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| INDUSTRY Tata Motors to launch JLR showroom on Sunday Tata Motors: The wheel turns full circle INTERVIEWS/FEATURES CARS, SUVs, MUVs COMMERCIAL VEHICLES TVS Motors posts Rs63 cr FY09 net loss, declares 70% dividend Yamaha announces foray into racing kits business E-scooter makers seek 30% subsidy from Centre COMPONENTS
| ALLIED INDUSTRIES Kesoram plans further capacity expansion The influx of imported radials is an area of concern: Sunam Sarkar, CFO, Apollo Tyres Tata Steel to up stake in New Millennium to 80% FINANCE & INSURANCE Sundaram Finance cuts deposit rates LUBRICANTS & ALTERNATIVE FUELS INTERNATIONAL NEWS Piaggio opens Vespa plant in Vietnam Suzuki shares surge on Volkswagen tie-up talk Toyota readies plan for profit ride ECONOMY & FINANCE Sensex rebounds 419 pts, Nifty rises 3.15%
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| INDUSTRY Go To Top The Financial Express (Web & Print Edition) See similar story in: Business Standard (Web & Print Edition), The Economic Times (Web & Print Edition), The Hindu Business Line (Web & Print Edition), The Tribune (Web Edition), Daily News & Analysis (Web Edition), The Hindu (Web & Print Edition), Hindustan Times (Web & Print Edition), The Statesman (Web Edition), The Pioneer (Web & Print Edition), The Telegraph (Web Edition), Asian Age (Web & Print Edition), Yahoo India (Web Edition), Deccan Herald (Web Edition), Deccan Chronicle (Web Edition), The Times of India (Web & Print Edition), mint (Web & Print Edition)
The company on Friday reported a consolidated loss of Rs 2,505.25 crore for the year ended March 31, 2009, against a stand-alone profit of Rs 2,167.70 crore a year ago. But the total income grew by 99% to Rs 70,938.85 crore compared to Rs 35,660.07 crore (Tata Motors alone) in the same period last year.
This is the first time the company is announcing consolidated results with JLR. JLR had made a profit in 2007 and continued to do so in the first half of 2008, said Ravi Kant, vice-chairman, Tata Motors. He added that the company is making JLR stand on its own feet and will undertake major belt-tightening measures.
As part of the cost-cutting measures, Tata is looking at sourcing components for JLR from low-cost countries and trimming its capital expenditure plans. On an average, JLR capex plan stands at around 650 million pounds (around Rs 5,149 crore), including tooling and product development.
The company said further job cuts and plant shut-downs could be on the radar. Around 2,000 JLR employees have already lost jobs and the current strength stands at 15,000. For cost-cutting measures, we have sent people on sabbatical and now have a tight control on cash flows. Various restructuring methods are undertaken wherein we are postponing certain projects that are not very important. We have also shut down some plants and will shut down more, if required, added Kant.
The JLR unit has posted a net loss of 281 million pounds (around Rs 2,218 crore) in the 10 months of the fiscal year to March 2009. There has been a 32% drop in the overall sales of JLR during this period, to 1.67 lakh units from 2.46 lakh units, said C Ramakrishnan, chief financial officer, Tata Motors. While the fall in sales of Land Rover was 40%, the sales of Jaguar fell just 4%. Major markets such as North America and the UK saw a huge drop in demand. Russia and China, however, showed some signs of growth.
We would work towards bringing the break-even point come earlier for the JLR. The entire Tata group is very bullish and we expect that the company will perform well. Our sales rationalisation has improved our logistics cost and we need to focus more on improving the quality of technology, Kant said.
The company will introduce Jaguar and Land Rover vehicles in India on June 28. Talking about the cash flow requirements of JLR, Ramakrishnan said the company is in a comfortable position and can run the show even if talks with the UK government for a guarantee for the 340 million pounds (Rs 2,693 crore) from European Investment Bank (EIB) fail. Kant said the amount has been sanctioned by EIB and now the company is awaiting a guarantee from the government or a financial institution.... http://www.financialexpress.com/news/tata-motors-posts-first-annual-loss-in-7-years/481815/2 http://www.business-standard.com/india/news/jlr-pulls-tata-motors/-net-intored/362268/ http://www.thehindubusinessline.com/2009/06/27/stories/2009062752080100.htm http://www.tribuneindia.com/2009/20090627/biz.htm#7 http://www.dnaindia.com/money/report_tata-motors-skids-in-fy-09-reports-rs-2505-cr-net-loss_1268807 http://www.hindu.com/2009/06/27/stories/2009062754711300.htm http://www.hindustantimes.com/redir.aspx?ID=484e9595-4d67-47b0-84a3-080d9e5693b6 http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=259149 http://www.dailypioneer.com/185381/Tata-Motors-posts-Rs-2505-cr-loss.html http://www.telegraphindia.com/1090627/jsp/business/story_11165681.jsp http://www.asianage.com/presentation/leftnavigation/news/business/tata-motors-skids-on-jlr.aspx http://in.biz.yahoo.com/090626/137/batspy.html http://www.deccanchronicle.com/business/tata-motors-skids-jlr-680 http://www.deccanherald.com/content/10340/tata-motors-plunges-deep-red.html http://www.livemint.com/2009/06/26204002/JLR-may-see-more-job-losses-s.html
TATA MOTORS TO LAUNCH JLR SHOWROOM ON SUNDAY PTI
After acquiring the two British marques last year, the country's largest auto maker Tata Motors will formally launch the Jaguar and Land Rover (JLR) showroom in India on June 28.
And, within a few days, Ratan Tata's dream car Nano -- touted as the world's cheapest -- will hit the roads.
The two iconic brands will sell a range of vehicles in the country, including Jaguar's XF and XKR, and Land Rover's Discovery and Range Rover.
JLR is likely to begin selling its range of premium performance saloon cars and sports utility vehicles in the Indian market later this year, for which Tata Motors is the exclusive importer.
