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| INDUSTRY INTERVIEWS/FEATURES Finally the Government quells the General Optimizing for a cleaner tomorrow Indian automobiles are getting more dependable! CARS, SUVs, MUVs GM India skidding on cash front US parent bankrupt, but GM India plans new car COMMERCIAL VEHICLES Tata world truck eyes retail & defence Tata Motors bags a lions share of bus orders under JNNURM Pisharody is Tata Motors president Cities plump for Central scheme, take to CNG buses With Maxi, M&M rides a product gap CONSTRUCTION & AGRI MACHINERY 2/3 WHEELERS COMPONENTS Mann + Hummel Bosch setting up 2nd plant in Himachal | ALLIED INDUSTRIES Natural rubber exports decline 88% FINANCE & INSURANCE LUBRICANTS & ALTERNATIVE FUELS Oil slips below $68 ahead of new US stocks data INTERNATIONAL NEWS Magna expects to complete Opel takeover by Sept GM bankruptcy means 'no reason to stay' in Detroit Chinese Co to drive away Hummer Auto suppliers not worried over General Motors Toyota to lease plug-in Prius hybrids ECONOMY & FINANCE Sensex falls after breaching 15,000 mark
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| INDUSTRY Go To Top Sindhu Bhattacharya Daily News & Analysis (Web Edition) Peter Kronschnabl, the president of BMW India, was always clear in his mind about making the company a market leader in the luxury cars segment by 2009. Having achieved this goal, with sales driving ahead of Mercedes Benz each month since January, Kronschnabl is now focused on maintaining this lead. According to him, BMW's global practices and its emphasis on setting up world-class dealerships has helped the brand generate considerable brand loyalty. Kronschnabl took on the India assignment in 2006, which logically should have come to an end sometime later this year. But the man will continue to lead BMW India much beyond 2009 because of his passion and determination to make the brand the unquestioned leader in luxury cars. He spoke to DNA : On slowdown affecting BMW in India However, we have not revised downwards any targets and continue to prepare for the upswing that follows any slowdown. So opening new dealerships, launching new products... everything is happening as planned. On expanding BMW's footprints On sales mix and BMW's customer profile On how BMW has been able to speed past Mercedes in 2009 On discounting in the luxury car segment On investments till date and plant capacity On plans to bring BMW bikes and the Mini http://www.dnaindia.com/report.asp?newsid=1261738
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| INTERVIEWS/FEATURES Go To Top The world's fourth largest truck maker and India's overwhelming leader in the CV segment finally unshackled itself from the past when it unveiled its new range of trucks which are ultramodern, contemporary to the T and with a myriad of configurations to cater to no less than a thousand work applications! Yes the world standard truck range from Tata Motors, many years in the offing was finally revealed to the media in Mumbai recently and it ranks right up there not just in its aesthetic sense to mirror other large machinery from established names like Volvo, MAN, Mercedes-Benz, Kamaz, Renault, etc but also packs in enough of high tech and robust hardware to give its rivals The quintessential aspect was not to design "a" truck but a whole new family where designs would be made on a modular approach and take in the entire gamut from two, three, four and even five-axle rigids and tippers plus also long haul tractors with two and three-axle prime movers capable of hauling tonnage from 10 to 75 tonnes. You must of course be wondering how the 75-tonne figure cropped up when the Indian road haulage rules only specify for a 49-tonne GCW but since this is a truck built for operation and sale all over the world, the 75-tonne capability is indicative of the ambitions Tata Motors has for this spanking new international standard truck. Gone is the approach of a bare chassis (of varying lengths strengthened for diverse applications) into which is plonked an engine with just about enough power to plug along and with aggregates which were slightly beefed up aggregates from four decades ago. In its place have come cutting edge design and engineering and a whole new way of not reinventing the wheel but getting the best and most optimized aggregates from some of the best players in the world to offer customtailored transport solutions. Just this very thought was anathema in our trucking industry barely four to five years ago but we see this manifestation in its best and most glaring form in this new truck family from Tata Motors. The first look on the huge tall proportions indicates this is a truly contemporary offering. The lines of its purpose built cabin (in normal, extended and high roof forms given operator preference for the application) are striking, both externally and internally. The cabin design is the work of noted Italian carrozzeria Stile Bertone who have a great deal of experience not just with designed Lamborghini sports cars but also truck cabs for many of the big European CV majors. The suspended tilt-cab design is now de rigeur in the world of trucks and thankfully Tata Motors has made this a standard approach to all offerings in this new range. If that's isn't all, the new safety elements in cab design have been incorporated to enable this new range of trucks to meet crash legislation norms even in their most demanding form in the European countries. Bertone's expertise was not just in external styling and crash safety structures of the cab but also in the interior which is plusher ad more comprehensively equipped than probably all the automobiles in the present Tata Motors indigenous car portfolio, honest! However this is also the key to understanding that this is a business tool which needs complete monitoring of all aspects when the vehicle is operating in exacting conditions and so the man at the controls needs all the information he can possibly have, in an easy to decipher manner to make the most efficient use of the capabilities possible. Highly ergonomic in its control placement and seating position to enable long hauls possible with least driver fatigue, a very classy ambience and loads of storage space. All cabins would be air conditioned and given that many fleet operators already revel in efficiency enhancers, the light car like controls were deliberately engineered to make the driving operation an easy detail rather than a musclebuilding exercise a corollary of which also induced tiredness. Styling the cab and its interior is one thing, making it strong and stiff with very low levels of NVH (noise, vibration and harshness) pervading through saw Tata Motors go in for top notch robotics in its weld and manufacturing process. Of course good design validated through extensive multi-poster inhouse test rigs plus also over a million plus kilometres of actual onroad testing have benefitted the overall product. This held true also for the new design chassis frame plus the various suspension systems (from bogiemounted units to leaf spring set-ups coupled with top notch hydraulic dampers and maybe in some cases air suspension as well) which were put through accelerated torture tests with double the capacity loads to prove the effectiveness of the set-up. The great thing about this new world standard truck is that it can incorporate either Tata's own engines, transmissions, axles and steering gear (if the operator is value inclined) or he could go and cherry pick from the