| INDIAN AUTOMOBILE INDUSTRY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRY More auto testing, R&D centres to be operational by 2011 Supreme Court raps MIDC for 'affectionate' treatment of M&M How the Tatas fought the downturn INTERVIEWS/FEATURES Nissan unveils its two new vehicles GM Daewoo launches new mini-car Volkswagen Polo to drive in with petrol and diesel options COMMERCIAL VEHICLES Apex court allows TVS to sell Flame Madhur Bajaj to roll over 350 acres in land game Corporate India's big boys root for Harley Davidsons | ALLIED INDUSTRIES OIL, LUBRICANTS & ALTERNATIVE FUELS INTERNATIONAL NEWS Electric cars steal show at Frankfurt Reva introduces new model at Frankfurt Motor show BMW needs no more job cuts: Harald Krueger Europe car makers facing Asian shakeup Car slump to spark supplier mergers, bankruptcies Chinas Geely to raise capital as parent firm eyes Volvo ECONOMY & FINANCE Sensex surges; Nifty closes above 4900
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AUTO FUND HITS GOVT FINANCE BUMP The Financial Express (Web & Print Edition) See similar story in: The Statesman (Web Edition)
New Delhi: The heavy industry and public enterprises ministry is unable to fulfill the 100-day agenda, due to finance ministrys reluctance to shell out money for Auto Component Development Fund. The fund was proposed to have a corpus of Rs 1,000 crore.
The department of heavy industries is again taking up the issue with finance minister Pranab Mukherjee, given that the fist 100 days of Vilasrao Deshmukhs ministry will end by the end of September.
We have sent the proposal through a pre-budget memorandum, which was rejected by the finance ministry. We are again pitching for it, said Ambuj Sharma, joint secretary in the department of heavy industry.
The industry said it needs this fund to have a level playing field with competitors in countries like Thailand and China. We need this fund to compete with companies in Thailand and China, which get cheaper finance. I understand that the government has to contain the fiscal deficit, but it would be a big disappointment for us if the fund is not created and we would not give up, Automotive Component Manufacturers Association vice president Jayant Davar told FE.
On June 19, Deshmukh had announced that the government would set up the fund to finance the upgrade of the auto-component manufacturers through interest subsidy on loans for purchase of new plant and equipment. It is felt that such a fund would provide the necessary impetus for the modernisation of the industry and enhance its viability and competitiveness in the domestic and international markets, the minister had said at that time.
The fall in demand and costly loans in the aftermath of the global economic slowdown starting last September resulted in low margin for the auto industry. Automobile sales in the domestic market remained flat during April-December 2008. The picture improved a bit in 2009-10, with a 16% rise in sales during April-August. http://www.financialexpress.com/news/auto-fund-hits-govt-finance-bump/517957/ http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=268763
MORE AUTO TESTING, R&D CENTRES TO BE OPERATIONAL BY 2011 PTI See this story in: The Hindu Business Line (Web Edition)
New Delhi: India will build five more global automobile testing centres catering to the growing domestic industry and also manufacturers from South East Asia dependent on European test tracks at present.
Two state-of-the-art automobile testing and homologation (compliance with safety and emission standards of the country) centres are already in operation. The remaining five would be operational by September 2011, a senior official said on Wednesday.
To bridge infrastructural deficiency in the automobile sector, the Centre had proposed to set up state-of-the-art testing, validation, research and development facility centres under the National Automotive Testing and Research and Development Infrastruc ture Project (NATRIP) with an investment of about Rs 1,800 crore.
The centres at Ahmednagar and Pune has already started their operations and the remaining will be operational by September 2011,'' Joint Secretary in the Heavy Industries and Public Enterprises ministry Mr Ambuj Sharma told reporters on the sidelines o f an Assocham function.
The testing centres would come up at Manesar near Gurgaon, Chennai, Rae Bareilly, Indore and Silchar.