The premier car division, formed by the Tata Motors Passenger Car Business unit, will distribute the cars in the country and open the first showroom at Ceejay House in Mumbai.
The brands have their presence in the country in very small numbers through some independent importers. http://www.thehindubusinessline.com/blnus/19261591.htm http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=259147 http://business.rediff.com/report/2009/jun/26/tata-to-launch-jlr-showroom-on-june-28.htm http://www.livemint.com/2009/06/26154423/Tata-Motors-to-launch-JLR-show.html
Mobis Philipose Mint (Web & Print Edition)
On Friday, Tata Motors American depository receipts were up 0.3 cents to $9.74 (Rs272) at 8pm India time, even though consensus estimates from analysts suggested its losses would be marginal. Local trading in its shares will resume on Monday. If one were to account for the fact that last years results included profit from the sale of investments and the buy-back of currency convertible bonds worth close to Rs900 crore last year, the losses are colossal. While there is a near consensus on the street that the Jaguar Land Rover (JLR) acquisition was a mistake, few expected the negative impact to be evident so quickly.
The most worrying part about the JLR (Jaguar-Land Rover) acquisition, as has been pointed out in this column earlier, is that the company is burning cash and Tata Motors involvement hasnt stopped at the initial $2.5 billion (Rs12,125 crore) it paid for the acquisition.
The company disclosed on Friday that it has invested an additional $1.4 billion in the company post-acquisition. One reason for this was that JLR wasnt able to raise money on its own books to fund its working capital.
Tata Motors chief financial officer C. Ramakrishnan said on Friday that JLR burnt cash at an annualized rate of $479 million at the operating level last year (290 million converted at current rates). It spends another $1.1 billion in normal capital expenditure and product development expenses. While the company is striving to cut these expenses and trim the flab at JLR, there are obvious limits since JLRs very sustenance would depend on new product introduction. Research and development, therefore, cannot be cut beyond a point. Unless the companys operations start generating cash, Tata Motors may soon need to make another round of funding. As it is, its debt-equity ratio has ballooned to 2:1, and the consolidated interest cost of Rs1,930 crore was only slightly lower than its operating profit. Matters have improved a bit. Tata Motors is in the process of being lent $560 million by European Investment Bank. The firm says its cash requirements for the next 12-18 months would be taken care of.
But considering that JLR continues to burn cash at a rapid pace, the acquisition is turning out to quite a liability. Soon after the acquisition, the company was forced to raise funds through a rights issue and the resultant high dilution in its equity base had led to a sharp fall in share prices.
Since March, though, the companys shares have risen sharply, on expectations that the recovery in the domestic economy would help its prospects. Some analysts feel the JLR liability was conveniently forgotten in the past few months, and in this light the subsidiary companys huge losses would come as a rude shock to many. http://www.livemint.com/2009/06/26215636/JLR-losses-a-rude-awakening.html
TATA MOTORS: THE WHEEL TURNS FULL CIRCLE Shobhana Subramanian Business Standard (The Compass)
It will take a while for the net debt to equity, which is currently close to two times for Tata Motors and the borrowings raised for the Jaguar and Land Rover (JLR) acquisition taken together, to come down to more comfortable levels.
Of course, with 2000 people laid off at JLR, some sent off on sabbatical and chances of further cuts in the work force, costs can be managed. So the losses at JLR of 306 million pounds (roughly Rs 2,200 crore) could come off in the current year.
The question is how long it will take for sales to pick up and for the JLR business to be back in black. That depends on how soon the Americans and Europeans want to start spending on cars again --- JLR sells more than half its cars in these continents and sales in other parts of the world cant really pull it out of the trough.
The Jaguar has done reasonably well with volumes having fallen only marginally in the 10 months to March 2009. On the other hand, the Land Rover range is still in a bit of a spot with volumes having dropped nearly 40 per cent in the same time. It would seem now that the business is going to bleed for a while. The good news is that Tata Motors has managed to cobble together the money to keep the business going its now expecting another 800 million pounds (around Rs 6,000 crore at today's exchnage rate) to come through after funding the $3 billion that it had borrowed to buy JLR, though a third of that was rolled over at a fairly high cost. While business in the home market is looking up, JLR needs to see some sort of revival.
Last November, the Tata Motors stock had slipped to a six-year low of Rs 126. Since January this year, it has gained 97 per cent, outperforming the Sensex by a wide margin, partly because the markets rallied and partly because demand in the home market has been looking up. It probably cant get worse from these levels, but theres not much to cheer investors right now. http://www.business-standard.com/india/news/tata-motorswheel-turns-full-circle/362272/
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| INTERVIEWS/FEATURES Go To Top Bijoy Kumar Y Business Standard (The Motoring)
I decided that it was sense of humour alone that decided the fate of WW II and steered the Yeti around the tree. With the Off-road Mode switched on and the gearbox in neutral, the Yeti can manage a downhill assist run which controls the speed by braking itself and all you need to do is steer correctly and resist that temptation to open the door and jump to safety. Amazingly, the Yeti made it around the tree and carried on as if nothing happened.
Now, if the above mentioned episode had happened while I was driving a top-flight SUV like a Toyota Land Cruiser or a BMW X5 or, better still, a Range Rover (who invented Hill Descent Control to begin with), I wouldnt have been surprised. But from what is essentially the first attempt at modern 4x4 SUVs by a carmaker? Needless to say, I was very impressed.
The Yeti is a neat piece of kit to look at, squat stance and all. While the frontal design stays true to that of the Yeti concept first seen at the 2005 Geneva show, flourishes such as a floating roof in white and tail-lamps that covered most of the D-pillar are gone. There is more than a hint of the first generation Toyota RAV4 in the dimensions of the Yeti, though the little Skoda is more capable in its product brief itself. Its natural competition is the Nissan Qashqai in Europe and compared to the popular city-bred SUVs in India like the Honda CR-V and the Chevrolet Captiva, the Yeti is a much smaller vehicle. It remains to be seen how much prospective buyers in India will appreciate this Octavia 4x4 (read MkV Golf) based crossover. My favourite bits of the exterior design are the spotlights and the roof-rails which make the car look really cool.