range of state-of-the-art Cummins engines working with aggregates from such international big names as Eaton, ZF, Arwin Meritor, Rockwell, Dana, etc. This is truly the way the trucking world operates in Europe and the US and Tata Motors is the first homegrown CV maker to usher in this approach to India. Truck makers in India earlier used to power their vehicles with a given power output that would be barely able to get on with the business. This meant that the low capacity engines with just about a modicum of technology sprinkled in to keep them going were always operating in the highest recesses of their power and torque band, making them highly stressed over the (limited) life-cycle of the vehicle. This approach has been junked with a range of powerplants which kicks off from 150PS and strokes its way to 560PS with locomotive-like torque thrusts to match. What this truly entails is not just ample power to move huge loads at speed but to have the engines operating in their best torque band for efficiency and with a great deal of power held in reserve should there be the need for it to be unleashed. This is a completely different thought process and absolutely welcome. The entire engine range is already Euro III and Euro IV compliant and is package ready for Euro V. Transmissions will range from manual to fully automatic to fully automated (given the application for which the vehicle would be specified) and the axles would be just as ingenious with some of them featuring hubreduction gearing. These trucks would also come with twin driven axles from day one should such an application be ordered by operators. The overall design and development of this spanking new world standard Tata truck family was undertaken primarily by the company's teams in India working along with their counterparts at Tata-Daewoo Commercial Vehicles Co. Ltd. in South Korea. Additionally, Tata Motors' European Technical Centre based at Warwick in the UK played a key role in identifying processes, tests and validation for much of the work on all the prototypes and also the production engineering process. Tata Motors were not hesitant to put in their learning from their passenger car business and so they didn't skimp on the technology to manufacture the new truck, going to the best in the business to get the production machinery and processes. And considering that this truck would go on sale within the year even in South Africa, the Middle East, Turkey, Russia and Australia (all markets where Daewoo trucks were pretty strong), this was the most cost effective way to go about making it. It is early days yet but for sure this new way of truck manufacturing is just the first part. Tata Motors with its near 70 per cent market share of the Indian CV market will now be ready to take the fight to the established biggies already ruling the roost in the tough heavy haulage segment of the CV business. And this has all to do with operators getting the best returns on their investment in the quickest way possible. This romance of the trucking business is what will determine how quickly the new truck changes perceptions and rewrites a new chapter in India's load haulage industry. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" FINALLY THE GOVERNMENT QUELLS THE GENERAL Adil Jal Darukhanawala The Economic Times, Zigwheels No it is not the usual GM bashing which god knows is the flavour of the moment and most of it being justifiably so. General Motors may well have changed the entire nature of the automotive game on June 1 when it filed for bankruptcy protection under Chapter 11. For a giant of its stature to crash, the fall would be pretty brutal and injurious, not just to people and organizations associated with it, but the ferocity of the vibrations emanating from the aftershocks is grave cause for alarm to component suppliers, technology and service providers, logistics firms, etc, etc. From General Motors to Government Motors, it is unthinkable that in just the year after it marked its centenary, the world's largest automaker would be humbled under the weight of its own follies. Many might dispute this but the malaise had started way too long ago but given its geographical spread, immense mass and huge profits, GM managed to gloss over all this. In doing so it gave itself a false sense of strength but deep down others were chipping away where it hurt the most: in public perception. GM was widely known for innovation, design, great engineering and also to a certain extent strong performance. Its Cadillac brand, once acknowledged as "the world standard" for quality, elegance and prestige just lost its way to becoming another myriad Yankee brand with a glorious sounding name. Pontiac, once the fire breathing performance brand in the fold was made to look insipid and devoid of flair with illogical management decisions that probably castrated its spirit in the eyes of the performance minded. If that wasn't all, GM's bean counters didn't give their product planners any leeway even when platform sharing between their divisions. Many a time it was hard to know whether a Pontiac Trans-Am and a Chevy Camaro were one and the same if you didn't take in their front end treatment and of course their badging. It was a case where foresight was in short supply and the greed for gold pervaded over all else. To compound matters, the cars came with shoddy put-together-build and this quality aspect turned of many from GM. How in hell did the company not register this should be a case study for management students. And in case they did then it should be another case for being stupid in the first place and then down right arrogant for not acting on it. What emerges from all this is that quality always has a manufacturing price but the bean counters never knew that it would cost them so dearly. Chevrolet long the flagbearer in the GM fold, curiously suffered from an excess of ideas which were never fully developed. Also the manner in which good sturdy cars were sacrificed on the altar of pick-up trucks and SUVs meant that the product planners just gave in to the soulless bean-counters who in their zeal for top dollar brought about GM's downfall. Yes accountants are needed to keep the books, monitor project costs and also ensure discipline. GM's bean counters did all of this and more. They interfered in design, killed off interesting concepts, always looked at large profits per unit in the absolute interim while neglecting the larger picture and most important of all, it was the arrogance of it all which brought about this inevitability. The GM brigade became the masters of passing the buck, oops blame to everyone else but themselves whenever they found themselves n the ropes. It was always circumstances and other issues which were reasons for blame when the going got tough but never once did the same bunch acknowledge that maybe GM was wrong to begin with. GM's inability to look within and address shortcomings coupled to a snooty attitude is why the world's largest motor company is a failure. So as we read, the Chapter 11 proceedings might just be the one key element which might revive it from its downward slide and make it what its founder Alfred P Sloan always wanted it to be: "lead the world." From Old GM to a New GM will take time, effort, perseverance and toil, but if it has the right leadership and taps into its mighty strong technological base (again the bean counters had put the brakes on them many a time), a New GM could just be at the cutting edge of a new automotive dawn in the US. