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| INDUSTRY Tata Nano to hit the road by month-end Jaguar stops production of popular model, cuts 300 more jobs Jaguar leaps with a new flagship! INTERVIEWS/FEATURES Hyundai Accent Executive Ashok Leyland to lean less on heavy vehicles Leyland for more outlets in Punjab CONSTRUCTION & AGRI MACHINERY COMPONENTS
| ALLIED INDUSTRIES Dunlop workers' family demand work resumption at Shahagunj factory Exide's inventory losses on the slide FINANCE & INSURANCE Car insurance: Private firms push over PSUs Bajaj Finserv turns around; posts Rs 42-cr net profit Future Generali launches 3 motor insurance products OIL, LUBRICANTS & ALTERNATIVE FUELS INTERNATIONAL NEWS Fiat gives Detroit a lesson on manufacturing small cars ECONOMY & FINANCE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRY Go To Top Yogima Seth The Financial Express (Web & Print Edition) See similar story in: Yahoo India (Web Edition)
New Delhi: The governments Automotive Mission Plan to develop India as a hub for small cars seems to be showing some results with the share of export to total revenue of the automobile industry going up by 1.5% in 2008-09 as against nearly 3% decline in share of revenue from vehicles sold in the domestic market. According to the Society of Indian Automobile Manufacturers (Siam), Rs 16,782 crore was generated from export of all kinds of vehicles from India in 2008-09 as against the revenue of Rs 13,871 crore in 2007-08, a growth of 1.4%. This comes on the backdrop of a 23.6% jump in export of vehicles at 15,30,660 units as against 12,38,333 units in the preceding financial year and has resulted in an increase in the share of export from 6.17% in 2007-08 to 7.6% last year.
On the contrary, revenue from domestic sales declined 3.4% last year at Rs 1,25,864 crore vis--vis Rs 1,35,635 crore in 2007-08 despite nearly flat sales in the last financial year. As per Siam, 97,23,391 units were sold in the domestic market in 2008-09 as compared to 96,54,435 units in 2007-08. Consequently, its contribution to overall revenue came down to 57.04% as compared to 60.4% in 2007-08.
Even the total revenue from automobile sector has declined 1.8% at Rs 2,20,646 crore in the last financial year as against Rs 2,24,706 crore in 2007-08.
Extreme fluctuation of the rupee vis--vis the dollar has helped in increasing the total revenue from exports in the last financial year. Moreover, players like Hyundai Motor India and Maruti Suzuki have become very aggressive on the export front as high local content and low labour costs makes their vehicles very price competitive in overseas markets and help them improve their margins, said Abdul Majeed, auto analyst and partner, Price Waterhouse.
Nearly 50% of total export from India takes place in dollars. This has had its benefit as the rupee depreciated by 27.4% in 2008-09 from 39.98 on April 2, 2008 to 50.95 on March 31, 2009. According to Majeed, while volumes have gone up in the domestic market, the realisation per vehicle has come down because of higher discounts that were offered by manufacturer in the second half of 2008-09. http://www.financialexpress.com/news/automobile-exports-shift-to-high-gear/489968/ http://in.biz.yahoo.com/090715/50/batw3x.html
TATA NANO TO HIT THE ROAD BY MONTH-END Lijee Philip & Sachin Dave The Economic Times (Web & Print Edition)
Mumbai: Tata Motors will deliver the first batch of its affordable car, Nano, during the last week of July, officials close to the development said. Ratan Tata, chairman of the company, is expected to hand over the keys to the first Nano customer. The auto major has already begun dispatching the vehicles to dealers across the country after sending allotment letters to the first one-lakh customers. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved"
JAGUAR STOPS PRODUCTION OF POPULAR MODEL, CUTS 300 MORE JOBS S Kalyana Ramanathan Business Standard (Web & Print Edition) See similar story in: Asian Age (Web & Print Edition), Yahoo India (Web Edition), Mint (Web & Print Edition)
London: Tata Motors-owned Jaguar Land Rover (JLR) has announced 300 more job cuts at its Halewood Plant in Merseyside, where it plans to cease production of the Jaguar X-TYPE, an eight-year-old range of vehicles that until recently constituted nearly a fourth of total annual production.
Over 350,000 units of the X-TYPE were sold over the past eight years; it has been one of the most successful models to roll out of Jaguar.
Said CEO David Smith: Our industry has been especially badly hit by the recession and the premium sector more than others. Jaguar Land Rovers retail sales fell by 28 per cent in the past 10 months. We have taken unprecedented actions to cut costs, including reduced production volumes, significant cuts to investment plans and some 2,200 job losses. Ceasing production of the X-TYPE early, with further redundancies and temporary shutdowns at Halewood, is necessary to protect our other investment plans. In a statement issued to the media, the company said it also expects the need to take a further three weeks or more of shutdown of the Halewood plant over the balance of this year, starting in September, due to on-going weakness in the market. Further actions will be determined by the state of the market and the speed with which the already-approved 340 million European Investment Bank loan can be drawn, the company said.
Yesterday, amidst fear of the closure of the Halewood plant, the countrys Business Secretary (minister) Lord Mandelson said he would do everything inhis power to keep the plant open. We do need to be confident that the taxpayers money that goes into Jaguar will come back out again that the taxpayer wont be left high and dry, he said in an interview to Liverpool Daily Post.
The Halewood plant of JLR is one of the smallest among its four UK assembly plants in numbers employed. Halewood currently has around 2,000 employees, as does Castle Bromwich, with Solihull at around 5,000, and 3,000 at the Gaydon and 2,000 at the Whitley R&D centres.
