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<ul><li>The hospitality sector saw 23 <keyword id="142429" type="General" weightage="20" keywordseo="credit-rating" source="Orion">credit rating</keyword> upgrades, with no downgrades at all in FY24, says ICRA.</li><li>Auto, financial sector, power, realty and transport infrastructure also saw several upgrades.</li><li>Agriculture, chemicals, construction and apparel sectors saw the most downgrades. </li></ul> The fiscal year of FY24 continued the ‘upgrade momentum’ that was set into motion in FY22, said the credit rating agency ICRA. Two entities had been upgraded for every entity downgraded during the year, the rating agency said in a report released on Monday. The biggest winner for the year is the hospitality sector — with 23 upgrades and an upgrade rate of 37%. And, there were no downgrades at all. ICRA maintains a positive outlook on the Hospitality sector for FY2025 as well. The other sectors which saw the most number of upgrades include auto and auto components, finance, power, realty and transport infrastructure. On the other hand, sectors which saw the most number of downgrades are — agricultural food and other products, chemicals and petrochemicals, construction, textiles and apparel. Company-specific factors While entities in aviation, hospitality, auto &amp; auto components, and banks gained from the industry tailwinds in FY24 – that’s not the only factor behind most upgrades. “A large majority of rating upgrades were driven by company-specific factors such as expansion in market share or order book, improvement in the cost structure, reduction in project risk, or fresh equity infusion that strengthened the balance sheet,” says K Ravichandran, chief rating officer at ICRA said. Overall, credit profiles continued to improve last year. The number of instances of defaults dipped to five in FY24, compared with 22 in FY23 and 42 in FY22. “Corporate India has shown a high resilience to withstanding the rise in borrowing costs over the past two years and is seen to have the capacity to bear the current level of interest rates before the rate cut cycle likely begins in the latter part of the year,” said Ravichandran. Banks &amp; NBFC asset profiles at decadal best The financial sector has also been one of the best-performing sectors for the year in terms of credit profile. It saw an upgrade rate of 13%, next only to auto. Its downgrade ratio is also low at 2%. “The asset quality of banks and NBFCs has also been at its decadal best with the profitability and the capitalisation indicators expected to remain healthy in the near term. The series of proactive actions taken by the regulators (RBI and SEBI) in recent years would work to further strengthen the financial system and the capital markets,” opines Ravichandran. He, however, added that the key downside factors that could derail progress in multiple sectors are the monsoons and complicated geopolitical landscape. Two wars, the Red Sea crisis and sluggish exports had been weighing on India in FY24. “Yet, these did not feel heavier as domestic consumption demand across several sectors, government spending on public infrastructure, and healthy balance sheets lent support to the credit profiles of entities,” says ICRA. In FY25, the rating agency expects India’s GDP to expand by 6.5%, with the average retail inflation estimated to be moderate at 4.6%.

Two entities upgraded for every downgrade in FY24, hospitality sector records 23 upgrades: ICRA

