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| INDUSTRY Tata Motors: On road to recovery JLR's UK ops saw 673.4 mn pounds loss last year: report Tata Motors ropes in KPMG to revive JLR M&M sees dip in automotive biz INTERVIEWS/FEATURES CARS, SUVs, MUVs Maruti Suzuki: WagonR gets WizeR Hyundai mulls lock-out at Chennai plant Hyundai Motor ties-up with Indian Oil Corporation Ltd Porsche aims to sell 50 units of Panamera this year Rolls Royce sees India emerging as most important mkt COMMERCIAL VEHICLES CONSTRUCTION & AGRI MACHINERY Yamaha plots new course to tackle rivals Hero Honda to sponsor hockey event COMPONENTS Power crisis hits foundry industry | ALLIED INDUSTRIES Trading in Dunlop shares to resume soon Dunlop hopes to restart operation at TN plant soon FINANCE & INSURANCE Shriram Transport Finance to issue NCDs OIL, LUBRICANTS & ALTERNATIVE FUELS Oil rises above $68 as rally extends to third week INTERNATIONAL NEWS Nissan gives preview of its vaunted electric car VW may raise 4 billion euros for Porsche deal: Report ECONOMY & FINANCE India will achieve 8-9% growth by 10 end: FM
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| The Hindu Business Line (Web & Print Edition) See similar story in: The Tribune (Web Edition), Daily News & Analysis (Web Edition), The Indian Express (Web & Print Edition), The Hindu (Web & Print Edition), Hindustan Times (Web & Print Edition), The Pioneer (Web & Print Edition), The Statesman (Web Edition), The Telegraph (Web Edition), Deccan Herald (Web Edition), The Times of India (Web & Print Edition), mint (Web & Print Edition), Business Standard (Web & Print Edition), The Economic Times (Web & Print Edition), The Financial Express (Web & Print Edition)
Mumbai: Despite a drop in sales and revenue, Tata Motors has reported a 58 per cent jump in standalone net profit at Rs 514 crore for the first quarter ending June 30, 2009 against the year-ago period, thanks to a sharp fall in raw material cost and excise duty cuts.
While the total revenue was down 7.6 per cent to Rs 6,404 crore, volume sales dropped by 4.3 per cent to 1.33 lakh units.
The company is yet to announce the consolidated results, which would include the financial performance of the overseas subsidiaries such as Jaguar Land Rover. It had reported a consolidated loss of Rs 2,505 crore last fiscal largely due to the JLR burden. It is in this context that Mr Ravi Kant, Vice-Chairman, said at a press meet here on Monday that consultants KPMG and Rolland Berger had been roped in to help arrest the continuing dismal performance of JLR and, in the process, cut costs and bring back operations to profitability.
Incidentally, apart from the $2.5 billion that Tata Motors had provided for the two British brands, an additional $1 billion has been spent to meet working capital requirements. Despite this grim background, Tata Motors has cause for cheer from the viewpoint of its standalone performance. It has recorded one of the highest operating profit margins (up to 11.4 per cent from 7.1 per cent) during this quarter, said Mr Kant.
Total expenditure dropped 10.6 per cent to Rs 5,917 crore. The excise duty component came down from Rs 909 crore to Rs 526 crore, thanks to the stimulus package last fiscal. The notional foreign exchange loss during the quarter is just Rs 5.54 crore against Rs 161.59 crore in the year ago period.
The quarter has shown strong signs of revival in the domestic market. In terms of volume, while the industry showed a decline of 9.2 per cent, we showed 1.4 per cent. Our share in medium and heavy vehicles segment went up to 67 per cent, and to 68 per cent in light commercial vehicles, he added. Commercial vehicle sales (in the local market) grew 1.1 per cent to 72,216 units while passenger vehicles fell 10 per cent to 45,846 units.
Tata Motors also gained Rs 319 crore from disinvestment of its holding in Tata Steel during the quarter. The proceeds helped it repay $150 million of its $1-billion debt outstanding on account of the JLR acquisition. Mr P. M. Telang, Managing Director-India, said Tata Motors would begin retailing the World Truck from next month. In the car segment, a new Indigo and a crossover are due to debut by October.
Tata Motors shares ended flat at Rs 374.95 on the BSE on Monday. http://www.thehindubusinessline.com/2009/07/28/stories/2009072851740100.htm http://www.tribuneindia.com/2009/20090728/biz.htm#3 http://www.dnaindia.com/money/report_cost-accounting-gains-drive-tata-motors-profit-up-58pct_1277759 http://www.indianexpress.com/news/tata-motors-q1-net-soars-over-57/494692/ http://www.hindu.com/2009/07/28/stories/2009072855741500.htm http://www.dailypioneer.com/191978/Snapshots.html http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=262491 http://www.telegraphindia.com/1090728/jsp/business/story_11290903.jsp http://www.deccanherald.com/content/16202/tata-motors-q1-net-soars.html http://www.livemint.com/2009/07/28000144/Tata-Motors-beats-Street-estim.html http://www.business-standard.com/india/news/tata-motors-posts-57-rise-in-q1/365154/ http://economictimes.indiatimes.com/articleshow/4827518.cms http://www.financialexpress.com/news/tata-motors-beats-street-net-rises-58/494829/2
TATA MOTORS: ON ROAD TO RECOVERY Shobhana Subramanian Business Standard (The Compass)
Mumbai: Tata Motors profitability has seen a smart turnaround with the operating profit margin (OPM) in the June 2009 quarter up 430 basis points year-on-year at 11.4 per cent. This has resulted in its EBITDA (earnings before interest, tax and depreciation) soaring by 48 per cent to Rs 728 crore.
The jump in margin has been driven primarily by a steep fall in raw material costs by nearly 500 basis points to around 67 per cent of sales from just over 72 per cent of sales in the June 2008 quarter. In fact, the operating margins have improved sharply even sequentially and is also the result of better sales of high-margin medium and heavy commercial vehicles (M&HCVs).
