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| INDUSTRY How the Tatas manage without government help INTERVIEWS/FEATURES Indica Vista to get new variant soon? CARS, SUVs, MUVs Fiat targets exporting 7,000 cars this fiscal Reviving the Logan will be an uphill drive COMMERCIAL VEHICLES CONSTRUCTION & AGRI MACHINERY 2/3 WHEELERS COMPONENTS | ALLIED INDUSTRIES OIL, LUBRICANTS & ALTERNATIVE FUELS INTERNATIONAL NEWS GM logs into eBay to recapture market share GM not to reopen Opel sale process ECONOMY & FINANCE Sensex ends 54 points lower in volatile session
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| INDUSTRY Go To Top The Financial Express (Web & Print Edition) See this story in: The Economic Times (Delhi Print Edition)
New Delhi: Multinational auto majors such as Renault, GM, Tata Motors, Skoda, M&M who have production facilities or offices in Pune have issued travel advisories to their employees.
We have issued travel advisory to our employees that there should be no movement from office unless it is very urgent. We are closely monitoring the situation at our logistics centre in Pune, Renault India spokesperson said.
GM vice-president said:We have our medical set up in both Talegaon and Halol plants. Any one coming from the affected countries has to get through this check up system. http://www.financialexpress.com/news/auto-majors-issue-travel-advisories/501303/
HOW THE TATAS MANAGE WITHOUT GOVERNMENT HELP Geeta Nair The Financial Express (Web & Print Edition)
If not the UK government, then self-help is best for the Tata group. If the group was strong enough to buy Jaguar and Land Rover, it can very well take tough decisions to make this buy worthwhile.
The Indian stock market has greeted Tata Motors-JLR plans to raise money sans any help from the UK government by pushing the stocks up 7%. This is a market that so far had not been kind to the JLR acquisition, generally considering it a drag on Tata Motors. JLR was bleeding Tata Motors. But the revival in the first quarter of this year with unexpected positive numbers, launch of the Nano and also the debut of JLR in India could mark a change in the fortunes of Tata Motors.
By firmly saying a big no to the UK government funding, Tatas are displaying confidence. Since September 2008, when the global auto industry was hit by massive drop in volumes and drying up of funding, the Tatas were looking to the UK government for support but the talks didnt go their way.
The Tatas now say the positive trend in the external environment in financial markets and improvement in general liquidity and the arrangement of funds through private sources meant that they no longer needed the guarantees from the UK government.
UK business secretary Peter Mandelson responded by saying that banks and commercial capital markets meeting JLRs funding is a clear sign of confidence in the company, its products and the automotive sector. We understand the Tata group will now be successful in resolving longer-term financial needs but we are willing to help again if necessary, Mandelson said. But the British government did not walk the talk. They did not share this confidence before this and were clearly unwilling to take the risks with their taxpayers money.
Now it is up to the Tatas to make a success of their JLR plans and make it sustainable. They have yet to pass the acid test. But when the turnaround happens, the Tatas should be laughing all the way to the bank and the UK government can rue the missed opportunities with their money going to bail out weak banks rather than resuscitating the manufacturing industry. http://www.financialexpress.com/news/column-how-the-tatas-manage-without-government-help/501264/
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| INTERVIEWS/FEATURES Go To Top Suzuki has a pretty strong background in India as far as off-roaders are concerned. The Gypsy with its no-nonsense styling, bare bone interiors and a bullet-proof engine proved to be a real mountain goat tackling all sorts of terrains. It was everyone's choice from the defense forces to the rally drivers. But being an all out off-road vehicle meant the Gypsy was uncomfortable as an everyday vehicle and not very practical either. In 2003 Suzuki introduced the Grand Vitara with a powerful but guzzling V6. While it was a good vehicle it never really garnered too much interest and was a pretty slow seller. To change that Suzuki came out with the all new Vitara in 2007 now equipped with a 2.0 litre inline-4 unit. While the new car proved to be a decent all rounder, performance was somehow found a little lacking. Not anymore. Suzuki has just filled in that loophole by giving the GV an all new heart and a bit more equipment. Abhishek Nigam steps on the gas to tell you what the new car is all about. Qualities of plastics however leave a lot to be desired with most bits and pieces feeling iffy and rattles settling in at just about 4000 km. While there are not too many cubby holes, the Vitara does have enough storage places for bigger items. With the spare wheel attached to the tail-gate, the GV gets a very useful 398 litres of luggage space.
