Maruti Suzuki India

July 16 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI - LEARNT OF ORDER BY DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, RAIPUR

• MARUTI SUZUKI- THERE IS EVIDENCE OF CONTAMINATION IN FUEL COLLECTED FROM CUSTOMER’S VEHICLE, SEVERAL OTHER FACTS ALSO NOT REFLECTED IN ORDER

• MARUTI SUZUKI - BEEN DIRECTED TO REPLACE CUSTOMER’S VEHICLE WITH A NEW E20 COMPATIBLE VEHICLE

• MARUTI SUZUKI - WILL TAKE NECESSARY STEPS TO CHALLENGE IMPUGNED ORDER

Further company coverage: MRTI.NS

(([email protected];))

July 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JUNE TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,88,144 UNITS

• SIAM - INDIA'S JUNE 2-WHEELER SALES 18,51,400 UNITS

• SIAM - INDIA'S JUNE 3-WHEELER SALES 77,951 UNITS

• SIAM - OVERALL CONSUMER SENTIMENT AND DEMAND REMAIN STEADY AT PRESENT

• SIAM: INDUSTRY CONTINUES TO CLOSELY MONITOR GEOPOLITICAL DEVELOPMENTS AND PROGRESS OF MONSOON

Further company coverage: ASOK.NS

(([email protected];;))

Updates CFO comment in paragraph 3

By Saikeerthi .

July 9 (Reuters) - Indian tyre maker JK Tyre & Industries JKIN.NS expects to raise product prices by a total of 11% to 13% by the end of September to offset rising input costs, its finance chief said, joining rivals in passing on higher expenses to customers.

The hikes reflect pressure across the auto-parts sector after an oil price rally linked to the Middle East conflict drove up the cost of petroleum-based inputs, energy and freight.

The tyre maker, which said in May it expects to raise prices by 5% to 6%, has since rolled out hikes every month in the first quarter and plans to increase prices by a further 5% to 6% in the coming two to three months, CFO Sanjeev Aggarwal told Reuters on Wednesday.

"Prices (of raw materials) have gone through the roof and for us, it went up by almost over 20%. So, that has impacted business in this quarter," Aggarwal said, citing West Asia tensions, transport disruption and supply-chain constraints.

Raw materials such as natural rubber, synthetic rubber, carbon black and steel make up about two-thirds of expenses for the company, which counts leading car makers Maruti Suzuki India MRTI.NS and Tata Motors TATM.NS among its customers.

The move brings it in line with rivals Apollo Tyres APLO.NS and CEAT CEAT.NS, which have also raised prices. Top Indian car makers have passed on the costs to customers.

Industry data released earlier this month showed vehicle sales rose 21.8% in June, signaling strong demand across passenger and commercial vehicles and giving tyre makers more room to raise prices.

(Reporting by Saikeerthi in Bengaluru; Editing by Chandini Monnappa, Subhranshu Sahu and Jonathan Ananda)

(([email protected]; (+91) 8296756080))

By Arpan Chaturvedi and Aditi Shah

NEW DELHI, July 8 (Reuters) - Indian Prime Minister Narendra Modi's government is facing mounting anger over a mandatory 20% ethanol-blended fuel policy, with vehicle owners demanding choice and an opposition politician asking carmakers Maruti Suzuki and Toyota to provide clarity.

The 20% ethanol-blended petrol, called E20, became the only fuel sold at India's 90,000 petrol pumps at the end of last year, triggering a public uproar that however dissipated within weeks.

But it's now again at the centre of controversy after a top government lawyer called E20 an "experiment" in court - and then backtracked on the comments - re-igniting concerns about the fuel affecting the performance of cars and what critics called its hasty rollout.

Hundreds of motorists have posted complaints on X alleging reduced fuel efficiency and increased wear ​and tear of car parts from E20. One of the main complaints is that they have no option to buy unblended petrol if they prefer.

"Auto companies need to stop hiding and tell us clearly ... can your pre-2023 models actually handle E20 fuel?" said X user Aashna. "Stop fooling the public."

While countries like Brazil have paced ethanol blend increases over decades, the U.S. has capped its standard blend at E10 and sells higher blends only as an option for compatible vehicles.

In India, however, E20 fuel replaced E10 nationwide in 2025, well ahead of its 2030 deadline, even though E20-compliant cars only began hitting the roads in 2023.

Late on Tuesday, opposition politician Arvind Kejriwal held a press conference during which he read from the owner's manuals of Maruti and Toyota cars, arguing many old cars were only E10 compliant, tapping into simmering public anger over the policy.

"People are only asking for one thing: please give us an option," said Kejriwal, a former chief minister of the capital Delhi. He has written to Toyota and others demanding clarity on whether their vehicles are E20 compliant, according to letters he posted on X on Wednesday.