Inside the Yeti, it is again form following function but without any compromise on quality of materials used. The second row can seat three easily though the front seats are a league ahead when it comes to comfort. As with most modern superminis, the seats can be folded, slid back and forth or entirely removed to carry the cupboard (though only the ad guys seem to do it!). Instrumentation is comprehensive and controls are intuitively placed. If the interior looks a bit too traditional for comfort, blame the gestation period from concept to reality. All said and done, it is a nice and cosy place to be in as you unleash the little mule on the mountains. And yes, you cant help but fall in love with the commanding driving position. My test car featured six airbags, climate control, parking sensors and a touch screen-based navigation system. It was another matter that most of Slovenias tracks are still considered classified and I promptly managed to cover three times the distance than what I was supposed to but whos complaining!
Skoda has got an array of engines to power the Yeti the 1.2-litre and 1.8-litre turbo-petrol engines are good for 103 and 158 bhp, while the famous 2.0-litre TDI diesel from the VW family is used in three power guises 108, 138 and 168 bhp. The test car I spent maximum time in was the 2.0 TDI 138 bhp SE 4x4 the slightly grumpy-sounding engine apart, this is the ideal powerplant for the Yeti in my view. Coupled with the six-speed manual and the proven Haldex 4x4 running gear, the Yeti can manage spirited acceleration runs (100 kph under 10 seconds) and do well on tarmac as well as the loose stuff. That said, the economical 108 bhp diesel powering just the front wheels will reduce the price tag and hence will be popular in India as and when the Yeti gets launched here.
The terrain that we were driving on was not too different from what we get in the foothills of the Himalayas (ahem, I have done five Raids and I can call it familiar territory!). Loose gravel, narrow roads, no guard rails to protect you and the occasional Tatras meant that the speeds needed to be reined-in. Grip levels were high despite the power going to the front wheels most of the time, and as and when torque transfer happened in a hurry, the Yeti offered easy-to-catch slides which made life interesting behind the wheel. Ride quality offered on and off the road was brilliant for a car in its class and I was completely floored by the steering which makes the car feel like the Fabia RS on tarmac. Seriously, this car has more point-and-shoot ability than most Kodaks.
The fifth model from Skoda looks capable enough to win handsome sales. Globally, people are looking for smaller SUVs that they can drive without bringing Greenpeace to their door and the Yeti fits the bill. India is an important market for Skoda and they will be eager to see how well the Yeti is welcomed here. Maybe a lower-spec, diesel-powered, front-wheel drive model that can retail in the Rs 12-14 lakh segment could attract those who find the Rs 25 lakh-plus CR-V prohibitive.
Later in the day, once the car was parked and I was bent on sampling the local liquid produce in Ljubljana, I realised what I really disliked about the Yeti it was the name! Skoda could have called it Septavia or Excellent, but why trouble the imaginary, mythical snowman when the car is anything but that? http://www.business-standard.com/india/news/yetiquette/362209/
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| CARS, SUVs, MUVs Go To Top Samar Srivastava Mint (Web & Print Edition)
The losses have continued this year with its Indian operations, the countrys second largest car maker by units sold, losing money in the first quarter of this calendar year.
Hyundai Motors India Ltd, the local unit, attributes this to currency fluctuations. On the operating level, our profits were about the same level as a year earlier, a spokesman for the company said in an email message, quoting his press relations counterparts in Korea. However, on the non-operating level, when translating our US dollar-denominated debts into the Indian rupee, we incurred a loss as the rupee weakened in the quarter.
Hyundai, over some eight weeks, declined to answer further queries sent by Mint. Since the Indian unit is not listed on the stock exchanges, Hyundai is not required to publish its financial results but offers some details of its Indian business, such as profits, as part of its global results. It also files its balance sheet and profit-loss statement with the registrar of companies in India.
In the year to December, the company lost Rs55.9 crore in India. During that time, the Indian rupee depreciated by 11.5% versus the Korean won from 22.6 to 25.2, making importsthe Indian unit imports components such as airbags and anti-lock brakes from Koreathat much more expensive. High raw material prices and discounted car prices are also likely to have taken a toll on the companys profitability.
In 2007, the company reported a profit of Rs510 crore, according to an investor presentation made by Hyundai in Korea. It was not immediately clear if this profit included any one-time gains.
In the first quarter of this year, as the rupees decline continued, the losses accelerated to Rs87 crore, another investor presentation by the company shows. The rupee depreciated by 17% against the won in the first quarter of this year.
Filings released by the companys Korean parent report the losses under a head termed equity income. Analysts who have looked at the filings say that as the Indian subsidiary is 100% owned by its Korean parent, a loss would be directly reflected on its statements.
I assume that the so-called equity income is the net income realized in India, which in 2008 and 2009 Q1 is a loss. Given the big increase in net sales, this comes as a surprise, Julie Boote, an Asian auto analyst at Pali Research, said in an emailed message late in May.
Hyundai, which set up shop in India in 1999, stood above other car makers as it had been able to post a profit right from its first full year of operations. The Santro, Hyundais flagship model, had quickly gained acceptance in India, allowing the company to post Rs59.3 crore as profit after tax in 2000, according to a Reuters report in August 2001.
The firm has been profitable every year since then, a senior Hyundai executive said, asking that he stay anonymous.
Analysts point to low utilization levelsa determinant of profitabilityfor the India plant as a key reason for the loss. As sales crashed, the company in December used just 50% of its installed capacity at its plant in Sriperumbudur near Chennai, Ethan Kim, a Seoul-based Citigroup analyst, said over the phone, quoting company insiders.
That has increased to 83% in May, Kim said, adding that he expects Hyundais Indian operations to return to profitability by the second half of this year. I dont see any problems on the operations side, he said. The worst is probably behind them, he added.