Braking was fantastic as well, with the car grinding to a halt from 100 km/h in just 43.4 metres taking only 3.47 seconds. The brakes also inspire loads of confidence and remain fade free under hard use. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
INDICA VISTA TO GET NEW VARIANT SOON? The Economic Times, Zigwheels
After a play on words defining three of the five elements for the Indica Vista's available variants, Tata Motors could be on the verge of launching a fourth variant soon. Following the Aqua, Terra and Aura could now be the newest baby off the Tata block - the Ignis. ZigWheels reader Ajay Vaidya spotted what could very well be the first of the Ignis variants in Mumbai. The Indica Vista has been doing good numbers since its launch, though a majority of the sales figures have been courtesy the brilliant 1.3 litre Quadrajet engined variants. A huge reason for this was the rather underpowered (for a car of its size) 1.2 litre SAFIRE engine that was the only petrol option available up until now. As our spy pics show however, the Indica Vista Ignis will be a new variant in the Tata Motors line up and it will sport the 95 PS 1.4 litre Safire petrol engine that also powers the Fiat Punto. Plonking the bigger, more powerful petrol engine was always on the cards and makes perfect logic - especially since potential buyers who were considering Tata Indica Vista petrol cars were deterred due to the smallish 1.2 litre engine. Sources also indicate that the new engine will deliver fuel efficiency to the tune of around 16.5kmpl. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
Vikram Gour The Economic Times, Zigwheels
To keep with the 'i' generation and just how savvy the population is getting with gadgets and gizmos, Ford India has recently revealed a new variant of their bestseller-the Ikon iKoolwhich is touted to be the car of choice for the young and savvy. The new iKool adds to the variant line up available on the Ikon, which has been around for almost a decade now. Based on the facelifted version of the Ikon, the iKool has been kitted out in order to generate appeal not just in terms of style, but in functionality as well. Externally the car sports neat body graphics, iKool badging, a chrome deck lid appliqu, and a spoiler to compliment the package as well as offer a sporty overtone to the car's stance.
Speaking about the iKool, Nigel Wark, Executive Director, Marketing and Sales, Ford India, said, "The Ikon iKool is a fun to drive yet economical car. Its new feature rich persona along with legendary driving characteristics will appeal to the upwardly mobile and ambitious customers who want their car to complement their active lifestyles." Under the hood, the iKool is powered by the tried and tested 1.4 litre TDCi Duratorq diesel or you can opt for the 1.3 litre ROCAM petrol. Both engines offer decent drivability and are easy on the pocket so to speak. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
Sopan Sharma The Economic Times, Zigwheels
As the transport bus rolls into the entrance of Nissan's massive new headquarters at Yokohama, the centerpiece of the driveway holds my attention and admiration. It is not some twisted modern art sculpture, nor one of the company's many iconic cars. Put up right in the centre is a simple box - a quick charging station for its new and forthcoming electric vehicles. If all goes well, the sprouting of such boxes over numerous metropolitan areas around the world will determine the company's ascension to the top spot in the automotive world. How things change. Just ten years back, the industry had almost written off Nissan after its worst financial crisis. Only three of its 46 models were making profits, and the loss for '99 was pegged at about $6 million dollars. It took an outsider to come in, bypass Japanese business etiquette, take tough calls and draw flak - but the very next year Nissan posted a turnaround profit of $2 million. The feat even got him a place as a hero in Japanese comic books. Carlos Ghosn, CEO of Nissan and Renault, would be present to mark the day. The occasion itself was momentous for Nissan in more ways than one. Combining the inauguration of its new HQ, currently the greenest building in Japan, along with the launch of the world's first intended affordable mass production electric vehicle could sound like a field day for tree huggers, but the company's outlook has seen a sea-change after its alliance with Renault. Technological advancements, driving excitement and environmental awareness aside, new Nissan has thrived because it is now driven by strong business propositions. The new Leaf EV is exactly that.