The improvement in margins is creditable given that the top line showed a fall of 7 per cent to Rs 6,405 crore, given lower volumes sold during the quarter. The management had indicated after the annual results for 2008-09 that demand for M&HCVs would continue to be weak. Industry watchers point out that prices of some raw materials have been moving up. If margins were to be sustained at levels of 11 per cent, sales of bigger trucks, which command better margins, needed to pick up towards the second half of the year.
With the home market expected to recover over the next six months on the back of several government programmes and stimulus packages and the management indicating that exports should also pick up in the coming months, Tata Motors should be able to clock better volumes in the rest of the year.
The Tata Motors stock has gained 150 per cent since March this year compared with a rise of 65 per cent for the Sensex. While concerns about the high debt on the balance sheet and Jaguar and Land Rover (JLR) business remain, the stock is now likely to be viewed more favourably. http://www.business-standard.com/india/news/tata-motorsroad-to-recovery/365099/
JLR'S UK OPS SAW 673.4 MN POUNDS LOSS LAST YEAR: REPORT PTI See this story in: Business Standard (Web & Print Edition)
London: Jaguar and Land Rover (JLR), the luxury car makers now owned by Indian conglomerate Tatas, has seen its UK operations skid into a net loss of 673.4 million pounds last year.
"Jaguar and Land Rover's core UK operations swung from a combined net profit of 641.5 million pounds in 2007 to a combined net loss of 673.4 million pounds last year," The Financial Times has reported.
Attributing to the accounts filed with the Companies House last week, the daily said the "total recognised losses" at the two carmakers including actuarial and other losses related to their pension schemes reached nearly 1.2 billion pounds last year.
The publication noted that the news of the amount JLR is losing in the UK comes as the car makers and their owner, "India's Tata Motors, strive to conclude long-running and increasingly acrimonious talks with the British government over short-term financing". The report attributing to JLR said the accounts covered only its UK operations, and did not consolidate its businesses elsewhere.
According to the daily, JLR acknowledged that the figures "demonstrate the significant impact of the global recession and credit crunch on the automotive (industry) and the premium segment in particular".
Tatas acquired JLR from US car maker Ford Motor last year for about $2.3 billion. JLR said Jaguar's 2007 results included a 308.7 million pounds gain from the sale of its shares in Aston Martin, another of Ford's luxury brands, which was sold to Kuwaiti investors that year, the report noted.
Excluding exceptional items, Jaguar's pre-tax loss of 38.3 million pounds in 2007 had narrowed slightly to a 34.1 million pounds loss last year, it added.
"In its accounts, Land Rover said it had arranged borrowing facilities of 100 million pounds and $486 million between January and May, $300 million with banks and the rest with Tata-affiliated companies that had confirmed they would roll the facilities over into 2010 if needed," the daily said.
Quoting Jaguar and Land Rover, the report noted that it had a letter of intent for another 100 million pounds for at least a year from a Tata-affiliated company.
Asian Age (Web & Print Edition) See similar story in: Deccan Chronicle (Web Edition)
Mumbai: Tata Motors has repaid $150 million out of the $1 billion debt that it had taken to acquire the UK brands Jaguar and Land Rover (JLR). The balance debt of $850 million has been rolled over.
While elaborating on the companys efforts to make JLR debt-free and profit-making, Mr Ravi Kant, the vice-chairman of Tata Motors, said: "We have engaged two consultants KPMG and Rollen Berger a German consultancy company specialised in the auto sector for reducing losses. They are expected to help JLR to reduce costs and operational complexities and tighten cash flow to curb the losses."
He said the company is seeking counter guarantee from the UK government for availing bank loans. The share in sales volumes of JLR in the UK market is about 25 per cent and the share of exports is 75 per cent. The sales on both domestic as well as international fronts have been severely hampered by the slow down.
On JLRs foray into India, Mr Rajiv Dube, the president of passenger cars of Tata Motors, said: "This fiscal, we would be opening six more dealerships in major cities of India for selling JLR models. As of now, we have only one selling point in Mumbai. In the last one month, we have received a good response from customers."
The companys domestic sales volumes declined by 1.4 per cent and exports by 43.4 per cent. Mr C. Ramakrishnan, the CFO of Tata Motors, said the companys net profit rose by 58 per cent at Rs 548 crore in the first quarter of this fiscal compared with the same period last year. http://www.asianage.com/presentation/leftnavigation/news/business/tata-repays-part-of-jlr-debt.aspx http://www.deccanchronicle.com/business/tata-repays-part-jlr-debt-580
TATA MOTORS ROPES IN KPMG TO REVIVE JLR The Financial Express (Web & Print Edition)
Mumbai: Tata Motors has engaged the services of consultancy firms KPMG and Roland Berger to suggest ways to revive Jaguar Land Rover (JLR) which it acquired from Ford Motor Co in March 2008.
JLR incurred a loss of $383 million (Rs 1,761 crore) between January and June last year and is expected to announce its latest financial numbers next month. Ravi Kant, vice-chairman, Tata Motors said that the two consultancies will advice on reducing the losses of the company and improving its cash flow. According to media reports that came out on Monday, JLR posted a combined loss of 673.4 million ($1.1bn) in 2008, compared with a profit of 641.5 million in 2007. These figures, however, could not be verified by the company. Kant refused to talk about the JLR numbers, saying the financial results would be in public next month.