The <keyword id="20143656" type="General" weightage="20" keywordseo="turnover" source="keywords">turnover</keyword> of India's automotive component industry registered a <keyword id="19910261" type="General" weightage="20" keywordseo="growth" source="keywords">growth</keyword> of 9.8 per cent in the financial year 2023-24, according to the Automotive Component Manufacturers Association of India (<keyword id="20475655" type="General" weightage="20" keywordseo="ACMA" source="keywords">ACMA</keyword>). The turnover stood at Rs 6.14 lakh crore (USD 74.1 billion) during the year, said the ACMA, the body representing India's auto component manufacturing industry, in its review for the fiscal year 2023-24, as per a release. <keyword id="20373789" type="General" weightage="20" keywordseo="shradha-suri-marwah" source="keywords">Shradha Suri Marwah</keyword>, President, ACMA, and CMD, Subros, said that apart from an increase in <keyword id="21825714" type="General" weightage="20" keywordseo="vehicle-production" source="keywords">vehicle production</keyword>, higher value addition from the component sector has led to growth in the auto components sector. "On the front of trade, whilst overall merchandise <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> from India witnessed degrowth in FY24, auto component exports have grown despite geopolitical challenges and an increase in logistics costs," Marwah said. Elaborating on the mood of the industry and outlook for the near future, Marwah mentioned, steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in 2023-24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in <keyword id="20051501" type="General" weightage="20" keywordseo="vehicle-sales" source="keywords">vehicle sales</keyword>, especially in passenger vehicles and commercial vehicles, given the high base, due to inclement weather conditions and elections. "With strong macro-economic indicators, conducive government policies, and over 7 per cent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in 2024-25," Marwah added in the release. Following are some of the key findings of the ACMA Annual Industry Performance Review: Auto component sales to Original Equipment Manufacturers (OEMs) in the domestic market were at Rs 5.18 lakh crore (USD 62.4 billion), growing 8.9 per cent compared to the previous year. Consumption of increased value-added components, a thrust on localisation, and a shift in market preference towards larger and more powerful vehicles contributed to the increased turnover of the auto-components sector. Exports of auto components witnessed growth of 5.5 per cent to Rs USD 21.2 billion in 2023-24 in contrast to USD 20.1 billion in 2022-23. North America accounted for 32 per cent of exports. Europe accounted for another 33 per cent and Asia for 24 per cent, respectively. Exports to Europe grew by 12 per cent while to Asia remained flat. The key export items included drive transmission and steering, engine components, body and chassis, suspension and braking systems. Component imports grew by 3.0 per cent in 2023-24 to USD 20.9 billion from USD 20.3 billion in 2022-23. Further, increased vehicle movement and a surge in demand for used vehicles led to buoyancy in the aftermarket across all segments. The turnover of the aftermarket in 2023-24 stood at Rs 93,886 crore (USD 11.3 billion) compared to Rs 85,333 crore (USD 10.6 billion) in the previous year. The aftermarket, with an increase in e-commerce, is witnessing enhanced penetration, especially in the hinterland, and a gradual evolution into the organised sector. (ANI)

Indian auto component industry turnover grows 9.8% in 2023-24; outlook positive: ACMA review

The domestic <keyword id="17386539" type="General" weightage="20" keywordseo="commercial-vehicle-industry-volumes" source="Orion">commercial vehicle industry volumes</keyword> are expected to grow by 7-10 per cent in FY2024, supported by replacement demand, pick-up in mining, infrastructure construction activities and overall healthy fleet utilisation levels, rating firm Icra said on Thursday. This is despite the 5 per cent year-on-year and 41 per cent sequential contraction in volumes in April 2023, it noted. The growth in FY2024 would follow a year of healthy demand in FY2023, wherein the industry volumes expanded by more than 33 per cent, supported by a favourable base, as well as a healthy pick-up in macroeconomic activity, Icra said. The scrappage policy, which was announced in March 2021, has been implemented from April 1, 2023, and is likely to contribute to the growth of new commercial vehicle sales, it added. "The major impact of the scrappage policy is expected in the CV (Commercial Vehicle) segment, especially passenger carriers, as the usage of other vehicles such as two-wheelers, passenger vehicles, etc. beyond 15 years would be limited," Icra Corporate Ratings Vice President &amp; Co Group Head Kinjal Shah stated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-hit-a-4-month-low-in-april-amfi/articleshow/100162128.cms">Inflows into equity mutual funds hit a 4-month low in April: AMFI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sajjan-jindal-led-jsw-infra-would-be-the-third-group-company-to-go-public/slidelist/100156198.cms">JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public</a>