Both sales volumes and revenues have been growing at a healthy clip for the company in India. In the past year, the company reported a 22.5% increase in cars made for the Indian market. Hyundai, which has made India an export hub for its small cars, nearly doubled the number of cars it shipped to Europe to almost quarter of a million units. Sales revenue was up 82.9% to 3,898 billion Korean won, or Rs15,468 crore, according to company filings.
But rising sales havent resulted in increased profits for Hyundai in India. Company filings with the registrar of companies here show net profits have fallen from Rs525 crore to Rs135 crore in the three years ended March 2008.
Most auto makers in India have had a tough time dealing with currency fluctuations in the past year. The rupee has depreciated by 31% against the dollar in the past twelve months. This, coupled with rising input costs, have prompted them to raise prices in the last six months.
Cars with low localization levels are taking a hit. For instnce, the base model price of the Honda Civic, 68% of whose parts are imported, was raised Rs50,100 in April to Rs10.5 lakh.
Maruti Suzuki India Ltd, the countrys largest car maker, lost Rs121 crore in the fourth quarter last fiscal on account of currency fluctuations. In a press conference to announce the firms annual results, chief financial Ajay Seth had indicated that the company would consider hedging its currency requirements. Maruti plans to work aggressively towards increasing localization of its models to reduce dependence on imported components, which amounted to 12% of net revenues in the past fiscal.
Car makers have also had to resort to aggressive discounting for sales traction in a sluggish marketplace.
Car sales fell by nearly one-fifth in November and, though theyve begun to recover, analysts say companies are finding it hard to withdraw the freebies and discounts they had set in place to get sales going.
Hyundai had offered its Santro model for Rs2.99 lakh in December, the same price as 10 years ago when the car was launched. Maruti Suzuki spent Rs62 crore more on discounts in the first quarter compared with the year before, the company had said while announcing its annual results. Again, General Motors Corp.s small car Spark is selling at a Rs45,000 discount, which the company has found hard to withdraw. http://www.livemint.com/2009/06/27004004/First-loss-for-Hyundai8217s.html?pg=2
Shweta Bhanot The Financial Express (Motobahn)
Soaring heat and occasional dust storms on our way to Parwanoo in Himachal Pradesh couldnt mitigate the thrill of zipping across the national highways in the stunning Fiat Grande Punto. The car is engaging from the time you spot it. The 300-odd kilometers to the hill town went past pretty smooth as the Puntowith its suspensions tweaked to suit Indian conditions, strong chassis and large tyresmade its way effortlessly over the potholed tarmac and the bone-knocking speed breakers. The long nose and compact rearangled high-mounted lightsgives the hatchback a sporty look.
A big hand for designer Giorgetto Giugiaro, Car Designer of the Century 1999, inducted into the Automotive Hall of Fame in 2002. He is the creator of the Volkswagen Golf and the Fiat Panda, and has styled more than 160 other cars including the Grande Punto. The interiors, however, are somewhat disappointing with less room than one would have expected from a four-metre long car. The plastic that has been used generously could have been dispensed with.
The Indian Punto is 43 mm smaller in length compared to the original. The overall length of Indian Punto is 3,987 mm compared to the original length of 4,030 mm. The idea was to qualify the Punto for the small car category and enjoy the excise duty benefit. The Grande Punto is avai-lable with two petrol engines1.2 and 1.4 FIREand one diesel 1.3 multijet. The power to weight ratio is to be watched. The car is priced between Rs 3.99 lakh and Rs 6.11 lakh (ex-showroom Delhi). It will have three versions, Active, Dynamic and Emotion.
The company is looking to sell 2,000-2,500 Puntos a month. Globally, the Grande Punto has touched 1.6 million in sales. The car will roll out from the companys Ranjangaon facility, which has a capacity of 2 lakh cars and 3 lakh engines, besides 3 lakh accessories. The facility manufactures the Palio Stile 1.1, 1.3, 1.6 models, the Linea and now the Punto. Fiats 1.3 litre multijet and 1.2 and 1.4 FIRE gasoline engines are roll out from this facility. It also manufacturers Tata passenger and next generation cars.
But the question is, will the Punto be able to turn the fortunes of Fiat in India? Will customer confidence in the company return? Will it be able to compete in the already overcrowded B plus segment in the Indian auto market?
There are many such questions that still hover around... Fiat. It is evident from the sales figures and market share the company holds despite being around for decades. Last year, Fiat sold 8,087 units in India. In some measure, Fiat is associated with the Premier Padminis plying on Mumbai roads as the yellow-and-black taxis. Of course, you can still find them in a few private garages, but many customers consider the brand somewhat unreliable, with poor distribution and after-sales network.
It is this image that the company is hell bent on changing. Experts say the company has an excellent product portfolio but has faltered due to an incompetent pricing strategy and poor network, coupled with the time lag it has recorded in bringing products from its global portfolio into India. The launch of the Linea around six months back gave an indication that the company is changing tack. It made its re-entry into the C segment at a competitive pricethe Linea is priced between Rs 6.07 and Rs Rs 7.13 lakh for the petrol version and Rs 6.97-Rs 8.25 lakh of diesel (ex-showroom, Delhi).
Fiat has burnt its fingers more than once in the market with wrong pricing. There was a time when the dealers of the company started dropping out since they found the business unviable. Customers also shifted their loyalty when they began facing issues such as high maintenance cost and bad service network, explains an industry expert. He adds that the company needs a well-thought out launch plan and must keep the excitement around the brand alive with regular launch of new products.
Fiat has to really undo the unreliability part of connotation it has got from the Indian customers if it wants to be a mass market player, explains VG Ramakrishnan, director, automotive and transportation, Frost & Sullivan, South Asia and Middle East. He adds that while the company has struck the right chord by pricing its products competitively, strengthening of distribution and after-sales service network should be its priority now.
