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| INDUSTRY Tata Motors sales jump 18% in July Nano plant moved, but Singur locals to get work after training INTERVIEWS/FEATURES CARS, SUVs, MUVs Hyundai to up production by 20% Mahindra Renault JV to take a relook at product portfolio Sales to stagnate in 2009: Merc MD Mercedes to invest e700 m in Chennai plant Facing high rentals, Skoda takes route to boutique showrooms COMMERCIAL VEHICLES Mahindra looking to expand non-tractor farm equipment biz 2/3 WHEELERS | ALLIED INDUSTRIES TVS Srichakra posts higher income Amaraja Raja Batteries net jumps FINANCE & INSURANCE INTERNATIONAL NEWS GM buyout offers falls short of goal, layoffs loom Suzuki profit drops on lower demand Asian Stocks Rise as Mitsubishi UFJ Leads Banks; Nissan Gains ECONOMY & FINANCE Sensex up 750 points in 3 days, Nifty tops 4,700 FM assures new direct tax code, 9% growth
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| INDUSTRY Go To Top Shally Seth Mint (Web & Print Edition)
Mumbai: A gradually strengthening economy and a low year-ago base have helped auto makers report stronger numbers for July, signalling a recovery of sorts for the industry.
While car and two-wheeler makers continued the growth they have been showing since Januarymost car makers reported double-digit growth in JulyTata Motors Ltd, which sells two-thirds of the trucks and buses in India, turned in a surprisingly good performance, with a 25% increase in domestic sales. Auto makers in India only report how many units they have delivered to dealers.
Even in a lean month like July, auto makers have reported good numbers. Hence, one can say the industry is out of the woods, said Mahantesh Sabarad, a Mumbai-based analyst for Centrum Broking Pvt. Ltd, adding that the governments support in the form of an excise duty cut is playing its role.
A Mumbai-based auto analyst at First Global Stock Broking Pvt. Ltd, who declined to be named, said the double-digit growth is an exception because July traditionally sees low sales.
Jatin Chawla, an analyst at IIFL, the research arm of financial services firm Indian Infoline Ltd, said the numbers are a continuation of the trend seen over the past six months. The worst is definitely over.
After 12 straight months of falling numbers, Tata Motors sales of medium and heavy commercial vehicles grew 6% to 10,658 units in July.
Analysts, however, were guarded in their optimism given that the sale of such vehicles had halved in December in the wake of the economic slowdown and high borrowing costs.
One expects a higher growth in the second half of the calendar as the low base effect of the previous year comes into effect, said Chawla.
Tata Motors sold 45,599 cars, trucks and buses, up 23% from the same period a year ago, in the domestic market. Car sales also included the Nano, the first deliveries of which took place last month.
Hyundai Motor India Ltd, the second largest car maker by sales, sold 23,193 cars, a 54% growth over the same period last year.
On 1 August, Maruti Suzuki India Ltd and Mahindra and Mahindra Ltd (M%M) had each reported a 27% increase in domestic sales, driven mainly by new launches.
Maruti Suzuki, with 67,528 units, reported its highest number for the calendar year so far. M&M reported sales of 21,957 units, led by a 56.4% in local sales of utility vehicles to 10,672 units. Honda Siel Cars India Pvt. Ltd posted a 12% growth to 4,857 units.
However, sales remained flat at 168,731 units for Bajaj Auto Ltd, the countrys second largest two-wheeler maker by volume, even though its auto-rickshaw sales improved 2% to 24,104 units.
Most other two-wheeler makers reported a more robust growth, led by Hero Honda Motors Ltd, which sells two-thirds of the two-wheelers in India, and which sold 366,808 units, about 30% more than a year ago.
Driven a by 15% growth in its scooters, domestic sales at TVS Motor Co. Ltd went up 5% to 107,883 units, while the India arm of Yamaha Motor Co. almost doubled sales to 17,316 units, an increase of 47%, albeit on a smaller base.
As inventories at dealerships rise in anticipation of the festive season that starts from September, analysts expect even higher growth for two-wheeler makers.
Car makers, too, are optimistic about the coming festival season. Arvind Saxena, senior vice-president (sales and marketing) at Hyundai India, said in a statement the market is stabilizing and the firm hopes to see both export and domestic markets picking up in the coming months. http://www.livemint.com/2009/08/03222811/Auto-sales-momentum-continues.html
TATA MOTORS SALES JUMP 18% IN JULY PTI See this story in: Business Standard (Web & Print Edition), The Hindu Business Line (Web & Print Edition), The Tribune (Web Edition), The Pioneer (Web & Print Edition), Hindustan Times (Web & Print Edition)
New Delhi: Auto maker Tata Motors reported a jump of 17.98 per cent in sales during July at 48,054 units, compared with 40,729 units in the comparable month last year. The homegrown firms passenger vehicle sales in the domestic market grew by 17.33 per cent at 17,191 units in July, against 14,652 units in the same month last year, the company said in a statement. However, the companys exports in July plummeted by 33.58 per cent at 2,455 units, compared with 3,696 units in the same month last year, it added.
Among individual cars, Tata Motors sold 2,475 units of its small car Nano since its launch on July 17, while Indica reported sales of 8,563 units, up 14 per cent over July 2008, Tata Motors said. The Indigo family, however, recorded sales of 3,499 units, a fall of 22 per cent over the same month last year. Sales of Sumo and Safari was flat at 2,638 units.
In the commercial vehicles segment, sales in July in the domestic market stood at 28,408 units, or up 26.93 per cent compared with 22,381 units in the same month last year. Light commercial vehicle during the month saw an increase of 44 per cent over the last year at 17,750 units, while sales of medium and heavy commercial vehicles stood at 10,658 units, up 6 per cent compared with July, 2008.
Cumulative sales of passenger vehicles in the domestic market in the four months of this fiscal year were down 4.13 per cent at 63,028 units against 65,746 units in the same period last year, Tata Motors said.
