Auto Component Maker News Today

Samvardhana Motherson Intl Ltd surged 80% with strong momentum, eyeing Rs 160-175 target. Ascending Triangle breakout, RSI at 69.5. Derivatives expert suggests support at 110. Options chain analysis indicates strong support.

Nidec: With the appointment, the Kyoto-based maker of automotive components and precision motors seeks to bring to an end a long-running succession struggle as it faces heavy price competition in Chinas electric vehicle market.

Bosch: The main reason given for the move, which sees 950 cuts in Germany alone, is the significantly slower-than-expected development of fully automated driving, Handelsblatt reported.

The new headquarters is one of the most sustainable office buildings in Europe. The building complex provides a new working environment for around 2,400 employees in Continental’s group functions and Tyres and ContiTech group sectors, the company said.

"Like other companies, we have to adjust the level of employment to the order situation, structural changes in the drive sector and the market penetration of future technologies," a spokesperson for Bosch said in e-mailed comments.

In order to set up additional capacities to meet the future demand, automotive ancillaries major Uno Minda Ltd is building land banks in different states, said a top company official.

The exact number of job cuts was not immediately clear, but it will amount to the "mid-four-digit range", the company said. The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the companys ContiTech division.

"As we celebrate National Education Day, I am proud to reflect on the transformative journey of Srinivasan Services Trust in Tamil Nadu. Over the past 27 years, SST has dedicated INR 13 crore to renovating more than 400 primary schools, ensuring a conducive environment for learning. In the last two years, our focus has shifted towards holistic development, with 100 schools receiving comprehensive renovations." Srinivasan Services Trust Chairman Swaran Singh said.

The multinational auto parts manufacturer on Wednesday adjusted its expectations for sales growth in the autos market to 5-7%, from 3-5% previously. However, while it was too soon to set its own outlook, Continental said it shared S&P Globals forecast of just 1-3% growth in light vehicle sales next year.

Pricol: Revenue from operations of the company for Q2 FY24 was at INR 562.66 crore, up 12.31 % YoY, the company said.