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" OPTIMIZING FOR A CLEANER TOMORROW Vikram Gour The Economic Times, Zigwheels Volvo Cars Sweden has been known to make the safest cars in the world. However the company also happens to have on the world's most advanced emission laboratories, which the company is now upgrading even further in order to fuel their quest for lowering fuel consumption and reduced CO2 emissions. The laboratory has been a pivotal feature when developing all the DRIVe models for Volvo. This includes tests for the updated engine mapping and reduced rolling resistance. Volvo also uses the emission laboratory for development testing at any stage of the vehicle's development process. For example, when the engine parameters have been optimized for reducing emissions, the results can be verified in the emission lab where engineers can not only repeat the process, but also further tune the system to eventually gain the true optimal setting and deliver results. Speaking about what aspects of a vehicle have an impact on CO2 emissions, Alexander Petrofski, who happens to be responsible for the technical aspects of the laboratory, further clarifies, "Many parameters in the vehicle have great impact on CO2 emissions and this requires close attention to many of the systems which we normally do not connect to classic emission testing. Take brakes for example: Brake drag will have large impact on the variability of the test results. Therefore, we are working closely with the development engineers from many different areas of technology to standardize and optimize all parts in the testing chain." Alexander Petrofski adds, The amount of effort we put into maintaining quality standards in all aspects of the testing is tremendous. For instance when it comes to calibrations which are performed at pre-defined intervals and supervised by our senior engineers." Every aspect is monitored to a 'T', and test reruns are conducted only when Volvo is able to replicate the exact situation of the previous test in order to gain the maximum learnings and then apply them to the various models to improve their efficiency. Volvo is also capable of using basic data on aerodynamic drag, rolling resistance and parasitic losses on a certain model, and then testing it on another car, and then calculating and interpreting the results for the intended car model. This process allows for multi model applications and also happens to be a fine tuned method that allows the lab to deliver accurate results in the shortest time possible. Engineers at the Volvo Cars emission lab are also involved in developing future particle measurement technology in order to for Volvo vehicles to cater to Euro 5b emission norms that will come into place in 2011. Euro 5b norms further restrict diesel particulate count and therefore the work has already begun as Volvo Cars needs to work closely with suppliers in order to improve and develop the method and instrumentation that will help them achieve this lower count. In fact Volvo Cars has already got one of the first systems in place at the diesel laboratory. With the growing popularity of diesels, this is surely something to look forward to even in India where Volvo currently imports and sells their cars. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" Kunal Khadse The Economic Times, Zigwheels As soon as the A-Star landed in the ZigWheels garage, I was completely taken in by the radical yet cutesy looks of this small brat. The bugeyed headlamps, the snazzy interiors or that cheeky little tachometer jutting out of the console, this one had me quite enraptured with its attitude. Four months gone in this car, and I still continue to like it the way I did on day one. The grunt of the A-Star really belies its size. Even though the engine seems rev-happy, it has enough go to keep it from stalling even in high gears in the slow Pune city traffic. Find an open stretch of road and floor the pedal though, and the A-Star makes it amply clear that it is capable of attaining a fairly quick pace in quite a short time. In fact, on one of our trips back from Mumbai with our resident rallyist Dilip Desai at the wheel, I remember being stupefied with the sort of cars that the A-Star kept up with on the expressway. It has had its share of mild discomforts too. The rear windshield, for example, is tiny. Coupled with the thick C-pillars, it really reduces visibility while backing the car through narrow lanes, like the one right underneath our office. That being said, . I'd rather have the A-Star as my long termer compared to any of the other cars in our garage. After all, which one of those can promise me a fuel efficiency figure of 15 kmpl? Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" The Economic Times, Zigwheels Aspanking new mint green Mahindra Xylo has found its way into the ZigWheels long termer garage. The car was recently taken out for a vacation by Chief Road Tester Dilip Desai to Goa, with interesting revelations. An 1100 km journey spread over four days was the first long outing of our long term Mahindra Xylo, and the car helped make the trip a memorable one for ZigWheels Chief Road Tester Dilip Desai and his family. There was enough luggage space with the said occupancy, but the option of using a roof carrier remains if all seven seats are occupied. The vista from the two front seats through the windscreen and the windows was found to be great as well, making it great for driving on the highways and for sightseeing along the way too. On the way back, the car showed off its real-world handling prowess on the ghat of Amboli. Lugging power was found to be exceptional, with the Xylo climbing steep mountain roads in 3rd, 4th and even 5th gear on occasions. Engine noise outside the car was on the higher side especially when the car was started cold, but apart from that there wasn't much to complain about. Stay logged in to zigwheels.com for more on the exploits of our Xylo. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" INDIAN AUTOMOBILES ARE GETTING MORE DEPENDABLE! The Economic Times, Zigwheels Squeaking doors, rattles and noises continue to be the key quandaries of Indian car owners, but the latest JD Power Asia Pacific vehicle dependability survey has revealed that Indian cars are throwing up lesser problems and getting more reliable. The study measures the reliability of three year old vehicles in terms of problems reported per 100 vehicles (PP100). The survey ranks vehicles from ten different segments and bases its statistics on more 150 problematic symptoms across nine categories including engineering, encountered by owners with their used vehicles. A lower score in terms of PP100 implies a higher dependability rank. On an average, cars across segments under survey this year revealed an average of 290 problems per 100 vehicles. While this still remains significantly higher than the PP100 scores of cars internationally, the number is a good 41 PP100 lesser than last year's figures. Indian cars are getting more frugal too. Even though excessive fuel consumption remains amongst the top ten reported problems, the largest improvement has been seen in this particular field in cars across all segments. The surprise major gainer of the survey as far as manufacturers go has been Ford - two of the company's cars have topped their respective segments in terms of dependability. While the Ford Ikon has topped the entry-level sedan segment, the Ford Endeavour has come out as the most reliable SUV, trumping the Honda CR-V which was last year's segment topper. Honda's Civic has also lost the spot of the most reliable premium midsize segment car to the Toyota Corolla. The Maruti Suzuki Zen Estilo is now the least problematic compact car in India, while the Honda City has kept its place as the most dependable mid-size segment car. The Toyota Innova continues to be the most dependable MPV in India. Copyright 2009, Bennett, Coleman & Co. Ltd. 