Elaborating on the plan to attract business from South East Asia, Mr Sharma said, There are manufacturers in Thailand, Malaysia, Indonesia and Sri Lanka who can utilise these facilities.'' http://www.thehindubusinessline.com/blnus/03161591.htm
SUPREME COURT RAPS MIDC FOR 'AFFECTIONATE' TREATMENT OF M&M Business Standard (Web Edition) See this story in: Daily News & Analysis (Web Edition)
New Delhi: The Supreme Court has criticised the Maharashtra Industrial Development Corporation for acting affectionately in favour of Mahindra & Mahindra Ltd (M&M) by allotting 17 acres in Nashik industrial area for its Logan car project.
It said the corporation acted with undue haste, arbitrarily, ignoring the claims of others, without calling for auction of industrial plots and gave M&M more land than it had asked for. When an affected company, Zenit Mataplat (P) Ltd, challenged the allotment and asked for an injunction, the Bombay High Court dismissed its application. On appeal, the Supreme Court asked the high court to decide the writ petition of Zenit expeditiously.
Zenit manufactures travel goods in its factory in the Satpur industrial estate, Nasik. It applied for an adjacent vacant plot. But the corporation rejected its request without assigning a reason.
Meanwhile, M&M wrote a letter to the chief minister on March 14, 2005, saying it had a collaboration with auto giant Renault for manufacturing Logan cars in India. It also told the chief minister that Andhra Pradesh, Madhya Pradesh and Uttarkhand were vying for this unit. The government then wrote to the company, saying it would give maximum land and incentives, according the Logan car project the status of a mega project.
Things moved at breakneck speed after that. The land use was changed from vacant to industrial land. Instead of eight acres that were asked for, the company was granted 17 acres. The change of land use was done immediately, the allotment letter and handing over of possession were done on the same day and the licence was executed within 100 days to the dismay of neighbouring unit holders. Zenit did not get any reply from the corporation for its representations.
Zenit moved the high court for interim relief which was not granted, forcing it to move the Supreme Court. It argued that it was sidelined because M&M was in influential company. The high court is yet to consider the arguments of the company on favouring Mahindra and BSNL, which was allotted land even without changing the nature of the land.
The Supreme Court judgment delivered by a bench consisting of Justice Altamas Kabir and Justice B S Chauhan, stated that the right to equality guaranteed under Article 14 of the Constitution has been violated. Zenit had applied for land earlier, but it did not get any reply.
Mahindra, instead of making an application to the corporation, started negotiations with the government directly for allotment of land merely by writing a letter and immediately an understanding was arrived at between the government and Mahindra, the judgment explained.
The court asserted that the order of the state or state instrumentalities would stand vitiated if it lacks bona fide, as it would only be a case of colourable exercise of power. The rule of law is the foundation of a democratic society.
An e-mailed questionnaire to an M&M spokesperson did not elicit a reply. http://www.dnaindia.com/mumbai/report_sc-rejects-m-and-m-stand-on-plot_1290594
HOW THE TATAS FOUGHT THE DOWNTURN Satish John Mint (Web & Print Edition)
Mumbai: At the height of the global credit crunch late last year, Tata Realty and Infrastructure Ltd returned Rs800 crore to Tata Sons Ltd, months after the parent invested the money in its infrastructure unit.
In normal times, it would have been just another internal transaction between the group holding company and a subsidiary, but these were no ordinary circumstances.
Credit markets the world over had seized up after the 15 September collapse of Wall Street investment bank Lehman Brothers Holdings Inc. The infrastructure unit returning the money to Tata Sons by reducing equity capital was a clear signal that funds were more urgently required elsewhere in the group.
That transaction also illustrated the shift in mood at the Tata group from one of celebration earlier in the year to desperation, as 2008 drew to a close with the US, Europe and Japan buffeted by the first simultaneous recession since World War II.
Tata Motors Ltds $2.3 billion (Rs11,130 crore) acquisition in June of the British luxury marques Jaguar and Land Rover from Ford Motor Co. had occasioned the celebration; it was the second big-ticket overseas acquisition in less than two years by the group after Tata Steel Ltd spent $13 billion in 2007 to buy Anglo-Dutch steel maker Corus Group Plc amid a boom in commodity prices.
