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| INDUSTRY M&M grooming senior execs to head biz verticals in future INTERVIEWS/FEATURES GM creating supplier base for power-trains project Toyota to invest more in India COMMERCIAL VEHICLES Unclear standards, cost brake Volvos green moves CONSTRUCTION & AGRI MACHINERY COMPONENTS | ALLIED INDUSTRIES INTERNATIONAL NEWS New GM needs to be faster,leaner, meaner Porsche, alive and burning fuel, denies breakdown SOS VW eyes Suzukis success in small cars ECONOMY & FINANCE Weak monsoon prospects drag down Sensex Inflation rate stays in negative for the second week
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| INDUSTRY Go To Top Asian Age (Web & Print Edition)
So will the finance minister, Mr Pranab Mukherjee, help the auto sector run back on the track smoothly? Hopes are afloat. The SIAM vice-president, Dr Pawan Goenka, said, "If nothing new, then the government should at least continue with the current stimulus packages and it should not increase the excise duty." Maruti Suzuki India (MSI) chairman, Mr R. C. Bhargava agrees. "I hope there should not be any increase in the excise duty at least for the auto industry. The industry is still recovering and any increase in the excise duty will hit its prospects badly," he said. However General Motors vice-president, Mr P. Balendran, "There is a need for further reduction in the excise duty on multi-utillity vehicles and other cars. The industry also expects the finance minister to reduce the Central Sales Tax by another percentage point." Mr Bhargava, however, feels that one of the big issues for the auto industry is the availability of liquidity in the market and interest rates should be at comfortable levels. M&M GROOMING SENIOR EXECS TO HEAD BIZ VERTICALS IN FUTURE Nandini Sen Gupta The Economic Times Automobiles-to-IT conglomerate Mahindra & Mahindra is grooming a bunch of senior executives who are currently in their 40s, as it puts in place a succession plan to identify leaders for the groups nine business divisions and future ventures. People familiar with the matter told ET NOW that the $6.7-billion Group has sent some of these executives to ace business schools including Wharton, besides putting them on global assignments and involving them in the negotiation as well as finalising stages in complex M&A processes. The Groups current crop of top managers are either in their 60s or mid-to-late 50s. The former league includes group CFO Bharat Doshi, executive director Arun Nanda (who heads the infrastructure vertical) and tractor sector president Anjanikumar Choudhari among others. The next lot comprising Hemant Luthra (in charge of the components vertical Systech), Rajeev Dubey (HR head) and Pawan Goenka, president of auto division, are all in their mid-tolate 50s. In the group, the retirement age for presidents is 65 years while executive vice-presidents retire at 60. People familiar with the matter said that for the Group, the gen-next is crucial for the new businesses that the group wants to get into. Apart from automobiles, tractors and farm equipmentthe groups traditional core businessesit is also getting into retail and boat-building (branded Mahindra Odyssea), both headed by Mr Bhiwandiwala. Others are honing their negotiating skills through global exposure and actual dealmaking. One of the identified leaders, Mr Parthasarathy, was involved in the BAE alliance with Mahindra Defence Systems as well as the acquisition of Chinese tractormaker Yancheng. Mr Jejurikar accompanied auto division head Mr Goenka in chalking out the nitty-gritty of the alliance between M&M and Renault. And the Mahindra World City, the groups Chennai SEZ, is almost entirely Mr Arjundas baby. The Mahindra group, which is among the top 10 industrial houses in India, is the market leader in multi-utility vehicles and tractors in the local market. Its IT arm, Tech Mahindra, recently acquired Satyam Computers to form one of Indias top infotech companies, the Mahindra Satyam. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| CARS, SUVs, MUVs Go To Top The Hindu (Web & Print Edition)
Speaking to reporters at the launch of the Chevrolet Spark LPG variant, he said, GMs plants in India together had a production capacity of 2.25 lakh cars annually. The Halol plant in Gujarat had an installed annual capacity of 95,000 units and the Talegaon plant in Maharashtra could manufacture 1.40 lakh units. The Talegaon plants production, which commenced in September last, would meet domestic requirements and future export potential, Mr. Slym said. This facility will also have a 1.60-lakh unit powertrain/engine facility, with production scheduled to begin by the end of next year. Spark LPG comes with a factory fitted sequential injection type LPG kit and has been safety certified by the Automotive Research Association of India and other organisations, Vice President-Marketing, Ankush Arora said. A distinguishing feature of the car is its beige interior; it comes with the same three year/one lakh km warranty as the petrol variant. The LPG model runs on petrol and gas. Vice President-Corporate Affairs P. Balendran said the number of GM dealerships had doubled to 200. The technical centre in Bangalore was one of the four such in Asia. It had a design studio for local product requirements and to develop alternate fuel technologies for the future. http://www.hindu.com/2009/06/26/stories/2009062654531600.htm
