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| 11 August, 2020, 09:40 PM IST | E-Paper
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    Auto Components

    Studds commissions 2 new facilities in Haryana; invests Rs 200 crore in plants

    New Delhi, Aug 10 () Leading helmet manufacturing company Studds Accessories on Monday said it has commissioned two new facilities at Faridabad in Haryana entailing total investment of Rs 200 crore.

    Steel Strips Wheels bags orders worth USD 237,000 from US

    Last week, Steel Strips Wheels had received orders worth over USD 209,000 (about Rs 1.56 crore) for the US truck and caravan trailer market. It had also received orders worth over USD 1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer market.

    Auto component maker Steel Strips Wheels bags orders worth over EUR 1,38,000 from EU

    Earlier this week, the company said it had received orders worth over $ 2,09,000 (about Rs 1.56 crore) for the US truck and caravan trailer market.

    Manufacturing overseas economically key to become global suppliers: Motherson Group Chairman VC Sehgal

    The future of manufacturing is not going to be a simple question of ordering from one country instead of other, Sehgal said while speaking at the ET Global Townhall. The pandemic has revealed that to be a successful global supplier, companies will have to follow the philosophy of globally local manufacturing.

    Steel Strips Wheels bags orders worth USD 2,09,000 for US market

    In a regulatory filing, the company said it has bagged "export orders for over 6,000 wheels for the US truck and caravan trailer market to be executed in August from its Chennai plant". Steel Strips Wheels Ltd (SSWL) said the orders are worth USD 2,09,000.

    Indian auto component supply chain gains as auto companies look outside China

    Amid the pandemic and the US-China spat, this process has now become “less discreet and more rushed”. Already Indian auto component companies are getting orders and feelers from global OEMs.

    Amara Raja, Blaze form JV to develop, manufacture IoT devices

    The JV firm will leverage combined strengths and cumulative experience of the two companies to innovate, develop and manufacture IoT devices, Amara Raja said in a statement.

    In a regulatory filing on Monday, Steel Strips Wheels Ltd (SSWL) said it "has bagged firm export orders for over 1,45,000 wheels for the US caravan trailer market, to be executed in the month of September with a value of over USD 1.5 million, from its Chennai plant".

    Tsuzuki to set up plant at Reliance's Model Economic Township in Jhajjar

    Tsuzuki is the third Japanese company after Panasonic and Denso to invest in MET Jhajjar, which is one of the 12 sites identified by the Japanese government to develop industrial townships in India. METL CEO and whole-time Director Shrivallabh Goyal said, the investment by Tsuzuki India will improve trade relations between India and Japan.

    SSWL receives orders worth USD 140,000 along with maiden order for alloy wheels from EU

    Earlier this week, Steel Strips Wheels had bagged orders worth USD 1 million for over 1.19 lakh wheels for the US caravan trailer market. SSWL had recently also bagged long term orders worth Rs 3,750 crore through domestic customer supply programmes.

    COVID-19: Auto component sector may see 16% drop in revenue this fiscal, says report

    COVID-19: Auto component sector may see 16% drop in revenue this fiscal, says report

    According to the report, the domestic OEMs, which account for over two-thirds of the sector's revenue, are staring at a decadal low vehicle sales volume at 169 lakh units this fiscal with the production schedule of the manufacturers likely to remain modest in the first two quarters of the fiscal followed by a gradual recovery, Crisil Ratings said.

    Auto industry lobbies appeal against 100% inspection of Chinese imports

    Auto industry lobbies appeal against 100% inspection of Chinese imports

    According to the Automotive Component Manufacturers Association of India (ACMA) import consignments from China were being subjected to one-hundred per cent manual inspection resulting in inordinate delays in clearance.

    Auto component industry should aim for 5 pc of global trade in 5 yrs; govt support crucial: ACMA

    Auto component industry should aim for 5 pc of global trade in 5 yrs; govt support crucial: ACMA

    In 2018-19, the Indian auto component industry's revenue stood at USD 57 billion, contributing 2.3 per cent to the country's gross domestic product. In comparison, turnover of Chinese auto component industry stood at USD 550 billion last year.

    Minda Corporation’s German subsidiary filed for insolvency in Germany

    Minda Corporation’s German subsidiary filed for insolvency in Germany

    After extensive deliberations and considerations on the current and future cash flow requirements of MKTSN clubbed with COVID 19 pandemic impact, the Board of Directors decided not to undertake further financial exposure in MKTSN and advised that the capital be allocated for growth and profitable business opportunities.

    Huge job losses imminent if demand remains weak: ACMA

    Huge job losses imminent if demand remains weak: ACMA

    With muted demand and excess capacities already in place, the auto component makers would have to cut down on their workforce in order to keep their businesses afloat, the industry body added.

    COVID-19 fallout: Amara Raja Group announces pay cut to employees

    COVID-19 fallout: Amara Raja Group announces pay cut to employees

    The company however, said the reduced amount will be paid back to the employees under 'Business Performance Linked Pay' (BPLP) in the next financial year if the businesses recover and get back to the required levels of performance.

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