Indian Auto Industry News: Indian Auto Industry Update August 18, 2009

Mumbai: With several state governments formally declaring parts of the country as drought-hit, auto manufacturers fear they will see a negative impact on sales. The main reason is that they have a decent exposure to the rural areas of the country, due to which sales are expected to slow down to just a trickle in the final part of this year.

Indias biggest two-wheeler manufacturer, Hero Honda, is already predicting a certain impact by November-December due to the lower spending power in the hands of rural customers.

There will be no impact on sales in the current quarter as, so far, it has been very robust. But yes, we are expecting an impact on our rural sales during the ending months of the third quarter and January, essentially when the festive period comes to an end, Hero Hondas Chief Financial Officer Ravi Sud said.

The equity markets seem to have expected the same, with the companys stock plunging 5.92 per cent on the Bombay Stock Exchange (BSE) to Rs 1,390.65 at close of trade on Monday. About half of Hero Hondas sales are generated in the non-metro areas, such as agri-dependent rural and semi-rural regions.

Hero Honda is looking to sell more than 1 million units in each of the three quarters, which is substantially more than its last years tally of 3.64 million. The companys executive declined to quantify the extent of the fall the company is expecting in its rural sales.

Analysts say that demand for tractors this year will become a fine indicator of the impact expected on sales of other vehicles, including commercial and passenger vehicles.

Tractor companies were hoping for a normal rainfall this year. But, with state governments declaring many villages as drought-hit, the auto companies may have been forced to reduce their sales targets. No direct revival in sales is expected unless the government intervenes, like last year, a city-based analyst pointed out.

According to Tafe (Indias second-biggest tractor maker) Director Mallika Srinivasan, the year has been unusual so far.

We were earlier gauging the progress on a yearly basis, but we are now looking at it on a quarterly basis. The period till July has been very good, but we do not expect business to be as brisk in the latter part of the year, Srinivasan said.

Other tractor manufacturers, like market leader Mahindra & Mahindra (including Punjab Tractors) and Sonalika, are expected to be hit harder as rainfall has been more deficient in the northern part of the country an area where both these companies enjoy a lions share of the tractor market.

According to recent indications from the Indian Meteorological Department (till August 12), so far this year, western Uttar Pradesh and Haryana have received scanty rainfall (60-99 per cent less), while areas of Rajasthan and eastern Uttar Pradesh have received deficient rainfall (20-59 per cent less).

Similarly, Maruti Suzuki, which is the market leader in the passenger car segment, has also predicted a decline in off-take from Tier-III cities and rural areas where income is largely generated from agricultural sources.

However, company officials say that the impact will be limited as only 13 per cent of the companys total sales comes from such regions. It saw sales of 7.22 lakh units last financial year, registering a growth of 1.45 per cent. But the sales in the first four months of the current financial year jumped by 13.7 per cent to 2.64 lakh.

There could be an impact on our sales, but it will not be huge. The dependence on agriculture is far less than before, besides the south-westerly region which generates 55-60 per cent of sales has seen adequate rains, Maruti Suzuki Chief General Manager (Marketing) Shashank Srivastava said.

http://www.business-standard.com/india/news/drought-to-hit-auto-cos/-rural-sales/367330/

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TATA MOTORS PUTS ITALIAN DESIGNS ON SLOW TRACK

Lijee Philip

The Economic Times (Web & Print Edition)

Mumbai: Tata Motors may not join the race to pick up a majority stake in Italian car design firm Pininfarina, contrary to expectations that the Indian carmaker will make a bid to fulfil its plan to have a specialised design company.

The Tatas are not keen because the firm, which has developed cars for the likes of Ferrari, Jaguar and Rolls-Royce, has recently lost a number of key people from its design team, people familiar with the development said. Tata Motors, however, is looking at picking up minority stake when Pininfarina opens an India centre, a company spokesman said.

The family owners of Pininfarina, which holds 50.6% in the design company, recently announced that it is planning to sell a majority stake in the company to prepay debt that totals more than e600 million.

The Tatas, with whom the Italian business family has a close association, were seen as top contenders along with French financier Vincent Bollore who is working with Pininfarina on an electric car.

But it may not be Pininfarina, which designed the Tata Prima, a concept luxury sedan displayed at the recent Geneva Auto Show. There is no real prowess in Pininfarina after the recent exit of many key designers, said a design industry insider.

Like any knowledge-centric company, an auto design firm depends on its expert team to gain business. On the other hand, its well-known brand name may still attract Tatas to Pininfarina, best known for designing Ferrari models and the IPR designs, another industry executive said. When contacted, a Tata Motors spokesperson said: As and when Pininfarina opens an India centre, Tata Motors will take a minority stake in it. He clarified that Pininfarina is not designing any car for the company at present. While French financier Bollore has said he would consider taking a stake in Pininfarina, Indian car designer Dilip Chhabria is keener on picking up talent from the Italian firm.

According to Mr Chhabria, Italian design firms such as Carrozzeria Bertone and Pininfarina are in trouble with liabilities exceeding assets. Most of such design firms got into contract manufacturing. With auto manufacturers building up their own in-house design and manufacturing teams, these design firms started losing out on business, he said.

Italian carmaker Fiat bought a bankrupt Bertone earlier this month. Pininfarina has been financially weak since the untimely death of its CEO Andrea Pininfarina in August 2008. Pininfarinas latest model is the recently-unveiled Ferrari 458 Italia. Other models it has designed that are currently in production include the Alfa Romeo Brera and Spider.

http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Tata-Motors-puts-
italian-designs-on-slow-track/articleshow/4904419.cms
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TATA MOTORS RIDING ON FAITH; PAIN COULD BE HIGH

Manas Chakravarty and Mobis Philipose

mint (Web & Print Edition)

The Tata Motors Ltd stock has been among the major beneficiaries of the liquidity-induced rally in the stock markets. The shares have more than trebled compared with the lows earlier in the year. Its true investors were too pessimistic early in the year, but at current levels, there seems to be far too much optimism.

Investors have been enthused about the strong margins of the domestic business in the June quarter, the fact that the company has been cutting costs at Jaguar-Land Rover (JLR) and also that there has been some ease in the acquired firms financing situation lately.