GM CREATING SUPPLIER BASE FOR POWER-TRAINS PROJECT T. Murrali The Hindu Business Line (Web & Print Edition)
GMI has earmarked $200 million to make 1.6 lakh power-trains annually. The plant will be commissioned before end-2010 and work is on to create the supplier base for the project. GMI plans to make both petrol and diesel engines at Talegaon. India has been identified as a key production hub that can service strategic regions such as Asia-Pacific and Europe. Mr P. Balendran, Vice-President (Corporate Affairs), told Business Line at the sidelines of the launch of Chevrolet Spark LPG here recently that this is because India has a well-developed supplier base that offers the best mix of high quality and low cost. Currently, the company has 140 suppliers in India. The company has an installed capacity of 2.25 lakh cars a year at its plants in Halol in Gujarat and Talegaon. Last year, it sold 65,702 units, and this year it hopes to grow by about 10 per cent. Going by this growth pattern, it may only end up using a little over half of the power-train plants capacity in the next two years. The company is also looking at exports of fully built cars from 2011. This is where the next small car codenamed M300 will play a significant role. The Talegaon plant, which was commissioned last September, is where the Spark is produced. http://www.thehindubusinessline.com/2009/06/26/stories/2009062650730200.htm
TOYOTA TO INVEST MORE IN INDIA
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| COMMERCIAL VEHICLES Go To Top Yogima Seth The Financial Express (Web & Print Edition) See similar story in: Yahoo India (Web Edition)
Volvo Buses India is a 70:30 joint venture between Swedens Volvo Bus Corporation and Indias Jaico Automobiles. Reduction in excise duty and the Centres assistance to states under the JNNURM for purchase of buses has resulted in demand for 12,000 to 15,000 buses. Out of this, low floor buses constitutes about 800 to 1,000 units and Volvo is eyeing over 50% market share in the low floor bus segment with 300-350 units, says Akash Passey, managing director, Volvo Buses India, adding that another 250-300 coaches would be sold, taking the total sales of the company to 550-600 units. Volvo Buses India, which started its manufacturing plant in the country in January 2008, sold 200 units in 2007 and 440 units in 2008. It is directly competing with Tata Motors and Ashok Leyland to get a bigger market share in the segment. The company is planning to extend its presence beyond Bangalore, Mysore, Chennai and Pune to 10-12 cities across the country with its low-floor buses and coaches this year and according to Passey, orders have already been booked for 2009. Sales of coaches shoot up in May-June and August-September and during this time the company slows down the production of buses. However, there has been a great demand from institutional customers (state bodies) and we hope to utilise the full capacity of 1,000 buses a year in a single shift at our Bangalore plant by 2010, says Passey, adding that the company is currently using around 50% of its installed capacity. According to Passey, the government needs to continue with the lower excise duty on commercial vehicles and extend the provision under JNNURM to further boost demand of commercial vehicles in the country. The Centre has certainly done a good job through the last two stimulus packages but there is a greater need of reduction in tax liability on the public transport system in the upcoming Budget, he says. As per the Society of Indian Automobile Manufacturers, commercial vehicle sales declined by 14.78% in May at 30,800 units as compared to 36,141 units during the same month last year. http://www.financialexpress.com/news/volvo-buses-targets-35-growth http://in.biz.yahoo.com/090625/50/batsl2.html
UNCLEAR STANDARDS, COST BRAKE VOLVOS GREEN MOVES The Hindu Business Line (Web & Print Edition)
Volvo introduced L220 hybrid wheel loader in world markets last April. The diesel engine used in the loader is supported by an electric motor that rationalises fuel consumption by 10 per cent compared to a normal fuel-efficient all-diesel model. The hybrid power, while rationalising fuel consumption, helps increase productivity with the electric motor kicking in during loading operations. It is too early to take a view on bringing the loader to India, said Mr Mrityunjaya Singh, Managing Director, Volvo India Pvt. Ltd. Though it was heartening to hear of concern for ecology and clean environment gathering momentum, capacity building for specialised environment technology would have to be carefully weighed before a viable eco-system is put in place. Lack of regulatory norms for emission and limitations of application of hybrid technologies in the infrastructure sector could inhibit its suitability in the near term in India, Mr Mrityunjaya said. But, he added, the Governments intentions on increasing investments in infrastructure had opened several opportunities for introduction of `green technology in the inherently polluting sectors such as mining. Mr Singh said Volvo was ahead on conforming to Bharat Stage III norms, mandatory by 2011 for construction equipment. http://www.thehindubusinessline.com/2009/06/26/stories/2009062650670200.htm | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSTRUCTION & AGRI MACHINERY Go To Top | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RURAL INDIA: NEXT GROWTH FRONTIER FOR TWO WHEELERS PTI See this story in: The Economic Times