Last year 16,320 X-TYPEs were sold out of the overall Jaguar total for the year, of 65,446. Admitting that ceasing the output of X-TYPE would be a major cut in its proudction, the company spokesperson said other models would take its place to fill the gap. ...We are rebuilding Jaguar. The new XJ is a product we are very excited about and think will really change perceptions of the brand, following what we have already done with XK and XF over the past three years. The XF has good orders with 10MY versions - the XFR and 3 litre diesel particularly, and we will be launching the new XJ as the X-TYPE disappears, which we expect to record strong orders. http://www.asianage.com/presentation/leftnavigation/news/business/jlr-set-to-cut-300-jobs-in-uk.aspx http://in.biz.yahoo.com/090715/137/batw17.html http://www.livemint.com/2009/07/15193515/JLR-to-cut-300-jobs-slows-pro.html
JAGUAR LEAPS WITH A NEW FLAGSHIP! Muntaser Mirkar The Economic Times, Zigwheels
The XJ is a culmination of Jaguar's new design philosophy that has led the revival of what was a dying brand. The new design theme is a modern interpretation of the quintessential Jaguar keeping the XJ as recognisable as any of the older models that came before it. The highlight of the XJ's visual appeal comes from the teardrop shaped side windows and a powerful stance that is further accentuated by the wide track. A huge contribution to the lowslung profile of the XJ comes from the panoramic glass roof which has enabled Ian Cullum's design team at Jaguar to lower the roofline considerably without compromising on giving passengers a feeling of roominess and space. Right from the word Go the Jaguar XJ is available in both standard as well as extended wheelbase versions with prices starting at 52,500 British Pounds for the base variant with a 3-litre V6 engine. Customers opting for the long wheelbase models will get all of 125mm of legroom more than the standard wheelbase customers. Both versions will sport a 520 litre boot though - enough to carry two big suitcases and some more. Every Jaguar is special and the XJ gets interior trims never seen before on anything from the big cat. Three levels - Luxury, Premium Luxury and Portfolio - empower customers to tailor their interiors to suit their individual tastes. Those looking for something even more special will get the options of Supercharged and Supersport that includes leather roof lining, semi-aniline leather seats and veneers with laser inserts! Chrome and piano black detailing make for an attractive and sporty contrast to all that leather and veneer at the same time keeping Jaguar's racing history in sight as well.
Jaguar has made the activity of driving the XJ more like a living-at-home experience with loads of technology bottled up in the cabin. 12.3 high definition virtual instruments complimenting a 8-inch dual view touchscreen allow the passenger to enjoy DVD movies while the driver gets to access vehicle information or the navigation system. The XJ gets a top-of-the-line 1200W Bowers & Wilkins audio system along with hard-drive based audio and navigation and comprehensive connectivity for portable audio and video devices via the powerful Media Hub. Elevating all that style to heights of scintillating performance are a wide choice of engines that range from the 3-litre V6 diesel to 5-litre naturally aspirated and 5 litre supercharged V8s. In addition to these, the XJ will also have a 470 horsepower version of the supercharged V8 for those who want a little extra oomph under the bonnet. Making the act of putting all that power to tarmac a pleasurable one are a host of Jaguar's technowizardries - air suspension, adaptive dynamics (continuously variable damping), active differential control and quick ratio power steering.
The Jaguar XJ is not just about sheer opulence and performance - it is environment friendly too. The engines are fuel efficient and the car is manufactured using Jaguar's aerospace inspired aluminium body technology. With 50% recycled material used and a lifecycle approach to its manufacturing process, the XJ has a minimal carbon footprint. The XJ is the latest brick in the new Jaguar wall of uncompromising vehicles that are luxurious and sporty, powerful and refined. Deliveries of the first XJs will start early 2010 in the UK. With the launch of the Jaguar brand in India recently and the company's plans to get new models to the country as well, expect Tata Motors to announce the XJ for the Indian market soon. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| CARS, SUVs, MUVs Go To Top Nandini Sen Gupta & Sumit Chaturvedi The Economic Times (Delhi Print Edition)
Car buyers the world over may be going green out of concern for the environment, but Indians would much rather have their neighbours turn green with envy. A new global study by research firm Synovate shows that India tops the list of countries where dream cars are more popular than green cars. The reportwhich surveyed more than 13,500 people in 18 markets on the green vs dream issuefound 47% Indians voting for luxury vehicles, with just 30% choosing environment friendly cars. Only South Africa was higher, with 53% respondents preferring dream cars over 22% for green vehicles. India is going through an evolving phase where we havent seen a whole lot of luxury cars till very recently. People here are ambitious and continue to be aspirational. That makes India a very different market from Europe, which is going in for smaller and greener vehicles, says Sumit Arora, associate director at Synovate. Also helping the luxury car market in India is the fact that unlike in the west, which is in the midst of a deep recession, the countrys economy continues to grow. Part of Indias fascination for luxury cars is the fact that these brands have only recently re-ntered the market. Sales trends ifor luxury cars in India have held up compared with even mass market models, and are indeed much better than in the rest of the world. In any case, premium car makers say luxury and green were not necessarily mutually exclusive. All the engines we bring to India have the latest technology. Our carbon di-oxide emissions are the lowest in the luxury car segment. So big need not mean not green, said Peter Kronschnabl, president for BMW India. Meanwhile, the world over, Synovates survey showed the verdict clearly in favour of green technologies, led by Germany, where nearly 60% respondents voted for eco-friendly vehicles. Across Asia too, the mood was decidedly in favour of green cars, with 53% of respondents in that country choosing green compared with 21% for luxury. In Thailand and South Korea, green scored 77% and 76% respectively. Overall, 37% of all respondents globally said green cars were their choice, with another 22% clarified that their dream car was also a green car. In the US, the worlds biggest market for luxury cars, some 35% of the respondents voted for luxury vehicles while 23% for green wheels. India also stood out as a market where respondents said they would buy a new car in the next one year. Compared with a global average of 15%, 38% of Indians said yes when queried about the chances of buying a new car in 12 months. This was followed by 24% for Egypt and 23% in Turkey. By contrast, just 6% of respondents in Germany and Australia indicated plans to buy a new. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
MR WIZER NEW WAGONR MASCOT
Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
The Economic Times, Zigwheels