But are these factors good enough reasons to justify the firms current valuations? The optimistic analysts on the Street expect JLR to break even in the next fiscal year because of the companys current cost-cutting measures. But this is also based on the assumption that volumes will pick up next year.

Currently, volumes continue to fall at a fast pace. In a recent report, India Infoline Ltds institutional equities desk points out that JLRs volumes have fallen by 40% between January and July this year. There hasnt been any recovery in volumes in recent months.

Even if one were to go with the assumption that JLRs volumes will pick up next year and come back to levels that will support a break-even, it must be noted that the firm will still be burning significant cash for a few more years. Based on thenumbers the firm reported in May this year, JLR was burning cash at an annualized rate of $479 million (around Rs2,330 crore).

Now, even though the domestic business is doing better than it did in the second half of the previous fiscal year, it will be a while before performance comes back to the levels the company had attained in FY08. Back then, the domestic business had thrown up free cash flow of about Rs1,700 crore. (In FY09, even the domestic business burnt cash at a high rate owing to the slowdown.)

With JLR expected to continue burning cash for a prolonged period, the company would very likely have to raise more debt or would have to dilute its equity. From a current equity shareholders point of view, thatll clearly be negative.

But investors seem to be ignoring these concerns because of the high beta the Tata Motors stock enjoys. Beta is a measure of a stocks volatility; the higher it is, the more volatile a stock.

In a liquidity-led rally, high beta stocks do much better, and Tata Motors shares have indeed delivered superior returns in the past few months.

But the reverse is also true and when the market reverses, losses are the highest in high beta stocks. Considering that valuations are rather stretched, (the stock trades at about 33 times estimated earnings for FY11, according to India Infoline estimates), the pain could be considerably high.

http://www.livemint.com/2009/08/17230135/Tata-Motors-riding-on-faith-p.html

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JAGUAR LAND ROVER LIKELY TO BREAK-EVEN BY 2011

PTI

See this story in: The Times of India (Web Edition), Deccan Herald (Web Edition), Business Standard (Web & Print Edition)

New Delhi: Fueled by improved volumes and expected recovery in the global economy, Tatas-owned British marquees Jaguar Land Rover are expected to break-even by financial year 2011, says a brokerage report.

Further, a break-even scenario for the luxury car maker could substantially boost the earnings of its parent Tata Motors.

"We expect a recovery in JLR volumes by FY11, led by the anticipated recovery in the global economy as well as new model launches.

"We believe the twin effect of volume-recovery and aggressive cost cutting measures would likely lead to break-even for JLR by FY11," brokerage firm IDFC SSKI said in a report.

Tata Motors acquired JLR from American car maker Ford Motor last year for about $2.3 billion.

JLR has been severely hit by the ongoing financial turmoil and has witnessed falling sales. Moreover, Tata Motors reported a loss of Rs 2,300 crore for the fiscal year 2009, primarily bogged down by the losses at JLR.

"Given the substantial stress on Tata Motors Ltd's earnings on account of losses at JLR (TML posted a Rs 23 billion loss in FY09 due to the Rs 22 billion loss at Jaguar Land Rover), even a break-even situation at JLR is expected to significantly boost Tata Motors Ltd's earnings going forward," the report said.

http://timesofindia.indiatimes.com/news/business/india-business/Jaguar-Land-Rover-likely-to-break-even-by-2011/articleshow/4903063.cms

http://www.deccanherald.com/content/20136/jaguar-land-rover-seen-breaking.html

http://www.business-standard.com/india/news/jaguar-land-rover-may-break-even-by-fy11/367332/
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GM MAY DRIVE LOW-COST CAR FROM INDIA

The Hindu Business Line (Web & Print Edition)

Mumbai: General Motors is clearly serious about its $4,000 ultra low-cost car for emerging markets such as India going by what its Executive Vice-President, Mr Nick Reilly, said at a recent press meet.

When Tata Motors in India came out with their $2,500 Nano vehicle, it put a lot of automakers on the spot. We are not going to make cars that cheap because that is really a specific car for a very specific market, he was quoted by wire services as saying at the press meet in Brazil on Friday.

While Mr Reilly reiterated that no decision had been made yet on the small car in terms of its manufacturing location, sources say that India stands a good chance of being one of the key production hubs for Asia.

Apart from the fact that it has an established supplier base that will offer the best mix of high quality and low costs, small cars made in India only need to pay eight per cent excise duty compared to 20 per cent for large cars.

New scheme of things

Further, in GMs new scheme of things, this country is a strategic growth spot in the Asia-Pacific region especially with substantial investments earmarked for a new plant at Talegaon near Pune, which will soon be home to the mini-car codenamed the M300 scheduled to roll out early 2010.

This, in turn, will also pave the way for a new India agenda in which GM Daewoo will increasingly have a smaller role to play quite unlike the last decade where it has been the key production point for a host of models.

The M300 will be the first point of breaking away from Daewoo though the car will also be launched in Korea. Future models for India could be planned at a global level with greater R&D participation from GM Indias own resource base in Bangalore. This, as sources say, will include the sub-$4,000 car, which has the potential to be a growth driver.

The Tata Nano has been the biggest inspiration for global automakers such as GM to follow suit though they have admitted that it would be almost impossible to match a similar costing structure.

The exception has been Renault which is planning its own ultra low-cost car in India for $2,500 in partnership with Bajaj Auto and Nissan. This is scheduled to debut towards end-2011 and will focus on mileage as its selling point instead of just price. Sources say that a breakthrough has been made in mileage which could be in the region of 35 km to a litre.

Fiat plans

Fiat has also planned a low-cost car for India which could roll out of its Ranjangaon plant near Pune by 2012. The company has a similar business model for markets such as Europe too though this car, which will not sport the Fiat badge, will be dearer than the one planned for emerging economies such as India.

The exception to this high-decibel, low-cost campaign has been the market leader, Maruti-Suzuki, which, in any case, retails some of the most affordable cars.

Its least expensive offering, the Maruti 800, is barely selling 3,000 units a month and speculation is rife that a stripped down version of the Alto could soon take over next year.