"The penetration level of two wheelers is starkly low in rural areas than in urban areas," CARE said in its report, which was released here. http://economictimes.indiatimes.com/News/News-By-Industry/Auto/
Asian Age Mumbai: The two-wheeler industry is expected to grow by 6.7 per cent in 2009-10 as against a modest rate of 2.6 per cent in 2008-09. In 2009-10, two-wheeler sales figure would touch 7.9 million-6.7 per cent higher than 7.4 million in 2008-09. Going forward, domestic two-wheeler sales are expected to grow to 11.3 million units by 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMPONENTS Go To Top Business Standard
The company wanted to have its first phase of bus and truck engines operational by July. This is now unlikely before December. The delayed project has given the firm enough time to improve local infrastructure and other crucial works in and around the Maharashtra Industrial Development Corporation (MIDC) premises in Phaltan. Cummins India Ltd had announced this as a three-phase project. In the first phase, the company plans to manufacture bus and truck engines through a joint venture company named Tata Cummins Ltd. The investment would be Rs 400 crore. The engines would primarily be used to meet the requirements of Tata Motors Ltd and also for export purposes. Apart from this, the company plans to set up a diesel and gas gensets unit at an investment of Rs 200 crore. Other than this, a subsidiary firm, Cummins Turbo Technologies, would set up the third phase unit to manufacture diesel engines. Cummins India had signed a Memorandum of Understanding (MoU) with the government of Maharashtra in March 2008 to develop this site. In an emailed reply to Business Standard, Group Vice-President (legal) Dinesh Castellino said: "The Phaltan project has been granted 'mega project' status by the government of Maharashtra. Cummins has started working with MIDC and the local authorities on skills and infrastructure development. However, like most other businesses, Cummins too is having to respond to slowing economic conditions and some delay in the project is inevitable." The mega project aims at manufacturing 240,000 engines annually, equal to the number delivered by Cummins India's Jamshedpur facility. The new unit will manufacture high-power engines in the range of 110-230 Hp for buses and trucks and also smaller engines for other requirements. Although the company did not specify the delay, informed sources said it could be between six-eight months. "As of now, we plan to utilise this time to strengthen the area's infrastructure and bring it to a state of readiness which will support the pace of the project once the economy stabilises. However, our commitment to Phaltan remains unwavering, Castellino added. SUNDRAM GEARING UP TO ENTER AEROSPACE FASTENER SECTOR IANS
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| LUBRICANTS & ALTERNATIVE FUELS Go To Top AFP
New York's main futures contract, light sweet crude for delivery in August, shed 15 cents to USD 68.52 a barrel. Brent North Sea crude for August delivery declined 16 cents to USD 68.17. The dollar's performance is a key factor in the oil market because a stronger greenback makes the dollar-priced commodity more expensive for holders of other units, dampening demand and leading to lower prices. The dollar had a boost after the policy-making Federal Open Market Committee of the US central bank left the base federal funds rate in a range of zero to 0.25 per cent, saying the recession was easing although the economy would remain weak for some time. Earlier, the greenback was bolstered by a surprisingly strong reading on US durable goods orders, a positive sign for the manufacturing sector and the overall economy. Conflicting signals about the strength of a recovery for the recession-hit global economy have led to volatile swings in oil prices recently, with some analysts saying prices were recovering too fast amid weak demand. http://www.hindustantimes.com/StoryPage/StoryPage.aspx?section http://www.thehindubusinessline.com/blnus/08251091.htm | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTERNATIONAL NEWS Go To Top Reuters See this story in: The Economic Times, mint
http://www.livemint.com/2009/06/25161005/Toyota8217s-new-president-v.html NEW GM NEEDS TO BE FASTER, LEANER, MEANER WSJ See this story in: mint