I was at a loss to distinguish what stood out for me, experience the lovely picturesque Slovenian countryside with postcard perfect vistas every time I rounded a bend or took delight in the machinery I was wielding while traversing the narrow and varied roads around Ljubljana? That and the small matter of the name behind Skoda's very nifty and utterly delightful soft-roader with the ability to murder larger SUVs when it gets going in India from January next year. Yes the only thing abominable with the new Skoda is the name employed for this new soft-roader. First seen as a concept which Skoda displayed at the 2005 Geneva motor show, the four-wheeled Yeti is here and not running away, unlike its fictional snow-bound abomination. Skoda were already aware that they had to find proper niches to play in, considering that its three model lines in 2005 - Fabia, Octavia and Superb had enabled it to gain both critical mass and acclaim in the marketplace. The Roomster was the fourth model line but SUVs showed the most growth and Skoda clearly wanted a slice of this pie. However, what it wanted to do was not do an all out, in your face type of SUV but one which came across as socially pleasing yet effectively packaged and proportioned so as not to offend many in today's ecoenviro conscious world. The Yeti is Skoda's fifth model in its product portfolio and has been configured to appeal to both diehard SUVistas and crossover-mongers courtesy both all wheel drive and four wheel drive versions. Overall the package might mirror the tallish Roomster but the Skoda designers have given it a more pronounced SUV look and stance which given the vehicle's compact nature (4223mm long, 1793mm wide and 1691mm tall) is very well crafted and easy on the eye while not being particularly cutting edge. This deliberately conservative appeal carries on to incorporate the Skoda corporate face on the front end complete with the large rib-shaped grille flanked by a combination of rectangular and round headlamps on either side. The Yeti has very clean and clearly defined lines while retaining a robust look thanks to the pronounced wheel arches sporting that milled look and the gently sculpted waistline running front to rear on either side. The interior is clever but then coming as it does with lessons learnt from the Roomster's flexi-seating system means this sort of seating system had to get a look in with the Yeti as well. Skoda terms it the VarioFlex seat concept and at the rear there are seats for three which can be folded separately or even removed to liberate more space should you want to carry the school hockey team or upto 1760 litres of luggage. Additionally the outer two seats can be moved lengthwise or sideways when the middle seat is removed of course, turning it from an effective fiveseater to a plush four-seater. The Yeti in Europe comes with a choice of two petrol and four diesel engines. The award winning 1.2-litre 105bhp TSI petrol engine is the one which powers the base front wheel drive Yeti while the oil burner front wheel drive offering is the 110bhp, 250Nm, 2.0-litre TDI engine. The former is available with either a 6-speed manual or a 7-speed DSG twin-clutch automatic gearbox while the latter employs a fine-shifting and very precise 5-speed manual. Expect these two surely to make their advent in India. The more powerful 160bhp 1.8-litre TSI petrol employs a 6-speed manual gearbox to transfer power to all four-wheels as do three other 2.0-litre TDI in various power and torque outputs ranging from 110bhp to
Skoda's four-wheel drive gear is made up of an electro-hydraulically actuated Haldex multi-disc clutch mounted along with the final drive and rear axle diff in the same housing. In normal dry operating conditions, especially on tarmac, up to 96% of the engine's torque (250Nm for the 1.8-litre TSI) is directed to the front end but any difference of speed between the front and rear wheels is detected by an army of sensors in the vehicle, the system diverts up to 90 per cent of the torque to the rear wheels. Further, thanks to the limited slip rear differential employed, the drive can also be split and distributed equally from side to side, thus ensuring superior grip and traction on all sorts of surfaces.
A complete array of drive and safety systems works with the all wheel gear employed with ABS and ESP playing a vital role among the sensors I spoke about earlier. With ESP engaged, the Haldex is completely ruled by the ABS - ESP control unit and when ABS comes into play the Haldex is decoupled. Sounds simple, but in an overwhelmingly complex automotive world, this is what sensors and electronics have delivered, for the better. The all wheel drive versions have another worthwhile gadget in the form of an off-road mode which can be actuated by the driver by punching a switch on the dashboard. On doing this the system remaps the throttle openings and along with the ABS - ESP combo, helps the power delivery to be softer yet firm so as to make for better traction on loose surfaces. And if that's not all, the adoption of the hill start assistant helps you to do the imposible - roll down impossibly steep hills with your feet off all pedals and with the transmission slotted in neutral! Yes this is no figment of the writer's imagination but even first gear is deemed too fast with hill assistant control and uncannily, you can have some throttle control in neutral when this system is pressed into service, for accelerating within the 5 to 10km/h operating band!
Speaking about the handling, the tight twisty Slovenian roads proved the efficacy of the Yeti's package with a fantastic neutral handling capability with nary a hint of roll as many tallish compact SUVs - crossovers have been prone to display. The suspension on the front end yet does with McPherson struts and wishbones while the sub-frame mounted multi-link rear set-up from the Laura and Octavia Scout has been modified to accommodate the wider track and overall is a well sorted out unit which delivers a great ride to go with the fine precise steering and brilliant handling on all surfaces. From the Indian perspective, as indeed from the majority European angle with sales of the front wheel drive versions expected to account for nearly 85% of all Yeti sales, what stands out for the Yeti should be its compact footprint on the road, its flexi-seat system and its overall build and turn-out. It is not daunting in the least yet has a presence and flair which marks it out as a pleasing performer. Now if only Skoda can get the pricing to around Rs 10 lakhs and surely fill a huge gap that exists in the marketplace, expect all saloons to be scurrying for cover. The big question is whether it would be Rs 10 lakhs or Rs 14 lakhs. We will wait to be surprised. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
The Economic Times, Zigwheels
The Accent was Hyundai's flagship sedan when launched in India. Compared to the competition then, it was bigger, better looking and more powerful helping it to sell in quite large numbers. Initially the car was launched with a 1.5 litre SOHC engine pumping out 95 PS @ 5500 rpm and a maximum torque of 125 Nm @ 3500 rpm. Subsequently the car received a 1.6 litre DOHC engine for the Tornado, GLS and Viva variants which put out over a 100 PS but are discontinued now. The Accent now is available only in the Executive variant with the 1.5 litre unit. Though long in the tooth now, the Accent is still quite an attractive car. With clean flowing lines and a low appealing stance, the Accent makes for quite an appealing design. The same cannot be said about the interiors though. Compared to the competition, the interiors are pretty staid and boring. The seats though are pretty large and comfortable offering a very good driving position. For the chauffer driven kind this car makes even more sense thanks to the large amount of legroom offered. On the move the 1.5 litre isn't the sprightliest of the lot but performance can be termed as adequate. Ride quality though is pretty good making the Accent a very comfortable family sedan. All said and done, the Hyundai Accent still makes a very good choice as an entry level sedan.
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| COMMERCIAL VEHICLES Go To Top The Hindu Business Line (Web & Print Edition) See similar story in: Daily News & Analysis (Web Edition) , Deccan Herald (Web Edition)
Bangalore: Japanese truck maker Hino Motors expects to sell about 700 trucks this fiscal in India and plans to set up a manufacturing plant in three years in the country. The trucks will be imported as completely built units (CBU) from Thailand.
The body for the tippers will be built by a local company and for buses, it has contracted the body building work to a company based in Chandigarh.