Similarly, Marutis closest rival, Hyundai Motor India, is working on a new model that will be cheaper than the Santro.

None of these low-cost options from the manufacturers concerned will be out for the next two years which will give them time to monitor the growth chart of the Nano and take away some of the lessons for their own cars.

http://www.thehindubusinessline.com/2009/08/18/stories/2009081851100200.htm

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USED-CAR VALUATIONS, SALES PICKING UP

Neha Rishi

Daily News & Analysis (Web Edition)

Mumbai: The used-car market which was dormant during the monsoon period has started to buzz up on account of early advent of the festive season in September. Also, the valuations of used cars, which dropped 5-10% as compared with last year, have started rising as people look to buy cars after the end of monsoon.

Banwari Lal Sharma, assistant vice-president (product), Carwale.com, said, "After 4-5 months of no excitement, we see lots of people coming out to sell their cars. August especially is turning out to be much better. We see almost 15% growth in used car listings on Carwale.com this month itself, which will only improve."

He said the new car and used car enquiries are rising and will get better in September once the festive season begins. "We anticipate a growth of 15-20% in our business September onwards," he said.

Value of used cars dropped sharply as compared to last year due to which dealers were selling cars at lower valuation to get rid of the inventory pile-up.

"Even cars with great demand have been hit. A very few cars have remained unaffected, that's because of the long waiting period in new car market. Such cars include Maruti Suzuki's Swift Dzire, Swift Diesel, Ritz, Mahindra's Xylo and Skoda's Superb," Sharma said.

Monsoon is the good time to buy second-hand cars because the valuation is low during the period. "A two-year-old Hyundai Santro, which until three months back cost Rs 3 lakh, costs Rs 2.65 lakh. It will shoot back to its original level during the festive season, when the market will be back on the recovery path," he said.

S Saha, chief operating officer, First Choice, the used car retail business of M&M, said, "Since April we have seen a 60% growth and we hope to reach 100% growth by the end of the fiscal. There has been an increasing trend of people upgrading across segments, such as from A to B and B to C. As far as valuations are concerned, products by Honda and Hyundai have a high resale value."

But some products irrespective of the festive season fail to generate demand. Deepak Lakhani, assistant sales manager, Millennium Toyota, said, "Demand for Hyundai Accent, Getz is less and so is the case with the petrol variants of Tata Indigo, Indica and. All GM products are witnessing zero demand. Fiat's Palio and Mitsubishi Cedia, too, are tough products to sell," Lakhani said.

Jaspal Singh, owner of VM Motors, a used car retail outlet, said that petrol variants and multi-utility vehicles have not shown any uptick in demand.

http://www.dnaindia.com/money/report_used-car-valuations-sales-picking-up_1283178
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YAMAHA, HERO HONDA TO GIVE BAJAJ A HOT CHASE

Swaraj Baggonkar

Business Standard

See this story in: Rediffmail

Mumbai: Just two months after it created a stir by launching the countrys fastest motorcycle, Bajaj Auto has to start looking in the rear-view mirror for potential challengers.

Bajajs Pulsar 220 DTSi can achieve a speed of 144 km an hour, almost 20 km more than its predecessor, and can accelerate from 0 to 60 km in four seconds.

Now, it seems, Yamaha and Hero Honda arent far behind.

Next month, Yamaha Motor will launch an upgraded model of Fazer that, sources familiar with the developments said, would be able to do 150 km an hour. The companys R15, currently on sale, can attain a top speed of 140 km/hour without the performance-boosting kit, and sources said the new Fazer would easily cross that.

Though Yamaha wouldnt comment on the exact speed of the new Fazer, the intention is clear. Sanjay Tripathi, department head (product planning & strategy) of Yamaha Motor India, said, "We will have the fastest bike in India and the riding experience is something Indian consumers have never experienced before.

Yamahas new bike will have a 220cc or 250cc engine and can be positioned as a sports bike or a touring bike, thanks to its hybrid design, similar to the current Fazer that was launched in July.

Hero Honda, too, has put the launch of a new Karizma on the fast track. To be launched in September or October, the new bike will be called Karizma ZMR and is expected to achieve a top speed of 138 km/hour against 125 that the present Karizma can hit. Though Karizma ZMRs top speed is less than the Pulsar, Hero Honda is trying to make up for it through better styling. Sources, however, added that Hero Honda may also surprise buyers on speed at the last moment.

Hero Honda is keeping its cards close to its chest, but sources said that the 223cc Karizma will have PGM-Fi technology, which powers the recently-launched Honda CBF Stunner PGM-Fi.

This will help the bike belt out higher power even while increasing its overall efficiency levels. The new Karizma ZMR will deliver 19.5 bhp against 17 bhp generated by the current model. Engine capacity, however, will be the same.

Though competitors are breathing down its neck on speed, Bajaj Auto sees two things working to it advantage. The first is the first-mover advantage. The second and this is something experts said could be a winner is pricing. The Rs 70,000 price tag for a fast bike like Pulsar 220 is something competitors may find difficult to beat. Example: At least three Yamaha models with lower speed and power than the Pulsar 220 already cost more. And Hero Hondas existing Karizma costs Rs 85,000, while the Yamahas R15 costs Rs 97,000.

Analysts said Bajaj could bank on the fact that speed thrills, but speed at a cheaper price thrills even more. The demand for sports bikes (Rs 65,000-plus) in India is around 15,000 units a month, but its a market thats picking up speed fast.

http://www.business-standard.com/india/news/yamaha-hero-honda-to-give-bajajhot-chase/367315/

http://business.rediff.com/report/2009/aug/18/yamaha-hero-honda-to-give-bajaj-a-hot-chase.htm

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TVS TO LAUNCH 100 CC SCOOTER, MOTORCYCLE

Business Standard

Chennai: TVS Motors is planning to launch a 100cc scooter and a motorcycle for the executive segment by the end of the current financial year, said Venu Srinivasan, chairman and managing director. The company also said capital expenditure for the current financial year would be Rs 30 crore as compared to Rs 75 crore in 2008-09.