As the car rolled on to the track, pinning the accelerator was greeted with a very likeable hot hatch reaction - minus the noise. This felt like a proper 120-odd BHP hatchback that loved going fast. The absence of a gearbox also meant that the relation between the accelerator and the forward motion of the car was that much more direct. The top whack of 140 km/h came in good time, and the powertrain felt completely stress free even at its peak. This was no toy car. It was a proper vehicle that would keep up most other things on the highway. To take care of the scenario, Nissan decided to partner with municipal corporations and urban administrations of large cities to set the infrastructure up. Given the new green focus that many cities have developed recently, the response was more than encouraging. In fact, Nissan chief Carlos Ghosn mentioned in no uncertain terms that the problem being faced by the company right now is one of plenty, with Mayors lining up to strike deals. Currently in alliance with 27 urban areas around the world, the company seems to be ensuring that the Leaf will never run out of juice even in the real world. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| CARS, SUVs, MUVs Go To Top
New Delhi: The country's largest car maker Maruti Suzuki India has achieved the feat of rolling out the 1,00,000th of its flagship export model, A-Star.
The Manesar facility of the company, which manufactures A-Star, SX4, Swift and Swift DZiRE, has also crossed the 5-lakh-units production mark since the commencement of the unit.
CAR MAKERS BETTING ON PREMIUM HATCHBACK TO DRIVE GROWTH
Chennai: Auto majors are pinning their hopes on new launches in the premium hatchback segment to give the much needed push to revive the industry in the midst of the economic downturn.
In the last few months, the country witnessed an array of launches in the price range of Rs 3.5 lakh to Rs 7.5 lakh, revving up the country's car market.
While Honda came out with its much awaited premium hatchback 'Jazz' from its stable, Italian car major Fiat launched its premium small car 'Grande Punto' in both petrol and diesel variants.
The country's leading auto manufacturer Maruti Suzuki also launched its 'Ritz', which is expected to heat up the competition. The country''s second biggest car maker Hyundai Motor India launched the upgraded version of the 'i10', Hyundai 'i20' in this category last year.
"We were planning to sell 700 units of i20. But we have been selling 4,000 units per month and already 60,000 units have been sold in the last 12 months," Hyundai Motor India managing director HS Lheem said.
According to industry experts, premium hatchback segment largely comprises Ritz, i20, Fabia, Jazz and Grande Punto.
Lheem was of the view that it was not only the attractive price of the vehicle that made it to be a ''best seller'' but due to other auto-makers pricing of their cars.
Hyundai Motor India reported a 53.94% jump in domestic passenger car sales in July at 23,193 units as against 15,066 units in the same month of 2008.
FIAT TARGETS EXPORTING 7,000 CARS THIS FISCAL
See this story in: The Times of India (Web Edition),(Web Edition)Business Standard (Delhi Print Edition)
Mumbai: Fiat India Automobiles (FIAL) said it is scouting for opportunities in the SAARC region to achieve its export target of 7,000 cars this fiscal from just 800 in the previous one. http://timesofindia.indiatimes.com/news/business/india-business/Fiat-targets- http://www.indianexpress.com/news/fiat-targets-to-export-7-000-cars-this-fiscal/501274/
REVIVING THE LOGAN WILL BE AN UPHILL DRIVE Murali Gopalan The Hindu Business Line (Web & Print Edition)
Mumbai: Putting the Logan back on the fast track will be the biggest challenge for Mahindra-Renault, the joint venture between Mahindra & Mahindra and Renault of France.
