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To attract companies to produce locally, India needs to lower costs and be more competitive compared with others, Maruti Suzuki Chairman RC Bhargava has said. "We don't import because we like to, but because we have no choice," he said.
India's largest carmaker Maruti Suzuki said it will resume operations in its Gurugram plant from Monday as per government guidelines after being shut for over 50 days. Maruti resumed operations in the Manesar plant last week on single-shift basis with 75% employees.
.Country's largest carmaker Maruti Suzuki's profit fell 28% to ₹1,291.7 crore in the fourth quarter ending March compared to ₹1,795.60 crore in Q4 last year, due to a slump in demand. The company's revenue fell 15% year-on-year to ₹18,198.7 crore while its sales fell 16% in Q4. Maruti's consolidated net profit dropped by 27.7% year-on-year to ₹1,322 crore.
India's largest carmaker Maruti Suzuki will re-open its Manesar plant from May 12 and carry out operations as per government rules. The Haryana government had allowed the firm to begin operations in April but Maruti said it'll only re-start when it can carry out continuous production.
Maruti Suzuki on Friday reported zero monthly domestic sales for the first time ever in April amid a nationwide lockdown to contain the spread of the coronavirus. "This was because in compliance with the government orders all production facilities were closed," the country's biggest carmaker said.
Net sales for the quarter at Rs 21,551.90 crore was up mere 0.5% over the year-ago period.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 34 points gain or 0.31 percent. Nifty futures were trading around 10,891-level on the Singaporean Exchange.
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