Commercial vehicles cumulative sales in the domestic market for the fiscal were 1,00,464 units, a jump of 7 per cent over the corresponding period in the last financial year. http://www.business-standard.com/india/news/tata-motors-sales-jump-18-in-july/365841/ http://www.thehindubusinessline.com/2009/08/04/stories/2009080451940100.htm http://www.tribuneindia.com/2009/20090804/biz.htm#10 http://www.dailypioneer.com/193499/Snapshots.html
The Hindu Business Line (Web & Print Edition)
Chennai: With the success of the Nano car, the word Nano has become a buzzword within the Tata group, with practically every company of the group wanting to do some Nano (low-cost) project, Mr R. Gopalakrishnan, Executive Director, Tata Sons Ltd, said on Monday.
Speaking to journalists here on Innovation and innovativeness The Tata Experience, Mr Gopalakrishnan said that there were many Nano projects in the offing, such as Nano Housing, the proposed low-cost housing project of the Tatas.
In one of the presentations made to the media by the Tata Group officials, showed a Nano cement but that came in the list of projects that had not taken off.
Need to innovate Mr Gopalakrishnan observed that the next decade would be one marked by the need to innovate. This in mind, the Tata Group has begun to streamline and document the innovations that are happening in the group companies.
A Tata Group innovation forum has been set up to formalise innovation, which includes cross pollination of ideas and a system of recognition and awards. The idea is to foster the culture of innovation and as such, there is a category of awards even for failed innovation projects.
Dr Santanu Chakrabarti of Tata Steels Ltd spoke of a successful attempt in the company to reduce time, and consumption of water, in the process of annealing steel. The team that worked on the project substituted water with nano liquid a water-based solution containing suspended solids (fine grains of metal oxides). For a one-time investment of Rs 50 lakh, the company would save Rs 5 crore annually, but more significantly, the company will be able to make more steel with less waterOne of the presentations said that the number of innovation projects registered for awards rose from 101 in 2006 to 1,712 in 2009. The number of failed projects that were nominated for awards increased from 12 in 2007 to 115 in 2009.
One of the failed projects was of Tata Tetley. The company wanted to bring in flavours in the form of soluble capsules you put them in your drink (any drink) to get the flavour you want. It did not work out, but the company is now working on the concept with liquids and sprays.
Another failed concept was a plastic door for the Nano car. The door, with reinforced metal bars, passed every crash test, but was still rejected because it might be perceived by the public as unsafe. http://www.thehindubusinessline.com/2009/08/04/stories/2009080451500200.htm
NANO PLANT MOVED, BUT SINGUR LOCALS TO GET WORK AFTER TRAINING The Financial Express (Web & Print Edition) See similar story in: Yahoo India (Web Edition)
New Delhi: Despite the Tata Motors Nano project moving to Gujarat about a year ago, all is not lost for Singur residents.
Over 750 locals have now completed 12-15 month training programmes under the original rehab plan worked out by Tata Motors and the West Bengal government. And though the project has moved out, these trainees have still got jobs with Tata Motors at its Ranjangaon facility in Pune and the firms national dealer network.
Imparting skill development for the employment opportunities the project would have thrown up was part of the rehabilitation package for all those affected by the land acquisitionincluding landless labour and share-croppers.
Special modules were created for the car projects needs at the Industrial Training Institutes in the region, such as manufacturing processes, Fork Lift operation, painting, vehicle servicing, etc.
484 apprentices that were not part of the memorandum of understanding between the West Bengal government and Tata Motors, have completed their 12-month training programmes. Each of them have been offered jobs with the firms dealer network and some have begun opting for this, a senior labour ministry official told FE.
267 apprentices from families of land-owners whose land was acquired for the project are also at different stages of training. Nearly 112 have completed their 15 month training programmes and we held National Council of Vocational Training exams for them. 48 are undergoing on-the-job training at Tata Motors Pune plant and 19 have been attached with dealers service centres.
However, 88 trainees have refused to relocate out of Singur, the official added. The labour and employment ministry was recently given a status report by company officials about the Singur-based trainees for the small car project. Apart from technical skills, apprentices were also imparted soft skills like teamwork, self-development and communication. http://in.biz.yahoo.com/090803/50/batzkx.html
JLR RECALLS CERTAIN JAGUAR XJ MODELS PTI See this story in: The Economic Times (Web Edition)
New Delhi: Tatas-owned British luxury brand Jaguar Land Rover has recalled certain Jaguar XJ models to rectify issues related to brake pipes.
"This recall is being carried out to rectify an issue with the abrasion of corrosion protection on under floor brake pipes through contact with a sound deadening pad on 2003/4 Model Year XJ vehicles," a JLR spokesperson told PTI in an emailed statement. http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Automobiles/JLR-recalls-certain-Jaguar-XJ-models/articleshow/4853824.cms
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| INTERVIEWS/FEATURES Go To Top Sometime in October, General Motors India will roll out the Chevrolet Cruze. It will be positioned between the upper end of the executive segment and the entry level of the premium segment. The range (petrol or diesel, automatic or manual transmission) will be priced between Rs 13.50 lakh and Rs 18.50 lakh.
The Cruze will create an intermediate segment that involves luxury features found in premium car models at a lower price. The Cruze represents a brand new architecture of the Chevrolet brand, says General Motors India Vice-president (sales and marketing) Ankush Arora.
General Motors India has a car in the executive segment, the Chevrolet Optra, but does not have any presence in the premium segment, though it does have a premium SUV in its portfolio, the Chevrolet Captiva. Its rivals in the executive segment are the Skoda Laura and Octavia and Toyota Corolla. Models like the Honda Accord and Skoda Superb make up the premium segment.