The sedan promised plenty at the time of its launch in April 2007 but somehow lost its way en route and is barely averaging 500 units a month. There is a school of thought which believes that it has suffered because of the dual structure excise duty, which is lower for small cars at eight per cent while larger ones such as the Logan, face a heftier 20 per cent and ended up with a price tag of Rs 5-7 lakh.
Whats a Small car The small car, in the Indian context, is up to four metres long with engine capacities capped at 1.5 litres for diesel and 1.2 litres for petrol. The Logans 1.5 litre diesel engine would qualify except that at 4.24 metres, it would have to be trimmed to fall under the lower excise duty bracket.
This is precisely what Tata Motors did with the Indigo, which has since been resurrected as the CS (compact sedan) and become more affordable in the process at a little over Rs 4 lakh. This reduction in price made quite a difference to its sales subsequently and this is something that M&M believes could be tried out in the Logan too. After all, if this translates into a price reduction of up to Rs 1-lakh, goes the reasoning, customers would make a beeline for the car and sales would soar.
The rub, however, lies in the fact that the Logan is a Renault product which is sold globally. Any alteration in its length could then mean that it will have to be done for the same car retailed successfully in other countries. Would a little reengineering for India be worth its while especially when the mid-size segment is still doing modest numbers? According to sources, Renault believes a lot more needs to be done for the Logan for it to really make a difference in this country. For instance, its initial USP of roominess has not cut any ice with customers. What they prefer instead is greater attention to style and design and this is precisely what the French automaker would rather focus on.
Timely solution needed Despite repeated assertions by the joint venture partners that the Logan is here to stay, sources say that the need of the hour is a timely solution. Renault has had a rough run in the global recession and would be hard-pressed to pay special attention to India especially when sales have been little to write home about.
From M&Ms point of view, a status quo on the project would be of little consequence since its core utility-vehicle business is only getting stronger by the day.
According to sources, the Logan has also suffered because it hardly made any connect with the market. This could have been a result of poor product positioning, lacklustre marketing efforts and so on. In the process, Renault would, therefore, have to focus on building its own brand more aggressively in India even while putting the Logan back on track.
The French automaker will have another facility in Chennai being built jointly with global ally, Nissan. It had initially put its own car plans on hold but has, lately, indicated that it would like to kick off production using synergies with Nissan.
The bigger challenge to be overcome now is Mahindra-Renault. There were talks of the Sandero hatchback being produced here but then the economics did not quite work out. The only way out is to focus on the Logan except that time is the issue. As sources say, it would be a pity if the project were to languish because the car still has the potential to make it big in the Indian market. http://www.thehindubusinessline.com/2009/08/13/stories/2009081351650200.htm
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| COMMERCIAL VEHICLES Go To Top Sindhu Bhattacharya Daily News & Analysis (Web Edition)
New Delhi: A leading clutch systems supplier for medium and heavy commercial vehicles (M&HCVs) is gearing up for a 30% growth in orders in the second half of this year. But isn't the M&HCV segment seeing a decline with sales of tractor trailers and large trucks still in the negative territory?
Actually, CV sales seem to be looking up and may end the year with a smile, what with the economy picking up and several CV makers revisiting capacity expansion plans.
Demand for steel is at an all-time high, investment flow has resumed in the infrastructure sector and demand for other commodities such as cement is also improving. All these economic activities directly translate into improved sales in the M&HCV segment.
A leading CV financier says that at the beginning of the year, his company was concerned about negative growth in M&HCV sales but things are looking up now.
"We are pinning hopes on CV sales post September, when the monsoons would be gone and festival season would have already begun. There was never really any problem with CV finance, the problem was postponement of purchases by truckers because of the slackened economy. Our forecast for this fiscal is now a growth swing between -5% and +5%. Already, sales of passenger as well as of goods LCVs and trucks are up," he told DNA.