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| CARS, SUVs, MUVs Go To Top Nandini Sen Gupta The Economic Times (Web & Print Edition) Indian automobile majors Mahindra & Mahindra and Tata Motors figure in the global list of more than a dozen firms to have been tapped by bankers representing General Motors for a possible sale of the beleaguered US carmakers small car brand Saturn, said a person familiar with the matter. GM INDIA SKIDDING ON CASH FRONT Hindustan Times GM India sells variations such as Spark, Aveo sedan, U-VA, Optra, Tavera and Captiva to address a range of segments, but its sales witnessed a free fall in the first four months of this year, plunging 21 per cent year-on-year. "The bankruptcy proceedings for General Motors in the US may adversely impact consumer confidence in the brand in the short term although from the company standpoint, it is business as usual as India is not covered in GM's chapter 11 filing," said Kapil Arora, partner-advisory services at consulting firm Ernst & Young. "From a financial standpoint, if the bankruptcy proceedings extend beyond 6 to 9 months, there could be an impact on the company's long term plans including financing for expansion, new model launches and product development, he added. Nevertheless, GM has announced the launch of its premium sedan Cruze later this year as also a small car below its benchmark Spark. On Tuesday, the company itself admitted it faced difficulties in raising cash. "It hasn't been easy in India to raise the money ($ 200 million). Frankly, we have found difficulties from Indian financial institutions, but we have not given up," Nick Reilly, Group Vice President, GM India told analysts in a conference call. The majority of the fund remains to be raised. It might take us little longer, but the opening of the plant is largely on schedule. It may be delayed by a month or two. Most of company's Rs 4,000 crore investment in India is parent equity but GM India is now on its own. GM India will find it difficult not only to launch new products, but even to keep its existing portfolio competitive. For the long-term health of GMs India business, this situation is, at best, precarious, said Vikas Sehgal, partner, Booz & Company. US PARENT BANKRUPT, BUT GM INDIA PLANS NEW CAR IANS See this story in: The Economic Times (Web Edition) New Delhi: US auto behemoth General Motors Corp may have filed for bankruptcy protection, but its Indian arm is all set for the launch of a new variant of its popular small car Spark. http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Automobiles/US-parent-bankrupt-but-GM-India-plans-new-car/articleshow/4613433.cms | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMERCIAL VEHICLES Go To Top PTI See this story in: The Economic Times (Web Edition), Business Standard (Web Edition), Daily News & Analysis (Web Edition) Jamshedpur: Leading commercial vehicle manufacturer, TATA Motors unveiled its new range of world standard trucks expected to more than double its exports. http://www.dnaindia.com/report.asp?newsid=1261746 TATA WORLD TRUCK EYES RETAIL & DEFENCE The Financial Express (Web & Print Edition) Mumbai: As the world truck platform of Tata Motors readies to hit the civilian market between July and September 2009, its adaptation for the defence sector is also in process. The company is looking at three variations with different axle configurations, including 6x6, 8x8 and 12x12 for the defence applications. We continue to tweak our commercial range to meet requirements of the military. So with the civilian targeted world truck which we are also upgrading as a military version, VS Noronha, head defence business, Tata Motors had said in an earlier conversation with Fe. These heavy-duty trucks are used by defence for hauling of heavy equipments like tanks, ammunitions and also as troop carriers. Explains Ratan Shrivastava, director, aerospace and defence, South Asia & Middle East, Frost & Sullivan, There is primary market for such heavy duty products in defence. The Indian automobile industry is capable of catering to the Indian military auto requirements but needs to meet the needs and specifications of the defence. Some of the heavy-duty truck brands used by the defence sector in addition to Tata Motors include Tatra, Scania, Ashok Leyland and Volvo. Volvo trucks support the research and development department of the defence forces. These are high horsepower, high torque, 6 axle, all wheel bases, trucks, said a spokesperson from VE Commercial Vehicles (VECV). The company is a 50-50 joint venture between the Volvo Group and Eicher Motors. Other global players interested in serving the Indian defence requirements include Mercedes-Benz and Fiat Iveco. At the unveiling of the world truck range recently, Tata Motors said it can produce 55,000 units at its Jamshedpur plant this year which is expandable to 1.5 lakh per annum. TATA MOTORS BAGS A LIONS SHARE OF BUS ORDERS UNDER JNNURM Priyanka Vyas The Hindu Business Line (Web Edition) New Delhi: Tata Motors has bagged a lions share of bus orders under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Of the 7,815 buses for which orders have been placed by various State Governments under the programme Tata Motors is estimated to have got orders for 4,689 buses. Of the order for about 8,000 buses, which has been cleared so far under the JNNURM scheme, Tata Motors has got about 60 per cent, said a Tata Motors spokesperson in an email response. Ashok Leyland, the countrys second largest commercial vehicle maker, has got an order of 3,200 buses. We have an order of 3,200 units so far. These are fully-built, low-floor buses with certain specifications. We are ramping up production to ensure deliveries in four to six months, Mr Rajive Saharia, Executive Director, Marketing, Ashok Leyland, told Business Line. Players in game A spokesperson for Eicher Motors said it was against the company policy to disclose its order book while the company was participating in a programme. Tata Motors and Ashok Leyland are the largest players. Other producers include Eicher Motors, Volvo Buses and Swaraj Mazda. Mahindra & Mahindra and Force Motors also make small buses that are classified as passenger carriers in the light commercial vehicles segment, according to the Society of Indian Automobile Manufacturers. During 2008-09, sale of Tata Motors medium and heavy buses dipped 8.83 per cent to 15,442 units. Ashok Leyland too saw a similar decline in sales in the same period, to 16,049 units. States orders The bus procurement scheme of States under the JNNURM was announced as a part of the fiscal stimulus package to provide impetus to the commercial vehicle producers, who were facing a difficult time with sales having nosedived. The deadline is to place an order of 14,695 buses by the end of the month. According to a statement issued by the Ministry of Urban Development, Andhra Pradesh leads the race in placing orders, having placed an order of 1,500 units. The others in the fray are Uttar Pradesh at 1,310 units, Maharashtra at 1,250 and Karnataka at 1,100 units. Kerala, West Bengal and Delhi