More than anything else, the launch of the Chevrolet Cruze is meant to demonstrate that the financial problems faced by its parent, General Motors, in the US have in no way impacted the Indian operations. In fact, General Motors India plans to launch a small car on the Beat platform sometime next year. More launches could follow. Incidentally, the controversy seems to have had little impact on sales in India. It sold close to 4,500 cars in June, which was not dramatically lower than around 4,600 in the same month of last year. It is hopeful of closing July with sales of 5,400 (July 2008 was 5,700).
The Cruze is built on a new platform and includes a next-generation power train. It was made available recently in Europe, Australia, China and West Asia. The Cruze was introduced in China about two months ago and we have sold over 20,000 in this time. During the same period, we sold over 2,000 in Australia. We are seeing similar response in the West Asian and Latin American markets, says Arora. Surprisingly, the Cruze will not be made available in the US markets until 2010. In India, it will be manufactured at the companys Halol plant. http://www.business-standard.com/india/news/general-motors-india-cruzing-along/365778/
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| CARS, SUVs, MUVs Go To Top The Financial Express (Web & Print Edition) See this story in: The Indian Express (Delhi Print Edition)
New Delhi: Driving on the back of new models, passenger car manufacturers like Hyundai Motor India Ltd (HMIL), Tata Motors, Mahindra and Mahindra (M&M) and Fiat India witnessed a high double-digit growth in July sales.
While Hyundai Motor India, the countrys second largest passenger car manufacturer, registered a 53.l9% jump in domestic sales last month at 23,193 units against 15,066 units in July last year on the back of recently launched i20, its close competitor Tata Motors posted an increase of 17.3% at 17,191 units as compared to 14,652 units during the same month last year, courtesy the Tata Nano.
HMIL registered a steady growth rate in July and it seems the market is stabilising at this point, Arvind Saxena, senior vice-president (marketing and sales) said, adding that strong demand for its latest models i20 has helped HMIL maintain its share in the domestic market.
According to Saxena, in the next few months, the company hopes to see both export and domestic markets picking up, especially as the festival season kick starts from next month.
The recently launched Mahindra Xylo helped utility vehicle major M&M to register a growth of 26.9% at 21,957 units last month as against 17,302 units in July 2008, while the Grand Punto resulted in a 552.9% growth for Fiat India at 2,690 units vis--vis 412 units in July last year.
General Motors India, on the contrary, registered a decline of 13.8% in sales last month at 4,914 units against 5,706 units during the same month last year and analysts attribute this to the absence of new products in the portfolio as well as a fallout of the parent company going bankrupt in the US.
Earlier on August 1, Maruti Suzuki India had reported a 27.6% jump in sales in the domestic market at 67,528 units in July against 52,911 units during the same month last year. Even Honda Siel Cars India (HSCI), which has recently forayed into the compact car category with its premium small car Jazz, also said that it posted a growth of 12% in sales last month at 4,857 units vis--vis 4,337 units in July 2008. http://www.financialexpress.com/news/auto-cos-log-doubledigit-growth-on-new-launches/497587/
PTI See this story in: Business Standard (Web & Print Edition), The Indian Express (Web Edition), The Pioneer (Web & Print Edition), The Hindu Business Line (Web & Print Edition)
New Delhi: The countrys second-largest car maker, Hyundai Motor India, reported a 53.94 per cent jump in domestic passenger car sales in July at 23,193 units, compared with 15,066 units in the same month of 2008.
The companys cumulative sales (including exports) during July were up 25.98 per cent at 45,543 units, compared with 36,152 units in the same month a year ago, Hyundai Motor India Ltd (HMIL) said in a statement.
Its exports for the month accounted for 22,350 units against 21,086 units during the same month last year, a rise of 5.99 per cent. The company sold 41,779 units of hatchbacks Santro, Getz Prime, i10 and i20, 3,720 units of Accent and Verna and 44 units of Sonata Transform during July.
HMIL registered a steady growth rate in the month of July and it seems the market is stabilising at this point, HMIL Senior Vice-President (Marketing and Sales) Arvind Saxena said. Strong demand for its latest model i20 helped HMIL in maintaining its share in the domestic market, he added.
In the coming months, we hope to see both the export and the domestic market picking up, especially with the festival season starting next month, Saxena said. http://www.business-standard.com/india/news/hyundai-sales54/365843/ http://www.indianexpress.com/news/hyundai-sales-up-54-pct-in-july/497448/ http://www.dailypioneer.com/193499/Snapshots.html http://www.thehindubusinessline.com/2009/08/04/stories/2009080452210300.htm
HYUNDAI TO UP PRODUCTION BY 20% PTI See this story in: The Hindu Business Line (Web Edition), The Telegraph (Web Edition), Deccan Herald (Web Edition), Business Standard (Web & Print Edition), The Statesman (Web Edition), Rediff India (Web Edition), The Times of India (Web Edition), The Financial Express (Web Edition), mint (Delhi Print Edition)
New Delhi: The country's second largest car maker Hyundai Motor India will ramp up its capacity by about 20 per cent from September onwards to cater to increased demand in the overseas markets and plans to hire 1,000 people this month.
The company has already increased its output by about 25 per cent since July and its workforce by over 1,000 employees at its two plants in Chennai.
We have started the third shift from July 10 at plant-I, for which we hired over 1,000 people. We will start the third shift at the plant-II from September 14 and induct another 1,000 people this month for this,'' Hyundai Motor India Ltd (HMIL) MD and C EO Mr H S Lheem told reporters on the sidelines of inducting 100 students volunteer for traffic management here.
After increasing its output last month, the company is currently producing about 2,000 units per day and it will go up by 400 units more once the third shift at plant-II starts. Mr Lheem said the company's total workforce will cross the 12,000 mark after induction of new staff this month.
We had very good sales in July. In domestic sales, we increased over 50 per cent and sold more than 23,000 units,'' he said, adding that the demand in export markets was growing. The company has sold 45,543 units in July, of which 22,350 cars were handed over to overseas customers.