By the time 2008 ended, the bottom of the luxury automobile market had fallen out and steel prices had collapsed as demand from auto makers and builders slumped. The group wasnt wringing its hands. It was quietly preparing for the greater turbulence ahead in global financial markets.
On 6 November, group chairman Ratan Tata forewarned managing directors and chief executives of Tata firms to conserve cash and draw down all loans and lines of credit from banks and institutions to the maximum extent possible. He told them to sew up pending loans and funding agreements even if it meant paying higher interest rates.
Some of our companies with substantial foreign operations or those which have made substantial acquisitions are already facing major problems in raising capital or establishing lines of credit for their operations, Tata wrote in the letter to the heads of 96 group firms.
In India also, many of our companies already are or will soon face major problems in their access to credit due to lack of liquidity in the domestic market, as also their inability to effectively raise equity due to the depression in the stock market and the erosion of investor confidence, he wrote.
Cash is always king Tata Realtys move to return capital was part of that group effort to conserve money and use it for more urgent purposes than to fund a fledgling infrastructure firm.
The money was part of Rs1,000 crore that Tata Sons had put into Tata Realty earlier in the year. The move would have eased some of the pain and infused cash in companies that needed it the most.
Cash is always king, Ishaat Hussain, the Tata veteran who controls the purse strings as finance director at Tata Sons, said in an interview in March. And cash has always been managed and, particularly in this scenario, cash has to be pulled out from every corner, from wherever possible.
In that interview, Hussain noted how Tata Sons largest entity Tata Steel, for instance, just went ahead and raised funds because it knew it had commitments to meet and realized that the credit crunch would get worse.
What we did foresee was (that) money would get very tight. Some of us, who had the opportunity, went and raised money and built up liquidity. I certainly did that in Tata Sons. I saw storm clouds and I said money is still available, we cant take the risk to wait. So, my entire financing for 2009, I completed in May 2008, Hussain said.
In hindsight, the hunch proved correct. When Tata Motors came up with a rights offer in October 2008 to raise Rs4,145.80 crore, it found there were few takers. One of the underwriters, JM Financial Ltd, walked away from the sale. But thanks to the cash it had already raised, Tata Sons stood solidly behind the rights offer and bought all the stock that was spurned by shareholders.
After Lehmans demise, Tata Motors, the countrys largest auto maker by revenue, was battling a brutal downturn in demand for its products. At the height of the credit crunch, in November, sales in India dropped by 60% for heavy and medium commercial vehicles, 20-25% for light commercial vehicles and 30-35% for passenger cars across the sector. Tata Motors, by virtue of being the market leader in commercial vehicles, was the hardest hit.
Grave situation Tata Motors is caught in a downturn in its core automobile business. Volumes have taken a severe beating across segments, Ramnath S. and Aniket Mhatre, analysts at brokerage IDFC-SSKI Securities Ltd, wrote in a report then.
The situation is grave, as indicated by the recent plant shutdowns announced by the company (six days at Lucknow and Pune plants, and three days at Jamshedpur in November) to realign production, they added.
Vice-chairman Ravi Kant, in an interview in December, when he was CEO of the company, alluded to measures taken by Tata Motors to protect the company from bigger losses. You will continue to hear that this or that plant is getting closed. It so happens that Tata Motors is first to react to this (demand slump) and closed production. Now you see everybody doing what we did, he said. Maruti Suzuki India Ltd, Toyota Kirloskar Motor Pvt. Ltd and Bajaj Auto Ltd had by then followed Tata Motors example and announced production cuts.
The group is trying to trim costs and sharpen its competitive edge so as to compete better when the global economy is finally out of the woods.
Tata Motors has hired international consultants Roland Berger and KPMG to advise it on how to slash costs at the Jaguar-Land Rover unit. At Corus, Tata Steel has initiated programmes such as Weathering the Storm and Fit for Future I and II to stabilize the Corus operations.
