The country's largest carmaker Maruti Suzuki India on Wednesday said its total production in August declined by 8 per cent on a yearly basis to 1,13,937 units as semiconductor shortage impacted its manufacturing schedules.
The company had produced a total of 1,23,769 units in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.
Shares of auto companies were trading with up to 19 per cent cut on the NSE on Thursday as panic selling continued amid growing fears of economic dislocation due to pandemic Coronavirus (Covid-19).
Nifty Auto index hit a six-year low today. At 10:33 am, the index was trading 7.5 per cent lower at 5,102 levels with 14 out of 15 components declining. In comparison, the benchmark Nifty50 index was hovering around 8,000 levels, down 466 points or 5.5 per cent.
The country's largest carmaker Maruti Suzuki India cut production by 5.38 per cent in February at 1,40,933 units, according to a regulatory filing by the company. Maruti Suzuki India had produced a total of 1,48,959 units in the same month last year.
Total passenger vehicle production stood at 1,40,370 units last month as against 1,47,550 units in February 2019, a decline of 4.87 per cent, it added.
Shares of Amara Raja Batteries rallied 6 per cent to Rs 791 on the BSE on Monday after the company reported a good operational performance in December quarter (Q3FY20). The stock of the auto ancillary company was quoting close to its 52-week high level of Rs 814, touched on Thursday, January 27, 2020.
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) margins expanded 130 basis points (bps) year-on-year (YoY) to 16.2 per cent, driven by lower raw material costs and impacted by higher-than-expected other costs.
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