too have finalised their orders recently. http://www.thehindubusinessline.com/2009/06/04/stories/2009060452150300.htm PISHARODY IS TATA MOTORS PRESIDENT Reeba Zachariah The Times of India (Web & Print Edition) Mumbai: Ravindra Pisharody has been appointed president of Tata Motors (commercial vehicles), following Prakash Telang's promotion as company managing director. CITIES PLUMP FOR CENTRAL SCHEME, TAKE TO CNG BUSES Rahul Chandran & Samar Srivastava Mint (Web & Print Edition) New Delhi: The opportunity to earn money by selling carbon credits, growing environmental awareness and the novelty value of buses fuelled by compressed natural gas (CNG) may have prompted some 14 cities to order hundreds of CNG vehicles, taking advantage of a one-time funding scheme offered by the Centre. The cities that have placed orders for CNG buses include Visakhapatnam, Delhi, Indore, Ujjain, Thane, Navi Mumbai, Pune, Pimpri Chinchwad, Agartala, Tripura, Agra, Kanpur and Lucknow, according to urban development secretary M. Ramachandran. Many of these cities are getting CNG vehicles for the first time, he added. CNG is a substitute for petrol and diesel, and considered to be a more environmentally clean alternative to those fuels. Trading of carbon credits awarded for controlling emissions offers a potentially lucrative opportunity for cities that switch to CNG-fuelled public bus fleets. We have a carbon credit system that is under validation and if we go for CNG, it helps us in getting money, said S.C. Garg, chief technical adviser for Indores city transport service. The municipality also reasoned that the prices of diesel, which is the preferred fuel for most bus operators, are likely to increase at a faster rate than the price of CNG. Also, we can tell people to come and sit in a CNG bus for the first time, he added. CNG has come some six months back. The government has tied up with some private companies for CNG pumps. We are also running around 100 taxis on CNG, Garg said. The city, which currently operates a fleet of 114 buses, has placed orders for 175 vehicles under the scheme offered by the Union urban development ministry earlier this year. Of the buses, 150 are CNG fuelled. Similarly, the Ujjain municipal corporation has placed orders for 50 CNG buses. It is the first time that the city of 430,000 people is getting a government bus service. A Visakhapatnam city administration official, who did not want to identified, confirmed that the city had ordered CNG buses for the first time. In Madhya Pradesh, only two citiesUjjain and Indorehave CNG pumps. We have made a decision to make all public transportation (run on) CNG, said Ujjain municipal corporation commissioner C.M. Shukla. While the urban development ministry laid down several specific conditions and technical criteria for the type of buses that cities would be allowed to buy under the scheme, it didnt require the buses to be powered by CNG. The 14 cities are among at least 50 that have placed orders for around 8,000 buses, including diesel vehicles, under the scheme, which sanctioned nearly 14,000 bus purchases until March this year. For bus makers, it brought welcome business at a time when economic growth has slowed. Tata Motors Ltd won orders for about 4,800 of the 8,000 buses and Ashok Leyland Ltd for about 3,200 buses. Contracts to maintain the public bus fleets offer an additional revenue stream for the companies. None of the orders have maintenance contracts bundled with them, an Ashok Leyland executive said. These are still under negotiation, said Rajive Saharia, executive director for marketing at Ashok Leyland. A Tata Motors spokesperson said the firm had no information to share at this point. In January, Ashok Leyland had bagged an order from the Delhi Transport Corporation (DTC) for 875 low-floor buses at a cost of Rs480 crore. The contract was bundled with a 12-year maintenance contract valued at Rs710 crore. In the same DTC order, Tata Motors was asked to supply 1,625 low-floor buses costing Rs900 crore. The maintenance contract was valued at Rs1,300 crore. More cities could switch to CNG-fuelled buses, increasing the size of the business opportunity for bus makers. Still, availability of CNG has been a problem in some cities because of a lack of distribution infrastructure. I know that Pune is looking at CNG buses, Surat is looking, Ahmedabad is looking. But to my knowledge, only Delhi runs a completely CNG fleet, said O.P. Aggarwal, chief executive of Urban Mass Transit Co. Ltd and vice-president of the Institute of Urban Transport. Aggarwal said the size of the fleet, especially in small cities, may not justify the cost of setting up CNG infrastructure. If there is already a CNG distribution network, it is not a bad idea. But to invest in a distribution network just for the bus fleet probably doesnt make sense. http://www.livemint.com/2009/06/04000603/Cities-plump-for-Central-schem.html WITH MAXI, M&M RIDES A PRODUCT GAP Neha Rishi Daily News & Analysis (Web Edition) Mumbai: A yawning product gap in the low-tonnage truck space could spell manna for Mahindra & Mahindra, even as it may quite mean the opposite for rival Tata Motors. M&M has been having a good sales run with its 'Maxx Maxi Truck", which fills the product gap between the over-1-tonne picks-ups and low-tonnage trucks such as the Tata Ace and the Piaggio Ape. Over the past 2-3 years, M&M's only competitor in pick-ups, Tata Motors, shifted focus to low-end carriers, specifically the one-tonne Ace, which has served the company fantastically. "The lack of a product from TaMo has given M&M the opportunity to have good dominance in the segment. With Maxx Maxi, Bolero and Scorpio pick-ups, the company has raised its market share to 85% last year in the pick-ups segment," an auto sector analyst with a local brokerage said, on the condition of anonymity. Vivek Nayer, senior vice-president (marketing), automotive sector, M&M, claims Maxx Maxi has an engine that's four times powerful than the Ace's 63 HP plant. "Its payload is 900 kg against 745 kg for Ace, and top speed is 100 kph versus 74 kph. And unlike Ace, it can climb any terrain with ease," he claimed. In the last fiscal, the low-tonnage segment saw a degrowth of 5%. "But Maxx Maxi grew by 5% indicating buyers are upgrading primarily from Ace," Nayer claimed. A Tata Motors spokesperson said the company is not in the Bolero-Scorpio pick-up space. "It is mainly used by farmers and for transport of dairy products. But our 207DI operates in the same space," he said. M&M has also resorted to aggressive pricing for Maxx Maxi. High-tonnage pick-ups normally cost Rs 4.5-5 lakh, and low-tonnage ones Rs 2.15-2.50 lakh. Maxx Maxi is priced in the middle, at around Rs 3.3 lakh. But competition is also heating up for Tata Motors in the Ace space. M&M is expected to launch a small 4-wheeler which is based on its Alfa three-wheeler platform in the December quarter this fiscal. Nayer , however, refused to divulge details on the product. Sources said M&M will go for some aggressive pricing with the product, which is expected to give a mileage of 25 km per litre through a 400cc rear-based diesel engine. The four-wheeler, which is being made under technical collaboration with Thai Rung Partners of Thailand. The product is currently undergoing homologation tests at ARAI. The aforesaid analyst believes the Tata Motors' offering in the pick-up space, the 207DI, lost marketshare due to pricing and performance (as a load-carrier; Tata's Xenon XT, which is also in the same space, is a