FIAL knows where it failed and sees the need to buck up. Says Rajeev Kapoor, chief executive officer, FIAL, We are working on our weaknesses. He adds that the company plans to be an important player in the market and sees growth potential in both the A and the B segments. The companys joint venture with Tata Motors has no doubt given it a new lease of life.
Sad the company has had to shelve its plans to import cars, including the Bravo, which was expected end of last year. Currently, the company sells the Palio, the Linea and the 500 in the country. Though it said that it has no plans to phase out the Palio, falling sales may soon force it through the exit door.... http://www.financialexpress.com/news/fiats-new-gambit/481775/3
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| 2/3 WHEELERS Go To Top The Hindu
During the year, the company expanded its presence in the three-wheeler market, adding CNG variant to the already-launched LPG and petrol versions. The company expanded its global footprint to 55 countries and strengthened its dealership network in Indonesia.
During the year, TVS Motor registered a five per cent growth in sales by selling 13.42 lakh units against 12.77 lakh units in the previous year. Motorcycles accounted for 6.45 lakh units against 6.10 lakh units, a growth of six per cent.
Scooter sales stood at 2.59 lakh units against 2.58 lakh units in the corresponding period of the previous year. Total revenue stood at Rs. 3,741.18 crore against Rs. 3,310.35 crore. The profit after tax was marginally lower at Rs. 31.08 crore against Rs. 31.77 crore.
The directors have announced an interim dividend of 70 paise per share of Re. 1 each. The company paid a dividend of 70 paise in 2007-08.
International business Exports contributed handsomely to the growth of the company. Shipments accounted for 1.95 lakh units in 2008-09 against 1.36 lakh units in 2007-08. During the year, the company added two new countries to its portfolio.
New products The year also witnessed the launch of Apache RTR FI, thereby introducing fuel injection in the 160cc segment. This was followed by the launch of Apache RTR 160 with rear disk brakes, a new feature that enhances braking performance. The company also launched TVS Scooty Streak, with smart and sleek unisex styling. http://www.hindu.com/2009/06/27/stories/2009062754701300.htm
TVS MOTORS POSTS RS63 CR FY09 NET LOSS, DECLARES 70% DIVIDEND PTI See this story in: mint
In the previous fiscal year, the automaker had reported a net loss of Rs28.25 crore. The total income rose by 14.59% to Rs3,813.17 crore in FY09, from Rs3,327.77 crore in the previous fiscal, the firm said in a filing to the Bombay Stock Exchange.
The directors have declared an interim dividend of 70% at the rate of Rs0.70 a share for the fiscal year ended 31 March 2009.
However, on a standalone basis, the company narrowed marginally its net loss to Rs31.08 crore for the fiscal year 2009, from Rs31.77 crore in FY08.
Total income rose by 14.26% to Rs3,736.67 crore during FY09, from Rs3,270.21 crore in the year-ago period. Shares of TVS Motors closed at Rs44.85 on BSE, up 2.63% over previous close. http://www.livemint.com/2009/06/26194436/TVS-Motors-posts-Rs63-cr-FY09.html
YAMAHA ANNOUNCES FORAY INTO RACING KITS BUSINESS PTI
The company said the racing kits would be used exclusively for Yamahas YZF-R15 and FZ series models. This is the first time we are venturing into the racing kits parts business. Our aim is to encourage safe racing culture among our customers and also build the companys brand image, said Sanjay Tripathi, motor division head product, planning & brand management, India Yamaha. http://www.business-standard.com/india/news/yamaha-announces-foray-into-racing-kits-business/362273/ http://business.rediff.com/report/2009/jun/26/yamaha-forays-into-racing-kits-business.htm http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=259147
E-SCOOTER MAKERS SEEK 30% SUBSIDY FROM CENTRE The Hindu Business Line
Speaking to Business Line, Mr L. Ramkumar, Managing Director, Tube Investments of India (TII), part of the Chennai-based $3-million Murugappa Group, said the association had represented the matter to the Minister seeking 30 per cent subsidy and a positive response was expected.
He said there was a need for reducing the value added tax (VAT) imposed by the State Governments to 4 per cent, across the country. He pointed out that while Tamil Nadu levied 12 per cent VAT on e-scooters, the same was 4 per cent in Andhra Pradesh. The reduction would help bring down the prices, he added.
When asked about establishing facilities for recharging batteries, he said flat and apartment owners would be approached to fix the facility with meters for calculation and payment for use by the customers.
Earlier, Mr Ramkumar unveiled five models of e-Scooters of BSA Motors, a strategic business unit of TII He said the models are aimed at people in the age group of 14-30 years covering teenagers, especially girls, working women and men.
Of the five models, three Smile, Diva, Street Rider are run on 250 watts and other two models Romer and Romer Plus are run on 500 watts and 800 watts respectively. The price ranges from Rs 28,050 to Rs 35,900. http://www.thehindubusinessline.com/2009/06/27/stories/2009062750601700.htm | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BRIGHT AUTOPLAST SETS UP NEW PLANT NEAR CHENNAI The Economic Times
Chennai: Bright Autoplast, a leading automotive component maker and part of the Sintex group, has set up its second plant at Oragadam near Chennai at a cost of Rs 27 crore. It is to cater to major customers like Hyundai Motor and Visteon. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
Abdul Majeed The Financial Express (jMotobahn)
The global economy is going through difficult times and very few sectors or industries are isolated from the impact of the collapse in financial markets. The automotive industry, in particular, has been affected not only from the slowdown but also from the nature of its business environment. Over the past decade, growth rates in the mature markets are declining, whereas in the developing markets, the volumes are growing. Globally, original equipments manufacturers (OEMs) will also have to deal with concerns such as emission norms, fuel-efficiency, comfort, safety and changing customer preferences.
The credit-crisis, recession and the trouble in equity and housing markets have pushed the North American automotive industry to the brink. Assembly volumes are expected to drop from 12.6 million in 2008 to 10.8 million in 2010 (source: PwC Automotive Institute). Hopefully, massive industry-initiated and government-led restructuring efforts will help North American auto makers bounce back.