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

Mumbai (Maharashtra) [India], July 31 (ANI): The <keyword id="417639" type="General" weightage="20" keywordseo="automotive-sector" source="Orion">automotive sector</keyword> is poised for a robust performance in July 2024, driven by an expected double-digit year-on-year (y/y) growth in two-wheeler (2W) <keyword id="21974415" type="General" weightage="20" keywordseo="wholesale-volumes" source="keywords">wholesale volumes</keyword>, according to a recent report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword>. The surge is attributed to solid retail demand, estimated at approximately 15 per cent y/y, strategic inventory build-up, and a favourable base effect. Excluding Honda, the growth remains robust at around 14 per cent. Additionally, <keyword id="20163833" type="General" weightage="20" keywordseo="passenger-vehicle" source="keywords">passenger vehicle</keyword> (PV) volumes are likely to have increased, supported by improved retail activity and inventory accumulation. Meanwhile, sales of <keyword id="20023450" type="General" weightage="20" keywordseo="commercial-vehicles" source="keywords">commercial vehicles</keyword> (CVs) and tractors are expected to remain broadly flat. Overall, the outlook for the <keyword id="19979339" type="General" weightage="100" keywordseo="auto-sector" source="keywords">auto sector</keyword> remains positive. In the passenger vehicle (PV) segment, volumes are also expected to see an uptick, largely due to better retail performance and inventory accumulation. The report predicts a slight growth of around 3 per cent y/y for PV volumes. On the commercial vehicles (CV) front, the outlook is more mixed. The report forecasts that overall CV volumes will remain relatively flat, with a small drop of approximately 3 per cent y/y, primarily due to lower light commercial vehicle (LCV) volumes. However, there are bright spots within the segment. Volumes for VECV's CVs are expected to have risen by 15 per cent, and the medium and heavy commercial vehicle (M&amp;H CV) growth forecast has been revised upwards to high single digits from mid-single digits, driven by robust demand for buses and ongoing replacement demand. The M&amp;H CV segment is further bolstered by increased infrastructure and economic activity, as well as a favourable comparison base from Q1 and Q4 of FY24.

Auto sector poised for robust growth in July 2024 with double-digit surge in two-wheeler sales: Anand Rathi report