Besides, HMIL would also increase its headcount to 800 Indian staff from the existing 210 people at its R&D centre in Hyderabad. http://www.thehindubusinessline.com/blnus/02031592.htm http://www.telegraphindia.com/1090804/jsp/business/story_11318451.jsp http://www.deccanherald.com/content/17572/hyundai-up-production-20-pc.html http://www.business-standard.com/india/news/hmil-toproduction-20-per-cent/365845/ http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=263411 http://business.rediff.com/report/2009/aug/03/hyundai-india-to-hire-1000-this-month.htm http://www.financialexpress.com/news/hyundai-to-up-output-by-20-hire-1-000/497605/
Chanchal Pal Chauhan The Economic Times (Delhi Print Edition)
New Delhi: Indias largest exporter of cars is worried about competition from its Korean parent. Incredible as it may sound, the prospect of a free trade agreement (FTA) between the European Union (EU) and South Korea is sending shudders through the Chennai headquarters of Hyundai Motor India (HMI). The proposed trade pact will allow Korean carmakers such as Hyundai, Kia and GMDAT to ship their cars to Europe without paying the 10% duty levied on imports, threatening to erode the competitive advantage enjoyed by Indian carmakers in their largest export market. Hyundais i10 and i20 and Maruti Suzukis A-Star are in huge demand in EU, after the UK, Germany, Spain, Austria, France and Italy started offering cash incentives of 1000-3000 to buy fuel-efficient cars. Indeed, the 10% duty does cover Indian automakers too, but a government incentive helps them offset the costs by 3.5%. HMI, which exports half the cars it makes in India, and most of them (over 55%) to Europe, has already asked the Indian government to take steps to protect its interests. The government needs to act fast to take some decisions on car exports. A 6.5% import duty that Indian carmakers face in Europe will make it virtually impossible to compete with Korea, said HMI managing director and chief executive HS Lheem. Mr Lheems sharp reaction is not without reason. Tax benefit for the Korean parent and its subsidiary Kia Motors in Europe could render HMIs business model unviable. While the parent firm doesnt offer competing models in the European market, Kia sells two hatchbacksPicanto and Ceedpitted against HMIs i10 and i20. Kia Motors is also the largest exporter of small cars from Korea. The duty waiver gives a benefit of the won-equivalent of Rs 30,000-45,000 to the Korean company. HMI said it did not enjoy any huge cost advantage in India. The cost advantage on account of low labour costs translate into a price difference of only 2-3%, said a company executive who asked not to be named. Indian manufacturers are also troubled by the inefficient tax structure, which increases the cost by 10-12%. There are various local taxes on inputs that have a cascading effect. Infrastructure bottlenecks also add additional cost, which offsets the cost advantage on account of cheaper labour, said Price Waterhouse auto analyst Abdul Majeed.HMIs exports jumped 27% to 66,500 cars in the April-June quarter on the back of large orders from European countries. Total car exports from India grew 45% to 97,519 cars in the first quarter with Europe accounting for more than 70%. In the first six months of the calendar year, export market for India cars grew 45-50% while the domestic market posted a sluggish growth at 1.45%. Incidentally, Hyundai India has decided to shift production of premium hatchback i20 sold in Europe to the continent to save import duty and logistics cost, which add up to 10-15% of the car prices in overseas markets. Maruti Suzuki said the FTA benefits to Korean firms will dent its margins, as it will have to offer freebies to compete against Korean carmakers. Indias largest carmaker has doubled export target to 1.5 lakh cars in FY 2010 from 70,022 cars last year. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
MAHINDRA RENAULT JV TO TAKE A RELOOK AT PRODUCT PORTFOLIO Lijee Philip The Economic Times (Web & Print Edition)
Mumbai: Mahindra Renault, the 51:49 joint venture that makes the mid- sized sedan, Logan, is taking a relook at its current single-product portfolio due to a sharp fall in sales. Among the options being considered is a makeover of the existing product for which the JV will also see fund infusion from both equity partners. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved"
SALES TO STAGNATE IN 2009: MERC MD Business Standard (Web & Print Edition) See similar story in: The Hindu Business Line (Web & Print Edition), Daily News & Analysis (Web Edition), Asian Age (Web & Print Edition), Deccan Chronicle (Web Edition), The Statesman (Web Edition), Rediff India (Web Edition), Daily News & Analysis (Web Edition)
Hyderabad: Luxury car maker Mercedes-Benz is likely to witness stagnancy in sales in the Indian market in 2009, according to Wilfried Aulbur, managing director and chief executive officer of Mercedes-Benz India.
2008 had been a good year for us, with our sales touching 4,000 units. However, the first half of 2009 was difficult, selling about 1,500 units due to the economic slowdown and inadequate supply of new models. We believe India will come out of the recession much faster and the second half of 2009 will be much better in terms of sales. But, we may not surpass last years sales figures, Aulbur told journalists.
Inaugurating the companys 30,000 sq ft workshop here on Monday, he said the company was lining up Rs 450 crore investment in augmenting its sales and after-sales network and in ramping up its research and development (R&D) centre in Bangalore over the next two years, which will make it the second biggest R&D centre for the company globally. Mercedes-Benz, along with its network partners, has indicated an investment of Rs 150 crore in network expansion and upgradation by this year end. Besides, we intend to add 300 engineers to the existing 200 at our Bangalore R&D centre by the end of this year and 500 more by next year. Engineers at the Bangalore centre are currently working on active and passive safety, crash tests, diesel technologies and human impact modelling. Some work on localisation is happening, too, Aulbur said.