The Briton is steering the company through tumultuous times as it reassures customers and promises new launches on schedule. The company has sold some 24,000 units in the first five months of this calendar year, down about 6,000 units from the corresponding period of the previous year. Slym, was in Bangalore on Thursday for a city launch of the liquefied petroleum gas version of the small car, Spark. He talked to Mint on how the corporate culture of the company that shaped American industrialization is set to change and how he is determined to change perceptions of the Chevrolet brand in India. Edited excerpts: With the US government taking stake in GM, will the corporate culture, which has often been blamed as one of the reasons for its downfall, change? Yes, the corporate culture will change not necessarily because of the US government being part of our ownership but because of the new leadership. Part of the new GM is not just an asset allocation but it is also a change in the way we operate. The new GM needs to be faster, leaner and meaner. We have always tried to make the customer first, but an additional emphasis that everything we do is thinking about the customer and not sometimes what may be our own thoughts. In India, a lot of that already happens...and the low-cost importance of India has made us be more lean and frugal as well as by the fact that we have to operate against Maruti (Maruti Suzuki India Ltd) and Tata (Tata Motors Ltd). (On global culture changes) speed in decision-making and accountability. A little bit more risk-taking in line with the speed aspect. GM India offers sweeteners such as an extended warranty period, refunds on maintenance spends above a stipulated level. Will there be more sweeteners? I dont think warranty is a sweetener. One of the things that people need to feel happier about GM in India is the cost of ownership. It (warranty) is to address a perception in the market that it is expensive to own a Chevrolet. In order to achieve your 10% sales growth target for the calendar year, will we see price cuts? We dont have any plans (on price cuts) thats for sure. We have the (Union) budget on 6 July, there are some big price tags on duties and levies that could be removed immediately (such as) Rs15,000 on a 1.5-litre (engine), Rs20,000 on a 2-litre (engine) and then the consumer can see those reductions straight away. (The 10% growth target) will be driven by new models and things such as warranty and the Spark. Youve been with GM since 1995 in various locations from the US to Korea. Is your stint in India the most testing period in your career? It is definitely the most vibrant with India being such an aggressive market and since there have been major economic or company items as well. So, it has probably been the most exciting spell. I often think, what else would you do rather than automotive in India. With the US government taking stake in GM, will the corporate culture, which has often been blamed as one of the reasons for its downfall, change? Yes, the corporate culture will change not necessarily because of the US government being part of our ownership but because of the new leadership. Part of the new GM is not just an asset allocation but it is also a change in the way we operate. The new GM needs to be faster, leaner and meaner. We have always tried to make the customer first, but an additional emphasis that everything we do is thinking about the customer and not sometimes what may be our own thoughts. In India, a lot of that already happens...and the low-cost importance of India has made us be more lean and frugal as well as by the fact that we have to operate against Maruti (Maruti Suzuki India Ltd) and Tata (Tata Motors Ltd). (On global culture changes) speed in decision-making and accountability. A little bit more risk-taking in line with the speed aspect. GM India offers sweeteners such as an extended warranty period, refunds on maintenance spends above a stipulated level. Will there be more sweeteners? I dont think warranty is a sweetener. One of the things that people need to feel happier about GM in India is the cost of ownership. It (warranty) is to address a perception in the market that it is expensive to own a Chevrolet. In order to achieve your 10% sales growth target for the calendar year, will we see price cuts? We dont have any plans (on price cuts) thats for sure. We have the (Union) budget on 6 July, there are some big price tags on duties and levies that could be removed immediately (such as) Rs15,000 on a 1.5-litre (engine), Rs20,000 on a 2-litre (engine) and then the consumer can see those reductions straight away. (The 10% growth target) will be driven by new models and things such as warranty and the Spark. Youve been with GM since 1995 in various locations from the US to Korea. Is your stint in India the most testing period in your career? It is definitely the most vibrant with India being such an aggressive market and since there have been major economic or company items as well. So, it has probably been the most exciting spell. I often think, what else would you do rather than automotive in India. http://www.livemint.com/2009/06/25225708/New-GM-needs-to-be-faster-lea.html PORSCHE, ALIVE AND BURNING FUEL, DENIES BREAKDOWN SOS Hindustan Times Porsche, renowned as one of the most profitable carmakers in the world, has been badly hit by the recession in developed markets, with its sales between August, 2008 and April, 2009 falling by 27.6 per cent to just 53,635 units. The company's nine month profit is down 15 per cent to $ 6.4 billion. Further the company's unflattering debt position of $ 12.7 billion, which it highlighted during its recent bid to merge with the larger Volkswagen group, has put it in a precarious position. "This talk of a restructuring of the company is complete nonsense," said Michael Macht, member of executive board of directors, Porsche AG. "We are still in black in an environment when most of the others are going under and are still reporting an operating return on turnover in double digits. Porsche will not need