passenger carrier or lifestyle vehicle) issues. Maxx Maxi is about Rs 1 lakh cheaper than 207DI. M&M has also gone for Maxx Maxi variants such as a CNG one in a bid to increase volumes and in turn, market share. Clearly, Tata Motors has its task cut out. http://www.dnaindia.com/report.asp?newsid=1261737 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSTRUCTION & AGRI MACHINERY Go To Top PTI See this story in: The Hindu Business Line Mumbai: Agriculture machinery products maker Escorts Ltd on Wednesday said it will hold a meeting of its shareholders next week for the purpose of approving the merger of Escorts Agri Machinery Inc (EAMI) with itself. The shareholders of the company would meet on July 12 for the purpose of considering the scheme of arrangement between Escorts Agri Machinery Inc and Escorts Ltd and their respective shareholders and creditors, Escorts Ltd said in a filing to the Bombay Stock Exchange. EAMI is a subsidiary of Escorts and acts as an overseas special purpose vehicle. EAMI holds a 100 per cent stake in Farmtrac Tractors Poland, 78.25 per cent in Beaver Creeks Holdings, USA, and 49 per cent in Farmtrac North America. The proposed amalgamation of EAMI with Escorts would result in restructuring the overseas operations and bringing it under the direct control of the parent firm. The merger would also help reduce administrative costs and increase operational efficiency, it said. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2/3 WHEELERS Go To Top The Financial Express Pune: A couple of years ago, a 34-year-old biking enthusiast from Columbia Daniel Velandia decided he wanted to see and experience more of the world. He rode 60,000 km across 23 countries on his Pulsar 180 to finally reach Pune where the Pulsar is made. I have lived in Columbia all my life and therefore decided to do this trip. I wanted to come out of my country and experience new places. I had my own Pulsar but decided to approach the Bajaj dealer in Columbia Auteco to seek some support for spare parts. But they gave me a bike and decided to bear the expenses, Velandia said. Velandia began the trip in March 20, 2008 on his bike Elvira finally reached Pune on Monday. It took him some 14 months to complete the trip. Along the way he passed through Argentina, South Africa, Bolivia, Botswana, Turkey, Tanzania, Middle East and Pakistan to finally arrive in India. When Velandia started he barely took some chlorine tablets and some general medicines. Barring an instance in Bolivia where he ate some lamb meat and fell ill, the rest of the trip has been a smooth ride. I have seen some of the most amazing landscapes in South Africa. Cape Town was a blast. People were very friendly, he said. Getting visas was a painful process. But there have been opportunities to meet some of the nicest people. One hears of a troubles and conflicts in Sudan. But my experience here has been good, Velandia recollects. In India, he made a trip to Varanasi and Hampi where he was fascinated by the details in the sculpture. India is a very complex country. You have some of the biggest treasures in the world. I love Indian food, he said. Velandia will be taken to the Chakan plant near Pune where the Pulsar is made. The Bajaj dealer in Columbia has gifted the Pulsar to him. He has written a blog describing his trip and hopes to see more of the world again. http://www.financialexpress.com/news/hamara-bajaj-goes-around-world/470739/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMPONENTS Go To Top The Hindu Business Line See similar story in: The Tribune, The Hindu, The Statesman, The Financial Express New Delhi: TVS Group company, Lucas Indian Service has entered the organised car accessories market by setting up its first retail outlet in Gurgaon. The company on Wednesday said it will invest Rs 180 crore over the next five years to set up 108 outlets. The retail chain will be known as Carplus The total car accessories market is estimated between Rs 4,200 crore and Rs 4,500 crore. Of this, 35-40 per cent of the market lies in the unorganised sector. We would like to tap this market through our formats, said Mr Sandeep Abbi, President, Lucas Indian Service. Brand stores The company will roll out its brand stores in Mumbai and Ludhiana during the year. It will retail in-car entertainment products, car interior and exterior, safety products among other accessories. http://www.thehindubusinessline.com/2009/06/04/stories/2009060451380200.htm http://www.tribuneindia.com/2009/20090604/biz.htm http://www.hindu.com/2009/06/04/stories/2009060451531600.htm http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=256701 http://www.financialexpress.com/news/tvs-arm-to-drive-into-car-accessories-biz/470775/ MANN + HUMMEL BOSCH SETTING UP 2ND PLANT IN HIMACHAL The Hindu Business Line See similar story in: The Statesman, The Hindu, Deccan Herald Bangalore: Auto filter company, Mann + Hummel Bosch is setting up its second plant in Himachal Pradesh with an investment of around Rs 112 crore for making aftermarket products. Mann + Hummels member of the board and its Managing Director, Mr Manfred Wolf, told newspersons on Wednesday that the companys plant in Karnataka will continue to manufacture parts for the aftermarket but the new plant in Himachal Pradesh will drive the business growth of the company. The new plant will employ about 100 people and will start operations in September. The new plant in Nalagarh in Himachal Pradesh has the capacity to produce about 10 million units of automotive after market parts a year. He said Mann+Hummel will also supply parts for Tata Motors diesel version of the Nano car. Mann + Hummel Bosch is an equal joint venture between Mann + Hummel and auto parts maker Bosch Group. The turnover from Indian operations for 2008 was Rs 10 crore and the turnover for 2009 is expected to be about Rs 32 crore. R&D centre Mann+Hummel has also opened an engineering and R&D centre in Peenya near Bangalore. The Peenya lab will be able to develop, validate and release products that meet customer specifications and through computer-aided simulations, can check the feasibility and optimise the design of products before prototypes are made. The company will invest about Rs 10 crore in two years in the Peenya lab and employ about 19 people. The company also launched Mann-Filter which is the aftermarket brand of the group. It will provide air, oil and fuel filters in original equipment quality for current Indian needs, Mr Wolf said. http://www.thehindubusinessline.com/2009/06/04/stories/2009060452210300.htm http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=256696 http://www.hindu.com/2009/06/04/stories/2009060451481400.htm http://www.deccanherald.com/content/6190/mannhummel-starts-rampd-centre-bangalore.html CLAYTON DEWANDRE DIVESTS STAKE IN SUNDARAM CLAYTON The Hindu Business Line Mumbai: More than 74 lakh shares of auto parts major Sundaram Clayton changed hands among promoters under block deals and bulk deals reported on the BSE on Wednesday. Sundaram Industries, Sundaram Finance, T V Sundaram Iyengar & Sons, WABCO TVS and Southern Roadways bought shares of Sundaram Clayton at Rs 151.65 a share, while Clayton Dewandre Holdings Ltd sold its entire stake of 74.30 lakh shares. With this, Clayton Dewandre Holdings completely exited from the company. Essar Oil In another bulk deal reported on the BSE, Citi Group Global Markets Mauritius Pvt Ltd bought more than 1.26 crore shares of Essar Oil Ltd. http://www.thehindubusinessline.com/2009/06/04/stories/2009060451071000.htm KINETIC ENGG BAGS ORDER FROM EUROPEAN AUTO MAKER