Stating that Mercedes-Benz India was making profits since 2000, he said the company currently has 38 variants in the 8,500-unit luxury market in the country and would shortly launch its new E-Class vehicle. We dont have plans to make any price adjustments to take on competitors like BMW, he added. http://www.business-standard.com/india/news/sales-to-stagnate-in-2009-merc-md/365840/ http://www.thehindubusinessline.com/2009/08/04/stories/2009080451570200.htm http://www.asianage.com/presentation/leftnavigation/news/business/mercedes-bets-big-on-revival.aspx http://www.deccanchronicle.com/business/mercedes-bets-big-revival-591 http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=263408 http://business.rediff.com/report/2009/aug/03/merc-to-invest-rs-150-cr-for-expansion.htm http://www.dnaindia.com/money/report_merc-sees-sales-slowing-this-year_1279490
MERCEDES TO INVEST E700 M IN CHENNAI PLANT The Economic Times (Web & Print Edition)
Hyderabad: Mercedes-Benz plans to invest e700 million to increase the production capacity of its trucks in its manufacturing plant in Chennai. While the infrastructure is expected to address future expansion plans of the company, details of the time frame of investment were not disclosed. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved"
FACING HIGH RENTALS, SKODA TAKES ROUTE TO BOUTIQUE SHOWROOMS Samar Srivastava Mint (Web & Print Edition)
New Delhi: When Mandeep Dhingra, a Faridabad-based dealer for Skoda Auto India Pvt. Ltd, wanted to expand into the Capital last year, he found his options limited by high realty costs.
Putting up a showroom in the heart of the city was out of the question, he says. At best he could afford a place in the outskirts alongside his competitors dealerships.
Rising real estate costs are a problem that dealers often contend with. Unable to cope with these costs, there have been instances in the past of dealers shutting down. In city centres, it is only those dealers who already own real estate that are able to run viable businesses, according to the Federation of Automobile Dealers Association.
Realizing this, Skoda Auto decided to go down the boutique route and set up showrooms that had only one or two cars on display and focused more on advertising the brand. Luxury car companies such as BMW AG have also opened boutique showrooms, but Skodas is the first time a mass-market company has chosen to go down this route.
The boutiques are based on the exhibition format the company has adopted worldwidewhite walls, movies on the company running on flat-screen television sets, company merchandise such as car models, hats and key chains for sale.
Last month, after working on the concept for several weeks, it unveiled Arshia Motors in Connaught Place, the Capitals bustling central business district. On a recent afternoon it had two cars on display. Skoda is still experimenting with the concept and says that it might decide to have models, yet to be introduced in India, such as the Roomster, a four-door coupe, placed there to showcase its brands.
At between 1,300 and 1,500 sq. ft, the boutiques are one-third the size of a traditional dealership. Arshias rental stands at a manageable Rs3.5 lakh per month.
In the two weeks since it opened, the showroom has surpassed the companys expectations. Already 23 orders for the Fabia, Octavia, Laura and Superb have been booked.
Its location gives prospective customers from offices in Connaught Place the chance to walk in during lunch hours or after work and test-drive their cars. In a few cities, dealers are considering shifting their large suburban showrooms and opening small boutique showrooms in the city centres, which take only about 45 days to set up, says Ashutosh Dixit, senior general manager (sales and network development) at Skoda Auto.
In picking dealers for what the company sees as an experiment, Skoda has been careful. For one, the company plans to offer only tried and tested existing dealers the chance to set up boutiques.
This is because a dealers job doesnt end with making a sale. Cars have to be serviced regularly and these workshops can only be set up on the outskirts of cities. Arshia Motors plans to service cars at its existing facility in Faridabad. And so, viewed through this prism, the boutique is a smart way of making an extension counter.
Maruti Suzuki India Ltd, the countrys largest car maker, has set up bare-bones extension counters in small towns across India.
For now, Skoda says it is very satisfied with the results of this experiment. It plans to set up five more boutique showrooms by the end of this year in cities such as Mumbai, Pune and Bangalore.
In Mumbai, for instance, the company says it could look at a boutique in Nariman Point, which has so far been a no-go area for car makers because of high rentals. http://www.livemint.com/2009/08/03225219/Facing-high-rentals-Skoda-tak.html
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| CONSTRUCTION & AGRI MACHINERY Go To Top PTI See this story in: The Hindu Business Line
New Delhi: Farm equipment maker Mahindra Tractors on Monday reported a 71.91 per cent rise in its total tractor sales in July at 12,850 units compared with 7,475 units in the same month last year.
Last month, the domestic sales grew 88 per cent at 12,128 units as against 6,451 units in the same period previous year, the company said in a statement.
We have posted excellent growth in July. This has been contributed by the general market confidence post the formation of the new Government and its increased focus on agriculture and rural infrastructure in the budget, Mahindra & Mahindra President (F arm Equipment Sector) Mr Anjanikumar Choudhari said.
He added that the large increases in minimum support prices, accompanied by easy availability of credit, have contributed towards creating a positive environment in the tractor industry.
The company said that as a consequence of its merger with Punjab Tractors Ltd (PTL), effective from August 1, 2008, the total sales also includes 3,828 units of the merged entity. http://www.thehindubusinessline.com/blnus/02031606.htm
MAHINDRA LOOKING TO EXPAND NON-TRACTOR FARM EQUIPMENT BIZ Manu P. Toms The Hindu Business Line
Mumbai: Mahindra & Mahindras farm equipment sector plans to expand its non-tractor farm equipment business. The company already sells a range of combine harvesters, rice planters and sugarcane harvesters. Last fiscal, the non-tractor farm equipment business brought in revenue of Rs 60 crore. We want to double this, this year, Mr Anjani Kumar Chaudhari, President of the farm equipment sector, told Business Line.
The company will soon launch two new types of harvesters for cotton and potato farmers. We began to have a serious look at this business two years ago. When we took over Punjab Tractors two years ago, they had a combine harvester business, which we upgraded. Last year, we received advanced bookings for 50 units of combine harvesters, said Mr Chaudhari.
Labour shortage The agriculture equipment industry, considered to be three times bigger than the tractor sector, is dominated by unorganised players.
