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Ashok Leyland to raise LCVS' addressable market
Business Line | 2 April 2026
- Expand LCV addressable market: 54% → ~80% in 3-4 years; enter sub-2T, 4-6T, small passenger vehicles.
- Two new launches (cargo + passenger); platforms: Dost, Bada Dost, Saathi, Partner, Mitra.
- Swachh Bharat Mission drives tippers/compactors demand; e-commerce & infra keep LCV growth high.
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PV makers end FY26 on positive note
Business Line | 2 April 2026
- March PV wholesales: 4.48 lakh (+16% YoY); all major makers grew; 2Ws also up.
- West Asia war may impact supply chains & commodity prices; Maruti may hike prices.
- Maruti +10.2%, Tata +28%, M&M +25%, Hyundai +6.3%.
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M&M no. 2 in PV sales, dethrones Hyundai
Business Line | 3 April 2026
- M&M becomes 2nd largest PV maker in FY26 (6,60,276 units), surpassing Hyundai (5,84,906). Tata also overtook Hyundai.
- Maruti leads with 18,23,129 units (+3.5%); Hyundai slips to 4th for first time since 1990s.
- Overall PV market ~47 lakh units (+7%); M&M aims #1 SUV by revenue.
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BMW surges, Audi slumps as luxury EV market splits
Business Line | 3 April 2026
- BMW EV sales doubled to 3,537 units, share 65% (up from 47%); Audi collapsed to 17 units.
- Mercedes EV -10% to 1,047 units; Tesla entered with 342 units.
- Luxury EV penetration 2.71% (down from 3.08%); BMW’s edge: local assembly, iX1, “power of choice”.
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Automobile retail sales hit all-time high of 2.96 crore units in FY26
Business Line | 3 April 2026
- Total retail 2.97 crore units (+13.3%), approaching 3 crore; structurally sound growth.
- 2Ws at 2.14 crore (+13.4%), PVs 47 lakh (+13%), CVs 10.6 lakh (+11.7%), tractors 10.5 lakh (+19%).
- March retail +25.3% to 26.9 lakh units; genuine retail pull, not channel push.
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PV wholesales rose 16% in March despite W Asia war
Business Standard | 2 April 2026
- March PV wholesales 4.50 lakh units (+16.3% YoY); FY26 total 4.7 million (+8.3%).
- Maruti +10.3%, Tata +28.2%, M&M +25.4%, Hyundai +6.3%.
- Commodity prices rising; Maruti may hike prices; dealer inventory tightened to ~12 days.
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El Nino shadow looms on auto sector growth in FY27
Business Line | 10 April 2026
- Below-normal monsoon (94% of LPA) due to El Nino; tractor growth may slow to 1-4% in FY27 from 22.8%.
- 2Ws & entry PVs most vulnerable; SUVs resilient due to urban demand.
- RBI flags inflation risk; Crisil expects moderation after strong FY26.
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Auto production in 'precarious phase on low LPG supply: Siam
Business Standard | 15 April 2026
- Low LPG supply from West Asia conflict strains component makers; suppliers give only few days’ visibility.
- Worker protests in Noida & Gurugram; Haryana & UP hike minimum wages, adding cost pressure.
- FY26 sales: PV +7.9%, CV +12.6%, 2W +10.7%; March PV +16% YoY.
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Auto exports grow at fastest pace in 7 years
The Times of India | 15 April 2026
- Auto exports record 66.4 lakh units (+24% YoY) – fastest in 7 years; domestic deliveries 2.8 crore (+10.4%).
- Maruti leads exports (4.4L units, +33%); Tata Motors up 3.8x to 10,200 units.
- West Asia conflict poses short-term risks; rupee depreciation supports exports; outlook strong.
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E-autos: Mahindra, Bajaj, TVS in 3-way race
Business Line | 1 April 2026
- High-speed e-auto (L5) surged 65% to 2.63 lakh units; Mahindra leads (35%), Bajaj (33%), TVS double digits.
- L5 share rose to 32% from 23%; low-speed e-rickshaws (L3) fell below 70% – structural shift.
- Top 3 players control ~80% of L5; battery range & payload key differentiators.