The Hino Motors Sales India Managing Director and Chief Executive Officer, Mr Hiroshi Nakamura, told newspersons after inaugurating the companys first dealership here on Wednesday, that Hino Motors expects to sell about 700 units of its trucks in India between now and March 2010.
The dealership is owned by Cauvery Motors, which is also a dealer for Maruti Suzuki and Hyundai cars in Bangalore. The dealership bagged its first order from a local company which has placed order for 10 tippers.
The Executive Vice-President for Hino Motors Sales India, Mr Amol J Sandil, said Hino Motors has set up an India-specific group in Tokyo, which is headed by senior executive officer of Hino Motors, Mr K Ojima.
The group will study opportunities in India and also take a decision on setting up a manufacturing plant in the country. Mr Sandil said in the first phase, Hino will import trucks as CBUs and buses in SKDs (semi knocked downs) format from Thailand.
Second phase In the second phase, trucks and buses will be imported as CKDs (completely knocked down) and SKDs. He said Hino Motors will also look at launching mini buses and at a later stage city road transport buses as well.
Homologation certificates for three platforms of Hino Motors have been received. Hino Motors is also planning to set up a captive financing arm with its partner Marubeni Corporation, which has a 35 per cent stake in Hino Motors India. The rest of the stake is with Hino Motors, Japan. http://www.thehindubusinessline.com/2009/07/16/stories/2009071651880200.htm http://www.dnaindia.com/money/report_toyota-beginning-journey-into-trucks-in-india_1274381 http://www.deccanherald.com/content/13917/hino-motors-forays-indian-market.html
ASHOK LEYLAND TO LEAN LESS ON HEAVY VEHICLES Menaka Doshi and Sumantra B. Barooah mint (Web & Print Edition)
Mumbai: Ashok Leyland Ltd, Indias second largest bus and truck maker, is reducing its dependence on heavy vehicles. By 2020, trucks and buses will account for only one-third of the firms business, managing director R. Seshasayee said.
...In a manner of (a) decade...medium heavy duty vehicles, which is now about 70% of our total business, would have shrunk to about one-third of our total business, he said. The rest of the business will come from light commercial vehicles, defence, engines, technology and construction.
As for declining volumes, he said the worst was over. In six-eight months we would begin to see purchase and replacement programme beginning to take place quite aggressively. http://www.livemint.com/2009/07/15224443/Ashok-Leyland-to-lean-less-on.html
LEYLAND FOR MORE OUTLETS IN PUNJAB PTI See this story in: The Hindu Business Line (Delhi Print Edition)
Chandigarh: Hinduja Group Company Ashok Leyland will open three more outlets in Punjab in the current fiscal to expand its network. The companys whole-time Director, Mr Vinod K. Dasari, said the green field Uttarakhand plant is scheduled to go on stream in March 2010.
MAHINDRA AND MAHINDRA TO ENTER US MARKET IANS See this story in: Deccan Herald (Web Edition), Hindustan Times (Delhi Print Edition)
Washington: The name of the pickup has not been released. Global Vehicles USA Inc., of suburban Atlanta, is the truck's independent distributor. Global Vehicles is setting up a network of about 330 US dealers, the auto publication Automotive News reported.
http://www.deccanherald.com/content/13852/mahindra-mahindra-enter-us-market.html
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| 2/3 WHEELERS Go To Top Swaraj Baggonkar Business Standard See this story in: The Hindu Mumbai: Bajaj Auto has phased out the Pulsar 200 model to make way for the new Pulsar 220, as both were priced on a par, despite the latter being more powerful.
The new Pulsar 220, launched three weeks earlier, is a refurbished version of the earlier model launched in December 2006. The Pulsar 200 was launched in January 2007 and carried an ex-showroom price of about Rs 70,000.
However, to take on competing products in the premium category (priced upwards of Rs 65,000) with the likes of Yamaha FZ16, Fazer and R15, Hero Hondas Karizma, TVS Apache 180 and the Honda CBF Stunner PGM-FI, Bajaj has slashed the price of Pulsar 220 by more than Rs 15,000. It will now be sold at Rs 70,000, ex-showroom.
S Sridhar, chief executive (two-wheelers), Bajaj Auto, said, The carburettored version of the new Pulsar 220, which has been launched, offers higher power and better performance at a much lesser price. So, continuing with the Pulsar 200 was not possible, as it was priced in the similar range. We wanted to offer the buyers a better bike at an affordable rate.
The bike, however, is still available in select showrooms at the earlier price without any discounts. Some units of the Pulsar 200 are available with us and there will be no more supply of it from the company, said a Mumbai-based dealer of the Probiking showroom, Bajajs speciality outlet that sells only premium bikes.
The Pulsar 200 has a 198.8cc engine, which delivers 18 bhp power, while the Pulsar 220 has a 220cc engine, which generates 21.04 bhp of peak power. Although the new Pulsar 220 is heavier than the Pulsar 200 by five kg, at 150 kg, it is faster than the smaller sibling at 144 km/hour, as compared to 130 km/hour.
The company is bullish on the new Pulsar to spruce sales beyond the 48,062 units of the whole Pulsar range sold by it in June. Te Pulsar range contributes to about half the companys monthly sales, but a bulk of the profitability
Currently, the company produces three models under the Pulsar brand Pulsar 150, Pulsar 180 and Pulsar 220. All the three models have only recently gone through a face-lift labelled as the 2009 edition.
Industry analysts say the segment has seen high growth post the slowdown, as a result of pent-up demand of earlier months.
According to the Society of Indian Automobile Manufacturers, the growth in the segment of motorcycles with engines more than 125cc in size witnessed a growth of more than 16 per cent, at 472,599 units, in the first quarter, as compared to about 12 per cent growth, at 1,205,172, seen in the less than 125cc segment.