Agricultural labour is becoming scarce and expensive due to urbanisation. Sometimes, farmers face labour shortage during the harvesting season, he added. The combine harvester, which costs Rs 16-20 lakh apiece, is used by large-scale paddy and wheat farmers. They work throughout the day and are moved to different places. M&M also launched crawlers, costing Rs 18 lakh each, to till the land while targeting large paddy fields in the South.
Rice planters cost around Rs 4 lakh apiece, while sugarcane harvesters are priced at Rs 7.5 lakh. Agriculture implements in the Rs 4-20 lakh range focus on big farmers . The companys other non-tractor business generator sets raked in over Rs 1,000 crore last fiscal. The focus on power infrastructure will be a fillip to the generator business which, in June alone, did business of Rs 100 crore, said Mr Chaudhari. http://www.thehindubusinessline.com/2009/08/04/stories/2009080452120300.htm
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| 2/3 WHEELERS Go To Top PTI See this story in: The Hindu Business Line, The Indian Express, The Economic Times, The Pioneer, The Hindu Business Line
New Delhi: Bajaj Auto Ltd on Monday reported a marginal decline in its motorcycle sales at 1,68,163 units in July, even as it plans to step up domestic bike production by 25 per cent in August.
The company had sold 1,68,971 units in July last year, Bajaj Auto Ltd (BAL) said in a statement. Total two-wheeler sales during the month also declined marginally at 1,68,731 units compared with 1,69,971 units in the same period a year ago, it added. BAL's exports, however, went up by 1.98 per cent to 68,585 units in July from 67,253 units a year ago.
The company's total vehicle sales stood at 1,92,835 units last month compared to 1,93,704 units in the same period a year ago, the statement said.
Bajaj plans to step up its domestic motorcycle production by about 25 per cent in August, 2009, in response to the strong demand,'' the company said, without giving details.
The company sold about 10,000 units of its new 100cc Discover DTS-Si since its launch on July 17. It is expecting the sales to double in August. http://www.thehindubusinessline.com/businessline/blnus/19031392.htm http://www.indianexpress.com/news/bajaj-auto-sales-fall-marginally-in-july/497417/ http://www.dailypioneer.com/193499/Snapshots.html http://www.thehindubusinessline.com/2009/08/04/stories/2009080452210300.htm
BAJAJ AUTO UP ON EXPANSION PLAN Business Standard
Mumbai: Bajaj Auto shares rose 6.52 per cent to Rs 1,304.5 on the proposed increase in its motorcycle production. Bajajs plan to raise domestic motorcycle production by about 25 per cent in August 2009 came as a response to stronger demand in the segment.
However, two-wheeler sales of Bajaj Auto were flat in July at 168,731 units, a drop of 0.72 per cent, as compared to 169,971 units sold in the same month a year ago. The stock opened at Rs 1,220 (the lowest point of the day) and made an intraday high at Rs 1,356. The stock gained 32 per cent in the last one month. http://www.business-standard.com/india/news/bajaj-auto-upexpansion-plan/365815/
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| SONA KOYO BETS ON COST CUTS AND LOCALISATION Sindhu Bhattacharya Daily News & Analysis
New Delhi: Sona Koyo, India's largest steering systems maker, is banking on continued cost reductions, localisation, minimal investment in capacity expansion and an overall growth in car exports from India to improve its financial performance this fiscal. Maruti Suzuki India is its top customer, accounting for 56% of sales. Hyundai Motor India accounts for 20%, and Mahindra & Mahindra 10%. Sona has been consciously increasing localisation even as it faced significant idle capacities last fiscal.
In an analyst call on Monday, vice-chairman and MD Sunjay Kapur said he hopes for double-digit EBIDTA margins by the fourth quarter since raw material prices appear stable and cost reduction measures would continue.
The company's debt liability has already been reduced by almost 9% during the June quarter, to Rs 217.7 crore. Admitting a "significant" decline in exports last fiscal, Kapur said losses on account of troubles at the erstwhile General Motors alone were to the tune of Rs 7.5 crore. http://www.dnaindia.com/money/report_sona-koyo-bets-on-cost-cuts-and-localisation_1279495
ELGI POSTS HIGHER PAT IN 1ST QUARTER PTI See this story in: The Hindu Business Line, The Hindu Coimbatore: Elgi Equipments Ltd, leading manufacturers of air compressors and automotive equipment, posted net profit of Rs 11.1 crore for the first quarter of 2009-10, compared to Rs 9.6 crore in the year ago period.
Even though for the period ended June 2009, sale was marginally lower at Rs 130.7 crore as against Rs 131.5 crore in 2008-09, focus on cost control measures resulted in higher profits, Dr Jairam Varadaraj, Managing Director of the company said in a relea se here.
Compared to the last quarter of previous year, there was recovery in a few select segments in the domestic market for compressors. Continuing global recession impacted international business and sale was lower than last year, he said. http://www.thehindubusinessline.com/blnus/26031706.htm http://www.hindu.com/2009/08/04/stories/2009080451871300.htm
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| ALLIED INDUSTRY Go To Top Ajay Modi Business Standard
New Delhi: V K Modi-promoted Modi Rubber, which re-started tyre production after a gap of eight years in June through its subsidiary, Modi Tyre Company, has started exporting truck tyres to Bangladesh and Afghanistan, since the domestic market is picking up at a slow pace. The company is eyeing more exports to countries like Sri Lanka and Myanmar till the growth of sales becomes better in the domestic market. Though margins in the export market are not as good as in domestic sales, we are exploring export opportunities till the domestic demand for our product picks up, the companys Director Alok Modi said, adding that on achieving full capacity utilisation, the company hopes to export 15-20 per cent of the annual produce.
Prior to its closure in 2001, the company used to export 25-30 per cent of its annual production of 1.1 million units. The Meerut plant in Uttar Pradesh is currently operating at 50 per cent capacity.
The product is being well accepted in the market. We aim to achieve 100 per cent capacity in a months time and produce 95,000 tyres every month, he said.