Maruti MRTI.NS and Toyota Motor 7203.T did not immediately respond to requests for comment.

GOVERNMENT MINISTER CHALLENGES CRITICISM

Reuters has previously reported that a fuel tank flap and user manual of an Audi Q3 purchased in 2024 in India showed it recommended only E5 and E10 fuel. The fuel tank of a 2024 Mahindra MAHM.NS Scorpio SUV was pasted with a warning sticker: "CAUTION. PETROL/E10 FUEL ONLY".

Mahindra said in a statement that its E20-compliant vehicles could use the fuel, but it did not address what would happen with older cars.

The E20 debate has dominated prime-time television debates and newspaper editorials in recent days. The government says E20 saves imports of crude oil, helps farmers cultivating sugar, the base for ethanol, and lowers emissions.

A lawyer filed a new public interest case at the Supreme Court this week, echoing those concerns. It's not clear if the court will hear the case amid the new public uproar, given it dismissed challenges to the policy last year.

Modi's officials and state-run oil companies have been trying to calm nerves. On Tuesday, Transport Minister Nitin Gadkari said he was challenging anyone to prove that their vehicle was damaged because of using E20.

Tehseen Poonawalla, a New Delhi-based entrepreneur and opposition Congress party supporter, has sought a public conversation with the minister on the issue, saying he will bring affected customers to the gathering.

(Reporting by Arpan Chaturvedi and Aditi Shah; editing by Aditya Kalra and Raju Gopalakrishnan)

(([email protected];))

July 6 (Reuters) - India's retail car sales rose 28.6% in June, with compressed natural gas and other alternative-fuel-powered vehicles accounting for a record 40.35% of total sales, after fuel prices jumped following the war in Iran, the Federation of Automobile Dealers Associations (FADA) said on Monday.

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

(([email protected]; 8800437922;))

By Dhwani Pandya

MUMBAI, July 4 (Reuters) - Indian government and auto industry officials on Saturday defended the mandatory rollout of petrol blended with 20% ethanol, saying years of testing and service data showed no evidence of widespread vehicle damage, despite public concerns over lower fuel efficiency and engine safety.

The fuel, known as E20, has faced rising criticism on social media in recent days, with motorists questioning whether older vehicles designed for lower ethanol blends could suffer corrosion, wear or reduced performance.

Automakers including Maruti Suzuki MRTI.NS, Hero MotorCorp HROM.NS and Toyota Kirloskar Motor said even older vehicles can run safely on E20. Maruti Suzuki, India's largest carmaker, said it had serviced more than 15 million older cars over the past two years that were not certified for E20 and found no fuel-related problems.

"As a manufacturer, we have tested E10 cars which were prevalent before 2023 on E20 fuel for all parameters and we have not found anything of concern," Rahul Bharti, Maruti Suzuki's senior executive officer for corporate affairs, said at a joint press conference with government officials.

Industry officials acknowledged a minor trade-off: E20 reduces fuel efficiency by about 3-3.5% because of its lower energy content. However, they said the fuel's higher octane rating can help carmakers design future engines with higher compression ratios, which could improve performance, torque, drivability and even fuel efficiency.

Officials also rejected viral claims that E20 had caused engine failures, saying at least one widely shared case was linked to contaminated fuel rather than standard E20.

They added that E20 is the highest ethanol blend currently tested for regular petrol vehicles and said any move to higher blends would need fresh trials.

(Reporting by Dhwani Pandya. Editing by Mark Potter)

(([email protected];))

Maruti Suzuki India Ltd.'s most advanced vehicle manufacturing facility at Kharkhoda, Haryana, was inaugurated on 2 July 2026 by Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi via video conferencing during the India-Japan Joint Economic Forum. The 800-acre plant operates with an initial capacity of 0.5 million units a year and is designed to scale up to 1 million units with a total projected investment of ₹35,000 crore, including a dedicated supplier park. At full scale it will be among the world's largest passenger vehicle plants and is a cornerstone of the company's ambition to reach 4 million units of annual production. Built on Suzuki's Smart Factory concept and Industry 5.0 practices, the facility runs entirely on renewable energy and is a zero-liquid-discharge site that recycles all its water. An in-plant railway siding will further ease logistics and reduce fuel consumption. The company said the plant will create over 21,000 direct and indirect jobs and is already supporting community development projects in nearby villages.