Speaking at the sidelines of the companys annual general meeting here, Srinivasan said both types of vehicles will be made at their Hosur plant. Currently, TVS makes two scooters Scooty Pep and Scooty Streak in the sub-100cc segment.

The company also plans to launch its four-stroke three-wheelers in Delhi, Bangalore and Kolkata, where the demand has picked up due to government mandate. TVS had five per cent of the market share in three-wheelers in 2008-09, said Srinivasan.

Commenting on their Indonesian subsidiary, PT TVS Motor Company, in which TVS Motors had invested Rs 60.7 crore last year, Srinivasan said for the current financial year, the company had set a target of selling 20,000 units of the TVS Neo, launched for the Indonesian market. The number of dealers has been increased to 120 from 25 last year.

http://www.business-standard.com/india/news/tvs-to-launch-100-cc-scooter-motorcycle/367331/

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TVS MOTOR HOPES TO SUSTAIN UPSWING

The Economic Times

Chennai: TVS Motor Company expects to sustain the robust performance it posted in the first quarter of this year with improved sale of two wheelers and three wheelers. The company also plans to go it alone without any partner while floating a captive finance company.

Responding to shareholders queries at the 17th annual general meeting in Chennai on Monday, Chairman and MD, Venu Srinivasan said like in Q1, the company will see substantial improvement in profits in the current year. It will also consider the issue of offering bonus shares as the profits go up.

He said, "All our investments will start paying dividends from this year. We are serious about addressing the issues raised by members like better utilisation of the loans invested in assets, reducing the cost of operations and improving the returns. We will also looking at tapping renewable energy and other sources to tide over the power shortage and rising cost of the input".

Later, he told media persons, it hoped to get RBI license for the new finance arm, TVS Motor Services, by this month end. It is expected to take off in the last quarter of this year. TVS-M has invested Rs 60 crore in the entity ( as share application money) and its capital will be raised to Rs 100 crore later. The captive arm will not have any partner for the first five years.

Mr Srinvasan said TVS- M has to revitalise its finance entity as the finances for two wheelers and consumer durables have dried up from banks. Referring to the overseas ventures, he said it is betting on Indonesia as a long term market.

It has established itself as a quality supplier. The market has been dominated ( 92% share) for 40 years by the two Japanese players, Honda and Yamaha. In the domestic market, this year, TVS- M will launch new models of Scooty and three wheeler brand, TVS King.

After reporting a flat growth in net profit during 2008-09, TVS Motor Company bounced back this year on the back of improved sales. In the first quarter ending June 30, 2009, net profit spurted by 157% to Rs 18.11 crore against Rs 7.02 crore in the same period last year.

Net sales also increased by 7% to Rs 975.62 crore ( Rs 911.06 crore). The other operating income came to Rs 13.07 crore ( Rs 13.38 crore). Profit from operations before other income increased by 93% to Rs 37.19 crore ( Rs 19.30 crore).

http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Automobiles/TVS-Motor-hopes-to-sustain-upswing/articleshow/4903289.cms

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TVS LOOKS AT SALES GROWTH IN DOUBLE DIGITS

Anupama Chandrasekaran

mint

Chennai: Indias third largest two-wheeler maker TVS Motor Co. Ltd is eyeing double-digit revenue growth this year as it invests in TVS Motor Services Pvt. Ltd to provide two-wheeler financing for buyers currently holding back for lack of credit and who may continue do to so because of the poor monsoon.

Until about a year ago, 50% of the two-wheelers sold in India were financed, but that percentage is now down to 15-20%, TVS Motor CEO K.N. Radhakrishnan said.

Since the second half of 2008, banks have gone slow on credit to two-wheeler buyers in the wake of the financial crunch and the economic downturn.

TVS Motors 2008-09 annual report showed an investment of Rs60 crore in TVS Motor Services.

We are investing in TVS Motor Services because we need a finance company as credit has dried up from banks for motorcycle sales, said chairman Venu Srinivasan at the Chennai-based companys annual general meeting.

Srinivasan later told Mint that this investment was part of the companys restructuring efforts related to TVS Finance and Services Ltd, the loss-making non-banking financial company (NBFC). TVS Motor Services is the new name of TVS Finance and Services.

Bajaj Auto Ltd, the No. 2 two-wheeler company in the country, already finances its two-wheelers through its NBFC wing Bajaj Auto Finance.

Everybody is setting up financing arms to stymie sales declines, said Vaishali Jajoo, an auto analyst with Angel BrokingLtd. But in the two-wheeler market, it is more important to develop brand equity to fuel sales growth.

July sales in the domestic market for TVS Motor went up 5%. Still, that number was far lower than the growth of 30% registered by industry leader Hero Honda Motors Ltd, which sells two-thirds of the two-wheelers in India.

Further, the poor monsoonrainfall was 29% below normal as of 12 August, according to government data is likely to hurt the industrys rural two-wheeler sales by 10-15% this year, Radhakrishnan told reporters on the sidelines of the conference.

If output of agricultural products (is) affected, they (rural consumers) will certainly postpone their purchases, he said.

The TVS financing arm that has been revived very recently will help fuel the expected double-digit revenue growth for fiscal 2010, Radhakrishnan said.

But some shareholders are unhappy that TVS Motor, maker of the Apache, Victor and Flame motorcycles, has not disclosed details about the management of the two-wheeler financing company that it is investing in.

We dont know who will be running the finance company and that is my worry, said 66-year-old S. Padmanabhan, a retired Reserve Bank of India manager, who owns 700 shares of TVS Motor.

The company is ignoring the fact that capital is scarce, he added. For the year ended March, TVS Motor posted a 2% drop in earnings at Rs31.08 crore on an 8% rise in sales to Rs4,008 crore.

On the Bombay Stock Exchange, the stock closed nearly 6% lower at Rs47.60 in Monday trading. The exchanges benchmark Sensex index too closed 4.1% down at 14,784.92.

http://www.livemint.com/2009/08/17215718/TVS-looks-at-sales-growth-in-d.html

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HERO ELECTRIC EXPLORES GLOBAL MARKETS FOR LOW-SPEED

E-BIKES

Meera Mohanty

The Hindu Business Line

New Delhi: Hero Electric has begun exploring international markets for its low-speed electric two-wheelers, even as it tests its high-speed (45 km) bike for the domestic market.