The project, to be implemented in over the next 12 to 15 months, is expected to generate Rs 30-40 crore annually, Kinetic Engineering said in a filing with the Bombay Stock Exchange. The auto component manufacturer focuses specially on power train components and assemblies. The firm, having its plant at Ahmednagar (Maharashtra), also designs, manufactures and markets a range of products including complete two-wheelers, engines in several specifications and other components and machineries. Shares of the company closed at Rs 53 without any gain or loss from the previous close on the BSE. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ALLIED INDUSTRY Go To Top TE Narasimhan Business Standard Chennai: Industrial and automotive battery manufacturer Amara Raja Batteries is planning to invest Rs 95 crore in 2009-10 to enhance its manufacturing capacity among others. Speaking to Business Standard K Suresh, chief financial officer, Amara Raja Batteries, said the proposed investment would be used to increase the capacity of valve regulated lead acid battery (industrial battery division) and motorcycle battery (automotive battery division) apart from regular maintenance purpose. The capacity of VRLA battery would be increased 50 per cent to 1.80 million units from 1.20 mu, while motorcycle battery would be increased to 2.40 mu from 1.80 mu. The proposed expansion will get over by October or November. The company is also planning to increase its export business to 10 per cent from the current 8 per cent of the total turnover. As part of overseas expansion, it is looking at entering the African market with its brand Amaron through its joint venture partner Tata International. Amara Raja currently caters to Singapore, Japan, Australia, New Zealand and West Asia. According to him, the industrial battery division continued its growth momentum aided by telecom and UPS segments. The current mix of business is 55:45 (industrial:automotive). The company has also expanded its Amaron R franchisee and retail network to 189 and 18,000 respectively. Each franchise caters to 100 retailers. It is looking at allowing mini franchises to cater to more retailers especially in the rural areas. Amara Raja reported a 15 per cent drop in net profit at Rs 80.47 crore in 2008-09 from Rs 94.36 crore in 2007-08. The decline was on account of the forex loss of Rs 32 crore, steep fall in lead price and increase in imported input costs. For the first time, the company crossed Rs 1,500 crore in gross sales and has set a 20 per cent growth target in 2009-10. http://www.business-standard.com/india/news/amara-raja-to-invest-rs-95-cr/359987/ NATURAL RUBBER EXPORTS DECLINE 88% George Joseph Business Standard Kochi: Indias natural rubber exports fell 88 per cent in May due to the rising disparity between the Indian and global prices. According to the latest estimates by Rubber Board, the total exports in May were just 94 tonnes. The total exports during April-May fell 88 per cent, compared with the same period last year. Just 818 tonnes were shipped during the two months against 6,849 tonnes in the corresponding period of the previous year. Local price of RSS-4 grade on Wednesday quoted Rs 100 a kg while the global price is at Rs 82 a kg. The huge price gap (Rs 18-20 a kg) between India and the global market is making export a tough affair. If the situation continues to be so in coming months, the exports may become nil, according to stockists and experts. It is apprehended that it would be difficult to export at least 10,000 tonnes in the current financial year against 45,538 tonnes in 2008-09. Total shipments in 2007-08 were 60,353 tonnes. The same price phenomenon had heavy impact on the import this year between April and May period. Import has edged up to 24,743 tonnes against 14,341 tonnes in the same period of last financial year, registering a 75 per cent increase. In May, 14,322 tonnes of NR were imported through the advance license scheme as this is beneficial than buying from local markets. http://www.business-standard.com/india/news/natural-rubber-exports-decline-88/360028/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCE & INSURANCE Go To Top Business Standard Kolkata: The company has filed applications with the Insurance Regulatory Development Authority (Irda) to launch a high sum assured critical illness health policy, and a motor policy, which would cover depreciation of the car, said Sanjay Datta, head of health insurance, ICICI Lombard General Insurance, at an interactive session in Kolkata. Like most general insurance companies, ICICI Lombard would not be aggressive selling group health insurance policy due to high claim ratio, he added. In April 2009, the gross written premium for the company was close to Rs 400 crore, which is about 17 per cent less than the premium in the same period last year. ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, and Fairfax Financial Holdings Limited, a Canada based $26 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. The general insurance industry grew at a CAGR of 14 per cent over the last five years. The total premium collection was US$ 6.65 billion in FY 2009, a growth of nine per cent over the last year. Premium from the retail sector accounted for 50 per cent of the total collection, which is an increase of 40 per cent over FY2000. http://www.business-standard.com/india/news/icici-lombard-to-launch-new-healthmotor-policies/360034/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LUBRICANTS & ALTERNATIVE FUELS Go To Top PTI See this story in: The Tribune New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) will invest Rs 614 crore in the two sugar mills it had bought in Bihar to manufacture ethanol, which will be blended with petrol. "The HPCL Board had a few weeks ago approved the investment proposal but due to the General Elections it was not implemented. The board was yesterday informed of the decision to go ahead with the investments," a company official said. The two plants will produce 60 kilolitres of ethanol per day, to be used to dope petrol. "We are now tendering for plant equipment and the two units would be operational by 2010-end," he said. India has mandated blending of ethanol in petrol to cut the country's dependence on imported oil. Currently, 5 per cent ethanol is doped in petrol and the percentage may be doubled in coming years. HPCL had last year taken the two closed sugar mills from the Bihar government on a 60-year lease for Rs 95 crore. http://www.tribuneindia.com/2009/20090604/biz.htm#10 OIL SLIPS BELOW $68 AHEAD OF NEW US STOCKS DATA PTI See this story in: The Times of India Vienna: Oil prices slipped below $68 a barrel on Wednesday, as investors booked gains on a recent rally. But they remained near seven-month highs on expectations that new data will show greater demand in the United States, the largest market for crude. http://timesofindia.indiatimes.com/Business/Oil-slips-below-68-ahead-of-new-US-stocks-data/articleshow/4613713.cms | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTERNATIONAL NEWS Go To Top Bloomberg See this story in: The Economic Times Washington: General Motors and Chrysler, both bankrupt, will try on Wednesday to ease congressional concern, and in some cases anger, over their plans to slash more than 2,400 dealerships . Members of the Senate Commerce Committee plan to grill GM chief executive Fritz Henderson and Chrysler president Jim Press about the lone aspect of restructuring that has