Western European annualised sales in November 2008 were down to 11.2 million units as compared to 15.3 million units in April 2008. The forecast for sales is in the range of 12-12.5 million units in 2009 (source: PwC Automotive Institute). The overall market outlook is weak due to the crisis, falling housing equity market, rising unemployment and contracting economies.
The East European economies were performing well, especially countries like Russia, due to higher global oil prices and minerals. Sales in 2008 stood at 2.5 million units. The outlook for 2009 is grim and there is an expectation that the volumes will drop by more than a million units. Other economies in East Europe, especially Turkey, continue to struggle; the country exports over 80% of light assembly vehicles and its exports are falling.
The Japanese market has shrunk over 30% compared to 1999. Exports are falling due to difficult market conditions in the US and the UK and currency movements have adversely impacted Japanese OEMs. Most of the auto makers in Japan are responding to the unprecedented market conditions by cutting back on production and terminating temporary employee contracts. The vehicle assembly output in Japan will continue to decline in the future.
The developing economies of India, Brazil and China have also been impacted. In the long run, the assembly volume in Bric countries will increase significantly from the 14 million units in 2008 to over 19 million units in 2012 (source: PwC Automotive Institute).
The OEMs and component suppliers who have the right manufacturing footprint, a favourable product mix... and a good market share in the emerging markets will have the strength to weather the downturn. In addition, these OEMs and suppliers will have the edge on effectively addressing issues such as climate change and fuel-efficiency through the right product mix. The author is auto analyst, PricewaterhouseCoopers... http://www.financialexpress.com/news/driving-on-a-difficult-track/481777/2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ALLIED INDUSTRY Go To Top Praveen Kumar Singh The Financial Express
As per the recommendation of the Board for Reconstruction of Public Sector Enterprises (BRPSE), the UPA had sought Parliaments nod in 2007 to change the public sector character of TCIL. After the Bill was cleared by both the Houses of Parliament in order to get a better valuation for the firms disinvestment, the Centre cleared a Rs 800-crore financial restructuring package in November 2008 that included a mix of waivers and sops.
But a slight difference in perception between the government and the BIFR has hit the TCIL sale process, yet again. At a hearing on May 19, the BIFR, to whom TCIL was referred to in 1992, scuttled the Centres plans by asking the government to sell TCILs assets to clean up its balance sheet prior to any sale.
We are in favour of the outright sale of the company as a going concern, not to close it and sell it. The government is sacrificing dues only to see the company run by some private sector firm. But BIFR has taken a different view on the matter. How will a private player accept a company with all its liabilities?" heavy industries secretary Satyanarayan Dash told FE.
We want the company to be disinvested in through outright sale, not a partial sale. We are writing to BIFR specifying our point and will wait for BIFRs next order so that we can proceed, Dash stressed.
By 2007-08, TCILs net worth was in the negative at Rs 688.12 crore, with accumulated losses of around Rs 800 crore. The land, machinery and building of the company are valued at around Rs 199 crore. There are 210 employees working on the companys roll, down from 354 in 2004.
But even as it continues to bleed the exchequer, the disinvestment department cant do much about TCIL. We cant initiate the process for TCILs sale on our own. The department of heavy industries has to resolve these issues and move the proposal for its strategic sale. Till then, it remains in cold storage, a senior official in the department said.
Under the restructuring plan cleared by the Cabinet last November, the government has waived the entire outstanding interest of Rs 547.09 crore on government loans. The firms income tax liability would also be waived, in addition to offering the companys employees the benefits of the wage revision of 1992, with effect from March 2004.
TCIL was created after nationalising Inchek Tyres and National Rubber Manufacturers to protect employment of around 4,000 people and ensure automotive tyres to state transport utilities, government departments and defence. However, the companys net worth became negative in 1992 and it was referred to BIFR. With the UPA government coming into power, the case was transferred to BRPSE in 2005.
At present, the company is not producing any of its brands and is utilising entire operating capacity to produce tyres for private manufacturers including JK Tyre & Industries, Ceat Ltd and Birla Tyres Ltd. http://www.financialexpress.com/news/centrebifr-deadlock-stalls-tyre-corp-divestment/481760/2
KESORAM PLANS FURTHER CAPACITY EXPANSION The Hindu Business Line See similar story in: Daily News & Analysis, The Statesman
Mr B K Birla, Chairman of the company, told a press conference here on Friday that that radial capacity of the Balasore unit would be increased by 1.65 million tonnes per annum and the capacity of the Sedam cement plant by 4 lakh tonnes per annum cement within next 15 months at an estimated total cost of more than Rs 1,500 crore.
Mr S K Parik, Director of the company, said that the management had been given three months to firm up the expansion plans and place it before the board. He said that the proposal for the cement project was likely to cost Rs 750 crore, while the tyre capacity would entail a cost of around Rs 800 crore.
Though the financing of the project would be planned later, the board has not considered fresh equity issue. Two thirds of the project costs is likely to be funded by debt and the balance through internal accruals, Mr Parik said.
Mr Parik said that during next 15 months, the company would require Rs 450 crore, primarily for the ongoing projects such as motorcycle tyre project at a cost of Rs 190 crore at Haridwar and waste heat recovered power project (cost has not been finalised) at its cement plant in Andhra Pradesh.
Earlier, Mr Birla said that during the financial year to March 31, 2009, the Balasore plant had to resort to production cut for 41 days owing to poor off-take by original equipment manufacturers. However, the company achieved higher sales in the replacement market though higher input cost had impacted the margins, he added.
Succession plan Mr B K Birla at a press conference here on Friday made it clear that he revised his will once more last month and finally decided how the controls of the companies of his group could be distributed among his daughters and grandson and granddaughter.