The company has now got 70 carrying and forwarding agents across seven states and a network of 350 dealers. It plans to gradually expand the dealership network to 1,300. Tyres manufactured by Modi Rubber are being marketed under the Continental brand name, as it has entered into a new technical and branding joint venture with the German tyre-maker.
The earlier tie-up with Continental, which is the worlds fourth-largest tyre-producing company, had lapsed after the closure of the plant in 2001.
Family disputes, financial problems and labour unrest had led to the closure of the unit. Prior to 2001, Modi Rubber was a leading tyre company with a market share of more than 14 per cent. The company was declared sick and had to go to the Board for Industrial and Financial Reconstruction (BIFR). It is now getting back on track according to a rehabilitation scheme finalised by the BIFR. http://www.business-standard.com/india/news/modi-rubber-banksexports-to-fight-slowdown/365864/
TVS SRICHAKRA POSTS HIGHER INCOME The Hindu Chennai: TVS Srichakra has reported a higher total income of Rs. 158.48 crore for the quarter ended June 30, 2009 against Rs. 137.93 crore in the quarter ended June 30, 2008. The net profit after tax has risen to Rs. 6.85 crore from Rs. 2.30 crore, according to a release. http://www.hindu.com/2009/08/04/stories/2009080451881300.htm
AMARAJA RAJA BATTERIES NET JUMPS The Hindu Chennai: The net profit of Amara Raja Batteries has jumped to Rs. 42.57 crore in the quarter ended June 30, 2009, from Rs. 14.91 crore in the same period in 2008-09. Gross sales were higher at Rs. 352.56 crore against Rs. 383.57 crore. http://www.hindu.com/2009/08/04/stories/2009080451911300.htm
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| FINANCE & INSURANCE Go To Top
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| OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top OIL RISES ABOVE USD 70 PER BARREL See this story in: The Indian Express, The Pioneer
Perth: Oil topped $70 a barrel on Monday, extending the previous session's gain of nearly 4 per cent, as positive Chinese economic data and gains in equities helped bolster hopes that the global economic recovery was picking up speed.
Fuelled by bullish data and rallying stock markets, oil prices rose about 2 per cent last week -- its third straight week of gains -- which helped to reverse steep losses in the middle of the month and brought July's monthly loss to a marginal 0.6 per cent.
US crude for September rose 63 cents to $70.08 a barrel by 0345 GMT, adding to gains of $2.51 on Friday that brought the contract to settle at $69.45. London Brent crude gained 70 cents to $72.40 a barrel.
"Oil prices are again supported by a positive sentiment. The US growth number has confirmed that the worst is behind us and the focus now is to find out how quick the recovery will be," said Ben Westmore, a commodities analyst at the National Bank of Australia.
Asian stocks inched up to an 11-month high on Monday amid hopes of a swift economic rebound, while two separate surveys showed Chinese factory growth accelerating in July because of a revived domestic economy and slight pick-up in demand for its exports. China's PMI from brokerage CLSA hit a on-year peak.
Another bright spot was China's crude stockpiles, including both state strategic reserves and commercial ones, which declined 2.7 per cent from a month earlier to 37.7 million tonnes at end-June, the official Xinhua news agency reported in a newsletter on Monday. Analysts said a weak US dollar, which fell broadly on Monday and hit its lowest point this year against a basket of currencies amid increased risk appetite, would offer support to oil prices.
US gross domestic product (GDP) fell at a 1 per cent annual rate, the Commerce Department said, declining for the fourth consecutive quarter, but below analysts expectations' for a 1.5 per cent drop.
However, consumer spending, which accounts for more than two-thirds of US economic activity, fell 1.2 per cent in the second quarter, after rising 0.6 per cent in the previous quarter.
Wall Street may have momentum on its side this week as the S&P 500 tries to pierce the 1,000 level, but the rally's staying power will depend on whether US data and corporate earnings provide more signs of economic stabilization.
Amongst data that will be closely watched are: US ISM manufacturing data for July due later in the day, while US consumer spending for June, pending home sales, non-manufacturing data and weekly jobless claims to be released later in the week will also provide clues on how the US economy was faring.
The United Arab Emirates halted crude exports from its Jebel Dhanna oil terminal late on Friday, and from its Jebel Ali facility on Sunday, because of a sandstorm, a shipping source said.
Iran's OPEC governor said crude prices were expected to reach $80 a barrel by January, the oil ministry website reported on Sunday, adding to earlier comments that some OPEC members may demand in its next meeting further cuts to crude output if prices continued to drop. http://www.indianexpress.com/news/oil-rises-above-usd-70-per-barrel/497357/2 http://www.dailypioneer.com/193507/Oil-closes-above-$71-per-barrel.html
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| INTERNATIONAL NEWS Go To Top Agencies See this story in: The Economic Times
New York, Michigan: Ford Motor shares held their gains, up 6.6% at $8.53, on Monday after the automaker said total sales for July rose 2% versus the year-ago period. Ford posted its first monthly US sales increase since 2007 as the governments cash-for-clunkers incentives boosted industrywide deliveries of new vehicles to the highest levels of this year.
GM BUYOUT OFFERS FALLS SHORT OF GOAL, LAYOFFS LOOM Agencies See this story in: The Economic Times
Detroit: General Motors Corp. says about 6,000 blue-collar workers have taken the latest round of early retirement and buyout offers. But that is apparently not enough to prevent thousands of layoffs.
SUZUKI PROFIT DROPS ON LOWER DEMAND See this story in: Business Standard
ASIAN STOCKS RISE AS MITSUBISHI UFJ LEADS BANKS; NISSAN GAINS Jonathan Burgos / Bloomberg See this story in: Business Standard
Asian stocks rose for a third day after Mitsubishi UFJ Financial Group Inc. returned to profit, manufacturing in China and India expanded and Goldman Sachs Group Inc. lifted its rating for South Korean equities.