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E4W registrations up 88% in FY26
Business Line | 1 April 2026
- e4W registrations jumped 88% to 1.91 lakh units; Tata retains top spot but share fell to 38.7% (from 53.3%).
- Mahindra Electric share surged to 20.8% (from 7.5%); JSW MG share also declined.
- Maruti & VinFast displaced MG & BYD in March; market moving to competitive triopoly.
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EV sales saw surge in FY26 on strong year-end push
Business Standard | 2 April 2026
- e4W nearly doubled to 1,93,633 units (+91.3% YoY); e2W grew 21.8% to 1.4 million.
- March spike: e4W +53.2% MoM (21,716 units), e2W +70.1% MoM (1.84 lakh units).
- Drivers: more models, better charging, financing, lower battery costs; fuel price fears from West Asia also helped.
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Hero emerges as biggest gainer in e2W mkt share
Business Standard | 4 April 2026
- Hero MotoCorp (VIDA) gained 6.1% share to 10.3%, driven by West Bengal, Odisha, Bihar.
- Ather gained 5.7% to 17.1%; Ola Electric collapsed from 29.9% to 11.7%; Bajaj marginal gain.
- Overall e2W penetration only 6.5% (up from 6.1%); 9 states including Maharashtra saw decline.
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Tesla trails new foreign entrants in India's EV race
Business Standard | 9 April 2026
- VinFast sold 2,390 units (~7x Tesla’s 342), BYD 5,361 units (~15x Tesla) in FY26, all facing CBU duties.
- VinFast priced ₹25-35L vs Tesla ₹60-67L; BYD broader portfolio & network.
- Tesla only 2 showrooms; India marks Tesla’s weakest first-year performance globally.
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Vingroup plans 60,000 EV fleet as part of $6.5 billion Maharashtra push
Business Line | 11 April 2026
- Vingroup signs MoU with Maharashtra for up to $6.5B across urban infra, EV mobility, renewable energy.
- Includes $5B for townships, $1.5B for 60,000 EVs via mobility-as-a-service.
- CM Fadnavis says will enhance urban infra, sustainable mobility, and jobs.
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Ather to cut aluminium content to lower costs
Business Standard | 13 April 2026
- Ather to replace aluminium with iron/steel, saving up to 15% per vehicle.
- Gross margins rose from ~6% (FY22) to ~20% (9MFY26) via BOM reductions.
- Also cutting rare-earth materials (dysprosium, terbium); flexible LFP/NMC battery chemistry.
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Ather to cut aluminium content to ease costs
Business Standard | 13 April 2026
- High aluminium was for performance models; new Rizta & EL platform reduce it.
- 15% cost savings possible; analysts expect Ebitda breakeven as scale grows.
- Localising magnets, batteries, power electronics; LFP cells 15-20% cheaper than NMC.
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EV shift may power scooters ahead of motorbikes by FY37
Business Standard | 14 April 2026
- Scooters to grow ~9% annually (FY25-30), motorcycles ~4%; scooters to surpass motorcycles after FY37.
- e-2W fastest-growing at ~34% CAGR; e-scooter penetration ~38% by FY30, >80% by FY40.
- e-motorcycles to lag at just 5% penetration by FY30 due to range & cost.
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TAFE tractor sales rise 37% in FY26
Business Line | 3 April 2026
- TAFE sales up 37% to 2,14,951 units – highest ever; exports 12,584 units.
- Massey Ferguson & Eicher brands record domestic highs; plants at full capacity.
- GST cut & good monsoon brought many first-time rural mechanisation users.
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Tractor makers to hike prices this month as input rates bite
Business Line | 10 April 2026
- M&M, Swaraj, Escorts Kubota announce price hikes (April 8-21) due to rising input costs.
- Escorts extends hikes to premium Kubota tractors; cost pressures across value chain.
- TAFE & Sonalika likely to follow; price hikes key to protect margins as growth moderates.
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Tractor sales cross 10 lakh in FY26 on strong rural demand, GST cut
Business Line | 11 April 2026
- Tractor sales cross 10L for first time: 10.5L units (FADA) up 19%; TMA says 11.6L up 18%.
- M&M (Tractor) 23.8% share, Swaraj 18.8%, Intl Tractors 12.8%, TAFE 11.3%, Escorts 10.9%.
