker over wage revision.
While the year gone by wasn't that fruitful for the automotive industry especially the first half, but auto component maker Bosch India limited has been able to keep its top-line flying high.
As per the statement filed by the company, Bosch India posted a 4.6% growth in the sales figured which stood at Rs. 4 billion in 2009 while the PAT stood at Rs. 79 billion.
The company attributed the credit of the overwhelming results to the stimulus packages offered by the Government which helped it stay afloat in a not so conducive environment.
Bosch, a leading auto-component manufacturer has announced that its net profit has plunged by 14.31% during the quarter ended June 2009.
During the latest quarter, the net profit figure stood at Rs 1,882.70 million as compared to Rs 2,197.20 million for the quarter ended June 30, 2008.
Further, company's total income during the quarter under review has witnessed a dip of 1.82% which stood at Rs 13,113.30 million over the prior year period.
Stock of Bosch settled the day in green at Rs 3,554, up 2.45% on National Stock Exchange (NSE). The counter clocked a volume of 11,215 shares on NSE.