Meanwhile, in a bid to increase its market share in the 100 cc category, Bajaj Auto has launched its popular selling model Discover in the entry level segment. Bajaj held a marketshare of 43 per cent in the premium 150 cc segment contributed by sales of its premium bike Pulsar and a 9 per cent market share in the entry level segment through Platina as of April-June 2009. With the latest launch, the company hoped to garner a significant market share in the segment this fiscal, Bajaj Auto Ltd Deputy General Manager Chandrasekar R told reporters in Chennai at the unveiling of the bike at a media conference. http://www.business-standard.com/india/news/bajaj-phases-out-pulsar-200/364079/ http://www.hindu.com/2009/07/16/stories/2009071653561500.htm
Priyadarshan Bawikar The Economic Times, Zigwheels
In the light of the recent upsurge of electric scooters in India, EVO-India, the automotive brand of the Nortech Group, has taken upon itself to launch its own battery-powered two-wheelers. The two models that will be launched under the 'E-VO' brand will be below 250 watts in terms power and hence will fall under the CMVR. EVOIndia is also planning to spread its dealer network and setup 500 service centres all over India which, in the initial stages will be limited to the Northern and Eastern regions of the country, but eventually will spread to the Southern and Western zones.
The company believes that, apart from being the most eco-friendly solution, electric scooters are also the most economical way of transport, and has sourced the latest technology from all over the world for the same. According to EVO-India, the 'EVO' scooters have the best in-class mileage and battery life cycles as well as a claimed range of at least 100km. The company is expecting to sell about 15000 units by end of this financial year and is prepping up for large scale production and sales in the next financial year. As per Rajendra Gupta, chairman of EVO-India, there is a lot of scope for expansion and upgradation in the electric scooter market in India. The company is keeping a keen eye on the trends of the Indian market and will launch its high speed, lithium-ion scooter after an extensive market survey for the feasibility of these more expensive models in the current scenario. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| COMPONENTS Go To Top The Hindu http://www.hindu.com/2009/07/16/stories/2009071653371400.htm
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| ALLIED INDUSTRY Go To Top Chanchal Pal Chauhan The Economic Times
New Delhi: JK Tyres & Industries will set up a new manufacturing plant at an estimated cost of Rs 300 crore to make new age radials and tubeless tyres and cash in on the requirement of new global auto players setting up shop in India. According to its marketing director AS Mehta, Indias third largest tyre maker by revenues will choose between the emerging auto clusters in Gujarat, Chennai or Pune in the next two fiscal years for setting up the plant. A final decision will be taken on the location for the plant in near future, Mr Mehta told ET. The new plant will make 2.5 million tyres per annum. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
DUNLOP WORKERS' FAMILY DEMAND WORK RESUMPTION AT SHAHAGUNJ FACTORY Business Standard See similar story in: The Hindu Business Line
Kolkata: In yet another agitation against the promoters of Dunlop India Ltd, Ruia Group, the family members of the workers went on a hunger-strike demanding resumption of work at the Shahagunj unit in Hooghly.
The hunger-strike is supported by the Trinamool Congress (TMC)-controlled Dunlop Bachao Nagarik Mancha. Partha Chatterjee, leader of opposition in the state Legislative Assembly and general secretary of TMC was unavailable for comment.
Workers alleged that the Ruias did not start production at the Sahagunj plant ever since they took over the company in 2006. The hunger-strike will continue till July 20.
A Dunlop spokesperson said, "We also want production to resume at Sahagunj, but cannot do so without the power supply being restored by the West Bengal State Electricity Board(WBSEB)". There is an outstanding bill of Rs 15 crore that Dunlop has to pay WBSEB. Pawan K Ruia, chairman, Ruia Group, had said recently that the company was billed at the rate of Rs 30 lakh per month even during the period of shutdown, and he suspected pilferage.
A case is on between the Dunlop management and WBSEB at the Calcutta High Court, and nothing can move before the order is out.
Currently, 250 maintenance workers were working at Sahagunj, the spokesperson informed. He also added that the company could resume production within seven days of getting the power connection and planned an initial production target of 40 tonnes per day(tpd). http://www.thehindubusinessline.com/blnus/02151706.htm
EXIDE'S INVENTORY LOSSES ON THE SLIDE Nandini Goswami Daily News & Analysis
Kolkata: Exide Industries, the country's leading storage and car battery maker, is likely to see inventory gains if prices of lead, its main raw material, continue to rise over the next few months. However, whether the firm prices would lead to an increase in battery prices is early to predict.
It is estimated that that the company has been adversely impacted by around Rs 100 crore on the value of lead inventory due to over 45% decline in the prices during the last fiscal. Company officials were not willing to talk on the issue because of the board meeting this month, but battery industry sources said that Exide's inventory losses could be offset to some extent this year.
Lead prices skyrocketed to around Rs 1,35,000-1,40,000 a tonne in March 2008, forcing the company to raise prices a number of times at the retail end.
With prices falling from the mid last year to Rs 75,000-80,000 a tonne levels in March 2009, Exide was saddled with inventory bought at a higher price. Also, forex losses of around Rs 54.4 crore compounded problems in FY09.
But, lead prices have started increasing since the last two months. Prices in May 2009 were around Rs 90,000/tonne rising to Rs 1,00,000 a tonne in June 2009.
Also, the company has been able to source almost 45% of its lead requirement from captive sources. An analyst with Merrill Lynch, in a recent report, said, "Inventory gain and forex gain is likely to boost FY10E. There is a likely upside to FY10E volume owing to stronger demand for inverters and pick up in car-battery demand.
Exide has undertaken a host of new initiatives to gain market share, including expansion of sales network, new products and increased recycling of lead through its own smelter that could help grab a bigger share of the replacement market."
As reported by DNA Money earlier, the company, as a strategy, has been concentrating more on the replacement market to make up for the losses on the original equipment (OE) front owing to slump in sales in the auto market. Exide gets almost 65% of its earnings from the automotive segment and 35% from the industrial segment.
Analysts of Nomura Equity Research said in their report, "We expect the replacement market to primarily lead demand for automotive storage batteries. The Indian automotive sector witnessed a buoyant 12% volume CAGR over FY03-FY08 which is now beginning to percolate into the replacement market given that the average battery life is three years.
Furthermore, companies enjoy healthier margins in the replacement markets compared to the OE segment and have better pricing power." http://www.dnaindia.com/money/report_exide-s-inventory-losses-on-the-slide_1274359
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| 'PSU AUTO INSURANCE LOSE OUT TO PVT PLAYERS' Yahoo India See similar story in: The Financial Express
State-run auto insurance providers are fast losing ground to private players and their market share could be under pressure unless PSUs change their work strategy, says a JD Power study.
According to the study, ICICI Lombard is ranked first in customer satisfaction index of auto insurance business in the country, followed by Oriental Insurance and National Insurance at number two and number three, respectively.