Commenting on the response that JLR has got so far in India, Kant said, We have seen a good response for JLR. However, we cannot disclose the numbers to be sold. So far, there are six dealership programmes lined up across India for JLR and we hope to see a healthy booking of the product. The company last month said that it has approached a European investment bank to raise 340 million for JLR and is still in talks with the British government for fund raising. Tata Motors bought the company for $ 2.3 billion, with a total consideration of $ 2.5 billion including the post-paid adjustments of the Jaguar. Since the acquisition, Tata Motors has infused funds worth $1 billion into JLR for its operations. The company earlier posted a consolidated net loss of Rs 2,505.25 crore in 2008-09 mainly on account of costs associated with JLR. http://www.financialexpress.com/news/tata-motors-ropes-in-kpmg-to-revive-jlr/494793/
M&M SEES DIP IN AUTOMOTIVE BIZ Lijee Philip The Economic Times (Web Edition)
Mumbai: Mahindra & Mahindra (M&M) sees a sharp decline in automotive and tractor business and expects pressure on margins to continue in the current fiscal year. The Mumbai-based tractor maker, which made large-scale acquisitions in the automotive space in the recent past, saw revenues from the automotive business plunge to Rs 100.85 crore in FY09, from Rs 741.25 crore last year. http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Automobiles/MM-sees-dip-in-automotive-biz/articleshow/4827645.cms
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| INTERVIEWS/FEATURES Go To Top A relatively new entrant in the luxury car space, Volvo Car India is not getting carried away by the mounting interest in the segment. The subsidiary of US-based Ford Group has no plans for any big bang launches in the foreseeable future. This is contrary to the strategy many of its rivals such as Porsche, who are making a bee line to roll out the best of their breeds. Volvo is said to have sold around 100 cars in 2008. In a chat with DNA, Volvo India managing director Paul de Voijs, explains his modus operandi in India and the luxury segment in general:
The luxury car segment has been underperforming this fiscal after clocking good numbers last year. Are you concerned? There has been a fall in sales in the premium category of cars below Rs 25 lakh. However, the segment that we play in, which is between Rs 35-50 lakh, is still seeing robust growth. Though I am not at liberty to divulge numbers, I can assure you that we are seeing a good uptick in sales as well.
Is India ready for the breed of cars being launched in the country? Also, will the segment get too crowded as luxury cars constitute only a small portion of the car market? India has around 80,000 dollar millionaires and this figure will grow. If you look at Russia, around 5% of car sales come from the luxury segment, while the corresponding figure for India is just 0.5%.
Hence, I see a huge under-tapped demand for luxury cars here as affluence rises and people travel abroad more frequently.
As far as the market getting crowded is concerned, we must realise that all these players have co-existed in other markets as well. The only luxury car variants that are popular here are sedans and sports utility vehicles (SUVs). Variants like coupes, three doors and wagons will become popular in time. Hence, we have our two variants XC90 SUV and S8 Sedan catering to the markets. Also it's our conscious game plan to first build our presence here before launching more variants. Any new car launches will be under consideration only next year. We will expand our dealership base this year to 12 from the current 7. We also increasing our ad spend. Between May-June we had 1,600 ad spots in television and now we are advertising in cinema houses and other niche spots. We have also tied up with an agency called Ideaz Inc for our digital communication.
The buyers in this segment are not too impacted by the slowdown. India sold some 7,000 luxury cars in 2008, up from around 4,500 units in the previous year. I expect luxury car sales to touch 10,000 this year. Many players are expanding their presence and bringing in new variants which I believe portends well for the segment. http://www.dnaindia.com/money/interview_no-immediate-plans-to-roll-out-new-volvo-variants_1277774
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| CARS, SUVs, MUVs Go To Top Chanchal Pal Chauhan The Economic Times (Web & Print Edition)
New Delhi: The six-month wait for a new Swift diesel or DZire sedan and export backlog for A-Star could disappear soon as Maruti Suzuki India is increasing production at its three-lakh-unit Manesar plant by another lakh units this fiscal year.
MARUTI SUZUKI: WAGONR GETS WIZER Sayantani Kar Business Standard (Web Edition)
New Delhi: Maruti Suzukis portfolio has several small cars. That makes its task of differentiating each of these cars difficult. To bolster one of its most sturdy performers, the WagonR, which sold 135,000 last year, the countrys largest carmaker has come out with a mascot named WizeR.
WizeR is meant to represent the typical WagonR owner: He is someone who would want a lot of engineering substance and space, for example, when choosing a car, rather than just flamboyant looks, says Maruti Suzuki Chief General Manager (marketing) Shashank Srivastava. We want to focus on leadership in engineering, design, space and not just volume of sale. WizeR, he hopes, will underline the wisdom that comes with logical thinking and connect it with the street-smart and pragmatic profile of the WagonR buyer.
To build awareness for the new mascot, Maruti Suzuki has tied up with national dailies to flesh out the mascot through weekly comic strips for the next few months. It will ultimately take WizeR on to the Internet for the discerning buyer. Our real target is to employ WizeR in the virtual world, where he will talk about the car, answer consumer queries and advise car users through webisodes, videos and so on, informs Srivastava. TV, then, would take the backseat for WagonR a space which will be hogged by the Ritz. Maruti Suzuki has set aside around Rs 1.5 crore for the WizeR campaign.
After a long time, a company has decided to put its money on a mascot and not a brand ambassador. Says Shrivastava: A brand ambassador, with his many endorsements, could end up giving conflicting messages to the consumer. Instead, he feels, a mascot, if properly established, can be unique to a brand since mascots are not often used in India. Harish Bijoor, CEO of Harish Bijoor Consults, agrees, It is one of the very few mascots coming to the market. Mascots are not expensive and dont have the trappings of a brand ambassador. However, he warns that there could be a mismatch between WizeR and Maruti Suzukis intent to put him at par with a WagonR buyer. WizeR, for now, is a bit too common, he says. http://www.business-standard.com/india/news/maruti-suzuki-wagonr-gets-wizer/365050/
HYUNDAI MULLS LOCK-OUT AT CHENNAI PLANT T. Murrali The Hindu Business Line (Web & Print Edition) See similar story in: The Hindu (Web & Print Edition)
Chennai: Hyundai Motor India Ltd (HMIL) is mulling lock out of its plant at Sriperumbudur, near Chennai, since the talks between the company and the 300-odd striking technicians reached a stalemate on Monday evening.
Mr Rajiv Mitra, Head, Corporation Communications, HMIL, told Business Line that the lock-out is an extreme possibility. While the company is not inclined towards the step, it may be forced to it because it perceives a threat of sabotage.
The company signed an agreement last week with a Workers Committee, constituted after elections held among the technicians in August 2007, which gave the workers a wage increase of 21-24 per cent over three years, from April 1, 2009.
The increase works out to Rs 8,280 a month. However, about 300 technicians are not satisfied with it and have been protesting with a sit-down strike.
On Saturday HMILs Managing Director, Mr H.S. Lheem had told journalists that he was confident the workers would accept the agreement. He also said that there had not been a major loss in production because of the agitation.