<ul><li>There is a consensus amongst analysts that FY24 would ring in high single-digit growth for the Indian automobile as well as auto component sectors despite export headwinds. </li><li>CareEdge expects two-wheeler and three-wheeler sales volumes to cross pre-pandemic levels in the next financial year. </li><li>Price hikes due to BS6 Phase 2 norms and inflationary pressures, El Niño and its impact on the rural sentiments will be amongst the key factors to watch out for in FY24. </li></ul>The Indian auto industry is expected to register sales volume growth of 7-9% in FY24, building on the robust momentum of FY23, according to a report by CareEdge. Passenger vehicle (PV) and commercial vehicle (CV) segments are both expected to drive growth in the next financial year, with the latter especially benefiting from the government’s thrust on capital expenditure. Despite a challenging global environment in FY23, Indian auto companies made the most of the first disruption-free year after the Covid-19 pandemic. Overall, domestic sales rose 21% year-on-year in the 11 months of FY23 when compared to the same period in FY22. Urban demand, festive sales and pre-buying due to the BS6 Phase 2 transition helped boost the overall volumes – once again driven by passenger vehicles and commercial vehicles – despite supply chain challenges and a semiconductor chip shortage, according to the research firm. Exports, however, registered a decline of 14% in the 11 months of FY23, largely on account of weakness in foreign markets. <cmsannotation type="cmsannotation" annotationid="Analysts expect high single-digit growth in FY24" comment="subhead" text="Analysts expect high single-digit growth in FY24">Analysts expect high single-digit growth in FY24</cmsannotation> There is a consensus amongst analysts that FY24 would ring in high single-digit growth for the Indian automobile as well as auto component sectors despite export headwinds. “The growth momentum is expected to continue after the robust demand seen in FY23, supported by favourable demand sentiments and various government initiatives for rural and urban development,” said Tanvi Shah, director, CareEdge. According to a report by ratings agency ICRA, the auto components industry is also expected to witness 5% to 8% growth in revenue in FY24, primarily due to strong demand from the domestic market. “Over the long term, opportunities in the electric vehicle market, premiumisation of vehicles, a focus on localisation, improved export potential, and changes in regulatory norms will result in healthy growth for auto component suppliers,” ICRA said. The ratings agency underlined that the rise in mobility due to the reopening of schools and offices, improved freight movement and purchases being pushed back due to elevated inflation should boost sales in FY24. “We believe, in the coming months, with a favourable base for both PVs and 2-wheelers till H1 FY24, maintaining current retail volume levels would help both the segments deliver 10%+ growth in FY24E,” said a report by ICICI Securities. <cmsannotation type="cmsannotation" annotationid="2W and 3W sales expected to rise to pre-pandemic levels" comment="subhead" text="2W and 3W sales expected to rise to pre-pandemic levels">2W and 3W sales expected to rise to pre-pandemic levels</cmsannotation> Sales in the two-wheeler (2W) segment have stagnated in the past three months due to factors like continued price hikes, hot inflation and weakness in rural demand. <keyword id="6359783" type="General" weightage="80" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword>, which depends heavily on exports, also bore the brunt of weakness in key foreign markets like Nigeria. Its exports declined to 45% of its total sales in February 2023, from 52% in January 2022. While the threat of El Niño still looms large and could play spoilsport for two-wheeler sales by affecting crop output and hence incomes in rural areas –traditionally a large market for 2Ws, analysts at CareEdge remain optimistic about not just 2Ws but also three-wheeler sales going into FY24. The ratings agency expects sales volumes in these two segments to cross pre-pandemic levels in the next financial year. <cmsannotation type="cmsannotation" annotationid="What to watch for in FY24 – steep price hikes, El Niño and rural sentiments" comment="subhead" text="What to watch for in FY24 – steep price hikes, El Niño and rural sentiments">What to watch for in FY24 – steep price hikes, El Niño and rural sentiments</cmsannotation> Analysts also underlined factors which could have a significant impact on the auto industry’s performance in the upcoming financial year, ranging from price hikes to weather. The implementation of BS6 Phase 2 norms from April 1, 2023 is expected to drive steep price hikes – leading automakers like <keyword id="42747" type="General" weightage="50" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, Hero MotoCorp,<a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-cars-to-get-costlier-by-1-1-from-today/articleshow/97022345.cms"> Maruti Suzuki</a> and Honda have already<a href="https://www.businessinsider.in/business/news/time-to-buy-your-new-hot-wheels-automakers-set-to-increase-prices-of-vehicles-to-meet-stricter-emission-norms/articleshow/98940916.cms"> announced</a> price hikes. The adherence to new emission norms, in addition to inflationary pressures, could lead to more price hikes down the road and “potentially affect demand”, according to CareEdge. El Niño could lead to a drier year and further dampen rural sentiments, which could delay the much-anticipated recovery in the two-wheeler segment and derail tractor sales. However, overall, the Indian auto industry looks well placed heading into FY24 – the passenger and commercial vehicle segments are expected to retain their momentum, while the two- and three-wheeler sales are expected to inch back to pre-pandemic levels. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-stage-a-rebound-led-by-adani-enterprises-group-market-capitalisation-rises-by-22011-crore/articleshow/99084630.cms">Adani group stocks stage a rebound led by Adani Enterprises: Group market capitalisation rises by ₹22,011 crore</a> <a href="https://www.businessinsider.in/finance/news/npci-introduces-interchange-fees-on-upi-transactions-done-via-prepaid-payment-instruments/articleshow/99080455.cms">Will UPI payments now attract charges? Decoding NPCI’s interchange fee on UPI transactions via prepaid payment instruments</a> <a href="https://www.businessinsider.in/business/telecom/news/increased-competition-delayed-tariff-hikes-could-effectively-lead-to-a-jio-airtel-duopoly/articleshow/99065537.cms">Increased competition, delayed tariff hikes could effectively lead to a Jio-Airtel duopoly</a>

India auto sales seen rising 7-9% in FY24: Passenger & commercial vehicles to drive demand

<ul><li><keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> on Friday reported a 47.8% rise in <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> for the March quarter of <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword>.</li><li>The auto maker reported a net profit of Rs 3,877.8 crore, on account of higher sales volume and favourable commodity prices.</li><li> The auto major had reported a net profit of Rs 2,623.6 crore in the year-ago period.</li></ul>The country's largest car maker <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> India on Friday reported a 47.8 per cent rise in net profit for the March quarter of FY24 to Rs 3,877.8 crore, on account of higher sales volume and favourable commodity prices. The auto major had reported a net profit of Rs 2,623.6 crore in the year-ago period, Maruti Suzuki India said in a regulatory filing. "For the first time, the company surpassed annual total sales milestone of 2 million units in FY24. The company continued to be the top exporter for the third consecutive year, now contributing 41.8 per cent of total passenger vehicle exports from India," the company stated. Maruti Suzuki shares were trading at Rs 12,687.05 apiece at the day's close, down 1.7 per cent from its previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