"Speed of response is very important. PSUs have not been able to understand the market response. Unless the nationalised insurance companies change their mindset, their market share will be under pressure," says Mohit Arora, senior director, JD Power Asia Pacific.
"Although the final report on auto insurance by the Insurance Regulatory and Development Authority has not been published, we are expecting the PSUs' share to come down by 6-10% for 2008-09," says Arora, adding that currently state-run auto insurers enjoyed about 67% market share in 2007-08.
According to the study, the average age of auto buyers has come down to 35 years from 39 years in the last seven years which has changed the customers' preferences.
The study said over 80% of the policy holders did not file a single insurance claim with their providers and about 90%of the policies were renewed.
"Greater amount of financial oversight and global norms are going to be implemented in the Indian insurance business, in line with the rules in the West, as more and more foreign insurance companies venture into the country," Arora added. http://in.biz.yahoo.com/090715/50/batw3f.html
CAR INSURANCE: PRIVATE FIRMS PUSH OVER PSUS Hindustan Times See similar story in: mint
New Delhi: State owned non-life insurance companies, that once upon a time were the preferred insurers for buying a motor insurance policy, are fast losing their mass appeal to private insurers pointed out a survey by JD Power Asia Pacific.
Private insurer ICICI Lombard has been ranked first in terms of policy purchase experience, policy offerings; and price for coverage offered followed by state-owned Oriental Insurance in the survey. Insurers that fared badly were Iffco Tokio, Royal Sundaram, HDFC Ergo, Reliance General, United India and Tata-AIG. Public sector insurers have to reform themselves if they have to survive, said Mohit Arora, senior director at JD Power.
The 2009 India Auto Insurance Customer Satisfaction Study is based on evaluations from 4,445 auto insurance policyholders in 20 cities who renewed or purchased an auto insurance policy between January 2008 and April 2009 and were at 2.5 to 3.5 years of vehicle ownership. Customer satisfaction was measured across six factors: interaction; claims; product/policy offerings; renewal/purchase of policy; billing and payment process; and premium/price for coverage offered.
Surprisingly, only 20 per cent of the total policyholders filed a claim but this resulted in a loss ratio of 120 per cent for insurers.
Premiums for car insurance are pathetically low in India with the average premium being 2 to 3 per cent of the car price unlike abroad where it is 8 to 10 per cent. There is an increased focus among insurers on lowering the premium. The current situation will accentuate if these differences are not addressed, said Arora. http://www.livemint.com/2009/07/15171259/PSU-auto-insurers-losing-biz-t.html
BAJAJ FINSERV TURNS AROUND; POSTS RS 42-CR NET PROFIT The Hindu Business Line See similar story in: The Indian Express, Business Standard
Mumbai, July 15 Bajaj Finserv posted a net profit of Rs 42 crore in the first quarter of 2009-10, against a loss of Rs 36 crore in the corresponding period last year.
We concentrated on both the topline and the bottomline. The insurance companies are looking to underwrite more profitable businesses, said Mr Sanjiv Bajaj, Managing Director, Bajaj Finserv.
Life insurance Bajaj Allianz Life Insurance posted a profit of Rs 68 crore, against a loss of Rs 3 crore. New business premium underwritten by the company stood at Rs 577 crore, registering a negative growth of 30 per cent.
General insurance Bajaj Allianz General Insurance registered a profit of Rs 27 crore (Rs 7 crore). The companys gross written premium declined by 13.5 per cent to Rs 635 crore.
Bajaj Auto Finance Bajaj Auto Finance reported a net profit of Rs 15.21 crore (Rs 3 crore). Lower borrowing costs and increased contribution of products that offer higher margins such as loans against property and small business loans helped boost profit, said Mr Rajeev Jain, Chief Executive Officer, Bajaj Auto Finance.
The companys deployment increased 65 per cent to Rs 1,046 crore. Higher demand for consumer durables financing and loans against property contributed to the higher deployment.
The company took over loans from a foreign bank for Rs 200 crore, which also resulted in higher deployment. http://www.thehindubusinessline.com/2009/07/16/stories/2009071650900600.htm http://www.indianexpress.com/news/bajaj-auto-finance-q1-net-jumps-5-fold/489678/ http://www.business-standard.com/india/news/bajaj-auto-fin/s-net-profit-jumps-five-fold/364012/
FUTURE GENERALI LAUNCHES 3 MOTOR INSURANCE PRODUCTS PTI See this story in: The Hindu Business Line
Mumbai: Future Generali India Insurance on Wednesday launched three different plans - Silver, Gold and Platinum providing increased protections for motor vehicles. By opting for the highest coverage under enhanced protection, vehicle owners will be able to get protection against most of the costs that will have to be incurred for repairing the vehicle following an accident, Future Generali India Insurance's CEO, Mr Deepak Sood said in a statement.
At presently, in the event of a loss, the insurance company deducts a certain amount towards depreciation of the parts damaged. The percentage of depreciation varies depending on whether the part is rubber, plastic or metallic and also based on the age of the vehicle.
The depreciation percentage can be from 5 per cent to 50 per cent for various The Silver plan protects depreciation and the Gold plan offers enhanced personal accident, protection for personal belongings and expenses for getting duplicate keys/change of lock, in addition to depreciation protection.
The Platinum plan offers a broader spectrum covering everything under the Gold plan, plus daily allowance of up to Rs 3,000 per day if the vehicle meets with an accident and is under repair, personal liability of the owner. The cover would be made avail able for vehicles across all segments later. http://www.thehindubusinessline.com/blnus/17151906.htm
The Hindu Business Line
Ahmedabad: Premium car-maker Honda Siel Cars India (HSCI) signed a memorandum of understanding with Bank of Baroda (BoB) for financing its cars across the country. This association will help both the partners reach out to a wider market and make auto loans convenient and easy for prospective car owners, a company release said here. BoB will offer car loans at competitive interest rates of 10.5 per cent to 11 per cent. This facility will be available at all the branches of th e bank and 103 facilities of Honda Siel. HSCI, established in December 1995 as a joint venture between Honda Motor Co. Ltd (Japan) and Siel Ltd, at Greater Noida with an investment of Rs 450 crore, has so far invested Rs 1,620 crore there. At present, it has a capacity of manufacturing one lakh cars at this plant. Its second plant was set up in Tapukara, Rajasthan over 600 acres, with an investment of Rs 1,000 crore and an initial production capacity of 60,000 units a year. http://www.thehindubusinessline.com/2009/07/16/stories/2009071651810200.htm
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| OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top Reuters Rebekah Kebede
New York: Oil prices settled over 3 percent higher on Wednesday, supported by falling U.S. crude oil inventories, news of quarterly corporate results that were better than expected and some signs of economic recovery.