Powered by Tijori

July 2 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI - PROJECTED INVESTMENT IN KHARKHODA VEHICLE MANUFACTURING FACILITY 350 BILLION RUPEES

Source text: ID:nBSE5ZrdWl

Further company coverage: MRTI.NS

(([email protected];))

July 1 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI - JUNE 2026 SALES TOTAL 200,390 UNITS

Source text: ID:nBSEV0wXD

Further company coverage: MRTI.NS

(([email protected];))

** Shares of Maruti Suzuki India MRTI.NS climb ~2% to 13,674 rupees

** Jefferies upgrades India's top carmaker to "buy" from "hold" and raises price target to 16,500 rupees from 13,800 rupees

** Brokerage flags easing macro concerns, including cooling crude prices and reduced Middle East tensions, supporting demand outlook

** Notes strong passenger vehicle demand, raising FY27 industry growth forecast to 12% from 8%, expects sustained 8% CAGR thereafter

** Jefferies expects MRTI's volumes growing at ~10% CAGR over FY26-FY29 on domestic demand and exports

** Adds that soft metal prices ease margin risks, after earlier sharp input cost surge

** Stock seen attractive after lagging Nifty 50 .NSEI so far in 2026 - Jefferies

** Avg rating of 38 analysts on MRTI at "buy"; median PT is 16,158 rupees - data compiled by LSEG

** YTD, MRTI down ~19% vs Nifty auto index's .NIFTYAUTO 7.1% drop and Nifty 50's 8.5% fall

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

June 29 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI- GETS TAX DEMAND OF 34.45 MILLION RUPEES AND PENALTY OF 34.45 MILLION RUPEES

Source text: ID:nBSE7X5szw

Further company coverage: MRTI.NS

(([email protected];))

By Rajendra Jadhav

MUMBAI, June 22 (Reuters) - India, once the world's second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply.

The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and the Middle East and supporting benchmark prices in London LSUc1 and New York SBc1.

A prolonged absence by India from export markets would remove a key balancing supplier as weather risks and biofuel policies reshape global sugar trade flows.

Interviews with over a dozen trade and industry executives, government sources and farmers show that lower cane availability and rising ethanol demand will leave little for exports for several years, prompting dealers at global houses to warn head offices of shrinking opportunities in India, trade sources said.

GOVERNMENT EXPECTED TO CURB EXPORTS SEASON BY SEASON

Sugar is politically sensitive in global top consumer India, where sweets are highly popular and many poorer households rely on it as a cheap source of calories.

"Supplies are already tight in India, and now El Nino is emerging as a major risk," said Rahil Shaikh, managing director of MEIR Commodities India, a Mumbai-based trader.

"If rains disappoint as forecast, cane planting will suffer and this will keep India out of the sugar export market for at least three years, while Brazil and Thailand could also see their crops affected by El Nino."

Top exporter Brazil is also diverting more cane for ethanol. Thailand, another major exporter, could also have its output hit by El Nino-curtailed rains.

India exported 6.8 million metric tons of sugar annually on average in the five seasons through 2022-23 - about 10% of global shipments. This year, after exporting around 800,000 tons, India banned shipments until September 30, the end of the season.

Mills need government approval to export sugar, and New Delhi is likely to withhold export permissions each season rather than announce a multiyear ban, government and industry sources with knowledge of the matter said.

Last month, a top minister in Prime Minister Narendra Modi's government told mills to prioritise domestic availability and not lobby for exports, the sources said on condition of anonymity because the discussions were confidential.

India's Department of Food, Civil Supplies and Consumer Affairs did not respond to a request for comment on the prospects for exports or its restrictions on exports.

EL NINO CLOUDS CANE OUTLOOK

El Nino conditions are forecast to weaken India's monsoon rains this year to their lowest in 11 years.

Below-average rains, coupled with June precipitation running more than 40% below average, have prompted farmers to delay planting.

"I had planned to plant long-duration cane varieties in June, but since everyone is talking about lower rains, I decided to put that plan on hold," said Sambhaji Patil, who decided to grow soybeans instead on 2 acres (0.8 hectares) in Sangli district of the western state of Maharashtra.

Nursery owner Suraj Chavan said demand for cane seedlings had fallen sharply in recent weeks.

Farmers are likely to switch to less water-intensive crops, which could drag down cane acreage and availability in the 2027-28 season, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories.

Local authorities have started promoting alternative crops such as soybeans, pigeon peas and other pulse varieties in most sugar-growing regions and have restricted water supplies for irrigation.

India was expected to produce 30.95 million tons of sugar this season, but output is now forecast at 27.9 million tons, below annual consumption of about 28.5 million tons, according to industry estimates.

As a result, inventories with mills at the start of the season on October 1 are likely to fall to about 3.5 million tons, the lowest in more than three decades, said MEIR's Shaikh.

At the same time, India is pushing for higher ethanol blending with petrol and wider adoption of flex-fuel vehicles to cut dependence on expensive imported crude.

Ethanol demand could more than double to some 30 billion litres (8 billion gallons) by 2039-40 from the current 12 billion to 13 billion litres as higher ethanol blending in petrol and adoption of flex-fuel vehicles gather pace, industry estimates suggest.

