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Hyundai Motor India FY19 profit rises 21.5%
Posted on 23rd September 2019
Hyundai Motor India (HMI), the country’s second-largest automaker, expanded its profits by 21.5% to Rs 2,582 crore in the previous fiscal. The profit growth is much better than that of market leader Maruti Suzuki, which reported a 3% decline to Rs 7,500 crore for the year ended March 31, 2019.

A product mix which includes high-segment cars like Creta and next gen Verna ensured a healthy profit growth in FY19. Hyundai also relaunched hatchback Santro in October 2018.

HMI’s operating revenue grew 6.5% y-o-y in FY19, according to the data filed with the Ministry of Corporate Affairs.

Maruti’s operating revenues rose 5% y-o-y on the back of a 5.3% y-o-y increase in domestic sales units.

The profits at the wholly owned subsidiary of Korean carmaker Hyundai Motor Company had grown 7.7% y-o-y to Rs 2,124 crore in 2017-18.

In a market that grew 2.7% y-o-y, HMI’s domestic sales rose just 1.7% in FY19 to 5.45 lakh units while exports increased 5.3% y-o-y to 1.62 lakh units, driven by the demand in the West Asia and African countries.

HMI, which witnessed a 20-bps decline in domestic market share to 16.1% in FY19, paid `1,114 crore as royalty to the parent firm — an increase of 13.2% y-o-y.

According to the Society of Indian Automobile Manufacturers (Siam), the domestic passenger vehicle market grew 2.7% y-o-y to 33.7 lakh units. It was the lowest growth in the last five years.

“Liquidity crunch, followed by the NBFC, crisis led to moderation in credit availability, thereby negatively impacting domestic demand and growth in the second half of the financial year 2018-19,” the company noted in its filing.

In the first half of FY20, domestic PV sales have declined 23.5% y-o-y due to weak consumer sentiment, selective financing by NBFCs, increase in vehicle prices on account of BS-VI norms.

“FY2020 could be a challenging year for the sector due to transition to BS-VI norms from April 1, 2020,” Kotak Institutional Equities analysts had noted.

Related Companies: Hyundai Motor India Ltd.   

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Odisha ups overtime limit for factory workers to 115 hrs a quarter from 75
Posted on 30th May 2020
The Odisha Cabinet on Friday approved as many as 22 proposals including amending the Factories Act, 1948, and allowing the workers to work 115 hours overtime in three months by enhancing the time limit.

The overtime limit is increased from 75 hours to 115 hours per quarter, and now the engagement of women workers will be allowed, with consent, between 7 pm to 6 am in factories with the condition that adequate safety, welfare and security measures and safeguards are taken by the concerned factories as prescribed, read an official statement issued by the Odisha government.

Govt is looking at starting home delivery of petrol, CNG: Pradhan
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After doorstep delivery of diesel, the government is looking at starting home delivery of petrol and CNG for the greater convenience of customers, Oil Minister Dharmendra Pradhan said on Friday.

Also, the government is looking at unveiling a new fuel retailing model where all types of fuels — petrol, diesel, CNG, LNG and LPG — would be available at one place, he said.

Railways running 'Corona Express' in name of Shramik trains, says Mamata
Posted on 30th May 2020
Indian Railways is running Corona Express in the name of Shramik trains, West Bengal Chief Minister Mamata Banerjee said on Friday, alleging that social distancing is not being maintained in the special trains transporting migrant workers and others to their homes.

The law is equal for all but why are all trains running at full capacity? Why is the Railways not maintaining social distancing? Passengers are not being served water and food in the trains, Banerjee said.

Maharashtra to announce Covid-19 relief package soon: Deputy CM Ajit Pawar
Posted on 30th May 2020
Deputy Chief Minister Ajit Pawar on Friday said that the Maharashtra government will announce a package soon to deal with the situation arising out due to coronavirus (Covid-19) outbreak.

We will get to know about further plans for a lockdown of the Centre through the Prime Minister. I feel that the Prime Minister now will leave it on states because everything is shut for the last two-and-a-half-months. Schools, colleges, business and jobs are shut and hence, there is an economic crisis today, Pawar said.

COVID-19 tally in India crosses 1.73 lakh-mark, nearly 5,000 deaths; highest spike of 7,964 cases in 24 hours
Posted on 30th May 2020
The total number of confirmed cases of COVID-19 infection in India crossed the 1.73 lakh-mark on Monday, while the death toll neared the 5,000-mark as well. At 9:30 AM on this day, the COVID-19 tally in the country has reached 1,73,763 cases, which includes 86,422 active cases; 82,370 cured, discharged, or migrated patients, and 4,971 deaths.

According to the Union Ministry of Health and Family Welfare, as many as 7,964 new COVID-19 cases and 265 deaths were reported in the country in the last 24 hours, marking a significant spike. In fact, this is the highest spike in India's COVID-19 tally so far.

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