U.S. crude settled at $61.54 a barrel, up $2.02 or 3.39 percent after reaching a high of $61.98 a barrel. London Brent crude settled at $63.09 a barrel, up $2.23. Crude stocks in the United States, the world's top oil consumer, fell last week by a greater-than-expected 2.8 million barrels to 344.5 million barrels, the U.S. Energy Information Administration said.
"The larger-than-expected crude stock draw of 2.8 million barrels is attracting much attention so far in forcing values to fresh highs for the day," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.
Oil prices also received support from gains in U.S. stocks, which rose after news of better-than-expected results from Intel Corp and Goldman Sachs.
Equities were also supported by data showing U.S. industrial output declined more slowly in June, while New York state's factory survey was the strongest in more than a year. The U.S. Federal Reserve said on Wednesday that the economy may not contract as sharply as previously expected.
The data boosted appetite for risk and spurred investors out of the U.S. dollar and into equities and commodities. The Reuters-Jefferies CRB Index of 19 commodities rose by about 1.5 percent by mid-afternoon.
The U.S. dollar fell to a one-month low against a basket of six major currencies, while the euro rose 1 percent versus the greenback.
Fuel Demand Sluggish Although upbeat quarterly results helped boost stock markets and the energy complex on Wednesday, doubts lingered about the strength of energy demand due to swelling stockpiles of refined oil products.
The EIA data showed an increase in gasoline stockpiles in the week to July 10, which included the July 4 Independence Day holiday, when the summer driving season typically peaks. Gasoline stocks climbed 1.5 million barrels to 214.6 million barrels, surpassing analysts' forecasts, despite the Fourth of July holiday weekend.
"We should be focusing on gasoline, and gasoline inventories increased going into the 4th of July holiday," said Phil Flynn, an analyst at PFGBest Research in Chicago. "Obviously, that raises questions about the demand side of the equation, (and) evidence seems to be suggesting that it was not very good," Flynn said.
Weak demand for fuel due to the ailing economy lifted stockpiles of refined products, with distillate stocks reaching a 25-year high last week, according to the EIA data. Nigeria's main militant group agreed to a 60-day ceasefire, but traders had yet to be convinced it would translate into a more stable environment for oil production. Doubts over the sustainability of any truce in Nigeria were amplified after Henry Okah, a militant leader released by the government on Monday, told Reuters he believed other militants would keep attacking the country's oil industry. http://in.biz.yahoo.com/090715/137/batw46.html
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| GMS WAGONER TO RETIRE WITH JUST $8.6 MN Reuters See this story in: The Economic Times
Detroit: General Motors former chairman and chief executive Rick Wagoner, ousted in March by the Obama administration, will retire in August with a package worth $8.6 million in the first five years, the company said on Tuesday. Wagoner's retirement will take effect on August 1 and he will draw sharply reduced benefits after GMs federally-financed bankruptcy, the company said on Tuesday.
FIAT GIVES DETROIT A LESSON ON MANUFACTURING SMALL CARS Nelson D. Schwartz / NYT See this story in: mint
Tychy, Poland: For decades, auto makers looking for the secret to small-car success would journey to Toyota City in Japan. These days, they are coming to Tychy. Since Fiat Automobiles SpA effectively took over Chrysler Llc. this year, engineers from Detroit have been making monthly pilgrimages here to see something they can only envy: an auto plant that is hiring workers and earning a profit.
The mammoth Fiat plant here, which churned out nearly half a million cars last year, may hold some of the answers for Chrysler (as well as Ford Motor Co. and General Motors Corp.), as it struggles to regain its footing after its bankruptcy and reduce its dependence on muscle-bound trucks and sport utility vehicles (SUVs).
For those who remember Fiat before its ignominious retreat from the US marketthe name was said to stand for Fix It Again, Tonythe Italian auto maker may seem an unlikely role model. It left the US in the early 1980s after widespread quality problems. But Fiat itself has undergone a revolution under Sergio Marchionne, who became its chief executive in 2004, raising standards for quality and reliability at plants such as Tychy, and mastering the art of building smaller cars with high efficiency. Chrysler hopes he can do the same thing for it now that he has assumed control of the US company.
We are lucky there is a crisis, said the director of the Tychy plant, Zdzislaw Arlet, unable to resist a gibe at the bigger cars and trucks that have traditionally stolen the industry spotlight. Everybody wants to build small cars now.
At Tychy (pronounced TICK-ee), one secret is flexibility: The latest robotic technology is balanced by workers who can quickly shift models to match demand. That is one reason Tychy is operating around the clock, six days a week, while most other auto plants in Europe and the US are running at a fraction of capacity, increasing costly nonproductive downtime.
Indeed, for visiting Chrysler engineers, going to Tychy is akin to an aging heavyweight boxer stepping into a gym where more agile bantamweight fighters train. Chryslers smallest car, the Dodge Caliber compact, is one-third heavier (around 450kg) than the fast-selling Fiat 500, which is made exclusively at Tychy.
Fiat executives say their goal is not only to produce subcompact European models at Chryslers North American plantsbut also for Chrysler managers to learn how to speed the introduction of smaller cars in the US that Americans will want to buy, such as a new version of the Sebring, while increasing efficiency the way Fiat has at Tychy.
Chryslers offerings, unlike those from Fiat, have long been dominated by jeeps and SUVs and big trucks such as the Dodge Ram, with cars making up just 30% of Chryslers worldwide sales last year. As bigger vehicles fell out of favour because of high petrol prices and the recession, Chryslers overall sales dived, falling 44% in the first half of 2009 compared with the period a year earlier.
Its very difficult to go from big to small, but they are here to compare and learn, Arlet said as he walked amid the sparks thrown off by robots along his production lines. This plant was designed to produce small cars.
The ideal combination of automated robots and individual workers has been critical to Tychys success, said Ron Harbour, a US industry consultant with Oliver Wyman. Success is not as simple as the more robots, the better.
With people, you can change the mix in one day or one week, Harbour said, referring to the models a production line churns out. You cant do that with robots. The Tychy plant employs about 5,000 people, including about 1,700 hired last year to make more Fiats, as well as the Ford Ka.