SUGAR IMPORTS POSSIBLE FOR FIRST TIME IN DECADE

"The trajectory for ethanol demand is incredibly strong," said Samir Somaiya, chairman and managing director of Godavari Biorefineries GODA.NS. "The next phase of demand evolution will be driven by the commercial rollout of flex-fuel vehicles."

Top Indian carmaker Maruti Suzuki MRTI.NS this month launched the nation's first flex-fuel passenger vehicle, while Hero MotoCorp HROM.NS launched a flex-fuel motorcycle.

India this month eliminated the production tax on petrol blended with higher levels of ethanol and launched fuel with up to 85% ethanol to support adoption of flex-fuel vehicles.

Future government policies will likely support ethanol production over sugar exports, said B.B. Thombare, managing director of Natural Sugar in Maharashtra state.

India could eventually be forced to import sugar if El Nino-related weather disruptions sharply cut cane cultivation area and output, the government sources and industry officials said, with traders warning that supplies could tighten further in the 2027-28 season.

India last imported sugar in 2016-17 and 2017-18 after an El Nino-induced drought in 2015 cut cane planting. In 2009 and 2010, India's heavy purchases helped push global prices to nearly three times their previous levels.

"Because of a severe El Nino and rising demand for ethanol, not only would exports from India be wiped out, but imports into India in the coming years could also become necessary," said Mohan Narang, director of K.S. Commodities, a trading house in New Delhi.

(Reporting by Rajendra Jadhav; Editing by Mayank Bhardwaj, Tony Munroe and William Mallard)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Adds details of price hikes paragraph 2 onwards

June 18 (Reuters) - India's Tata Motors TATM.NS said on Thursday it would increase prices across its commercial vehicle range by up to 2.5%, effective July 1, its second hike in three months as automakers grapple with rising costs from the Middle East war.

The hike is aimed at partially offsetting the impact of rising commodity prices and other input costs, the demerged commercial vehicle arm of the Tata group said.

It had raised prices of its commercial vehicles by up to 1.5% from April 1, also citing higher input costs.

Automakers in India have raised prices in recent months as they seek to cushion the impact of higher raw material costs, including steel and other commodities, amid war-linked cost pressures.

Last week, Tata Motors Passenger Vehicles TAMO.NS said it would raise prices of its cars and SUVs, including electric vehicles, by up to 1.5% from July 1, its second hike in four months.

Rival automaker Maruti Suzuki MRTI.NS raised vehicle prices by up to 30,000 rupees ($314.42) from June, while Hyundai Motor India HYUN.NS also increased prices from June 1.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

June 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S MAY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,38,854 UNITS

• SIAM - INDIA'S MAY 3-WHEELER SALES 70,720 UNITS

• SIAM - INDIA'S MAY 2-WHEELER SALES 19,02,209 UNITS

• SIAM - LOWER BASE EFFECT OF PREVIOUS MAY, DEMAND CREATED DUE TO REDUCED GST RATES GETTING REFLECTED IN HIGHER OFF-TAKE THIS MONTH

Further company coverage: ASOK.NS

(([email protected];;))

Adds sector details paragraph 2 onwards

June 12 - India's Tata Motors Passenger Vehicles TAMO.NS will raise prices of its cars and SUVs, including electric vehicles, by up to 1.5% from July 1, the carmaker said on Friday, its second price hike in four months as cost pressures from the Middle East conflict bite.

The company increased prices for its internal combustion engine portfolio from April 1.

The Sierra brand maker said the price increase was aimed at partially offsetting rising input costs and sustained inflationary pressures and that the extent of the increase will vary across models and variants.

Earlier this year, rival automaker Maruti Suzuki said it would raise vehicle prices by up to 30,000 rupees ($314.42) from June, while Hyundai Motor India HYUN.NS increased prices from June 1.

Commercial vehicle maker Tata Motors TATM.NS raised prices of its commercial vehicles by up to 1.5% from April 1, citing higher input costs.

($1 = 95.4125 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Harikrishnan Nair)

(([email protected]))

June 8 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA AUTODEALERS BODY FADA: MAY OVERALL AUTO RETAIL SALES ROSE 9.55% Y/Y

• INDIA’S FADA:MAY PASSENGER VEHICLE RETAIL SALES ROSE 23.25% Y/Y

• INDIA’S FADA:MAY COMMERICAL VEHICLE RETAIL SALES ROSE 5.29% Y/Y

• INDIA’S FADA: MAY TWO-WHEELERS RETAIL SALES ROSE 7.54% Y/Y

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

June 5 (Reuters) - India will start rolling out gasoline blended with 85% ethanol (E85) that will be about 20 rupees per litre cheaper than regular E20 fuel, Oil Minister Hardeep Singh Puri said on Friday.