Savings from Weathering the Storm are accruing faster than expected. The European unit has saved close to $450 million by cutting its workforce by one-fifth and switching to lower cost raw materials.
Fit for the Future focuses on long-term cost-cutting measures that will result in savings of up to 300 million (Rs2,390 crore) every year on a continuous basis.
The rate at which we are going, we believe the saving (in Corus operations) will be in excess of 800 million, or $1.2 billion, Tata Steel managing director B. Muthuraman said at a media briefing after the firm announced its June quarter results for its domestic operations.
These moves have been acknowledged by analysts. Tata Steels aggressive cost-cutting measures in Europe will ensure that Corus will emerge from the current downturn with a far-improved cost structure, said a July report by CLSA Asia-Pacific Markets analysts Abhijit Naik and Alok Rawat. While the restructuring charges will keep FY10 profits under pressure, we see a sharp profit recovery in FY11 and FY12.
Unlocking cross-holdings The credit crunch has eased and liquidity has returned to the markets, and economists have been speaking about green shoots, or the first signs of an economic rebound.
At Tata group, theres no let-up in fund-raising as it refinances expensive short-term debt it took on to make its bulge bracket acquisitions.
Tata Steel raised $500 million recently through a sale of global depository receipts (GDRs). Tata Motors is slated to launch a sale of equity-linked instruments. The firm plans to sell Rs2,000 crore of GDRs as early as this month, Mint reported on 14 September.
Group units have also been raising unsecured debt. Tata Motors raised about Rs1,600 crore by inviting small investors to invest in fixed deposits with the company.
The group has also been unlocking cross-holdings. Tata Motors sold Tata Steel shares and raised at least Rs485 crore, while Tata Chemicals Ltd bought shares in Rallis India Ltd from other affiliates, said Jairam Nathan, an analyst at Kotak Institutional Equities, in a report on the group. Tata Chemicals sold shares last week in Titan Industries Ltd to Tata Sons to raise about Rs100 crore.
On Monday, the exercise to aid cash-strapped Tata Motors continued as the auto maker sold another lot of five million Tata Steel shares to Tata Sons, raising about Rs236.50 crore.
Thus, the unlocking of non-core investments in group firms is coming handy to pay off costly loans and fund expansion projects, said Nathan in the report.
If push comes to shove, Tata Sons has the financial flexibility to support a group company through stake sales. http://www.livemint.com/2009/09/16212544/How-the-Tatas-fought-the-downt.html
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTERVIEWS/FEATURES Go To Top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CARS, SUVs, MUVs Go To Top Reuters See this story in: The Economic Times (Web Edition), The Indian Express (Web Edition), Deccan Herald (Web Edition), Yahoo India (Web Edition), Business Standard (Delhi Print Edition), mint (Delhi Print Edition)
Seoul: South Korean carmaker Hyundai Motor Co plans to produce a new model in India priced as low as $5,000 and targeting emerging countries, Japan business daily Nikkei reported. http://www.indianexpress.com/news/hyundai-to-launch-5k-car-in-india/517842/ http://www.deccanherald.com/content/25601/hyundai-produce-its-5000-car.html http://in.biz.yahoo.com/090916/50/bau75w.html
NISSAN UNVEILS ITS TWO NEW VEHICLES Deccan Herald (Web Edition) See similar story in: The Economic Times (Delhi Print Edition)
Mumbai: Nissan Motor India, on Wednesday, announced the launch of its second generation sedan Nissan Teana and sports utility vehicle (SUV) Nissan X-Trail.