Even now, the overall CV growth is being led by LCVs, but the M&HCV segment also appears to be improving its prospects. Some CV makers have already begun revisiting their capex plans.
Anirudh Bhuwalka, the MD & CEO of Asia Motor Works, says he has already reach total M&HCV production capacity of 50,000 units per year at his Bhuj plant, despite his company looking to sell only 6,000 units this fiscal. "On the LCV front, we had decided to postpone entry last year because of poor market conditions, but now we need to take a re-look (on LCV entry). We are studying the market."
A leading component supplier confirmed Ashok Leyland's (ALL) communication to all suppliers, asking them to begin operating at "full throttle" since the company has brought down inventories.
In a recent conference call with analysts, ALL's chief financial officer K Sridharan said a demand pull is now beginning to be seen in the southern and western markets (where ALL has a strong presence).
"We expect the CV market to register single digit growth this fiscal." ALL has bagged almost half of the 10,000 unit bus orders given under JNNRUM scheme and has lined up an overall capex of Rs 700 crore for this fiscal.
Tata Motors, the largest CV player, will begin selling the 'World Truck' this quarter with a 280 hp tractor-trailer model and scale up this offering with higher hp versions. It has already enhanced its market share in both LCVs and M&HCVs during the June quarter and has lined up a total capex of Rs 2,500 crore for this fiscal.
Siddhartha Lal, the MD & CEO of VE Commercial Vehicles, says the 5-12 tonne segment (light and medium duty) is "getting back in shape.
Even heavy duty is getting better as compared with the situation 7-8 months back, but it is still behind last year's."
He says VECV's investments in areas such as distribution have been accelerated though no new capacity is being added.
Two other new entrants in the Indian CV market -- the Tatra Kamaz joint venture for heavy duty trucks and the Daimler venture -- appear to be watching the marketing closely before taking any call on advancing capex plans. http://www.dnaindia.com/money/report_cv-sales-looking-up-as-auto-majors-revisit-capex-plans_1281954
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| CONSTRUCTION & AGRI MACHINERY Go To Top Manu P. Toms The Hindu Business Line
Mumbai: Eicher Engineering Components, a division of VE Commercial Vehicles, has started exporting gearboxes to tractor manufacturers in the US from its facility in Pithampur.
The company has got orders from 15 companies in the US, one each in Europe and Africa, apart from six in South-East Asia. Besides tractors, these gearboxes are used in other industrial applications.
Component exports to tractor OEMs and engineering industries are down 70 per cent as the industries are badly hit in the US and Europe.
We expect annual revenue of Rs 35-40 crore from this business and hope to double it once the downturn phase is complete, said Mr Pradeep Kapse, CEO, Eicher Engineering Components. The gearbox manufacturing unit in Pithampur SEZ was commissioned in July.
Capacity The company has an installed capacity to produce 5,000 gearboxes monthly, comprising 3,000 15-kg gearboxes, 1,500 which are under 150 kg and 500 gearboxes exceeding 150 kg. This capacity could be expanded keeping in line with demand.