According to Mr Sohinder Gill, CEO, Hero Electric, e-bikes built for Indian road conditions would do well in Africa. There is also an opportunity in Canada and European markets where lead-acid battery-powered bikes are allowed. Newer vehicles in developed markets run on the more expensive and efficient lithium-ion batteries.

The Hero Group company hopes to sell 25,000-30,000 bikes this year, up 40 per cent from last year. Its plant has an annual capacity of 120,000 units.

Mr Gill, who also serves as the Director of Corporate Affairs for the Society of Manufacturers of Electric Vehicles (SMEV), says electric vehicles are growing at 30 per cent from its current small base. But manufacturers wont survive without government support.

Duty structures

The SMEV wants duty structures rationalised and a 25 per cent subsidy on purchase of all electric vehicles for two to three years. Every country has offered subsidies of 30-50 per cent during the seeding stage of the industry, he says. Encouraged by Indias recent commitment towards solar energy, the SMEV is banking on the Ministry of New and Renewable Energy to do something for electric vehicles too. It also wants the Government to set up rapid charging stations.

Compared with Indias 110,000 vehicles, China has 20 million on road, making for a great case for electric vehicles. Excise duty and countervailing duty (CVD) was removed last year, but only on completely built units.

While the move was well-intended it only benefited traders importing bikes from China. The organised sector, accounting for 55 per cent of e-vehicles, continues to pay a CVD of 10 per cent on motors, batteries and control panels it imports, says Mr Gill. The SMEV has taken the matter up with the Finance Ministry and is hoping the duties will be rectified in its favour.

It also wants the Value Added Tax reduced, in line with the Central VAT Committee Rules that call for a lower VAT on energy saving products. Over the last six months, the SMEV has managed to persuade 10 States to lower the VAT from 12.5 per cent to 4 per cent.

VAT on e-vehicles is zero in Uttarakhand and New Delhi. Zero road tax and a 13 per cent subsidy in the Capital, has brought down the cost of an electric vehicle to 60 per cent of their petrol equivalent and helped sales, says Mr Gill.

A low-speed scooter saves Rs 12,000 a year, and is still cheaper to own even if you take into account the battery replacement cost of Rs 6,500, he adds. Domestic battery and motor manufacturers are being persuaded to start supply but given the small volumes, they are reluctant.

http://www.thehindubusinessline.com/2009/08/18/stories/2009081851180200.htm
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TVS GROUP GEARS UP FOR 4TH-GENERATION DRIVE
Chandra Ranganathan & V Balasubramanian

The Economic Times

See this story in: The Hindu Business Line

Chennai: Just two months after IT tycoon Shiv Nadars daughter Roshni Nadar got inducted into HCL, a similar story is playing out at TVS Motor, Indias third-biggest two-wheeler maker by sales.

Lakshmi Venu, in her mid-twenties and the only daughter of TVS Motor chairman and managing director Venu Srinivasan, will be inducted into Sundaram-Clayton , in the next few weeks, according to a top official close to the development.

She is slated to soon join Sundaram-Clayton (SCL), which is the holding company of TVSMotor . She is also likely to be appointed as a director on the board of Sundaram-Clayton , a top-ranking official in TVS group told ET on Monday.

Confirming the development to ET, Mr Venu Srinivasan said. Lakshmi is joining our corporate office in Chennai. Dont read too much into it. She has miles to go.

The move is seen as a precursor to her joining TVS Motor giving her potential power over the expanding two-wheeler and three-wheeler businesses in India and overseas markets. Lakshmis illustrious mother and ET award winner , Mallika Srinivasan spearheads Indias secondlargest tractor company Tafe, the flagship of Amalgamations group. Lakshmis younger brother, Sudarshan Venu, is now pursuing higher studies abroad.

Ms Venu, part of fourth generation of the business family, is an economics graduate from Yale and recently completed her doctorate in engineering business management from the University of Warwick.

Shes been working as a management trainee at TVS Motor for the last three years as part of her doctorate studies. She worked in the companys factory in Hosur across departments such as production, finance , business planning, purchase and shop floor. Venu Srinivasan spearheads TVS-M , SCL and other firms with a turnover of over $ 1 billion. Lakshmis joining the family business will come in the wake of the TVS group completing the long drawn out restructuring of the businesses of SCL.

Recently, TVS group and the US partner, Wabco , completed their exit from the two joint ventures , SCL and Wabco-TVS . Following this, Wabco has completely taken over the air brakes business from TVS. SCL is now left with aluminium die castings business plus investments in TVS-M and other entities. After the recast, both SCL and TVS-M have become subsidiaries of the group parent company, T V Sundaram Iyengar & Sons.

Worldwide experience shows that family businesses generally thrive under the first, decay under the second and wither under the third generation. Family business, researchers say, usually the third generation, loses management control over business and only 3-4 % survive and prosper.

TVS group, however, is not seeing any hiccups to its succession plan with the genext members coming on board to manage different companies. TVS has retained hold over its traditional business of auto components for four generations. This includes women family members taking over the mantle from their fathers.

In the last couple of years, Sundram Fasteners has seen, Arathi Krishna and Arundathi Krishna, daughters of CMD, Suresh Krishna, joining the company. For long, Shobana Ramachandran has been steering as MD, the Madurai based, TVS Srichakra.

http://www.thehindubusinessline.com/2009/08/18/stories/2009081852110100.htm

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PUNE BPO SETS UP WAREHOUSE FOR AUTO PARTS MAKERS

Kaustubh Kulkarni

Business Standard

Pune: With small and medium enterprises (SMEs) need for efficient logistics growing, Aparna BPO Services Ltd, a logistics BPO services provider, has decided to enter the warehousing segment primarily meant for auto-ancillary and other SMEs in and around Pune.

The firm, which provides logistics support to companies like Tata Bearings, SKF Bearings and NRB Bearings, inaugurated its warehouse in Chimbli village near Pune city with a capacity for 9,000 tonnes of goods. The warehouse will primarily store auto components and spare parts required by SMEs in and around Pune city.