Teana is the first Nissan model in Indian market which utilises the fully developed D platform to provide comfortable ride to passengers. It is also first in its class to feature stylish glass roofs extending open airy feeling of interior to rear seat area. http://www.deccanherald.com/content/25607/nissan-unveils-its-two-vehicles.html
GM DAEWOO LAUNCHES NEW MINI-CAR Deccan Herald (Web Edition)
Seoul: GM Daewoo hopes to make inroads into the mini-car market with its first such vehicle now on sale in South Korea and due to come to Europe at the start of 2010. It will be assembled at GM plants in India, Vietnam, Columbia and Uzbekistan. http://www.deccanherald.com/content/25501/gm-daewoo-launches-mini-car.html
VOLKSWAGEN POLO TO DRIVE IN WITH PETROL AND DIESEL OPTIONS S. Muralidhar The Hindu Business Line (Web & Print Edition)
Frankfurt: The Volkswagen Polo, scheduled to be launched in India early next year, will be one of the most awaited small cars in recent times. While there is much speculation about the hatch that VW hopes will it help rake in some volumes and a bigger presence in the Indian market, there is finally some information about how this premium small car will finally look like.
The India-spec Polo is likely to be offered with two petrol engines and one diesel engine right from when it is launched in early 2010. Further, in addition to the manual transmission, the Polo will also come with an automatic transmission option. The premium hatch has already been through an advanced level of testing and currently pre-series production is on. Start of commercial production is set for the early next year.
Revealing some of these details, Dr Jochem Heizmann, Member of the Board responsible for production, VW Group, said that the German automotive conglomerate is also working on a notch car that will be based on the Polo.
Will be longer, wider The all-new notch based on the Polo will be developed and manufactured exclusively for the Indian market. It will be longer, wider and offer more legroom than the Polo and may also carry a different name tag. Being specially designed for the Indian market, the notch car will be tuned to offer better ride quality and comfort for rear passengers.
The direction and market positioning of the notch car will be different compared with the Polo, he said. Volkswagen is in the process of finalising the selection of the powertrains for the India-spec Polo and the choice is likely to be influenced by the costs of the technologies that the engines will feature and the strategy of the competitors in the premium hatch segment, Dr Heizmann said.
Volkswagen is targeting a components localisation level of about 50 per cent right from the start of production of the Polo. We have to work on keeping localisation high so that we can keep costs low. Our ideal cost position, to compete with the others in the small car category, will be 6,000 (about Rs 4.25 lakh), he said. The companys plant at Chakan, near Pune, when at full production, will have a capacity to produce about 1.1 lakh cars annually. With the scheduled new vehicle launches, Volkswagen has set itself a roadmap of four to six years for reaching targeted full capacity utilisation of the plant.
The company is also hoping to corner a market share of about 8 to 10 per cent during the time period. As for its India product strategy, VW is expecting to straddle the whole spectrum of passenger vehicles starting from affordable small cars to niche cars and imports. http://www.thehindubusinessline.com/2009/09/17/stories/2009091750230200.htm
The Hindu (Web Edition)
Hyderabad: For the rich and the classy, the wait to see it for real ended on Tuesday evening. Powered by quattro technology, it made its appearance amidst 3,000 watts of explosive music from Zakir Alladin of Mowzz Audio, in the presence of Sindhura Gadde, Miss India World 2005.
After being launched in other cities including Pune and Chennai, the latest speed machine from the Audi stable, the Q7 was unveiled here.
It was unveiled by Rishi Goel, Audi Indias Head of Dealer Development in the presence of Rajiv M. Sanghvi, Managing Director, Audi Hyderabad, Olympus Motors and a host of P3 personalities in the State capital.
Amidst the strobe lights and the music, models from Bangalore, coordinated by G2 Rams of Mumbai, sported as head gear the LEDs, the single frame grill, colour customisation option, the panaroma roof and quattro technology that the Audi Q7 came with.
Mr. Rishi Goel said since the formation of Audi India in March, 2007, they had sold over 2,500 Audi cars.
The growth of the sales was maximum this year and between January and August this year, the company sold 1,128 cars, he added.
Mr. Rajiv said that even before the launch, the 10 Q7 cars they had received here were all pre-sold. In the 18 months of Audi Hyderabad, he said they had sold 189 vehicles.