Moreover, we can scale the factory to nine times the built-up area since we are spread over 10 acres, Mr Kapse said. Eicher Engineering Components also has a plant in Thane near Mumbai which makes gears for the domestic tractor and commercial vehicle sector. Its Dewas facility in Madhya Pradesh makes transmission gears and shafts. http://www.thehindubusinessline.com/2009/08/13/stories/2009081351720200.htm
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| 2/3 WHEELERS Go To Top IANS See this story in: The Economic Times
New Delhi: A niche market for superbikes is quietly picking up pace in India, with enthusiasts increasingly seeking that tantalising rush of adrenaline, undeterred by the high prices of these roaring mean machines. http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Two-wheelers/Zooming-passion-for-superbikes-in-India-overrides-cost-factor/articleshow/4884646.cms
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| COMPONENTS Go To Top Hemamalini Venkatraman & V Balasubramanian
Chennai: Sunny days appear to be back for auto ancillaries. Their production is on a recovery path buoyed by the pick up in sales of passenger cars and two wheelers. Alongside, the investment climate has improved since January this year, according to a review by the Centre for Monitoring Indian economy (CMIE). The report said auto ancillary production is expected to reclaim lost ground this year. Backed by improved demand for automobiles, the revival process is expected to gain momentum in 2009-10. Aided by a 7% growth in OEM segment and 8.5% rise in exports and after market segment, we expect ancillary production to grow by 8.2% in 2009-10, it said. Early results of companies indicated a further worsening in the industrys sales performance in the quarter ending March 31, 2009. Thanks to the double whammy impact of sluggish demand and inventory liquidation by auto companies, industry sales plunged by 23.6%. But, a proportionately steeper fall in raw material costs salvaged the industry and enabled it to earn a PAT margin of 2.9%. The report expects sales growth to accelerate by 52.2% in December quarter on the back of a pick up in commercial vehicle production in the second half. This is expected to help the industry to post healthy margins thereafter. The CMIE report said the capital additions in the ancillary sector came to a standstill due to sluggish demand and liquidity crisis. There has been pick up in the investment climate and in June 2009 quarter, investments worth Rs 439 crore announced. Barring a few hiccups, capital investments in the auto ancillary industry are largely on track. Of the total 141 projects outstanding, 34 are expected to be commissioned in the next one year ending June 2010. These entail a total investment of Rs 2,420 crore. Of these, 30 projects valued at Rs 1,950 crore will go on stream in 2009-10, it said. Barring steering gears, piston rings and brake assembly, the market size of components is expected to witness healthy growth this year. The report also expects increased outsourcing by international OEMs and higher localisation by domestic companies to drive demand. Last year, auto component imports and exports were growing at a scorching pace since the start of the financial year. However, it was hit in January this year due to global liquidity crisis and slowdown in auto demand. During April-January 2008-09, exports grew by 27.3% to Rs 10,252 crore. Barring UK, auto ancillary exports to all major export destinations grew in robust double digits during the period. The value of imported components also increased by 52% to Rs 17,875 crore during the period. Imports from Korea, Germany and Japan constituted 51% of the overall import value. The government deferred the imposition of safeguard duties on auto components till August 2009 due to protests by user industries including SIAM. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
SUNDARAM BRAKE UPBEAT ABOUT EXPORTS The Hindu Business Line
Chennai: Sundaram Brake Linings Ltd (SBL) expects its exports business to improve significantly in the current year thanks to demand from the replacement market. .
At the companys AGM on Wednesday, the Chairman and Managing Director, Mr K. Mahesh, said the company had been getting positive signals from export markets, especially from the replacement market. Till new vehicles are bought, the existing vehicles have to be maintained in good shape.
In 2008-09, the company witnessed 7 per cent growth in its exports turnover to Rs 67 crore, accounting for 40 per cent of the companys turnover of Rs 171 crore. Shareholders approved a resolution doubling the boards borrowing limit to Rs 100 crore. http://www.thehindubusinessline.com/2009/08/13/stories/2009081351700200.htm
TIMKEN FORGES PACT WITH SPAREAGE SEALS PTI See this story in: The Hindu Business Line
Bangalore: Timken India Ltd, provider of industrial oil seals, has signed a marketing agreement with India's Spareage Seals Ltd, enabling Timken to offer Spareage's complete range of oil seals to customers and distributors throughout India.
The oil seals are used in application across a range of industries, including the metals, energy, cement, mining and gear drive market sectors.
Introducing this range of oil seals is part of our strategy to bring a complete line of friction management products to the industrial distribution channel'', Ajay Das, MD, Timken India Ltd, said in a statement.