Indian automakers have started launching flex-fuel vehicles that are compatible with the higher ethanol variant.

• E85 fuel will be cheaper than E20 due to its lower calorific value, Puri said. E20 sells for about 102 rupees ($1.07) per litre in New Delhi.

• India plans to roll out E85 at 50 to 100 fuel stations in 2026, scaling up to around 5,000 outlets by 2027, he added.

• E85 fuel is intended for flex-fuel vehicles, which can operate on gasoline blended with high amounts of ethanol.

• Puri said automakers and automobile industry associations are on board for the launch.

• Automakers such as Maruti Suzuki MRTI.NS and Hero MotoCorp HROM.NS have rolled out flex-fuel compatible variants of their popular WagonR and Splendor models.

• E85 fuel will help cut pollution and reduce the country's reliance on imported oil, Puri said.

• India, the world's third-largest oil importer and consumer, currently sells gasoline blended with 20% ethanol.

• Earlier in April, India proposed allowing higher ethanol blends such as E85 and E100 under vehicle rules.

• The move followed its 2025 achievement of 20% ethanol blending and aims to further reduce reliance on fuel imports.

• The Indian government faced a backlash from motorists after the nationwide rollout, on fears that it may affect the performance of vehicles.

• Separately, India's oil secretary Neeraj Mittal on Friday said the government is working on a programme to boost compressed biogas production.

($1 = 94.9450 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru and Nidhi Verma in New Delhi; Editing by Sahal Muhammed)

(([email protected];))

By Vibhuti Sharma

MUMBAI, June 4 (Reuters) - India's red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it's about sending billions of dollars back to headquarters.

Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.

Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor 005380.KS and LG Electronics 066570.KS accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.

And the trend is continuing: the planned $1 billion IPO of Walmart's WMT.O Indian payments arm and Modern Times Group's MTGb.ST $335 million IPO of its local gaming unit will both take the OFS route.

This week, Coca-Cola KO.N said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg's CARLb.CO planned Indian IPO will also have no new funds raised - it will also be an OFS.

The trend, which bankers and economists say is a result of sky-high stock valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.

Global companies are pursuing "India listings as this provides them liquidity as well as a positive impact on the market cap for their parent," said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured IPOs.

Modern Times declined to comment, while Carlsberg said it is "exploring different options for increasing shareholder value which may potentially include an" Indian IPO.

Walmart's Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.

RUPEE WOES

The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.

In January, MUFG Bank wrote that its analysis "shows one important contributor to Indian rupee weakness has been the strong IPO market in India."

So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025's record outflows of $18.9 billion.

IPO-linked capital outflows are "exerting a steady, though not abrupt, depreciation bias on the rupee," said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.

Government officials and regulators have not indicated that they would try to curb the OFS trend, though India's Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had "increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital."

"This undermines the spirit of public markets," he said. He did not respond to Reuters queries.

THE VALUATIONS GAME

India was the world's second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.

Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.

The appeal for using the OFS route is rooted in valuations.

Indian-listed units of foreign firms have consistently traded at multiples that dwarf their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.

At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to LSEG data.

Nestle India, which listed in 1969, has a price-to-earnings ratio - a measure of stock valuations relative to profit - of nearly 77 times, versus 22 times for Swiss parent Nestle NESN.S. LG Electronics India LGEL.NS, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics 066570.KS.

On the day Hyundai 005380.KS listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent's market capitalisation.

"What's driving this is smart capital allocation - asset owners capitalizing on cross-market valuation arbitrage," said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.

Since 2024, the IPOs of the Indian units of Italian transmission systems maker Carraro CARD.NS, Norwegian consumer goods group Orkla ORKL.NS, and American auto parts maker Tenneco Clean Air TENN.NS all had OFS structures.

Only one - Britain-based Bupa's India unit, Niva Bupa Health Insurance NIVA.NS - structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.

"The final structure balanced the company's capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing investors," Niva Bupa said in a statement to Reuters.

(Reporting by Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Thomas Derpinghaus)

(([email protected];))

June 1 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI - DOMESTIC SALES HIT RECORD 193,535 UNITS IN MAY 2026

• MARUTI SUZUKI INDIA - MAY 2026 TOTAL SALES 242,688 UNITS

Source text: ID:nBSE19ffWq

Further company coverage: MRTI.NS

(([email protected];))

May 26 - India's Maruti Suzuki MRTI.NS said on Tuesday it had introduced measures to curb the use of petroleum and reduce foreign currency spending, weeks after Prime Minister Narendra Modi urged citizens to adopt austerity steps amid a surge in energy prices.

Here are the details:

• India's top carmaker has asked employees to work from home where feasible, and encouraged measures such as car pooling and use of public transport, according to its post on X.