triggered a broad response from the Congress since dealers are nationwide. MAGNA EXPECTS TO COMPLETE OPEL TAKEOVER BY SEPT Reuters See this story in: Business Standard Ruesselsheim (Germany): Auto parts supplier Magna International hopes to complete by September a deal to take a majority stake in car maker Opel, Magnas co-CEO said on Wednesday. GM BANKRUPTCY MEANS 'NO REASON TO STAY' IN DETROIT Bloomberg See this story in: Business Standard Michigan: Michigan already has lost 780,000 jobs this decade, the most of any state. Its April unemployment rate of 12.9 per cent was the highest in the country. The fourth-largest US city for four decades starting in the 1930s, Detroit now ranks 11th. Its population of 916,952 is less than half the peak of 1.85 million in 1950. Now, with 6 of the 12 plants on GMs bankruptcy hit list located in the state, Michigan and Detroit are bracing for what may be an accelerated exodus of people and jobs. People have no job, no home, no credit and no reason to stay, said Bob Daddow, deputy executive of Oakland County in suburban Detroit, which expects to lose one-third of its property-tax revenue from 2007 to 2011. Were very much still on a downward spiral and we havent hit bottom yet. I dont see anything that will be good with the bankruptcy of GM. One-third of the population of Detroit, GMs hometown, lives in poverty. Thats the most of any US city with more than 250,000 people and almost triple the national rate. Public schools graduate 32 per cent of their students, according to a study by Michigan State University, compared with the national average of 72 per cent. With rising white-collar job losses, the pain is seeping into the suburban ring surrounding the city, said Kevin Boyle, a Detroit native who won the National Book Award for an account of race relations in the city in the 1920s. http://www.business-standard.com/india/news/gm-bankruptcy-means-no-reason-to-stay-in-detroit/360060/ CHINESE CO TO DRIVE AWAY HUMMER PTI See this story in: The Tribune, Daily News & Analysis, Asian Age, The Telegraph, Deccan Chronicle New York: Bankrupt General Motors is in advanced talks for selling its premium Hummer brand to Chinese group Sichuan Tengzhong Heavy Industrial Machinery for an undisclosed sum. The proposed transaction, which is expected to save as many as 3,000 jobs, was announced on Tuesday, a day after the iconic auto maker filed for bankruptcy protection. According to the planned deal, General Motors in a statement on Tuesday said the Chinese industrial machinery group Tengzhong would acquire the rights to the premium off-road Hummer brand, along with senior management and operational team. In a separate statement yesterday, General Motors had said it has entered into a "memorandum of understanding (MoU) with a buyer for Hummer, its premium off-road brand". The car maker noted that the deal is anticipated to secure more than 3,000 US jobs in manufacturing, engineering and at Hummer dealerships around the country. http://www.tribuneindia.com/2009/20090604/biz.htm#6 http://www.dnaindia.com/report.asp?newsid=1261584 http://www.asianage.com/presentation/leftnavigation/news/business/china- http://www.telegraphindia.com/1090604/jsp/business/story_11061099.jsp http://www.deccanchronicle.com/business/china-firm-hummer-suitor-883 AUTO SUPPLIERS NOT WORRIED OVER GENERAL MOTORS Danny Goodman Business Standard New Delhi: Indian auto component suppliers to General Motors and Chrysler in the US say there has been no delay in their payments so far. Both US car companies have filed for bankruptcy restructuring. Says one top executive: When we met GMs executives last week in Detroit, they displayed amazing sensitivity to vendors like us. Theres a lot of positive feeling in the way the company is going about re-building a new GM. There are 50-odd auto component manufacturers from India who supply to Detroits Big-3 (including Ford). They say they are used to dealing with US bankruptcy filings. Payments for supplies that are made after bankruptcy filing are administered by a US court and thus are guaranteed. http://www.business-standard.com/india/news/auto-suppliers-not-worried-over-general-motors/360065/ TOYOTA TO LEASE PLUG-IN PRIUS HYBRIDS See this story in: The Hindu Business Line
Toyota, the world's biggest automaker, said in a statement it would lease 200 in Japan and 150 each in the United States and Europe, including 100 in France. Plug-in hybrid cars can be cleaner than regular hybrids because they can be charged to run purely on electricity, but the need for more batteries makes them expensive. Toyota's plug-in cars would be the brand's first to employ lithium-ion batteries, which are costly but can store more energy than nickel-metal hydride batteries used in most gasoline-electric hybrid vehicles. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ECONOMY & FINANCE Go To Top The Hindu Business Line Mumbai: The rupee touched a seven-month high, but fell in the last one hour of trade on dollar buying. The domestic currency opened higher at 46.91/92 and touched a high of 46.75 during day trade. It weakened to close at 47.06/08, against the previous close of 46.97. According to a forex dealer, dollar buying was on account of overall strength in the dollar against currencies such as euro and pound. The euro fell by 100 basis points in the global market. Following the assurance gi ven by the US Treasury Secretary to China about the safety of its dollar assets and the reaffirmation of his faith in a strong dollar, the greenback strengthened against almost all currencies in inter-bank trading, according to Mr Sudarshan Bhat, chief dealer, Corporation Bank. In the forward premia market, the six-month closed at 2.95 per cent (3.15 per cent) and the one year at 2.51 per cent (2.61 per cent). Traders are expecting the rupee to strengthen to 46.50 level in the next few days on the back of robust investments by foreign institutional investors in equities. http://www.thehindubusinessline.com/2009/06/04/stories/2009060451650600.htm SENSEX FALLS AFTER BREACHING 15,000 MARK The Hindu Business Line Mumbai: Snapping a five-day rally, the Bombay Stock Exchange benchmark Sensex on Wednesday closed with a moderate loss of four points on profit booking at the existing higher levels in blue chip firms led by Reliance Industries and Infosys Technologies. The Sensex, which had gained nearly 1,300 points in the last five trading sessions, surged to cross the 15,000 point level at the outset but tumbled to end at 14,870.90, revealing a small loss of 4.01 points. On the other hand, the 50-share National Stock Exchange index Nifty edged up by 5.45 points at 4,530.70. It moved between 4,574.90 and 4,478.60 points during the day. The BSE index rose to a nine-month high of 15,046.43, and attracted profit booking in heavy-weight Sensex participants in the refinery, banking and information technologies segments. Among the 30 Sensex stocks, 18 stocks were higher and 12 counters closed with losses. Reliance Industries fell 1.51 per cent to Rs 2,244.60, Infosys 2.16 per cent to Rs 1,645.90 and ICICI Bank 1.74 per cent to Rs 719.70. The three stocks carry nearly 30 per cent weight in the index. http://www.thehindubusinessline.com/blnus/05031901.htm Last Financial closing
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Thanks for this blog. I got a lot of information about trucks same also in heavy hauling. I hope that those information will help me to improve my job on this kind of field.
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