Auto Sector

M&M inks MoU with SBBJ for vehicle finance

M&M inks MoU with SBBJ for vehicle financeMahindra & Mahindra Ltd. (M&M), a market leader in the Utility Vehicle segment, has signed a MoU with the State Bank of Bikaner and Jaipur (SBBJ) for financing of vehicles.

Under the arrangement, customers can avail of a loan up to 85% of the on road price of the vehicle, with tenure of up to 7 years. In addition, they can also avail low interest rates amounting to 12% for passenger vehicles and 11.75% for commercial vehicles.  

M&M’s Automotive Sector makes a wide range of vehicles including MUVs, LCVs and three wheelers.

Report: Chrysler and creditors reach last-minute deal

Report: Chrysler and creditors reach last-minute deal Washington - Chrysler LLC reportedly reached a deal Tuesday with its creditors to write off nearly 7 billion dollars in debt, just days before a government ultimatum for the ailing US carmaker to restructure or face bankruptcy. In a deal brokered by the Treasury Department, bank representatives have agreed to forgo 6.9 billion dollars in debt in exchange for 2 billion dollars in cash, Bloomberg News reported, citing unnamed government officials.

Opel prospect Magna presents 'interesting' concept

Opel prospect Magna presents 'interesting' conceptBerlin - The Canadian-Austrian car parts supplier Magna presented the German government Tuesday with the outline for an Opel bailout proposal. German Economics Minister Karl-Theodor zu Guttenberg said Magna had laid out an "initial interesting rough concept," at a face-to face meeting in Berlin.

The next step was to underpin the draft with clear facts and figures, the economics minister added.

Honda's net profit dives 77.2 per cent for fiscal 2008

Honda Motor CorporationTokyo - Honda Motor Co reported Tuesday its net profit plunged 77.2 per cent in fiscal 2008 that ended March 31, to 137 billion yen (1.4 billion dollars) as it suffered from the yen's surge and a sales decline caused by the global economic downturn. Japan's second-largest automaker saw operating profit nosedive 80.1 per cent to 189.6 billion yen because of sales declines, increased raw material costs and a stronger yen, the company said.

Sales for the year dropped 16.6 per cent to 10.01 trillion yen from the previous fiscal year.

Exide Industries registers 36% jump in its Q4 net profit

Exide Industries registers 36% jump in its Q4 net profit Exide Industries Ltd, one of the world's largest producers and recyclers of lead-acid batteries, has registered 36% jump in its net profit for the fourth quarter ended March 31, 2009.

The company posted net profit after tax of Rs 68.20 crore against Rs 62.82 crore in the same quarter ended March, 2008.

However, the total operating income of the company during the quarter, stood at Rs 801.13 crore against Rs 796.36 crore over the same period last fiscal.

SKF to pump Rs 150 crore on the setup of new facility

SKF to pump Rs 150 crore on the setup of new facility World number one bearings maker SKF plans to invest Rs 150 crore in a new ball bearings manufacturing plant at Haridwar, located in the northern state of Uttarakhand.

The proposed plant at Haridwar would be company's fifth unit in the country, which will supply products to companies like Hero Honda, Bajaj Auto, Tata Motors, Ashok Leyland and Mahindra & Mahindra.

In addition, the facility will also supply ball-bearings to Tata Motors for its Pantnagar plant and Bajaj Auto for its Rudrapur facility at a later stage.