• It has asked employees to avoid foreign travel unless critical for business needs and minimize domestic travel.

• Earlier this month, Modi urged citizens to conserve fuel, limit foreign travel and refrain from purchasing gold, as high oil prices triggered by the Iran war put pressure on the country's foreign exchange reserves.

• India, the world's third-biggest oil importer, hiked fuel prices a fourth time on Monday in a bid to recoup some losses driven by higher crude costs.

• Maruti Suzuki said last week it would increase vehicle prices by up to 30,000 rupees ($313.55) from next month to cope with inflationary pressure from a sharp increase in input costs.

($1 = 95.6800 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Eileen Soreng)

(([email protected]))

Adds details from paragraph 2 onwards

May 21 (Reuters) - India's Maruti Suzuki MRTI.NS will increase the prices of its vehicles by up to 30,000 rupees ($311.85) from next month, the country's top carmaker said on Thursday, as inflationary pressures and an adverse cost environment persist.

The Middle East conflict has disrupted global trade routes and energy markets, driving up prices of key inputs and pressing companies to pass on higher costs to customers.

With inflationary pressures now at elevated levels and the adverse cost environment persisting, the company has to pass on a portion of the increased costs to the market, it said in a statement.

The price hike will vary by model as Maruti, a unit of Japan's Suzuki Motor 7269.T, seeks to offset sustained increases in input costs.

Maruti joins peers Tata Motors Passenger Vehicles TAMO.NS, Mahindra & Mahindra MAHM.NS and Hyundai Motor India HYUN.NS, all of which announced price hikes earlier.

Last month, Maruti warned of potential impact on demand for price-sensitive entry-level cars if petrol prices rise.

Indian state-run suppliers raised petrol and diesel prices by around 4 rupees a litre last week. Although prices are deregulated in India, the government exerts significant influence on prices as the majority shareholder of the key retail companies.

($1 = 96.2000 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)

(([email protected]; +91 9558725583;))

May 18 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI - COMMENCES COMMERCIAL PRODUCTION AT SECOND KHARKHODA PLANT WITH 250,000 UNITS CAPACITY

Source text: ID:nBSE1Bf95N

Further company coverage: MRTI.NS

(([email protected];))

May 14 -

• INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES UP 25.4% Y/Y -INDUSTRY BODY

• INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES AT 437,312 UNITS - INDUSTRY BODY

• INDIA'S APRIL TOTAL TWO-WHEELER SALES UP 28.4% Y/Y AT 18,72,691 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY SIAM SAYS THOUGH THERE ARE CONCERNS OF HIGH COMMODITY PRICES DISRUPTIONS IN WEST ASIA, INDUSTRY WITNESSING GOOD DEMAND

Source text: [ID:]

May 6 (Reuters) - Bharat Seats Ltd BSTS.NS:

• BHARAT SEATS- APPROVED CAPEX OF ABOUT 866.1 MILLION RUPEES FOR NEW PROGRAMMES OF MARUTI SUZUKI INDIA

Source text: ID:nBSE8KRzXP

Further company coverage: BSTS.NS

(([email protected];;))

Rewrites throughout with management's comments

By Kashish Tandon

May 5 (Reuters) - Thar-maker Mahindra & Mahindra < MAHM.NS> forecast mid-to-high teens percentage growth in SUV volumes this fiscal year on Tuesday, brushing off concerns over the Iran war as tax-cut-led demand and capacity additions helped it beat quarterly estimates.

The Indian automaker has been among the biggest beneficiaries of a sustained shift towards sport utility vehicles in the country, allowing it to outperform rivals Maruti Suzuki MRTI.NS and Tata Motors Passenger Vehicles TAMO.NS.

Mahindra, which commands about 23% of India's SUV market, reported a 23.3% rise in domestic SUV volumes in the March quarter despite intensifying competition. Volumes rose about 20% for the full fiscal year.

Vehicle sales in India have picked up since New Delhi cut taxes last September, boosting showroom footfalls and supporting pricing power.

Maruti Suzuki said last week it would invest $1.48 billion to add 500,000 units of capacity in fiscal 2027.

Mahindra plans to add 68,000 units of annual capacity by the end of fiscal 2027 and a further 14,000 units by fiscal 2028 including for new electric vehicle launches, said Rajesh Jejurikar, executive director and CEO of Mahindra’s auto and farm businesses.

"We are targeting mid‑to‑high teens growth in fiscal 2027 and are putting manufacturing capacities in place to support that," Jejurikar said.

The automaker also downplayed risks from the ongoing Iran war.

"Geopolitical developments and inflationary pressures are things we expect to be temporary. They may or may not impact in certain quarters," Amarjyoti Barua, Mahindra’s group chief financial officer, said.