He said Kesoram, along with Century Textiles and Century Enka would go to his grandson Mr Kumar Mangalam Birla. At 90, I want to hand over charge of the three companies to Kumar, he observed, ruling out any split in two core businesses cement and tyre -- of Kesoram. Mr Birlas grandson Mr Kumar Mangalam Birla is still not on the Kesoram board, but daughter, Ms Manjushree Khaitan, is on the board. Mr Birla said Ms Khaitan would control Manjushree Plantations and her daughter Ms Vidula Jalan would control Mangalam Cement and Mangalam Plywood. Ms Jay Shree Mohta, Mr Birlas elder daughter, would control Jay Shree Tea & Industries. http://www.thehindubusinessline.com/2009/06/27/stories/2009062751900300.htm http://www.dnaindia.com/money/report_kesoram-draws-up-rs-1550-cr-expansion-plan_1268864 http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=259147
THE INFLUX OF IMPORTED RADIALS IS AN AREA OF CONCERN: SUNAM SARKAR, CFO, APOLLO TYRES Sunam Sarkar The Financial Express (Motobahn)
The tyre industry in India went through a rough patch last year with the prices of natural rubber, its key raw material, going through the roof. In this interview, Sunam Sarkar, chief financial officer, Apollo Tyres, tells FEs Alokananda Chakraborty how the company is coping with the cost pressures. Excerpts:
The tyre industry consumes nearly 50% of the natural rubber produced in the country and the domestic prices of natural rubber registered significant increase last year. What does this mean for the Indian tyre industry?
An increase in rubber prices rarely bodes well for the tyre industry where it is a key raw material. Currently, domestic rubber, hovering around Rs 100 per kg, is at a premium when compared to imports, which are around Rs 80 per kg. Having said that, there has been a level of price stabilisation, which is a positive sign, and we hope that this trend will continue, barring the seasonal ups and downs. As you are aware, when prices were at their peak in July 2008, our margins had come under tremendous pressure due to a spike in our operational costs. The impact of any such spike is high for us since the industry works on very thin margins.
In 2002, over 1,10,000 passenger car tyres were imported. This constituted about 2% of total radial passenger car tyre production in the country. However, with the reduction of peak custom duty, the import of tyres has increased substantially. This is double trouble for the domestic tyre industry, right?
I wont term it as trouble, though the influx of imported radials in the Indian markets is an area of concern. Definitely, the Indian tyre industry has so far been plagued by an inverted duty structure, where its cost-effective to import tyres. The tyre industry is probably one of the last remaining sectors to still have an inverted duty structure. As you mentioned, while the volumes are still low, they are consistently on the rise. As an industry and a leading manufacturer, we have no issues with imports. Our only concern is when it is not a level playing field and that they adhere to the same quality and service standards that Indian products deliver.
The huge raw material costs have resulted in pressures on realisation and hence players have had to increase prices. But due to competitive reasons, they have not been able to pass on the entire increase... on to customers. How does the industry propose to tackle this?
Different players would tackle this in different manner depending on their inherent strengths. While we might not be able to pass on the entire cost to the customer, some costs are passed on. For us at Apollo, profitable growth is a must. The rest we have to find ways to absorb. What has helped us often when facing such a situation is our continuous initiatives in reducing costs and improving manufacturing and operational efficiencies. What also stands us in good stead is our speed in reacting and implementing processes to tackle a certain situation.
What are your expectations from the upcoming budget?
We are optimistic with the governments plans to invest in infrastructure, rural health and education. The age of sops to industry is really over. Good governance is what we seek from any party coming into power both at the centre and the states http://www.financialexpress.com/news/the-influx-of-imported-radials-is-an-area-of-concern/481776/2
TATA STEEL TO UP STAKE IN NEW MILLENNIUM TO 80% Shubhashish Daily News & Analysis See similar story in: Yahoo India
Betting on domestic demand, the world's sixth-largest steelmaker has increased capacity at its flagship Jamshedpur plant by 1.8 million tonne per annum (mtpa) last year to 6.8 mtpa, and is aiming at a 25% sales growth in the current year.
B Muthuraman, the outgoing managing director of the company, said demand for steel in India and China is up by 2-4% even as the rest of the world is reeling under production cuts. "Volumes in India are up and we will achieve sales volumes of 20-25% in the current year because of the increased capacity at Jamshedpur," he added.
Finished steel production at Tata Steel for 2008-09 stood at 5.37 million tonnes, 11% higher than the previous year. In financial year 2008-09 steel deliveries, at 5.23 million tonnes, were 9% higher than in the previous year.
Meanwhile, Tata Steel is likely to raise its stake in Canadian mining company New Millennium Capital Corp (NML) to 80% from 19.9% at present.
NML will provide iron ore for the Tata Steel UK. "Tata Steel will increase its stake to 80% in the JV," a company official told DNA Money.
After completion of a feasibility study (expected by the third quarter of 2009) of NML's direct shipping ore (DSO), Tata Steel has the option to raise stake in the company to 80% within 180 days. It will also have a 100% offtake right on the DSO production.
"The DSO properties have estimated reserves of around 100 million tonne of historical resources," the company official said.
Subject to completion of a positive feasibility study, regulatory approvals and project financing, NML is expected to produce 4 mtpa of iron ore products from 2010.
Tata Steel has also acquired Ryerson Holding (India) Pte Ltd's entire 50% stake in the Tata Ryerson joint venture. Koushik Chatterjee, chief financial officer, Tata Steel, said, "We haven't made any payment as of now and have signed a share purchase agreement itself. We will pay $49 million for the remaining stake."
The JV company was formed in 1997. Muthuraman said, "Back then, India did not have high quality processing steel for automobile and the white-good sectors. This company catered to those markets and had a turnover of Rs 1,300 crore last year." http://www.dnaindia.com/money/report_tata-steel-to-up-stake-in-new-millennium-to-80pct_1268898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCE & INSURANCE Go To Top PTI
For commercial vehicles, customers can avail of loan up to 85 per cent of the on-road price of the vehicle, with tenure of 3-5-years.