That a BPO service provider firm has set up a warehouse at a cost of Rs 3.50 crore, offering low-cost but efficient storage capacity to SMEs, is considered significant.

Aparna BPO Services CEO Rakesh Singhania said, The warehouse will be an important centre of logistics management for auto component makers and other SMEs in the industrial belt of Pune and Pimpri-Chinchwad. The ever growing SME segment in this region needed a one-point logistics solutions provider. We have decided to encash this opportunity.

The three primary clients of Aparna BPO Services in turn cater to other big players such as Tata Motors, Bajaj Auto, Force Motors, John Deere, ZF Stearings, Maharashtra Scooters, Piaggio Vehicles, Aurangabad Electricals, Amol Castings, Ghatge Patil Industries, UGC Logistics, Kirloskar Brothers, Mandakini Engineering, Spicer Industries, Mahindra & Mahindra, Carraro India, Cummins India and Brakes India.

We expect our SME clients to draw a huge advantage out of the new warehouse. Since our own BPO will run the support for a warehouse managed by our own company, the SME clients will achieve better efficiency levels, says Singhania.

Aparna BPO Services plans to expand its warehousing division over the next five years. The company will look at expanding the capacity of its new warehouse and, if required, it might set up a similar facility at some other locations.

http://www.business-standard.com/india/news/pune-bpo-setswarehouse-for-auto-parts-makers/367250/

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TIMKEN IN PACT WITH SPAREAGE SEALS

The Hindu

Chennai: Timken India has signed a marketing agreement with Spareage Seals for offering a complete range of oil seals to customers and distributors. Through this agreement, Timken will source a line of oil seals from Spareage. The oil seals will be used across a range of industries, including metals, energy, cement, mining and geardrive market sectors.

http://www.hindu.com/2009/08/18/stories/2009081855231300.htm
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ALLIED INDUSTRY Go To Top

NATURAL RUBBER PRICES TO RISE FURTHER ON LOW OUTPUT

George Joseph

Business Standard

Kochi: The natural rubber (NR) market, which quoted Rs 102 a kg for RSS-4 grade, is poised for further appreciation in prices as domestic production is projected to be lower this year. At the current level of production, the annual output is expected to fall by 10 per cent. The trend during April-July indicates that the overall production is likely to be lower this time which clearly favours the appreciation in prices.

During April-July, a decline of 13 per cent was registered in production at 209,825 tonnes against 242,115 tonnes in the same period last year. According to leading rubber dealers, 10 per cent drop in production would add much pressure on the priceline as global demand for the crop, especially from China, is on the increase. Total domestic production in 2008-09 had increased by 4.8 per cent at 865,000 tonnes against 825,000 tonnes in 2007-08.

So loss in production would make the market tighter in the current financial year except during October-December period, when production is at its peak.

The current all India average productivity is 1,775 Kg /hectare/year, which is the highest globally. But according to experts, the sluggishness in the re-planting of plantations might naturally hit the productivity which will be a threat to the overall production. According to them at least 115,000 hectares of plantations is badly in need of re-planting. Because of the prevailing higher prices, farmers are eager to take maximum advantage from the trees. New plants require 6-7 years to be tapped and in the beginning yield will be lower.

http://www.business-standard.com/india/news/natural-rubber-prices-to-rise-furtherlow-output/367238/

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KRYPTON IND PLANS RIGHTS ISSUE
PTI
See this story in: The Hindu Business Line

Mumbai: Tyre manufacturer Krypton Industries said it will raise Rs 11 crore by allotting shares to existing shareholders on rights basis. The board of directors approved the proposal, Krypton Industries said in a filing to the BSE.
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FINANCE & INSURANCE Go To Top

TVS MOTOR SETS UP RETAIL FINANCING ARM

The Hindu Business Line

See similar story in: Business Standard

Chennai: TVS Motor Company Ltd (TVSM) plans to enter retail financing soon. Towards this end, it has floated a subsidiary company, TVS Motors Services Ltd, and is awaiting clearance from the Reserve Bank of India.

Speaking at TVS Motors annual general meeting of shareholders here on Monday, the companys Chairman and Managing Director, Mr Venu Srinivasan, said the financing arm could commence functioning before the last quarter of this fiscal.

In a slowdown year, when the availability of retail finance, especially in small towns and rural areas, is tight, an in-house retail finance arm would help, he said. He said the demand for gear-less scooters and mopeds is closely linked to availability of finance. Meanwhile, TVSM intends to set up an engine testing facility at its R&D centre in Hosur.

New models

The company plans to launch two new vehicles an automatic scooter and a motorcycle before the end of this calendar year. Last year, the company sold 6.44 lakh motorcycles, 4.38 lakh mopeds and 2.59 lakh scooters. It also sold 4,613 three-wheelers with two-stroke engines. Sales have picked up and are averaging about 1,000 a month, Mr Srinivasan said. The company plans to launch a four-stroke version soon at a few places including Delhi and Bangalore.

http://www.thehindubusinessline.com/2009/08/18/stories/2009081851200200.htm

http://www.business-standard.com/india/news/tvs-motor-to-setfinance-arm-by-dec/367266/
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OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top

RESEARCH ON HYBRIDS RUNS INTO GOVT APATHY

Sindhu Bhattacharya

Daily News & Analysis

New Delhi: A clutch of Indian automobile majors have at least begun introducing alternate fuel (petrol + CNG or petrol + LPG) vehicles, but the government is still dragging its feet over incentivising development of hybrids and fuel cell vehicles. Hybrids are vehicles that can run on two alternate fuel sources, usually an internal combustion engine plus a battery. Hydrogen fuel cells run on electricity created by using hydrogen fuel and oxygen from the air.

While Indian manufacturers have begun offering dual fuel options in some vehicles, there is no programme in place as yet for development of hybrids etc. Mahindra & Mahindra is the only manufacturer to have developed an indigenous hybrid vehicle till date.