Mahindra earlier reported a standalone profit after tax of 37.37 billion rupees ($391.9 million) for the quarter ended March 31, up from 24.37 billion rupees a year earlier and above analysts’ estimates of 34.32 billion rupees, according to LSEG data.

Revenue rose 26.2% to 395.54 billion rupees, also beating estimates.

($1 = 95.3588 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee)

(([email protected]; 8800437922;))

** Maruti Suzuki India MRTI.NS shares climb 4% to 13,860 rupees

** India's top carmaker posts 33.3% Y/Y rise in April total sales, led by 35.5% jump in domestic passenger vehicle sales and 43.5% surge in exports

** Stock is second-biggest gainer on auto index .NIFTYAUTO and benchmark Nifty 50 .NSEI, which are up 2% and 0.98%, respectively

** Last week, the carmaker reaffirmed confidence in strong demand for its small cars and outlined plans to add 500,000 units of capacity by the end of FY27 through an investment of $1.24 billion

** Avg rating of 37 analysts on MRTI at "buy"; median PT is 16,080 rupees - LSEG-compiled data

** YTD, however, MRTI down 16.9%, worst performer on auto index, which is down 6.2%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

May 1 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:

• MARUTI SUZUKI - DOMESTIC SALES HIT RECORD 191,122 UNITS IN APRIL 2026

• MARUTI SUZUKI - SOLD A TOTAL OF 239,646 UNITS IN APRIL

Source text: ID:nBSE92N4gD

Further company coverage: MRTI.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, April 30 (Reuters Breakingviews) - The jobs crisis stirring in India’s vast outsourcing industry spells trouble for the country’s $4 trillion consumption-led economy. With the gap between household income and spending already widening, the consequences of the churn on finance and markets will be far-reaching.

White collar jobs are starting to disappear in the world’s services capital where many global firms employ thousands of staff in global capability centres that are responsible for everything from back-office functions to fraud detection to critical research and development.

Following the launch of artificial intelligence tools by Anthropic and others that allow companies do the same amount of work with fewer people, Oracle ORCL.N laid off 10,000 workers, or one-fifth of its India workforce in March, and Amazon.com AMZN.O let go of 500 people in the country in January, the Economic Times reported, citing sources. It looks like just the beginning of the headcount reductions.

One executive of a global bank told Reuters Breakingviews their workforce in India could shrink by one-third. This could happen quickly within just one or two years because of the double digit attrition rates at offices of global firms in cities including Bengaluru, Gurugram and Pune. JPMorgan Chase JPM.N has a whopping 55,000 employees in the country, which equals about one-fifth of its total workforce and includes one-third of all its technologists; HSBC’s HSBA.L 47,000 local employees make up 23% of its global headcount.

Then there is also “AI deflation” – the term Indian IT firms that typically lap up fresh graduates use to refer to slowing revenue growth. Annual revenue in U.S. dollar terms at industry leader Tata Consultancy Services TCS.NS shrunk for the year ended March 2026, marking the first decline since the $97 billion company's initial public offering ​in 2004.

Altogether, global capability centres and the IT sector employ up to 15 million people who anchor India’s middle class and whose jobs are under threat from generative AI, Bernstein analysts Venugopal Garre and Nikhil Arela said last week in an open letter to Prime Minister Narendra Modi.

Though this is a small fraction of India’s 616-million-strong workforce comprised mostly of swathes of informal and agricultural workers, the AI vulnerable cohort represents a sizeable chunk of the employed within the rising middle class. With fewer jobs, there will also be pressure on salaries for those who keep theirs.

For India, advances in generative AI are intensifying the intractable challenge of creating enough jobs in a country that skipped over the traditional manufacturing route and where 8 million people enter the workforce each year. Modi's push to drive manufacturing isn’t softening the blow much either, thanks to factory automation.

There are already signs that India’s world-beating 7.8% growth is decoupling from employment generation: New Delhi’s latest Economic Survey notes that since 2022 – the same year that OpenAI launched ChatGPT -- the labour intensity of output has marginally declined. That rupture will deepen unless workers upskill, the survey says, with the change coming “not in a single shock, but in a quiet, steady drift”.

This threatens a blow to spending on what people want, rather than what they need. Private consumption accounts for about 60% of GDP and the top 140 million Indians who on average each earn roughly $15,000 per annum, according to Blume Ventures, drive two-thirds of discretionary spending.

Any contraction in their incomes could force them to cut back, hitting sales of goods from new homes to cars and demand for experiences from dining out to live events. There will be a ripple effect too: Middle-class homes in India employ cooks, cleaners and drivers.