Against a planned production target of 32,660 cars, the company had so far produced this month 31,647 cars representing 96.3 per cent productivity.
Of the 1,960 cars targeted to be produced on Friday, the company churned out 1,404 or 71.6 per cent of the target. http://www.thehindubusinessline.com/2009/07/28/stories/2009072851390200.htm http://www.hindu.com/2009/07/28/stories/2009072860701500.htm
HYUNDAI MOTOR TIES-UP WITH INDIAN OIL CORPORATION LTD Agencies See this story in: Hindustan Times (Web Edition), Deccan Herald (Web Edition), The Financial Express (Delhi Print Edition)
New Delhi: Hyundai Motor India Ltd (HMIL) tied-up with Indian Oil Corporation Ltd (IOCL) to jointly launch an promotional campaign targeting existing and potential customers. In this initiative, Hyundai Motor will showcase its products highlighting their fuel-efficiency over their competition as well as communicate the ongoing promotional schemes on Hyundai cars at IOCL outlets across the country.
Starting Monday, the campaign will continue for a period of two months across 120 IOCL retail outlets located in 12 cities in India including New Delhi, Mumbai, Chandigarh, Ludhiana, Lucknow, Jaipur, Aurangabad, Agra etc.
As a part of this campaign, HMIL will set up a kiosk in every IOCL retail outlet that will have Hyundai the Santro and i10 on display and a trained sales consultant to address the queries from the customers with the idea for HMIL to facilitate its discerning customers to avail the exchange and upgrade benefits on its products.
The outlets will also serve as check-points, as Hyundai will provide Always Around and Free Car Care Clinic services as well as Monsoon check up facilities for its customers
On the launch of the campaign, Arvind Saxena, Sr Vice-President Sales and Marketing, HMIL said, This tie-up with IOCL is aimed at leveraging the strengths of both the partners to tap the huge potential that these markets offer.
Talking about the joint venture with HMIL, N Srikumar, Executive Director, Corporate Communication, Branding and Planning, IOCL also expressed optimistis views about the tie up. http://www.deccanherald.com/content/16239/hyundai-inks-deal-indian-oil.html
PORSCHE AIMS TO SELL 50 UNITS OF PANAMERA THIS YEAR PTI See this story in: The Hindu Business Line (Web Edition) , Daily News & Analysis (Web Edition), The Statesman (Web Edition), mint (Web Edition)
Chennai: German car maker Porsche plans at least 50 units of its premium luxury sedan Panamera to be driven on the Indian roads this year.
The Panamera range of luxury sedan cars are set to hit the Indian markets by October 3 and will cost between Rs 1.4 crore and Rs 2 crore. However, bookings for 13 cars has been completed in India, Precision Cars India MD Rod Wallace told PTI here.
Precision Cars India, which is the official importer of the Porsche range of cars and sells the popular SUV Cayenne in the country has sold around 650 cars since it entered the Indian market three years ago. However, 65 per cent of the sales came from th e 'Cayenne', he said.
In 2007, we sold around 168 units while in 2008 it was 150. However with the Panamera we hope to reach 225 over the next 12 month period'', he said. He said the company had set up a new plant in Germany exclusively to manufacture about 20,000 units of the Panamera range of cars. The total production at its German plant has declined from 98,000 units (in 2008) to 80,000 units this year due to recession, he said. The Indian operations contribute a small percentage to the global sales while the US, Eur ope, China and the Middle East are the 'big' markets, he said. http://www.thehindubusinessline.com/blnus/02271105.htm http://www.dnaindia.com/money/report_porsche-plans-to-sell-50-units-of-panamera-this-year_1277508 http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=262499 http://www.livemint.com/2009/07/27105539/Porsche-plans-to-sell-50-units.html
ROLLS ROYCE SEES INDIA EMERGING AS MOST IMPORTANT MKT Nandini Sen Gupta The Economic Times (Web Edition)
Rolls Royce Motor Cars, the UK-based manufacturer of luxury automobiles, sees India emerging as its most important market in the next five to 10 years, and is looking at using parent BMWs supplier network in India to source components.
In the long term, India represents a phenomenal business opportunity because we have seen a general movement of our business from the West to the East, to markets like India and China that have played a crucial part in the growth Rolls Royce has enjoyed, Mr Purves said. India has improved its contribution to Rolls Royces overall business substantially. Thats good news because globally the company has seen a 25% dip. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/Rolls-Royce-finds-India-as-most-important-market/articleshow/4827652.cms
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| COMMERCIAL VEHICLES Go To Top Business Standard (Web & Print Edition) See similar story in: The Financial Express (Web & Print Edition), The Hindu Business Line (Delhi Print Edition), Deccan Chronicle (Web Edition), Asian Age (Web & Print Edition)
Chennai: Commercial vehicle major Ashok Leyland has reported 84.6 per cent dip in the net profit during the quarter ended June 30, 2009 to Rs 7.77 crore compared with Rs 50.56 crore in the same quarter last year. Net sales dropped to Rs 912.45 crore from Rs 1,887.98 crore last year.
Total expenditure dropped to Rs 943.78 crore from Rs 1,810.18 crore, a year ago. Employee cost for the company dropped to Rs 144.0 crore during the quarter from Rs 162.61 crore last year. Consumption of raw materials also dropped to Rs 574.33 crore from Rs 1,651.83 crore in the same quarter last year. http://www.business-standard.com/india/news/ashok-leyland-net-profit-dips-84/365158/ http://www.financialexpress.com/news/ashok-leyland-profit-on-reverse-gear-mrf-q1-net-zooms/494796/2 http://www.deccanchronicle.com/business/al-posts-52-drop-revenue-577 http://www.asianage.com/presentation/leftnavigation/news/business/al-posts-52%-drop-in-revenue.aspx
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| CONSTRUCTION & AGRI MACHINERY Go To Top See this story in: The Economic Times, Business Standard
New Delhi: Escorts on Monday reported over twofold rise in its net profit for the quarter ended June 30 at Rs 22.22 crore on account of new product launches and costeffective measures. The company had posted a net profit of Rs 9.31 crore in the corresponding period last year. The net operating income during the third quarter also increased by 7.49% to Rs 583.44 crore from Rs 542.80 crore in the year-ago period.
Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://www.business-standard.com/india/news/punj-lloyd-escorts-castrol-india-q1-result/365153/
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| 2/3 WHEELERS Go To Top Yogima Seth The Financial Express
New Delhi: Driving on the back of recently launched new bikes and variants of existing motorcycles, India Yamaha Motor is eyeing 76.4% jump in sales in 2009 at 3 lakh units as against 1.7 lakh unit sold in 2008. The two-wheeler major, which has managed to widen its product portfolio by launching five new bikes and two variants in last 18 months, plans to sell 2 lakh motorcycles in the domestic market and export the rest to neighbouring countries in south-east Asia, Africa and South America.
New models like the Gladiator and FZ launched last year and FZS and Fazer this year, the enhanced brand image and the upcoming bikes stations will help us to increase our sales by over 75% this year. This would mean 50% utilisation of the total installed capacity of Yamaha in India, says Yukimine Tsuji, CEO and managing director, India Yamaha Motor.
According to Tsuji, 30% of the total components that go into making of a two-wheeler are now being developed by Yamaha in-house and that has helped in lowering the supply part ratio that has hampered the image of the company for long.
Yamaha currently manufacturers the 106cc Crux, Alba and G5, the 125cc Gladiator, the 150cc R15 and the 153cc Fazer in India. The company also sells its two superbikes, the R1 and the MT01 in India and commands nearly 2% market share of the total two-wheeler industry that is pegged at around 8 million units a year.
Apart from this, the company is gearing up to increase its dealer network across the country, especially in C- and D-class towns that account for 60% of total Yamaha sales. We will add 150 more dealers to our total sales network this year, over and above 100 added in 2008 to take our total number of service outlets to 600, says Tsuji, adding that 95 out of these would be bike stations, developed on the lines of company-owned showrooms.
The company has earmarked an investment of Rs 300 crore for the Indian market in next two year in developing new models and marketing its products.
This is over and above Rs 500 crore that has already been invested in the country in expanding the capacity from 2 lakh units earlier to 6 lakh units now.
India is the second biggest motorcycle market after China and the company will continue to invest here in recognition of its growing importance to Yamaha Motor Corporation of Japan, says Tsuji, adding that promotional activities like student campaign and referral campaign will help us to get more customers into our fold. http://www.financialexpress.com/news/yamaha-to-ride-on-new-launches-up-sales-76/494794/2
YAMAHA PLOTS NEW COURSE TO TACKLE RIVALS Samar Srivastava mint
New Delhi: After a strong performance in the premium segment, Yamaha Motor Co.s Indian subsidiary plans to up the ante and focus more on the executive segment in which it is lagging behind rivals by a wide margin.
The executive motorcycle segment in India, generally defined as bikes with an engine capacity of between 125cc and 150cc, accounts for at least 70% of sales. The premium segment comprises motorcycles of 150cc and above.
Yamahas India unit, which at present has four bikes in the executive segment, faces a unique problem. Consumers generally identify the brand with sporty, trendy and expensive bikes and tend to overlook its offerings in this segment.
How do I get consumers to acknowledge our current models? says Yukimine Tsuji, managing director, India Yamaha Motor Pvt. Ltd, listing one of his main tasks. One way of doing this: introduce new colours and give a facelift to existing models.
Hero Honda Motors Ltd, the countrys largest two-wheeler maker, has been the dominant company in the executive segment primarily due to its dominance of sales in rural India.
In the past, several bike makers have tried to chip away at the companys dominance. Pune-based Bajaj Auto Pvt. Ltd recently announced its plan to enter this segment.
Still, analysts are sceptical about Yamahas plans succeeding. The competition in this segment is only going to increase, says Vaishali Jajoo, an analyst with Angel Broking Pvt. Ltd. Breaking Hero Hondas lead is going to be very difficult.
In the next few months, the company plans to step up marketing for these bikes. It has, for instance, come out with a television commercial for the Alba, its 106cc, single-cylinder bike which, because of its higher pricing, is considered to be part of the executive segment though it falls short in engine capacity. So far, most of its Rs400 crore advertising expenditure had been directed at premium 150cc bikes.
Also on the cards is a significant expansion in dealerships. After adding 100 dealers last year, the company plans to add 150 more in 2009, taking the total to 550 across India.
Dealers, who have so far focused mainly on selling premium products, are also being trained to sell bikes for the mass market through grassroots marketing campaigns. Demonstration vans with bikes mounted on them are being sent to dealers to showcase the Gladiator, Alba, G5 and Crux models.
India Yamaha has turned around in the past year. The company at present averages sales of around 17,000 bikes a month, up from just 10,000 a month in March. Last year, it sold 112,063 motorcycles in India, a number it should be able to double this year.
Tsuji said the company expects to raise sales to around 20,000 a month by Diwali, which falls this year in October.
But despite its aim of giving more attention to the executive segment, the firm does not plan to launch any new bikes in this range. Its new launches such as the Fazer, which the company unveiled earlier this month, have been confined to the premium segment.
Yamaha is also studying the scooter market in India, but declined to specify when it plans to launch its first scooter here. Scooters in India are sold at very low prices compared to elsewhere in Asia and the company has to first understand how to profit in that segment, Tsuji said. http://www.livemint.com/2009/07/27224942/Yamaha-plots-new-course-to-tac.html
HERO HONDA TO SPONSOR HOCKEY EVENT
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| COMPONENTS Go To Top PTI See this story in: The Hindu Business Line, The Economic Times
New Delhi: Auto components maker Motherson Sumi Systems on Monday reported a consolidated net profit of Rs 11.05 cr in the first quarter ended June 30. The net profit was Rs 31.65 cr in the same period a year earlier. In the first quarter results, we h ave consolidated the figures of Samvardhana Motherson Visiocorp Solutions Ltd (SMVSL) hence, the numbers are not comparable,'' Motherson Sumi Systems said in a statement.