An industry veteran points out that even the much hyped National Hydrogen Propulsion Programme (NHPP) is hanging fire. This Rs 700 crore project was to have brought together Tata Motors, Ashok Leyland, M&M, Eicher Motors, Bajaj Auto and TVS Motor Company besides members of the academia and research professionals. But after more than a year of talks, the NHPP is still pending since the Department of Science and Technology is unwilling to give its go ahead.

This, despite 50%, or Rs 350 crore, corpus for development of hybrids and fuel cells being borne by the industry.

Another ambitious proposal which seeks to provide 50% subsidy for indigenous development of hybrid technologies is similarly biting dust with the Ministry of New & Renewable Energy (MNRE) for the last three years.

Even some smaller amounts sought by the industry for funding smaller projects to develop hybrids and fuel cells have also been rejected. The Society of Indian Automobile Manufacturers had sought a meagre Rs 5 crore for development of hybrid four-wheelers and another Rs 4 crore for developing hybrid two-wheelers but the government has not agreed to either proposal. Another demand for just Rs 1.5 crore to develop hydrogen fuel cells has also been similarly rejected.

The only projects where government and industry have begun working together are the likes of the 'Hithane' project, which seeks to develop an ideal mix of hydrogen and CNG and do not need any large scale investment from the government's end.

Meanwhile, some Indian manufacturers have begun to work towards offering alternate fuel variants. Maruti Suzuki India, which launched the WagonR Duo (petrol + LPG) is now readying for the launch of a petrol + CNG variant of its popular car Zen.A similar option was recently given on Alto.

Tata Motors has already begun work on developing a 'mild' hybrid and a battery run Indica whereas the world's most successful hybrid car - Toyota Prius -- is already being tested in Bangalore for launch sometime later this year.

http://www.dnaindia.com/money/report_research-on-hybrids-runs-into-govt-apathy_1283179

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OIL FALLS BELOW $66 ON WORRIES OF SLOW RECOVERY

See this story in: The Times of India, The Pioneer

London: Oil prices fell below $66 a barrel Monday as investors worried that crude demand will recover only slowly in the US and brushed off upbeat economic growth data from Japan.

Benchmark crude for September delivery was down $1.63 to $65.88 a barrel by late morning in European electronic trading on the New York Mercantile Exchange. On Friday, the contract tumbled $3.01 to settle at $67.51.

Friday's big selloff was triggered by a sharp drop in the Reuters/University of Michigan consumer sentiment index, a bad sign for crude demand, which has already been sluggish this summer. Oil also followed stock markets, which fell heavily in both Asia and Europe.

Japan's Nikkei 225 stock average dropped 3.1 percent, while Germany's DAX was down 1.8 percent.

"We've got overwhelmingly weak fundamentals in oil," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. ``The market has really been due for a correction."

Investors brushed off evidence that the global slump may be nearing an end. Japan said Monday that its economy grew an annualized 3.7 percent in the second quarter, breaking out of a yearlong recession.

"The worst of the recession may be over, but for most economies, especially the US, the recovery may still be quite slow," Shum said.

In other Nymex trading, gasoline for September delivery fell 1.7 cents to $1.92 a gallon and heating oil dropped 3.43 cents to $1.81. Natural gas for September delivery fell 7.5 cents to $3.16 per 1,000 cubic feet. In London, Brent prices dropped $1.54 to $69.90 a barrel on the ICE Futures exchange.

http://timesofindia.indiatimes.com/news/business/international-business/Oil-falls-below-66-on-worries-of-slow-recovery-/articleshow/4902445.cms

http://www.dailypioneer.com/196416/Oil-falls-below-$66.html
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INTERNATIONAL NEWS Go To Top

GM TO PURSUE MORE GLOBAL ALLIANCES, MEMO SAYS

Agencies

See this story in: The Economic Times

Detroit: General Motors Co. will pursue more global alliances with other companies, according to a memo sent to employees.

The company has set up a corporate planning and alliances group headed by Group Vice President John Smith.

"Alliances are an important market access strategy for General Motors already, and more activity of this type can be anticipated, which makes for a good fit,'' said the memo, posted by the automotive Web site jalopnik.com. GM spokeswoman Geri Lama on Monday confirmed that the memo is authentic.

GM already has alliances worldwide including those with Chrysler Group LLC and BMW AG to build hybrid gas-electric engines for larger vehicles. Alliances generally spread out research and development costs, making new technology cheaper.

Seven executives and some of their staffs will report to Smith. The new group will help the company's executive committee in problem solving as well as business planning and long-term strategy development, the memo says.

http://economictimes.indiatimes.com/News/International-Business/GM-to-pursue-more-global-alliances-memo-says/articleshow/4904684.cms

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PORSCHE, VW MIGHT MERGE BEFORE 2011: REPORT

Reuters

See this story in: The Indian Express

Frankfurt: German carmakers Porsche and Volkswagen might merge in 2010 already instead of 2011 as currently planned, German newspaper Die Welt reported, citing VW's finance chief.

In a "very optimistic scenario" and if the economy and financial markets offer particularly favorable conditions, both companies might be able to accelerate the merger, VW Finance Chief Hans Dieter Poetsch told the paper's Monday edition.

Porsche will deliver "very impressive" results for its operating business for the 2009 financial year and the combined group might beat its target and become world market leader before 2018, Poetsch said.

The finance chief said the merged entity will seek cost synergies through joint purchase and logistics, closer cooperation in financial services, joint development projects and the use of similar modules in both groups, die Welt reported.

While these cost synergies will be achieved "swiftly", revenue synergies will take some three years to achieve, Poetsch said, according to Die Welt.

http://www.indianexpress.com/news/porsche-vw-might-merge-before-2011-report/502991/
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ECONOMY & FINANCE Go To Top

RUPEE WEAKENS SHARPLY

The Hindu Business Line

Mumbai: The rupee weakened sharply tracking other Asian currencies and the domestic equity markets. The domestic currency opened at 48.55 and moved in a one-way downward direction to end at 48.95, 71 paise lower from Friday's close of 48.24. During the day it touched a low of 49, a level last seen a month ago. The risk aversion among investors has resulted in the US dollar strengthening against other global currencies such as the euro and pound, apart from Asian currencies. The negative industrial and consumer data from the US has raised doubts about the global economic recovery, said forex dealers. A further weakening in the rupee is likely and there could also be some intervention by the central bank, dealers said. There was some selling by public sector banks at levels of 48.60-48.62, but it was on behalf of some corporate, said a forex dealer with a private bank. In the forward premia market, the six-month closed at 2.75 per cent (2.96 per cent) and the one-year at 2.50 per cent (2.58 per cent).

http://www.thehindubusinessline.com/2009/08/18/stories/2009081851250600.htm

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SENSEX SINKS WITH GLOBAL MARKETS, DROPS 626 POINTS

The Hindu Business Line

Mumbai: Stock markets took a battering on Monday on the back of fears that the global economic recovery will be slower than expected even as poor monsoon continued to cast its shadow on investor sentiment.