Demand for their services, and those of India’s vast gig economy servicing the middle class, would recede. That puts at risk earnings of carmakers, consumer groups and financial services providers which, together with Mukesh Ambani's Reliance Industries RELI.NS – the owner of India’s largest retailer - account for nearly 62% of the benchmark Nifty 50 index .NSEI. Sluggish consumption is already hurting some of them: small car sales slowed at Maruti Suzuki India MRTI.NS last year and Unilever's ULVR.L Indian unit has been grappling with weak urban demand.

A potential 30% reduction in the 15-million-strong outsourcing and global capability centre workforce over the next two years could shrink the top consuming class by about 5 million to 135 million.

Assuming Blume Ventures' annual income estimate of $15,000, this cohort's total spending power stands to fall by roughly $75 billion a year, assuming those people don't find other employment or sources of income. That's equivalent to 10% of the Nifty 50 constituents’ net sales of 71.3 trillion rupees ($755 billion) for the financial year ended March 2025, per data from the National Stock Exchange.

Overall household savings are already declining as indebtedness mounts: Indians saved barely 23% of their personal disposable income in the financial year to March 2025, according to an estimate by CLSA, down from nearly 30% two decades earlier. Debt as a share of disposable income surged to 55% from 31% over the same period.

While India’s household debt to GDP ratio is much lower than for most peer economies, meagre earnings mean Indians end up spending 13% of their income on repaying borrowings, higher than 8.5% for China and 8% for the US.

Much of what Indians borrow goes towards financing consumption rather than creating assets. Households are leveraging up to pay for everything from overseas vacations to weddings and smartphone purchases.

Such financing, which the Reserve Bank of India calls non-housing retail loans, makes up 55% of household obligations and is growing faster than mortgages. India's household debt to GDP ratio stands at 41.9%. If half of those borrowings are consumption-linked, it implies household discretionary debt amounts to roughly 21% of GDP. Apply that to India’s nominal GDP of 331 trillion rupees for 2024-25 and you have at risk loans worth 69 trillion rupees across the country’s banks and non-bank lenders.

This threatens the loan quality at financial institutions led by the $130 billion HDFC Bank HDBK.NS as well as lenders backed by global investors from Sumitomo Mitsui Financial 8316.T to Blackstone BX.N who are accelerating their expansion in India to tap retail credit demand.

The impact of AI on the global workforce may ultimately create more jobs. First, though, it may turn India’s already weak consumption and much-vaunted demographic dividend into a nightmare.

Follow Shritama Bose on LinkedIn and X.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

April 29 (Reuters) - Shares of Maruti Suzuki India MRTI.NS jumped 4% on Wednesday as investors looked past ear-term margin pressures to bet on strong demand for its small cars and a brighter volume outlook.

India's top carmaker missed quarterly profit estimates on Tuesday but flagged strong demand momentum for its small cars. It also laid out plans to expand manufacturing capacity with an investment of 140 billion rupees in the current fiscal year.

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]; 8800437922;))

Rewrites, adds chairman comment, details throughout

By Kashish Tandon and Aditi Shah

April 28 (Reuters) - Maruti Suzuki India MRTI.NS plans to invest $1.48 billion to expand manufacturing capacity in the world's third-largest car market, betting on demand for small cars despite mounting risks from the Iran war.

India's largest automaker, a unit of Japan's Suzuki Motor 7269.T, will spend the money to widen production by 500,000 units in the current fiscal year that started in April.

Vehicle sales in the world's most populous country have picked up after New Delhi slashed taxes last September, boosting showroom footfalls and aiding pricing power, particularly for small cars and sport utility vehicles.

"Small cars account for about 130,000 of the 190,000 pending orders," Maruti Suzuki India Chairman R C Bhargava said in a post-earnings call, adding that affordable vehicles will remain key to mass mobility in a price-sensitive market such as India.

The weeks-long Iran war and the closure of the Strait of Hormuz have pushed up raw material costs and tightened supplies of key materials such as aluminum and plastics.

However, Bhargava said the impact on India's car production and demand has been minimal so far even as risks from higher prices and fuel costs remain uncertain.

The Swift small car maker's profit fell 6.9% to 35.91 billion rupees ($380 million) for the quarter ended March, below analysts' estimates of 41.38 billion rupees, according to LSEG-compiled data.

Overall sales, including exports and supplies to Toyota 7203.T under a global manufacturing and design partnership, rose nearly 11.8% from a year earlier, pushing revenue up 28.2% to 524.49 billion rupees.

A near 51% year-over-year surge in raw material costs pushed total expenses up 28%, while a 67.3% fall in other income further dented earnings, with margins shrinking by 270 basis points to 7.2%, the automaker said.

Maruti's peers have yet to report their quarterly earnings.

($1 = 94.5087 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru, writing by Chandini Monnappa; Editing by Nivedita Bhattacharjee, Kevin Liffey and Mrigank Dhaniwala)

(([email protected]; 8800437922;))