to be restructured completely." Short on cash, the luxury carmaker is in talks with the government for a $ 2.5 billion loan, as also with Qatar Investment Authority for a stake sale. "It is not for me to tell you where we stand on these issues at this point of time but yes, we are definitely in contact with Qatar and you will hear from us on that in two weeks," Macht said. "I am pretty certain that in cooperation with Volkswagen, we will maintain our independence." The company, which follows an August-July fiscal year, will launch its first four-door sportscar, Panamera in September this year and is hoping the car will do the trick in terms of sales. "We hope to sell 20,000 Panameras in a year and in the segment which is 1 million strong worldwide we dont think that is too much," Macht added. "We are feeling the cold wind of the market but this car will boost our growth in the medium-term." The Panamera will be available in India in late September-early October at a price ranging between Rs 1.42 crore and Rs 2.02 crore. The company said it has already received bookings for 45-50 Panameras in India. VW EYES SUZUKIS SUCCESS IN SMALL CARS Reuters See this story in: Business Standard Volkswagen is exploring a co-operation deal with Japanese rival Suzuki Motor to boost the German carmaker's expertise in ultra small cars, a source familiar with the matter said on Thursday. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Hindu Business Line
http://www.thehindubusinessline.com/2009/06/26/stories/2009062651240600.htm WEAK MONSOON PROSPECTS DRAG DOWN SENSEX PTI
The market surrendered its initial gains due to fairly heavy selling from foreign institutional investors (FIIs) amid the forecast of below-normal monsoon. The Bombay Stock Exchange 30-share index ended the day at 14,345.62, a net loss of 77.11 points or 0.53 per cent from its previous close. It touched the intra-day high of 14,578.46. Bonanza Portfolio Assistant Vice-President Mr Avinash Gupta said, The market opened strong but the selling pressure pulled it down. The selling intensified in the later part of the session on cues from Europe an markets. The market activity was stock-specific rather than sector-specific. Similarly, the National Stock Exchange's 50-share Nifty dropped by 51.10 points or 1.19 per cent to close at 4,241.85 from its last close. The market continued to witness a high level of volatility as investors rolled over positions as also squared off t heir long-outstanding holdings at the end of the June contract of the futures and options segment. INFLATION RATE STAYS IN NEGATIVE FOR THE SECOND WEEK The Hindu Business Line New Delhi: Wholesale price inflation continued in the negative for a second straight week. The annual WPI-based inflation declined by 1.14 per cent during the week ended June 13, easing marginally from the minus 1.61 per cent recorded in the previous week, according to a data released by the Ministry of Commerce and Industry here on Thursday. Year-on-year inflation was recorded at 11.80 per cent during the corresponding week of the previous year. The whole sale price index was 234.2 points for the week ended June 13 from 236.9 in the same week a year ago. On a disaggregated basis, the Primary Articles group recorded a marginal decline in inflation during the latest reported week to 5.7 per cent from 5.8 per cent in the previous week. Food items In food articles, inflation fell to 8.65 per cent from 8.71 per cent in the week ended June 6, 2009 due to fall in inflation in cereals. In non-food articles, inflation deepened to (-) 1.3 per cent from (-) 0.9 per cent in the earlier week. In the minerals subgroup, inflation remained unchanged at 4.2 per cent for the third consecutive week. In the fuel and power index, inflation eased fractionally from (-) 12.8 per cent in the week of June 6 to (-) 12.6 per cent in the current week. Manufactured products In manufactured products, inflation during the week ended June 13 accelerated by almost 80 basis points to 0.8 per cent, from 0 per cent in the previous week. The increase is on account of textiles (cotton textiles), rubber and plastic products (tubes), chemicals and chemical products (drugs and medicines), and transport equipment and parts Inflation in the food index, which has a cumulative weight of 25.43 per cent in the index, came down to 9.2 per cent from 9.4 per cent in the week ended June 6, 2009. Inflation ruled higher in the sub-groups of pulses, eggs, meat and fish, condiments and spices in primary food articles, while the sub-group of sugar, khandsari and gur in manufactured food products continues to record rising double digit levels. However, inflation in edible oils has been negative since the beginning of 2009-10. Falling wholesale prices are only a statistical feature and do not mean India is suffering from deflation, the RBI Governor, Mr D. Subbarao, said June 20. For the week ended April 18, the final WPI for All Commodities stood at 232.6 points as compared to the provisional estimate of 230.2 points and the annual rate of inflation based on final index, calculated on point to point basis, stood at 1.62 per cent as compared to the earlier estimate of 0.57 per cent. http://www.thehindubusinessline.com/2009/06/26/stories/2009062650150700.htm Last Financial closing
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