The consolidated total sales stood at Rs 1,404.04 cr against Rs 601.75 cr during the corresponding period last year. On a standalone basis, the company posted a net profit of Rs 30.97 cr during the quarter against Rs 12.72 cr in the corresponding period of last fiscal. This positive result was achieved in spite of the fact that both GM and Chrysler in the US have gone through restructuring during this quarter, which has impacted our sale in the US market,'' said Mr Vivek Chaand Sehgal, Chairman, Samv ardhana Motherson Group. http://www.thehindubusinessline.com/blnus/26271631.htm
The Economic Times
Coimbatore: Vendors supplying to city-based auto instruments maker Pricol are in a spot with the company shifting its assembly line to Uttarakhand, Gurgaon and Pune due to labour unrest at its units. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved"
POWER CRISIS HITS FOUNDRY INDUSTRY
Ludhiana: The fastener and foundry industry in Punjab is in a limping condition. Thanks to the worsening power situation in the state, production has gone down by 50-60 per cent. Though in 2008, the industries virtually came to a standstill due to global meltdown, with untiring efforts by industrialists there was slow but gradual improvement. The present power situation has crumbled both these industries in the state.
According to Narinder Bhamra from the Fastener Manufacturer Association of India, due to interrupted and erratic power-supply in the state the fasteners had to bear huge losses. Their productions had drastically come down to 50-60 per cent. Due to late deliveries, they were being slapped late delivery charges (LDC) by companies and government establishments to the tune of 0.05 per cent per week.
"We are unable to meet the orders as there have been two weekly offs when there is no power. In supply chain management grading system, adopted by major players that is based on three major factors- price, quality and delivery, we get poor grades due to late deliveries. Despite our best efforts, we have not been able to convince state government in this regard, rued Bhamra.
There are about 1,000 fastener units in Ludhiana alone. Other that there, units are being run in Mandi Gobindgarh, Jalandhar and Mohali. The annual turnover of the industry in domestic market alone is about Rs 1,200 crore and exports worth Rs 500 crore gets matured each year.
Sandeep Garg, president of Mould Manufacturers' Association, Punjab, said business was in a miserable condition due to regular power cuts. He said demand and production had gone down by about 50 per cent whereas prices of raw material, including pig iron and coal, had gone up drastically and had to be brought- in at higher rates from other states. "Corrective measures must be taken by the present government to improve power situation in Punjab or there will be closure of several industrial units, he said.
Yashpal Gossain, president of the Ludhiana Foundry Cluster (comprising Mould Manufacturer Association, Ludhiana Foundry and Small Industry and Ludhiana Foundry Owner Association) said they were helpless in bringing any positive changes trade in the absence of electricity. He said unless the government improved the power situation, there were bleak chances for survival of foundries and furnaces. http://www.tribuneindia.com/2009/20090728/biz.htm#9
PVT CNG CAR FLEET ZOOMS BY 43% Sanjay Dutta The Times of India (Delhi Print Edition)
New Delhi: The number of private cars running on CNG (compressed natural gas) in Delhi has risen 43% year-onyear even and 3,700 vehicles continue to be added every month to the fleet running on green fuel. A survey commissioned by the citys sole CNG supplier, Indraprastha Gas Ltd (IGL), has found 175,313 private CNG cars against 122,485 in March last year. The survey, conducted in the April-May period, sees the number of private vehicles running on CNG exceeding 2.5 lakh by the time Delhi hosts the Commonwealth Games in October next year. The survey found that over 91% of private CNG cars are registered in Delhi, while 5% are registered in UP and around 4% in Haryana. Total 297,154 vehicles of all categories at present run on CNG. IGL managing director Rajesh Vedvyas attributed the sudden rush for CNG among private car owners to economy, reduction in price of CNG kits, introduction of CNG variants by leading carmakers, acceptability of CNG as a safe fuel by the masses and expansion of IGL network which has made refuelling easier. CNG is 66% cheaper than petrol and 36% than diesel. Introduction of CNG variants by leading auto manufacturers has added to the confidence of the car users in CNG as a safe and reliable fuel. In addition, there has been a reduction in prices of CNG kits recently. With its acceptability in almost all segments of transport, CNG has established itself as a peoples fuel. The conversion has not been limited to small cars, it has been happening in luxury cars too, Vedvyas told TOI. The survey found the number of Haryana-registered private cars coming to CNG stations of IGL in Delhi, Noida and Greater Noida has dropped as Gujarat-based Adani group recently launched CNG service in Faridabad and Gurgaon, while IGL too has opened refuelling stations in Noida and Greater Noida. In contrast, the number of UP-registered private cars coming to refuel at CNG stations in Delhi, Noida and Greater Noida has grown 86% from 4,780 in March 2008 to 8,924 in April 2009. IGLs plan to launch CNG service in Ghaziabad has been stalled over regulatory issues. On any given day, over 55,500 CNG cars refuel at 68 stations of IGL and 80 outlets of state-run oil marketing companies such as Indian Oil where CNG is sold along with petrol and diesel. This means, over one-third of all CNG cars are refuelled every day and on an average every private CNG car makes a refuelling trip every fourth day. Another interesting fact that has come to light during the survey is that owners of private CNG vehicles prefer to refuel between two-hour time-windows of 8 am to 10 am, 2 pm to 4 pm and 6 pm to 8 pm. Over 37% of the private CNG cars prefer to refuel in the last time-window, possibly on their way back home from work. Over 39% of private CNG cars get a fill of 8-10kg, while over 33% prefer a fill of 5-7kg each time. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| ALLIED INDUSTRY Go To Top The Financial Express See similar story in: Business Standard
MRF Ltd said on Monday that net profit for the first quarter ended June 30, 2009, zoomed to Rs 125.70 crore as compared to Rs 31.86 crore. Net sales were high at Rs 1,433.55 crore for the quarter as against Rs 1,274.37 crore during the same quarter of last year. http://www.financialexpress.com/news/ashok-leyland-profit-on-reverse-gear-mrf-q1-net-zooms/494796/2
TRADING IN DUNLOP SHARES TO RESUME SOON The Hindu Business Line
Kolkata: Trading in Dunlop India shares is likely to resume within a couple of weeks, according to its Chairman, Mr P.K. Ruia. The trading has remained suspended since 2002. The impasse on open offers too will be over soon.