Maruti Suzuki Q4 net profit rises 47.8% to ₹3,877.8 crore

After 21% growth in FY23, auto sales to hit slow lane in FY24: FADA

In response to higher-than-expected tax revenue and a record surplus transfer from the Reserve Bank of India (RBI), the Indian government is considering an 8-10% increase in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> (capex) for the fiscal year 2025, according to Pantomath Group's quarterly report, "Market Kaleidoscope: Quarterly Market Insights." This adjustment could raise the capex from the previously allocated Rs 11.11 lakh crore, aiming to bolster infrastructure and economic growth. This fiscal boost comes as India reaches a historic financial milestone. The total market capitalization of all stocks listed on the Bombay Stock Exchange (<keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>) briefly surpassed $5 trillion for the first time, placing India among global giants such as the US, China, Japan, and Hong Kong. India's primary market is set for a dynamic period, with 55 companies planning to raise over Rs 68,000 crore through Initial Public Offerings (IPOs). The first half of FY2025 has already seen 35 mainboard IPOs, collectively raising around Rs 32,000 crore with an average subscription rate of 61 times. The Indian market maintained a positive outlook in the first quarter of FY2025, driven by strong Q4FY24 earnings, favorable economic data, and positive global cues. Despite early June volatility following the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> election results, market sentiment improved with the BJP securing 272 seats and a total of 292 seats for the NDA with allied support. This political stability under Prime Minister Narendra Modi's leadership is expected to promote long-term economic growth, with a focus on infrastructure, electric mobility, startup support, power distribution, digital privacy, and healthcare initiatives. Corporate India's performance in the March quarter of FY2024 met expectations, showing double-digit growth in net profit and single-digit revenue increases. Non-lending companies experienced moderate operating margin expansion due to favorable commodity prices and cost controls. The peaking interest rates and continuity of <keyword id="19978691" type="General" weightage="20" keywordseo="government-policies" source="keywords">government policies</keyword> are anticipated to support healthy corporate growth in FY2025. <h2>Growth to continue</h2>The government's push for increased <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> targets a 20% blending by 2026, benefiting ethanol-heavy sugar companies and promoting biofuel goals. The real estate market is projected to grow significantly, requiring Rs 14 lakh crore in debt financing from 2024 to 2026. This growth will positively impact the banking and financial sectors. Major telecom operators have raised tariffs post-election, potentially improving sector financials and paving the way for sector re-rating. Major cement players are expanding through acquisitions, with an expected 6-7% compounded growth and market dominance by the top five players by March 2025. FMCG Companies expect recovery in rural business due to factors like a normal monsoon, robust crop yields, and government measures, maintaining robust rural demand. The potential roll-out of the FAME 3 Scheme to support <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword> is anticipated, with a budgetary allocation of around Rs 10,000 crore. Sectors such as auto, cement, defence, railways, consumer durables, energy, and banking are expected to outperform. Lagging sectors like IT and specialty chemicals offer value-buying opportunities at lower levels. The structural bull market for Indian equity is supported by strong domestic fundamentals and government reforms, with a positive medium- to long-term market outlook. Globally, the US market showed resilience, except for the Dow Jones. The Federal Reserve maintained interest rates at 5.25-5.50%, awaiting inflation to move towards the 2% target before considering rate cuts. The US GDP grew at 1.4% annually in Q1 2024, with mixed economic indicators highlighting both strengths and challenges. The Indian <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> has seen significant growth, with a surge in companies seeking to list shares and a rise in capital raised. The first half of 2025 saw strong retail investor participation, reflecting confidence in India's growth prospects. Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Private Limited, said, "Favourable market conditions, high liquidity, a conducive growth environment with stable interest rates, and benign inflation have facilitated a boom in the IPO market. The IPO market will experience a stronger pull post-budget. India is set to become the new equity funding frontier for global corporations." He further added. "We are on the brink of sustained, long-term momentum in the IPO market, with this year potentially becoming the best for IPOs. India's solid macroeconomic environment and promising growth prospects create an ideal backdrop for this vibrant IPO market. Additionally, there is robust participation from both domestic institutional investors and retail investors." With the Indian government's potential capex increase and the robust primary market activity, the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> is poised for sustained growth. The upcoming period is expected to see heightened market activity, further IPOs, and economic stability, creating a conducive environment for investment and development.