All good things in life come for a price and the cost of the Audi Q7 is a whopping Rs. 54 and upwards, ex-showroom. http://www.hindu.com/2009/09/16/stories/2009091658140200.htm
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMERCIAL VEHICLES Go To Top
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSTRUCTION & AGRI MACHINERY Go To Top
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2/3 WHEELERS Go To Top PTI See this story in: mint, The Economic Times, The Financial Express, Yahoo India, The Indian Express, The Times of India, Deccan Herald, The Pioneer, The Statesman, The Telegraph, The Hindu, The Hindu Business Line, Daily News & Analysis
New Delhi: Japanese two-wheeler major Yamaha is looking to double bike export from India to 1.4 lakh units by 2010, while stepping up efforts to increase domestic sales, introducing more new models.
The company on Wednesday launched its iconic bike VMAX, which has been priced at Rs20 lakh, to enhance its position in the high-end bike segment.
We are confident of exporting 70,000 units of bikes this year and then doubling it to 1.4 lakh units by 2010, India Yamaha Motor chief executive officer and MD Yukimine Tsuji told reporters here.
In 2008, the company had exported 40,000 units from India, which serves as the only hub for Yamaha globally for its 150 cc bikes. It currently has a series of bikes in this range including Fazer, FZ-6, FZ16 and YZF-R15.
He said the companys exports from India has gone down in 2008 and the first half of this year due to recession. In 2007, exports stood at 50,000 units
Now we are confident of a bounce back, specially in the 150 cc and above engine capacity, Tsuji said.
On the domestic front, he said the companys plan is to launch a maximum of new two models a year as it aims for a 10 per cent market share in India by 2012. Motorcycle sales in the country in 2008-09 was at 58,35,145 units. Yamaha had a 3.5 per cent share in the Indian bike market in 2008.
Tsuji said India Yamaha Motor is also looking for domestic sales of 2.2-2.5 lakh units this year and hopes to take it to 3 lakh units by 2010.
The company had announced an investment of Rs800 crore two years back for setting up a new plant at Faridabad, which will have a capacity of 9 lakh units.
Tsuji said 60% of the amount had been invested. In the next three years Rs200 crore will be invested, mostly for developing new models, he said.
The high-end bikes segment in India is witnessing competition with other manufacturers like Suzuki and Honda selling bikes costing Rs10 lakh above. Even Harley Davidson had recently announced plans to enter the Indian market.
Yamaha current sells its 1,670 cc bike MT01 and 998 cc bike YZF-R1, priced above Rs12 lakh.
The company plans to sell about 25 units of the 1,679cc new VMAX in the next 12 months and have already received eight bookings.
India Yamaha Motor also launched a limited edition of its FZ bikes in three variants priced between Rs66,500 to Rs73,500 .
Our aim to have 10% of the Indian bike market by 2012, besides having 30% of the market in the deluxe and premium segments... We want to focus on the premium segment as our as base of our India growth strategy, he said. http://www.livemint.com/2009/09/16162700/Yamaha-to-double-exports-from.html http://www.financialexpress.com/news/yamaha-eyes-10-mkt-share-by-2012/517922/ http://in.biz.yahoo.com/090916/50/bau79a.html http://www.indianexpress.com/news/yamaha-launches-vmax-priced-at-rs-20-lakh/517769/ http://www.deccanherald.com/content/25535/yamaha-launches-limited-edition-vmax.html http://www.dailypioneer.com/203099/Yamaha-to-double-bike-export-to-14-lakh.html http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=268766 http://www.telegraphindia.com/1090917/jsp/business/story_11506727.jsp http://www.hindu.com/2009/09/17/stories/2009091757141500.htm http://www.thehindubusinessline.com/2009/09/17/stories/2009091750220200.htm http://www.dnaindia.com/money/report_yamaha-aims-to-triple-market-share_1290823
Abhishek Nigam The Economic Times, Zigwheels
With a huge 1679cc V4 motor packed in a newly designed cast aluminum frame, the reborn bad boy is not for the weak at heart or wrist. A slipper clutch helps control the claimed 200PS and 166.8 Nm of torque. With the V-Max's already iconic status the world over Yamaha has finally brought this bruiser of a bike on Indian shores adding to its already envious line up consisting of the R1 and the MT-01.The V-Max is the kind of bike which makes you forget to breathe momentarily when you see it. So it's not too difficult to fathom why this hooligan is finally here to literally bully the other so-called muscle bikes out of contention. Read all about the bike in our special package online!