Talking to newspersons after the AGM of Dunlop here, Mr Ruia said the company's appeal for re-listing of shares, though received favourable response from various legal forums in the past, did not make much headway as the company's shares were not de-materialised by the depository."Though SEBI is not directly involved in this matter, we recently approached it to have some of the pending issues resolved, following which we received a communication from NSDL on dematerialisation of our shares. Accordingly, the de-materialisation job is over. We are now required to take the board approval on certain related issues to approach BSE for resumption of trading. The entire process is expected to be over soon," he said.
He, however, added that the 2.7 crore shares issued on rights basis in 2007 would not be available for trading now due to a pending stay order of the Delhi High Court. The order was issued in response to a petition filed by SEBI, challenging the rights offer. Earlier, both the Board for Industrial and Financial Reconstruction and the Appellate Authority for Industrial and Financial Reconstruction favoured listing of these shares, said Mr Ruia.
Open offer He pointed out that the company, following the SEBI directive in 2006, had offered to pay Rs 10 a share to its shareholders in the open offer, as against the last traded price of approximately Rs 5 a share.
"However, a SEBI-appointed valuer fixed the open offer price at Rs 43 a share. We contested the valuation principles and approached Securities Appellate Tribunal (SAT) seeking appointment of a top audit firm for this purpose. SAT recently appointed Deloitte. If the report is acceptable to us, we will immediately go for the open offer," Mr Ruia said.
It may be mentioned that the Ruia group has accepted a parallel SEBI valuation of Rs 151 a share in the case of Falcon Tyres. The open offer closed recently. http://www.thehindubusinessline.com/2009/07/28/stories/2009072850991201.htm
DUNLOP HOPES TO RESTART OPERATION AT TN PLANT SOON The Hindu Business Line
Kolkata: Dunlop India Ltd plans to shortly resume production at its Ambattur plant near Chennai. The company is negotiating a three-year wage agreement with the workers of the plant.
We are close to entering a three-year pact with the 700 employees of the Ambattur facility and hope to restart operation soon, the Dunlop Chairman, Mr P.K. Ruia, told newspersons here recently.
The company had previously toyed with the idea of closing down the plant and sell the for setting up a greenfield facility. The production at Ambattur has remained suspended for more than a year.
Bengal factory The resumption of production at Sahagunj factory in West Bengal, as he explained, had become somewhat uncertain due to the State power utilitys refusal to supply power to the factory till full payment of a disputed bill of Rs 15 crore had been made. The bill was raised for eight years when the factory was closed and much before the Ruia Group had stepped in.
We are tired and sick of this claim and will wait for another two weeks before announcing suspension of work, Mr Ruia said.
At this moment the plant is idle due to non-availability of power but we continue to pay wages to 250 workers but we cannot bear this high cost for long, he said, adding that a legal dispute with regard to the power utilitys claim was awaiting verdict of the court . Outsourcing Plan
Mr Ruia insisted that the idling of its two production facilities did not bring the companys business to a halt.
We are currently outsourcing 20 tonnes of truck and bus tyres from other domestic producers. The domestic outsourcing will shortly increase to 40 tonnes.
The entire quantity is sold under Dunlop brand in India and abroad. We are currently working out a plan to outsource tyres also from abroad, he added. http://www.thehindubusinessline.com/2009/07/28/stories/2009072850550300.htm
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| MAHINDRA FINANCE NET RISES 52% Business Standard
Mumbai: Mahindra and Mahindra Financial Services, the non-banking finance company and a part of the Mahindra Group, reported a 52.48 per cent increase in its consolidated net profit. The June quarter net profit rose to Rs 43.16 crore as against Rs 28.30 crore in the corresponding quarter last year.
Mahindra Rural Housing Finance, the groups housing finance company, reported a profit of Rs 19 lakh during the first quarter. It was back in the black after reporting a loss of Rs 38 lakh in the corresponding quarter last year. http://www.business-standard.com/india/news/mahindra-finance-net-rises-52/365086/
SHRIRAM TRANSPORT FINANCE TO ISSUE NCDS PTI See this story in: The Hindu Business Line, Deccan Herald
New Delhi: Shriram Transport Finance Company Ltd (STFCL), an asset financing firm, plans to enter the debt capital market on Monday with a public issue of Non-Convertible Debentures (NCDs) aggregating up to Rs 500 crore.
The company has an option to retain over-subscription of up to Rs 500 crore to issue additional NCDs. The NCD issue closes on August 14, 2009, with an option to close earlier or on dates as may be decided by the company subject to regulatory approvals. The proceeds of the issue will be utilised for the second-hand truck financing business of the company, STFCL President Finance Parag Sharma told reporters here. http://www.thehindubusinessline.com/blnus/17271520.htm http://www.deccanherald.com/content/16240/shriram-finances-rs-500-cr.html
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| OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top PTI See this story in: The Hindu Business Line, The Indian Express, Business Standard
Mumbai: Castrol India, which produces and markets motor oil and lubricants, said its net profit rose by 56.58 per cent to Rs 128.4 crore for the second quarter ended June 30, 2009, over the same period last year. The company had a net profit of Rs 82 crore in the same period last year.
Total income rose to Rs 646.8 crore in the latest quarter from Rs 630.6 crore in the same quarter last fiscal.
Shares of Castrol India were trading at Rs 421.90 on the BSE, up 4.40 per cent from previous close.
The Board of Directors of the company at its meeting held on July 27 has decided to pay interim dividend of Rs 10 per share for the year ending December 31, 2009 http://www.thehindubusinessline.com/blnus/26271205.htm http://www.indianexpress.com/news/castrol-india-q2-net-profit-up-56-pct/494644/ http://www.business-standard.com/india/news/punj-lloyd-escorts-castrol-india-q1-result/365153/
OIL RISES ABOVE $68 AS RALLY EXTENDS TO THIRD WEEK
See this story in: The Times of India
Singapore: Oil prices rose above $68 a barrel on Monday in Asia as a rally fueled by an improving economic and corporate outlook extended into a third week. http://timesofindia.indiatimes.com/NEWS/Business/International-Business/Oil-rises-above-68-as-rally-extends-to-third-week/articleshow/4824660.cms
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| INTERNATIONAL NEWS Go To Top AFP See this story in: Deccan Herald
Shanghai: German auto maker Audi plans to open a new plant in China in September to meet fast-growing demand for premium cars in the Asian country, state media reported on Monday.