The benchmark stock index Sensex slipped over four per cent or 626 points and fell below the 15,000-mark on sustained selling pressure. The index closed at 14,785, after touching an intra-day low of 14,740.

The broad-based Nifty too closed below the 4,400-level shedding 192 points.

Stockbrokers said the sharp fall in Chinese and other Asian markets triggered the 127-point opening loss for the Sensex.

FII net sellers

Foreign institutional investors were net sellers of equities worth Rs 1,226.5 crore. However, domestic institutions were net buyers of equities worth Rs 460 crore. According to marketmen, Australia-based FIIs were seen selling in the market.

Retail investors also picked up stocks taking advantage of the steep fall. They were net buyers of equities worth Rs 360 crore on the BSE. Proprietary traders (brokerages) net sold stocks worth Rs 180 crore on the BSE.

A Bank of America Merrill Lynch report on Monday indicated a 10-15 pet cent pull back in Indian equities led by drought-led growth cuts. This should result in near term earning downgrades in auto and consumer segments. Investors participation in the cash market was subdued. BSEs turnover was Rs 4,956 crore (Rs 5,650 crore on Friday) and Rs 15,425 crore (Rs 16,421 crore) on the NSE.

According to market participants, negative economic data from several parts of the globe hurt investors sentiment badly. A survey by the University of Michigan showed lower than expected US consumer sentiment.

The growth in Japanese economy in the June quarter was also below expectations. Indian markets fell following the sell-off in the global markets, especially the Chinese markets. Metals such as copper and zinc have been weak on the LME and metal stocks were trending weak in the Chinese markets, said Mr Saurav Arora, Senior Vice-President, Jaypee Capital Services Ltd. Hindalco, Tata Steel and Sterlite Industries fell by 6-7 per cent.

Rupee impact

The fall in equity market had its impact in the forex market too. The rupee weakened sharply tracking other Asian currencies and the domestic equity markets. The domestic currency opened at 48.55 and moved in a one-way downward direction to end at 48.95, 71 paise lower from Fridays close of 48.24. During the day, it touched a low of 49, a level last seen a month-ago.

http://www.thehindubusinessline.com/2009/08/18/stories/2009081851990100.htm

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Last Financial closing

Sensex	14,784.92
US$ spot	Rs.48.88
US$	Y.94.666
US$ 6 months	Rs.49.61
Yen	Rs.0.52
Euro spot	Rs.68.78
LIBOR 6 months	%
Call	%
GOI sec. 10 years	- - - -

Aluminium (per kg)	Rs.
Aluminium Ingot	Rs.
Copper (per kg)	Rs.
Gold (10gm)	Rs.14,905
Lead (per kg)	Rs.
Mild Steel Ingots (Mumbai)	Rs.
Nickel (per kg)	Rs.
Nickel Cathode	Rs.
Silver (1kg)	Rs.23400
Sponge Iron (per tonne)	Rs.14090.00
Steel Flat (per tonne )	Rs.30210.00
Steel Long GVD (per tonne)	Rs.
Steel Long BVN (per tonne)	Rs.22580.00
Tin (per kg)	Rs.
Zinc (per kg)	Rs.
Zinc Ingot	Rs.- - - -

Crude Oil (WTI)	$- - - -
Crude Oil (Brent)	$68.20

Automobile

Scip on BSE	Face Value (Rs)	Last traded Value (Rs)
Apollo Tyres	1	39.10
Asahi Ind	1	53.55
Amara Raja B	2	110.05
Ashok Leyland	1	34.85
Bajaj Auto	10	1113
Bharat Forge	2	211.70
Denso	10	68.90
Eicher Ltd	10	- - - -
Eicher Motor	10	409.95
Escorts	10	67.75
Exide Ind	1	83.85
Force Motors	10	125.60
Gabriel India	1	55.17
Hero Honda	2	1390.65
Hind Motors	10	21.60
Hi-Tech Gear	10	89
Jay. Bh. Maruti	5	43.40
Jamna Auto	10	50.10
JK Tyres & Inds	10	90
Kinetic Motors	10	17
Kinetic Engg	10	65.30
KOEL	2	104.85
Kirloskar Br:	2	182.50
LML Ltd	10	10.20
L&T	2	1411.90
Lumax Ind	10	120.85
Lumax Tech	10	37
M&M	10	746.80
Maruti Suzuki	5	1276.50
Motherson SS	1	78.30
Minda Inds	10	155
MRF	10	4234.10
MICO	10	- - - -
Omax Auto	10	38.50
Perfect Circle	- - - - - -	- - - -
Rico Auto	1	26
Sona Koyo St	2	12.10
SKF Bearing	10	- - - -
SRF	10	150.45
Swaraj Mazda	10	208
Tata Motors	10	435.65
TVS Motor	1	47.60

Metals

Scrip on BSE	Face Value(Rs)	Last traded Value (Rs)
Bhushan Steel	10	883.10
Essar Steel	10	- - - -
Hindalco	1	100.25
Hind Zinc	10	692.35
Ispat Inds	10	21.25
Jindal Iron	10	- - - -
Jindal Stain	2	- - - -
JSW Steel	10	683.35
Jindal Steel	5	2911.85
National Aluminium	10	305.25
SAIL	10	161
TISCO	10	437.70
Visa Steel	1	31.35

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Indian Auto Industry News

Monday, August 17, 2009

Indian Auto Industry Update August 18, 2009

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