Tychys huge scaleit covers at least 4.3 million sq. ftalso works to its advantage. Although exact benchmarks are difficult, Harbour mentions Chryslers plant in Belvidere, Illinois, as a comparable site, since it produces smaller cars. But its annual production capacity of 265,000 is just over half of the plant at Tychy.
Arlet is also constantly on the lookout for time- and money-saving improvements, adding that he himself looks to Toyotas famous Kaizen system for inspiration: Instead of filling up cars at different production points with brake fluid, gasoline, water and other liquids, one machine on each of Tychys three lines fills each vehicle. A car comes off the assembly line every 55 seconds, Arlet said. In 1996, it took twice as long.
Along with the new technology came a new focus on quality. About three years ago, workers were assigned an individual identification number that is stamped on whatever sections of the car they assemble so any problems at the end of the line can be traced to the source.
As a result, Arlet said, the number of cars coming off the line with defects has fallen from 20% in 1996 to just 4% nowa figure Harbour said compared favourably with factories in the US or Western Europe.
At the moment, Tychy is the best of Fiat as far as quality is concerned, said Giuseppe Volpato, a professor of economics at the University of Venice, who has long studied the company. I think Poland is becoming the reference point for the whole organization, even in Italy.
For Marchionne, turning around Chrysler will probably be harder than getting Fiat back on track. Chrysler not only relies on trucks and SUVs, it derives 75% of its sales from the now-moribund US market.
At the same time, Chrysler is facing increased pressure from Ford, as well as GM, which emerged from bankruptcy last week. And of course, the original high-quality, small-car brands, such as Toyota and Honda, remain fierce competitors, even if Toyota is suffering great losses of its own.
Back in Tychy, Arlet seemed amazed at the tectonic shift under way in the global auto industry, with Americans coming to Poland in search of the secrets of car making, rather than the other way around.
With a confident smile, he declared, I am looking forward to when the Fiat 500 is made in the USA and also made here, and we can compare. http://www.livemint.com/2009/07/15223000/Fiat-gives-Detroit-a-lesson-on.html?pg=2
Reuters See this story in: The Hindu Business Line
Paris: European car sales, helped incentives in major markets to scrap old vehicles, rose for the first time in 14 months in June in a further sign that the battered industry may be past its low point and lifting the sector. New car sales rose 2.4 per cent year-on-year in June when 1,461,859 vehicles were registered in Europe, where the industry directly employees 2.2 million, industry body ACEA said.
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| ECONOMY & FINANCE Go To Top The Hindu Business Line
Mumbai: The rupee gained by around 32 paise against the dollar on Wednesday in a range-bound market. The domestic currency opened with a positive gap at 48.84 and strengthened to touch an intra-day high of 48.63. It closed at 48.64, as against the previous close of 48.96. The rupee gained tracking the positive equity indices, said a dealer with a public sector bank. However, persistent bids by oil companies limited the gains of the rupee, added the dealer. In the overseas markets, the dollar weakened against other major currencies. The risk appetite has increased after the companies in the US announced good results, the dealer said. In the forward premia market, the six-month ended at 2.35 per cent (2.34 per cent) and the one-year was unchanged at 2.18 per cent. http://www.thehindubusinessline.com/2009/07/16/stories/2009071650920600.htm
RAINS, DISINVESTMENT NEWS PUSH SENSEX UP 400 POINTS The Hindu Business Line
Mumbai: Even as dark clouds and heavy showers blotted out the sun over Mumbai for the second day in a row on Wednesday, the Sensex gained almost 400 points, also did an encore of Tuesday.
The index breached the 14,000 mark, marching on from its 453-point rise of Tuesday as foreign institutional investors and domestic institutions bought equities. The retail investor, smelling profits, sold. The broader Nifty was up almost three per cent, closing at 4,233.
The rally was in sync with the positive global trends ; indications of good monsoons and the recent announcement by the Finance Minister on divestments helped, said Mr Dharmesh Mehta, Head of Broking at Enam Securities.
Mr Arun Kejriwal of KRIS said: It rained in Mumbai, but the markets were buoyant as though there were already enough rains in the whole of India. He put down the rise to a technical bounce-back from the earlier oversold levels of the past few days.
The FIIs were net buyers for Rs 255 crore and domestic institutions for Rs 273 crore. Among domestic investors, there was some heartburn over the market volatility caused by the FIIs buying and selling large amounts within short time spans. One good thing was that they were buying in cash on Wednesday and not just in Futures and Options market although it was peanuts compared to their earlier purchases, noted Ms Bijal Mehta, an official at a leading brokerage.
Although mutual funds were net buyers, several said they would wait and watch. We are maintaining cash as we feel the downtrend is still not complete, said a fund manager who did not want to be identified.
Many retail investors did not participate at all. Mr D. K. Surana, who kept away, said: I am rather conservative , because it is difficult to fathom what has been happening the last few days. Those who did, made short-term profits, explained another broker, as he punched in sell orders for stocks the client had bought on Friday. http://www.thehindubusinessline.com/2009/07/16/stories/2009071652180100.htm
STIMULUS PACKAGES YIELDING RESULTS: FM See this story in: The Indian Express New Delhi: The Government said the four stimulus packages amounting to Rs 2.18 lakh crore have started showing results in terms of recovery in economic activities in many crucial sectors.
Output of major steel producers in the country posted a growth rate of 13 per cent in June this year, cement production increased by 13.1 per cent and the automobile sales rose 17.4 per cent in June, Finance Minister Pranab Mukherjee said in Rajya Sabha while replying to a debate on Budget 2009-10.
"It (stimulus measures) has started yielding results and I must say it is visible but it is slow," he said. The four stimulus packages given by the government, including the sops in the Budget 2009-10, will have an impact of about Rs 2.18 lakh crore.
"In absolute terms, the first three fiscal stimulus amounted to Rs 1.86 lakh crore and the fourth one also will add an additional sum of Rs 35,000-36,000 crore and will almost total to Rs 2.18 lakh crore," he added.
The Government had announced three stimulus packages in the form of duty cuts to the industry, first in December last year and then in January and February this year. http://www.indianexpress.com/news/stimulus-packages-yielding-results-fm/489823/
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Wednesday, July 15, 2009
Indian Auto Industry Update July 16, 2009
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