The USD 146.4 million plant in Changchun at northeastern China will double the brand's production capacity in the country to 200,000 units a year, the China Daily reported, citing a company official.
http://www.deccanherald.com/content/16169/audi-open-plant-china-september.html
NISSAN GIVES PREVIEW OF ITS VAUNTED ELECTRIC CAR AP See this story in: Hindustan Times, mint
Yokosuka: Japan Nissan Motor Co showed off its super-quiet, zero-emission electric car on Monday a key green offering for Japan's No 3 automaker, which has fallen behind in hybrid technology. Nissan showed the prototype in a Tiida compact that is already on sale. It is withholding the unveiling of the electric car's exterior design until the Tokyo-based manufacturer opens its new Yokohama headquarters Aug 2.
"Nissan will be a leader in zero-emission vehicles," Chief Operating Officer Toshiyuki Shiga said ahead of a test-drive event at the automaker's facility in this Tokyo suburb. "EV is the answer."
Sales of Nissan's electric vehicle are scheduled to begin in Japan and the US next year. Nissan says it plans to mass produce zero-emission cars globally from 2012. Until then, Nissan will produce all initially targeted 100,000 units at its Oppama plant, including export models.
Nissan has received a $1.6 billion loan from the US Department of Energy loan to modify its Smyrna, Tennessee, plant to produce electric vehicles and batteries to power them, with production starting in 2012.
The car shown Monday uses a lithium-ion battery pack that is placed under the vehicle floor to allow for more cabin and luggage space. The braking system recharges the battery while the car is driving, extending the driving range to 160 kilometers (99 miles) under a full charge, Nissan said. With the lighter weight and more energy efficient batteries, the new electric car can double the milage of the current Hypermini model introduced in 1998. Nissan shares the battery design with its alliance partner Renault as part of a cost-cutting effort.
Proponents of hybrids, like market-leader Toyota Motor Corp., the world's biggest automaker, say the limited driving range of electric vehicles makes them suited for daily commutes or shopping at best, and so hybrids are the best solution.
Hybrids have gas engines as well as a motor on board, and they charge themselves as they scoot along so they don't have to be plugged in for charging, as do electric cars. But Nissan Executive Vice President Mitsuhiko Yamashita said the company plans to cut gas emissions by 90 percent by 2050, "a challenge that goes far beyond what hybrids can achieve but not electric vehicles."
Nissan's electric vehicle shows the driving radius within range of the car's charge on a dashboard navigation map, so drivers won't get stranded on the highway. It can also calculate if the vehicle is within range of a destination. A handheld remote control allows a user to preset room temperature, set a timer for nighttime battery recharging, and to receive a message when the vehicle is fully recharged.
The new EV prototype hardly makes a sound when operated, and officials are studying ways to add noise to catch the attention of pedestrians for safety, officials said. Nissan has promised to tackle the other widely viewed obstacle to the proliferation of electric vehicles pricing. Although Nissan has yet to announce the price, company spokeswoman Pauline Kee said the electric vehicle would be "competitive" with regular gasoline vehicles.
In June, Nissan's smaller Japanese rival, Mitsubishi Motors Corp, launched its electric vehicle, the 4.59 million yen ($48,300) i-MiEV. The company has acknowledged that maybe be too expensive for most consumers.
Other carmakers, including US-based Tesla Motors, are also racing to make electric cars. Toyota has said it plans to sell electric vehicles in the US by 2012 while Chinese automaker Dongfeng Motor Corp has teamed up with a Dutch-based company to develop and make electric cars. http://www.hindustantimes.com/StoryPage/StoryPage.aspx?sectionName=BusinessSection http://www.livemint.com/2009/07/27091726/Nissan-gives-preview-of-prized.html
VW MAY RAISE 4 BILLION EUROS FOR PORSCHE DEAL: REPORT Agencies See this story in: The Economic Times
Berlin: Volkswagen, Europe's biggest automaker, could raise fresh capital of up to four billion euros ($ 5.7 billion dollars) to finance the takeover of its main shareholder Porsche, a report said Monday. http://economictimes.indiatimes.com/News/International-Business/VW-may-raise-4-billion-euros-for-Porsche-deal-Report/articleshow/4825525.cms
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| ECONOMY & FINANCE Go To Top PTI See this story in: The Hindu Business Line
Mumbai: The stock markets ended flat in a choppy trading session. Weakness in index heavyweight Reliance Industries weighed on the sentiment.
The Sensex closed flat at 15,375.04, down by 3.92 points from previous close. The wide-based National Stock Exchange index Nifty sheds 3.75 points to close at 4,572.30 points.
Earlier, the Sensex rose by 84 points to a six-week high of 15,463.09 and fell later to touch a low of 15,228.46 at noon. Oil&Gas and Auto sectors dragged the markets lower while others such as Realty, FMCG, Consumer Durables, Power and Metal posted gains providing nice support to the overall market.
The rising trend was checked to some extent by heavyweight Reliance Industries, which fell by 3.70 per cent or Rs 75.20 to Rs 1,938.55 on the BSE on lower-than-expected first quarter earnings. http://www.thehindubusinessline.com/blnus/05271901.htm
INDIA WILL ACHIEVE 8-9% GROWTH BY 10 END: FM PTI See this story in: The Hindu Business Line
Mumbai: Economic recovery has begun and the country would achieve 8-9 per cent economic growth by end of 2010 says the Finance Minister Mr Pranab Mukherjee. He also said home loan borrowers would to get 1 per cent interest subsidy for loans up to Rs 10,00,000 for one year, provided purchase price is up to Rs 2,00,0000. Mr Mukherjee also said that road repair and maintenance services would be excluded from ambit of service tax.
The Finance Minister said the service tax on new services will come into effect from September 1. http://www.thehindubusinessline.com/blnus/01271921.htm
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