- GST cut to 5% improved affordability; good monsoon, higher MSP, non-farm use boosted demand.
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Steel companies to raise HR coil prices by 3,500/tonne
Business Line | 9 April 2026
- HR coil to rise ₹3,500 to ~₹64,500/tonne; CR coil +₹3,000 to ~₹68,000/tonne.
- NMDC raised iron ore 11%; imports stalled due to war-related shipping/insurance costs.
- Energy costs, gas shortage, labour constraints to hit steel in Q2; LNG-dependent demand may slow.
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RoDTEP scheme for exporters extended till September 30
Business Line | 1 April 2026
- RoDTEP extended at fully restored rates until Sept 30, 2026, to help exporters hit by freight cost surge.
- Exporters welcome but disappointed with short extension; need policy stability.
- Scheme refunds 0.3%-3.9% of export value; earlier rates were slashed then restored.
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FY26 defence exports hit all-time high ₹38,424 cr
Business Line | 3 April 2026
- Defence exports ₹38,424 cr (+62.7% YoY); DPSUs ₹21,071 cr (+151%), private ₹17,353 cr (+14%).
- Rajnath Singh says India becoming global defence manufacturing hub.
- Exports to 80+ countries (BrahMos, Akash, Pinaka, etc.); exporters 128 → 145.
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How India's top cars stack up on CO2 emissions ahead of CAFE-3
Business Line | 7 April 2026
- MOPNG submitted vehicle-specific CO2 data to PMO for CAFE-3 norms (April 2027).
- Maruti has lower footprint: WagonR 98 kg CO2/1000km vs Tiago 122 kg; Swift 106 vs Altroz 127.
- Mid-SUV: Maruti Victoris (113) & Grand Vitara (117) far below Scorpio (195) & Hector (182).
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LPG quota hiked to 70% for pharma, food, agriculture
Business Standard | 9 April 2026
- LPG allocation raised to 70% for pharma, food, polymer, agriculture, forging, etc.; cap 200 tonnes/day/sector.
- Petrochem relief: 800 mt/day propane/butane for production.
- Coal India cut reserve price 20% under e-auctions; 30 e-auctions in April 2026.
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Exporters flag concerns over shipping costs, scheme gaps
The Times of India | 10 April 2026
- Exporters complain high shipping charges, lack of concession pass-through, bunker oil shortage at ports.
- Shipping lines demand upfront payment; govt orders immediate transparent concessions for Gulf cargo.
- Packaging material prices surged (plastic +50%, glass 8-20%); seek duty exemption on polymers.
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Auto hub in Manesar hikes minimum wage after protests
Business Line | 11 April 2026
- Haryana hikes minimum wage 35% to ~₹14,000/month after worker protests over war-induced living costs.
- Gas crisis & erratic supplies hit industries; workers resumed duties after wage hike.
- Auto industry facing higher raw material costs; Maruti may hike prices, Tata & M&M already did.
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E-trucks drive stalls as costs, scrappage regulations bite
Business Line | 14 April 2026
- Under 100 heavy e-trucks deployed vs target 5,643; parliamentary panel flags “nil achievement”.
- High cost (₹1 cr vs ₹25-30L diesel) + scrappage condition (equal/GVW truck) hard to meet; net benefit only ₹5-6L.
- EV penetration in CV only 1.83%; limited charging infra, no secondary market.
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Charities, trade bodies come under I-T scrutiny
Business Standard | 14 April 2026
- I-T Dept notices to charitable trusts & trade bodies: certain receipts (seminars, fees) may be “commercial” under Section 2(15).
- Organisations argue these are integral to objectives; recent ITAT rulings granted relief to some chambers.
- Non-response may lead to rejection of 12A/80G tax-exempt registration.
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Uttar Pradesh hikes minimum pay by up to 21% after workers' protests
Business Line | 15 April 2026
- UP hikes minimum wage up to 21% in Noida-Ghaziabad; unskilled now ₹13,690 (from ₹11,313).
- Welfare: double pay for overtime & weekly holidays, bonuses before Nov, sexual harassment committees.
- DM urges peace; commissioner says violence by “outsiders”.
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