APEX COURT ALLOWS TVS TO SELL FLAME The Hindu Business Line See similar story in: The Tribune, The Hindu, The Telegraph, The Pioneer, Deccan Herald, Yahoo India, mint, Business Standard, Asian Age, Deccan Chronicle, The Economic Times, Daily News & Analysis , The Hindu Business Line, The Financial Express
New Delhi, Sept. 16 In a breather to two-wheeler major TVS Motor Company, the Supreme Court on Wednesday permitted it to manufacture and sell its 125-cc Flame model motorcycles that allegedly uses the so-called twin-spark plugs technology for which Bajaj Auto claims to hold patent rights.
Without going into the merits of the case (that is, on whether there was an infringement of Bajajs patent rights by TVS), a Bench headed by Mr Justice Markandey Katju disposed of a petition filed by Bajaj that alleged patent infringement by TVS saying, The respondent (TVS) is allowed to sell (the Flame model) till the pendency of the suit before the (Madras) High Court, but it shall maintain accurate records of its (Flames) sales all over the country.
A Division Bench of the Madras High Court had earlier allowed TVS to deploy the twin-spark plugs technology for combustion in its motorbikes. Bajaj had appealed against this order before the apex court. Before that, a single judge Bench of the Madras High Court had, in its interim order, stopped TVS from manufacturing, making bookings, marketing and selling the model that uses the twin-spark plug technology or DTSi, as alleged by Bajaj. On Wednesday, the Supreme Court also sent the case back to the Madras High Court and directed TVS to file a written statement before the High Court before the Dussehra holiday begins.
To expedite the case, the apex court directed the single judge Bench of the Madras High Court todecide the issue before November 30 by hearing on a daily basis without any adjournment. The apex court asked the Chief Justice of Madras High Court to appoint a receiver, who will keep a record of TVS' sales of `Flame' across the country and submit a report in this regard to the Madras High Court. Legal experts said the receiver's report would enable the Courts to decide the quantum of compensation or damages that TVS may have to shell out to Bajaj in case the final order in the matter goes in Bajaj's favour.
However, according to TVS, its Flame model bike uses a three-valve engine based on CCVTi (controlled combustion variable timing intelligent) technology that is distinct from Bajaj's technology.
"These directions will continue till the pendancy of the suit before the Madras High Court," the court said. The court, however, said it does not want to make any observations about the case and added that the single judge of the Madras High Court should pass judgement without being influenced by the observations made by the Supreme Court and the Madras High Court. The apex court also vacated its interim orders of June 8 and August 31 that allowed TVS Motor to make TVS Flame but restrained it from moving its "finished product (motorcycle) from its warehouse.'' In the August 31 order, the court had also restrained both parties from using the order for any purpose including publicity. However, a copy of the Supreme Court's order on Wednesday is awaited.
In the case, TVS is represented by senior advocates Mr Abhishek Singhvi, Mr K K Venugopal, Mr Shanti Bhushan, Somayajulu & Raman and Bajaj by Mr R F Nariman, Mahesh Agarwal, Mr AA Mohan and Shriraj Dhru. http://www.thehindubusinessline.com/2009/09/17/stories/2009091752340100.htm http://www.tribuneindia.com/2009/20090917/biz.htm#5 http://www.hindu.com/2009/09/17/stories/2009091757161500.htm http://www.telegraphindia.com/1090917/jsp/business/story_11506646.jsp http://www.dailypioneer.com/203091/Snapshots.html http://www.deccanchronicle.com/business/sc-allows-tvs-sell-flame-motorbikes-685 http://in.biz.yahoo.com/090916/137/bau770.html http://www.livemint.com/2009/09/16150824/TVS-gets-relief-in-spat-with-B.html http://www.business-standard.com/india/news/tvs-can-sell-flametwin-spark-plug/370374/ http://www.deccanchronicle.com/business/bajaj-loses-tvs-flame-case-sc-858 http://www.dnaindia.com/money/report_tvs-may-not-rush-to-sell-the-flame_1290851 http://www.thehindubusinessline.com/2009/09/17/stories/2009091750200200.htm http://www.financialexpress.com/news/apex-court-allows-tvs-to-sell-flame/517967/
MADHUR BAJAJ TO ROLL OVER 350 ACRES IN LAND GAME Hindustan Times Mumbai: Bajaj Auto vice chairman Madhur Bajaj, who in his personal capacity owns over 350 acres of land under Emerald Acres, plans to liquidate a large portion of his land-holdings to unlock value as the real estate sector looks up after the downturn.