Through the agreement, Timken will source a line of oil seals from Spareage to serve the Indian market. Timken had sales of $5.7 billion in 2008 and having operations in 26 countries. http://www.thehindubusinessline.com/blnus/02121602.htm
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| FINANCE & INSURANCE Go To Top The Hindu Business Line
Mangalore: Karnataka Bank Ltd has entered into a memorandum of understanding with JCB India Ltd for financing purchase of earth-moving equipment such as backhoe loaders, wheel loaders, excavators, compactors, cranes and skid steers. A bank release said the finance will be extended under the banks KBL Vahana Mitra scheme. JCB India Ltd has nominated Karnataka Bank as preferred financier for availing of finance for purchase of earth-moving equipment. http://www.thehindubusinessline.com/2009/08/13/stories/2009081352220600.htm
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| OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top PTI See this story in: The Hindu Business Line, Deccan Herald
New Delhi: Reliance Industries is likely to sign a gas sale contract on Thursday with Indraprastha Gas Ltd that would use the supplies from RIL's eastern offshore gas fields for vending CNG to automobiles and piped gas to kitchens in the national capital . RIL is likely to sign the Gas Sales and Purchase Agreement (GSPA) with IGL - the sole supplier of CNG and piped gas in Delhi - for supply of 0.308 million standard cubic meters per day of its KG-D6 gas, industry sources said.
Government has allocated over 0.83 mmscmd gas from KG-D6 for seven city gas projects at a price of $ 4.2 per million British thermal unit. Besides IGL, Mahanagar Gas Ltd that retails CNG in Mumbai has been allocated 0.37 mmscmd and Hindustan Petroleum 0 .49 mmscmd for its CNG operations in Ahmedabad, sources said. State gas utility GAIL's subsidiaries Avantika Gas Ltd has been given 0.012 mmscmd for Indore and 0.0012 mmscmd for Ujjain, Green Gas Ltd 0.15 mmscmd and Sabarmati Gas Ltd 0.077 mmscmd.
RIL is currently producing 36 mmscmd gas from KG-D6, half of which goes to power plants. The firm has the capacity to produce 60 mmscmd but is constrained to produce less, as the government is yet to identify customers for buying gas beyond the initial 4 0 mmscmd, allocated primarily to fertilizer and power producers in accordance with the Gas Utilization Policy. http://www.thehindubusinessline.com/blnus/02121760.htm http://www.deccanherald.com/content/19278/ril-amp-igl-sign-gas.html
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| INTERNATIONAL NEWS Go To Top Reuters See this story in: The Economic Times
Hanover/Stuttgart: Volkswagen (VW) and Porsche have broadly agreed on details for a deal to combine two of Europe's most storied automakers, two VW supervisory board members told Reuters on Wednesday. unit of family-owned Porsche Automobil Holding SE, the first step in creating what VW has called an "integrated" automotive group by the end of 2011. "Questions over valuation have been resolved," one of the board members said.
GM LOGS INTO e-BAY TO RECAPTURE MARKET SHARE Reuters See this story in: The Financial Express
Detroit: General Motors Co and eBay Inc are launching a test program in California that will allow consumers to negotiate with dealers and buy new vehicles online. The car shopping website gm.ebay.commarks a departure from the way new vehicles have traditionally been sold in the United States and is aimed at helping GM recapture lost market share a month after it emerged from bankruptcy.
The online marketplace provides the US automaker with a new venue to sell new vehicles as it cuts the number of US dealerships by more than 40% to 3,600 by the end of 2010 as part of its efforts to return to profitability.
It also expands an existing partnership covering GMs certified used vehicles sold through eBay. Most of the vehicles sold on eBay Motors a site that sells various types of vehicles and auto partshave been used.
More than 225 GM dealers in California are participating in the program, which will run from August 11 through September 8. GM said it intends to expand the program nationwide if the pilot helps it reach new customers and gain market share.
The website allows consumers to compare pricing across models and participating dealerships, negotiate prices, and arrange financing and payment. Consumers can agree to pay the advertised price or indicate the price they are willing to pay and can negotiate online with the dealer for the vehicle.