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

<ul><li>The Indian electric two-wheeler industry has reported a significant decline in sales.</li><li>The decline comes amid an increase in prices due to the end of the FAME <keyword id="20415717" type="General" weightage="20" keywordseo="subsidy-scheme" source="keywords">subsidy scheme</keyword>.</li><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> has emerged as the market leader with over 50% market share.</li></ul> The sales of electric two-wheelers have come crashing down just a month after<a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheeler-industry-records-highest-ever-monthly-sales-as-fame-subsidy-ends/articleshow/109030516.cms"> recording</a> the best-ever monthly sales numbers in March 2024. This comes amid the end of the <keyword id="21004406" type="General" weightage="20" keywordseo="FAME-subsidy" source="keywords">FAME subsidy</keyword> scheme which has resulted in an<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> increase in prices</a> of electric scooters. While the boost in sales in March 2024 was fueled by an expected increase in prices and push by companies to sell more scooters before the end of FY, the significant decline might be a concern for EV makers. <cmsannotation type="cmsannotation" annotationid="Ola Electric grabs over 50% market share" comment="subhead" text="Ola Electric grabs over 50% market share">Ola Electric grabs over 50% market share</cmsannotation> Bhavish Aggarwal-led Ola Electric, which did not announce a price hike despite the reduction in subsidy recorded its highest ever market share at 51%. Ola Electric sold 33,062 vehicles in April 2024, up from 21,882 scooters sold in April 2023. While this is significantly lower than the 50,545 vehicles it sold in March 2024. The company sold 3,26,428 vehicles in FY24 with a market share of 35%. <cmsannotation type="cmsannotation" annotationid="TVS Motor comes in second but takes a big hit" comment="subhead" text="TVS Motor comes in second but takes a big hit"><keyword id="19938730" type="General" weightage="20" keywordseo="TVS-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor" meta.hostid="261" meta.entityid="TVS Motor">TVS Motor</keyword> comes in second but takes a big hit</cmsannotation> TVS Motor continued to occupy the second position with 7,653 vehicles sold in April 2024, down from 8,728 vehicles sold in April 2023. The company had increased the prices of its electric scooters by up to ₹6,000 with the end of the FAME subsidy. The company had recorded its best-ever monthly sales of 26,478 vehicles in March 2024. The company sold 1,82,933 electric two-wheelers in FY24 and recorded a market share of 20%. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto takes the third position" comment="subhead" text="Bajaj Auto takes the third position"><keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="261" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> takes the third position</cmsannotation> Bajaj Auto has taken over the third position from <keyword id="19938729" type="General" weightage="20" keywordseo="Ather-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="Ather Energy" meta.hostid="261" meta.entityid="Ather Energy">Ather Energy</keyword>, recording sales of 7,515 vehicles in April 2024, up from 4,014 vehicles sold in April 2023. The company had announced a price hike of up to ₹12,000 after the end of the FAME subsidy scheme. In March 2024, the company sold 17,933 scooters, taking the total number of scooters sold in FY24 to 1,06,431. <cmsannotation type="cmsannotation" annotationid="Ather Energy takes a big hit" comment="subhead" text="Ather Energy takes a big hit">Ather Energy takes a big hit</cmsannotation> Ather Energy sold 4,052 vehicles in April 2024, down from 7,746 vehicles sold in April 2023. The company’s month-on-month performance also took a hit due as it increased the prices of its scooters by up to ₹16,000. The company had sold 17,221 vehicles in March 2024, registering its best-ever monthly numbers. The company sold 1,08,870 vehicles in FY24 and recorded a 12% market share. <cmsannotation type="cmsannotation" annotationid="EMPS replaces the FAME subsidy scheme" comment="subhead" text="EMPS replaces the FAME subsidy scheme">EMPS replaces the FAME subsidy scheme</cmsannotation> The popular FAME subsidy scheme, which offered subsidies to electric vehicles to boost their adoption has come to an end. This has been replaced by the new Electric Mobility Promotion Scheme (EMPS) 2024, which was announced during the<a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms"> interim budget</a> in February and is valid for four months from April 2024. The EMPS 2024 scheme, which kicked off on April 1, 2024, is valid till July 31, 2024. As part of the scheme, the subsidy on electric two-wheelers has been set at ₹5,000 per kilowatt-hour of battery capacity with a capping of ₹10,000 per vehicle. This is lower than what was earlier offered with the FAME scheme. SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms">T20 World Cup: Here are the squads announced by major participating countries so far</a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms">Upcoming cars and two-wheelers launching in India in May 2024</a>

Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies

<ul><li>The Indian passenger vehicles segment has recorded decent growth in March 2024.</li><li><keyword id="44883" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="Orion">Maruti Suzuki</keyword> continues to lead the passenger vehicle segment with <keyword id="596" type="General" weightage="20" keywordseo="Hyundai" source="Orion">Hyundai</keyword> at the second spot.</li><li>Hyundai has beaten <keyword id="42747" type="General" weightage="20" keywordseo="Tata-Motors" source="Orion">Tata Motors</keyword> to reclaim the second spot in the Indian car industry.</li></ul>The auto sales numbers for March 2024 and FY24 have started pouring in, with companies recording decent growth across the board. Maruti Suzuki has once again emerged as the market leader, with Hyundai taking the second spot. Hyundai lost the second position to Indian automaker Tata Motors in February 2024 after it sold around a thousand vehicles less than the latter. The company has now reclaimed the second position and reported a new high for its yearly sales. <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki retains the top spot" comment="subhead" text="Maruti Suzuki retains the top spot">Maruti Suzuki retains the top spot</cmsannotation> India’s largest car maker Maruti Suzuki retained the top spot by reporting sales of 1,52,718 passenger vehicles in March 2024, up from 1,32,763 cars sold in March 2023, registering a 15% year-on-year growth. Coming to the company’s sales during FY24, the Indian automaker sold 17,59,881 vehicles during the year, up from 16,06,870 vehicles sold in FY23, recording a 9.5% growth. The company’s sales have been boosted by the sale of compact vehicles such as the Brezza, Ertiga, Fronx, Grand Vitara and more, which have received a 75% boost during the year. <cmsannotation type="cmsannotation" annotationid="Hyundai reports record sales" comment="subhead" text="Hyundai reports record sales">Hyundai reports record sales</cmsannotation> Hyundai has emerged as the second biggest player in the Indian car market in March 2024 with domestic sales of 53,001 vehicles in March 2024, up from 50,600 vehicles sold in March 2023, recording a growth of around 5%. The company’s exports reported a growth of 16% from 10,900 in March 2023 to 12,600 in March 2024. The company reported record sales during FY24 at 7,77,876 vehicles, up from 7,20,565 vehicles sold in FY23, registering a growth of 8%. This includes an export of 1,63,515 vehicles in FY24 and 1,53,019 vehicles in FY23. <cmsannotation type="cmsannotation" annotationid="Tata Motors takes the third spot" comment="subhead" text="Tata Motors takes the third spot">Tata Motors takes the third spot</cmsannotation> Tata Motors came in third with sales of 50,297 vehicles in March 2024, up from 44,225 vehicles in March 2023, registering a 14% growth year-on-year. Coming to its annual sales, the company sold 5,73,495 vehicles in FY24, up from 5,41,087 vehicles in FY23, registering a 6% growth. The company’s commercial sales during FY24 were 3,78,060 in FY24, down 4% from 3,93,317 vehicles sold in FY23. <cmsannotation type="cmsannotation" annotationid="Mahindra reports growth while MG declines" comment="subhead" text="Mahindra reports growth while MG declines">Mahindra reports growth while MG declines</cmsannotation> Mahindra and Mahindra reported a growth in domestic dispatches from 35,997 vehicles in March 2023 to 40,631 vehicles in March 2024, registering a growth of 13%. During FY24, the company sold 4,59,877 vehicles, up from 3,59,253 vehicles sold in FY23, recording a growth of 28%. On the other hand, MG Motor reported a decline in its sales. The company sold 4,648 vehicles in March 2024, down from 6,051 in March 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms">USSD-based call forwarding to be suspended soon to curb fraud</a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30-pro-review/articleshow/108944431.cms">Vivo V30 Pro review: premium cameras in the mid-range segment</a>