For passenger ones, customers can avail of loan up to 85 per cent of the on-road price of the vehicle (for loans up to Rs 6 lakh) or up to 70 per cent of the on-road price of the vehicle (for loans above Rs 6- akh) with a tenure of up to 7 years, the rel ease said.
A low interest rate is just one of the benefits of opting for State Bank of Hyderabad as a preferred financier. The bank's vast national network of over 1,031 branches will also help us make further inroads in upcountry markets where we already have a s trong customer base, M&M President, Sales and Customer Care, Automotive Sector, Mr Arun Malhotra, said. http://www.thehindubusinessline.com/blnus/02261718.htm
SUNDARAM FINANCE CUTS DEPOSIT RATES The Hindu http://www.hindu.com/2009/06/27/stories/2009062751131400.htm | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LUBRICANTS & ALTERNATIVE FUELS Go To Top PTI
Crude oil in overseas markets rose for a second consecutive day, by exceeding 70 dollar a barrel, as rising Asian equities, raised expectations of improvement in global economy, which may boost demand for fuel.
At 1100 hrs, Crude oil for the most active August-month contract rose by 0.75 per cent to Rs 3,480 a barrel on the MCX counters with trading volume of 161 lots.
Oil for delivery in September-month contract rose by 0.74 per cent to Rs 3,520 a barrel in a business volume of one lot and current month contract by 0.20 per cent to Rs 3,432 per barrel in 2,465 lots.
Marketmen said increased by speculators with better trend in global market mainly led to rise in crude oil prices.
Meanwhile, Crude oil for August delivery rose 54 cents, or 0.8 per cent to 70.77 dollar a barrel on the New York Mercantile Exchange. http://www.thehindubusinessline.com/blnus/08261295.htm
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| INTERNATIONAL NEWS Go To Top Saibal Dasgupta
http://timesofindia.indiatimes.com/Business/China-set-to-reject-
PIAGGIO OPENS VESPA PLANT IN VIETNAM AFP See this story in: The Hindu Business Line
Vietnam: Italian scooter maker Piaggio on Wednesday opened its first factory in Vietnam, lured by the country's lower production costs, young population and growing economy.
The factory, in Vinh Phuc province near the capital Hanoi, will have a production capacity of 100,000 Vespa scooters by 2012, the company's president Roberto Colaninno said.
The communist country is a good production base for the region because it has 50 million people under 30 years of age, good industrial experience and a domestic scooter market that grows by two million every year, Colaninno said.
FORD INCREASING OUTPUT AS SALES STEADY: CEO The Economic Times
SUZUKI SHARES SURGE ON VOLKSWAGEN TIE-UP TALK The Economic Times
Tokyo: Shares of Suzuki Motor raced to a 10-month high after a source said Volkswagen is exploring a deal to cooperate with the Japanese automaker to boost its presence in ultra-small cars. Cooperation with Suzuki, which dominates Japans 660cc minivehicle market along with Toyota unit Daihatsu Motor Co, could yield a new model for Volkswagen below the upcoming New Small Family range of small cars, the source said
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| ECONOMY & FINANCE Go To Top The Hindu Business Line
Currency revaluation The rise in the forex reserves was mainly on account of currency revaluation, said a forex dealer with a public sector bank. In the week under review, foreign currency assets increased by $10 million to $252.808 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies. The euro fell to a low of $1.3932 against the dollar.
Gold, SDRs During the week under consideration, gold and SDRs remained unchanged at $9.604 billion and $1 million respectively.
The reserve position in the IMF fell by $2 million to $82 million. The rupee is likely to strengthen ahead of the Budget, as the expectation is that there could be substantial allocation to infrastructure, which could bring in further inflows, the dealer said. http://www.thehindubusinessline.com/2009/06/27/stories/2009062751820600.htm
SENSEX REBOUNDS 419 PTS, NIFTY RISES 3.15% The Hindu Business Line
The Sensex, which in the last two weeks had dipped more than seven per cent, surged 419 points to close at 14764.60, while the broader Nifty was up 3.15 per cent at 4375.5 on Friday.
Institutional investors who track Nifty as their benchmark were forced to add more of those stocks whose weightage has increased following the free float methodology for the index, said Mr Alex Mathew, Head of Research at Geojit BNP Paribas Financial Services.
The index weightage till Thursday was being calculated using the constituent companies market caps.
Larsen and Toubro, ICICI Bank and Infosys are among the scrips which stand to gain the most from this switch, said brokers. ICICI Bank was up 8 per cent on the NSE, L&T was up 5.3 per cent and Infosys by 3.8 per cent.
ICICI Bank, Sterlite and L&T were the top gainers on BSE, gaining between five per cent and eight per cent. Sun Pharma, Ranbaxy and Tata Steel lost the most among the Sensex scrips.
Sentiment in the global markets was rather positive which was reflected in our markets, said Ms Anita Gandhi, Head of Institutional Business at Arihant Capital Markets.
US markets up The Dow and the Nasdaq closed up 2.08 per cent on Thursday, the FTSE was up 0.49 per cent at the time of closing of the Indian markets on Friday. The Nikkei rose 0.83 per cent and the Hang Seng 1.78 per cent.
With Friday being the first day of the July series in the Futures and Options segment, investors were taking fresh long positions after Thursdays expiry of the previous series, said marketmen.
The onset of the monsoon in Mumbai on Friday could have also helped boost sentiment, they said.
The Bankex, Capital Goods and IT were among the best performing sectoral indices on BSE. The only index loser was BSE Health Care.
The market breadth was positive as 1,689 scrips advanced and 937 declined. The BSE Midcap index rose 2.4 per cent and the small cap index 1.89 per cent.
After having been net sellers for nine consecutive trading sessions, FIIs were net buyers of equity on Friday for Rs 551 crore. The DIIs were net buyers for 333.95 crore. http://www.thehindubusinessline.com/2009/06/27/stories/2009062752090100.htm
Last Financial closing
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