Mitsubishi UFJ gained 6 percent after Japans biggest bank by market value reported its first profit in nine months, and Mizuho Financial Group Inc. climbed 6.1 percent after Morgan Stanley boosted its rating. Nissan Motor Co., with 34 percent of sales from North America, rose 5.4 percent in Tokyo after the U.S. proposed to expand the Cash for Clunkers program. South Koreas Kospi Index climbed to its highest in almost a year.
Earnings have been quite good, said Marco Wong, the Singapore-based chief investment officer for Asia excluding Japan at SG Asset Management, which has $351.6 billion in assets globally. Potential earnings upgrades by analysts may provide a further leg up for the market.
The MSCI Asia Pacific Index advanced 1.2 percent to 113.18 as of 7:30 p.m. in Tokyo. The gauge has gained 15 percent over the past three weeks as better-than-expected results from U.S. and Asian companies led to improved investor confidence.
Japans Nikkei 225 Stock Average was little changed at 10,352.47, and the broader Topix index climbed 0.8 percent in its 12th day of gains, the longest winning streak since 1988. Most Asian benchmarks rose. In China, the Shanghai Composite Index advanced 1.5 percent after reports by the Federation of Logistics & Purchasing and CLSA Asia Pacific Markets showed manufacturing continued to expand last month.
The Bombay Stock Exchanges Sensitive Index added 1.6 percent to 15,924.23, its highest close since June 2008, after Markit Economics Purchasing Managers Index showed manufacturing expanded for the fourth month in July.
South Korea, U.S. The Kospi Index climbed 0.5 percent to 1,564.98, its highest close since last August. Goldman raised South Koreas stocks to market weight from underweight, saying earnings appear more resilient than the brokerage expected. Hyundai Motor Co., the countrys largest carmaker, climbed 2.5 percent.
Futures on the Standard & Poors 500 Index gained 1.2 percent. The gauge rose 0.1 percent on July 31 as better-than- estimated gross domestic product spurred speculation the economy is recovering from the recession.
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| ECONOMY & FINANCE Go To Top The Hindu Business Line
Mumbai: The rupee gained by around 30 paise against the dollar on Monday , as the pound and the euro registered gains against the greenback. The domestic currency opened at 47.82 and weakened to touch an intra-day low of 47.93. It strengthened to close at its days high of 47.63, as against the previous close of 47.94/95. The rupee opened with gains but weakened as oil companies bought dollars to meet month-end demand, said a dealer with a public sector bank. It gained on th e back of positive domestic indices and the weakness of the dollar in the global markets, added the dealer. In the forward premia market, the six month ended lower at 2.56 per cent (2.6 per cent) and the one-year was at 2.37 (2.36 per cent). http://www.thehindubusinessline.com/2009/08/04/stories/2009080451610600.htm
SENSEX UP 750 POINTS IN 3 DAYS, NIFTY TOPS 4,700 The Hindu Business Line
Mumbai: Equities continued their rally for the third day on Monday, driving the benchmark indices to their highest level in more than a year.
The BSE Sensex surged 253.9 points to close at 15,924 and the Nifty 75 points at 4,711. These levels were last seen in June 2008. Sensex gained 750 points in the last three (since July 28) trading sessions.
The trading, which started on a subdued note, picked up momentum in the afternoon after the European markets opened for trading on positive note.
The positive factors such as rising metal and commodity prices in the international markets and the receding recession in the US boosted market sentiments globally, said Mr Avinash Gupta, Assistant Vice-President - Research Equity, Bonanza Portfolio.
Retail investors offload FIIs were net buyers of equities worth Rs 347 crore on the domestic bourses. DIIs were net buyers for Rs 61 crore. However, retail investors were net sellers (Rs 169 crore). Most of the stocks that I want to pick up have become expensive. So I am looking at booking profits on those which I already have, said Mr S.P. Prasad, a retail investor. I will also try my luck in the upcoming IPOs, he added.
Among the sectoral indices, auto index (up 4.6 per cent) was the best performer, which was followed by the realty and metal indices. The laggards were the FMCG and consumer durables indices. The market breadth was positive as 1,761 scrips advanced and 953 declined. http://www.thehindubusinessline.com/2009/08/04/stories/2009080451930100.htm
FM ASSURES NEW DIRECT TAX CODE, 9% GROWTH Mahima Puri The Economic Times
New Delhi: Finance minister Pranab Mukherjee on Monday assured industry leaders that the economy will return to a growth rate of over 9% in 2011-12 after expanding at 7% this fiscal, said an industrialist who attended the ministers address to over 80 industry leaders here. Mr Mukherjee also assured business leaders at the national council meeting of the Confederation of Indian Industry (CII) that the government will come out with a new direct tax code by August 20, said another industry representative. Industry captains, including Godrej Industries chairman Adi Godrej, Hero Honda CEO and MD Pawan Munjal, Bajaj Auto chairman Rahul Bajaj, Religare Enterprises chairman Malvinder Singh, Eicher Group chairman S Sandilya, HSBC group general manager and country head Naina Lal Kidwai, SAIL chairman S Roongta and Nasscom president Som Mittal attended the meeting, according to the source. The finance ministry has prepared the direct tax code, as outlined in the Budget speech last month. It will be available for consultation in the next couple of weeks, said an industry executive, who attended the meeting but did not wish to be identified. The minister also reportedly told them that economic reforms, including disinvestment was on track. While talking about PSU disinvestment, the minister said the process was very much on the cards, but added the amount that would be raised would depend upon market conditions, said another CII national council member. He quoted the finance minister as saying that the governments borrowing programme will be conducted in such a way that the private sectors requirements are met. Mr Mukherjee also reportedly said although the Indian economy was showing signs of recovery, the global outlook still remains a concern. The Indian economy is not isolated hence a cautious approach is required. The FM also hinted that the government was taking a relook at the proposals for a bill on land acquisition, participants at the meeting said. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
Last Financial closing
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Monday, August 3, 2009
Indian Auto Industry Update August 04, 2009
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