Hyundai retakes the second spot from Tata Motors, records its highest-ever sales

<ul><li><keyword id="20058929" type="General" weightage="100" keywordseo="Indian-Energy-Exchange" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Energy Exchange" meta.hostid="261" meta.entityid="Indian Energy Exchange">Indian Energy Exchange</keyword> recorded a 24% year-on-year growth in monthly volume in September 2024.</li><li>The electricity volume, including <keyword id="22675612" type="General" weightage="20" keywordseo="green-electricity" source="keywords">green electricity</keyword>, reached 10,332 MU.</li><li>India's <keyword id="20028292" type="General" weightage="20" keywordseo="energy-consumption" source="keywords">energy consumption</keyword> remained relatively stable at 141.3 billion units (BUs) in September 2024.</li></ul>Indian Energy Exchange (IEX), India's leading electricity exchange, experienced significant growth in September 2024 with a record monthly volume of 11,370 MU, representing a 24% year-on-year (YoY) growth. Electricity volume, including green electricity, reached 10,332 MU, reflecting a 21% YoY increase, while <keyword id="21681994" type="General" weightage="20" keywordseo="renewable-energy-certificates" source="keywords">renewable energy certificates</keyword> (RECs) doubled to 1,031 MU compared to the same period last year. The REC market witnessed a historic low price of ₹110 per certificate during a trading session, offering a favourable opportunity for obligated entities to meet their renewable purchase obligations and for voluntary customers to achieve sustainability goals. India's energy consumption remained relatively stable at 141.3 billion units (BUs) in September 2024, according to government data. A steady monsoon boosted hydro and wind power generation, leading to reduced prices in the Day-Ahead Market (DAM) and Real-Time Market (RTM). The Day-Ahead Market (DAM) witnessed robust growth, with volumes increasing 33% YoY to 4,610 MU in September 2024. Over the quarter, DAM registered 14,332 MU, a 27% increase compared to Q2FY24. Real-Time <keyword id="22699214" type="General" weightage="20" keywordseo="electricity-market" source="keywords">Electricity Market</keyword> (RTM) achieved its highest-ever monthly volume of 3,913 MU, a 34% YoY rise. RTM's quarterly volume reached 10,732 MU, up 31% YoY. In contrast, the Day-Ahead Contingency and Term-Ahead Market (TAM) experienced a decline, trading 1,086 MU in September 2024 and 2,684 MU during Q2FY25, down by 43% and 42% YoY, respectively. IEX's Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), recorded an extraordinary 214% YoY increase, trading 723 MU in September 2024. The quarterly total for the Green Market stood at 2,584 MU, a massive 246% YoY growth. The REC market achieved a milestone with 1,031 MU traded in September 2024, a 100% YoY increase. The clearing prices for the two trading sessions on 11th and 25th September were ₹112/REC and ₹110/REC, respectively, the lowest-ever price since the market's inception. The quarterly total volume reached 6,297 MU, a remarkable 353% YoY growth. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a>

You Searched For "icra auto sales FY24" and got 11 results

Two entities upgraded for every downgrade in FY24, hospitality sector records 23 upgrades: ICRA

Katya Naidu

Indian auto component industry turnover grows 9.8% in 2023-24; outlook positive: ACMA review

ANI

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

PTI

Auto sector poised for robust growth in July 2024 with double-digit surge in two-wheeler sales: Anand Rathi report

ANI

India auto sales seen rising 7-9% in FY24: Passenger & commercial vehicles to drive demand

Rounak Jain

Maruti Suzuki Q4 net profit rises 47.8% to ₹3,877.8 crore

PTI

After 21% growth in FY23, auto sales to hit slow lane in FY24: FADA

Anagh Pal

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

ANI

Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies

Sourabh Jain

Hyundai retakes the second spot from Tata Motors, records its highest-ever sales

Sourabh Jain

Indian Energy Exchange records 24% growth in September 2024

BI India Bureau

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