More than 20,000 new Chevrolet, Buick, GMC and Pontiac vehicles will be listed initially on the site. California, which has been dominated by import brands over the past several years, is the most populous US state and the single largest market for new vehicles. Car sales have been hit harder in California than in other states over the past quarter because of the severity of the housing market slump there.
Its a critical market for us and critical time for the company. Anything we can do to provide exposure to the products where we are underserved is clearly good news, GM US sales chief Mark LaNeve said on a conference call.
Its been incredibly hit by the recession. We think it really needs a shot in the arm, he said. GMs market share in California is hovering in the 13% to 13.5% range, trailing its national average of 19.5%.
GM, which lost $82 billion over the past four years, is trying to revamp its image and win back consumer trust after completing a bankruptcy restructuring steered by the Obama administration. http://www.financialexpress.com/news/gm-logs-into-ebay-to-recapture-market-share/501315/
GM NOT TO REOPEN OPEL SALE PROCESS See this story in: The Indian Express Milford: General Motors Co has no intention of reopening the sale process for its European Opel operations and remains intent on reaching a deal with one of the two remaining bidders as quickly as possible.
GM Chief Financial Officer Ray Young said the automaker was looking to wrap up the Opel sale as quickly as possible even after improvements in its own financial position removed the immediate threat of bankruptcy for Opel.
"I think everyone is anxious to get this thing done," Young said on the sidelines of a GM event at its vehicle testing facility outside Detroit.
Canadian auto parts group Magna International is locked in a two-way competition with Belgium-based investor RHJ International to buy Opel in negotiations that have also involved the German government.
Berlin has thrown its support behind Magna's offer, which is backed by Russia's Sberbank, on the grounds that it offers better protection for the 25,000 jobs on Opel's payroll in Germany.
GM has expressed reservations about the Magna deal, saying it wants to make sure that its proprietary technology in Opel is protected in any partnership. Talks between GM and Magna last week failed to produce a deal for Opel.
GM Chief Executive Fritz Henderson told Reuters Television in an interview on Tuesday that he did not expect to reopen the Opel sale to any party beyond Magna and RHJ. http://www.indianexpress.com/news/gm-not-to-reopen-opel-sale-process/501208/ http://in.biz.yahoo.com/090812/50/bau15c.html
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| ECONOMY & FINANCE Go To Top The Hindu Business Line
Mumbai: The rupee fell by around 40 paise against the dollar on Wednesday, and touched 48.50 levels during intra-day trade. The domestic currency opened at 48.09 and weakened to touch an intra-day low of 48.50. It recovered some of its losses to close at 48.35, as against the previous close of 47.96/97. The rupee opened lower tracking the negative Asian equity indices. Dollar demand from importers put pressure on the rupee.
The greenbacks rally against other major currencie s pushed the rupee to its days low, said a dealer with a public sector bank. The currency recouped some of its losses tracking the domestic equity indices. The partial recovery of the pound and the euro against the greenback also helped sentiments, added the dealer. In the forward premia market, the six-month ended lower at 2.73 per cent (2.88 per cent) and the one-year was at 2.47 per cent (2.56 per cent). http://www.thehindubusinessline.com/2009/08/13/stories/2009081352260600.htm
SENSEX ENDS 54 POINTS LOWER IN VOLATILE SESSION The Hindu Business Line
Mumbai: The Bombay Stock Exchange benchmark index Sensex which plunged by 373 points early on Wednesday, managed to recover most of its lost ground in the late session.
The stock markets turned week tracking weak global markets. The Sensex closed 15,020.16 points, down by 54.43 points. It touched a low of 14,701.05 during intraday. It closed yesterday at 14,874.33.
In similar fashion, wide-based National Stock Exchange's index Nifty closed lower by 13.85 points at 4,457.50, after touching a low of 4,359.40. Stocks of banking, metal, auto, realty, IT, and PSU retreated. http://www.thehindubusinessline.com/blnus/05121901.htm
Last Financial closing
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