He said he has no plans to venture into real estate development in the next decade and would prefer sell outright large parcels of land to developers or sell through plotted schemes.
We are land bankers, Bajaj, chairman of Emerald Acres, told Hindustan Times. We dont have any expertise in construction and so we dont want to get into development at this stage. We are in the process of valuing the land price and would put it for sell soon. He said Emerald Acres has nothing to do with the Bajaj group, as he had purchased land in the past four years through his personal money.
Emerald Acres owns land in the stretch between Mumbai and Pune highway and the largest piece of 124 acres is located at Lonavala, a hill station near Mumbai. The rest are in eight other locations including Murbad near Thane and Khandala, another hill station. A township can come up at the Lonavala land and all other plots are uniquely located. We are planning to sell these so that we can buy more land maximise the value, Bajaj said.
Bajaj disclsoed that he had purchased the land cheap, and is not aware of their present market value. He has appointed a clutch of real estate consultants including Cushman & Wakefield to evaluate the land so that he could go public with the sale proposals. We are moving very slowly to become an integrated real estate company, he said. We want to learn the (real estate) business gradually, and do not have any plans to get into development in the next 10 years. He plans to buy land worth over Rs 100 crore in the near future, he added.
CORPORATE INDIA'S BIG BOYS ROOT FOR HARLEY DAVIDSONS Nandini Sen Gupta The Economic Times
They are powerful men deciding the fate of not just the companies they head but also play an important role in building the nations economy.
Will they be seen cruising on a Harley Davidson known for its wild ways with a distinctive exhaust noise?
Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/news/news-by-industry/auto/two-wheelers/Corporate-Indias-big-boys-root-for-Harley-Davidsons/articleshow/5020541.cms
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NISSAN MOTOR TO SOURCE AUTO PARTS FROM INDIA The Financial Express See similar story in: The Hindu Business Line, Daily News & Analysis , Yahoo India, mint
Mumbai: Japanese automaker Nissan Motor Company plans to source auto components worth $20 million during 2010 from India for its operations spanning countries including Thailand, Japan and China.
The company is looking at sourcing components including engine pistols, clutches and start-up motors from India, said Kiminobu Tokuyama, chief executive officer and managing director, Nissan Motor India Private Ltd. By 2012, the sourcing is expected to touch $ 40 million.
Despite its French alliance partner Renault deferring its India plans for the time being, Nissan said its joint venture with Ashok Leyland and its plans at Chennai greenfield plant are on track.
We are moving on schedule and plan to start the Chennai plant by May next year, said Tokuyama. He pointed out that of the yen 350 billion investments to be made by the company globally in financial year 2009-10 (as per the companys financial calendar), the maximum investment has been routed to India.
He, however, did not quantify the investment lined up for India. The first product to be rolled out of the Chennai plant will be a hatchback from the entry level platform (V platform) on which the Micra/March is produced. The hatchback will be launched by the end of June next year and will be followed by a sedan model in 2011. The company has not taken a call on the third model from the same platform for the Indian market.
Talking about exports from India, Tokuyama said that the company is looking at attaining a volume of 110,000 units of the entry level model (Micra/March) by 2011 and 180,000 units in the future. The name of the entry level model is yet to be finalised. On Wednesday, the company launched the new Teana and X-Trail at a price range of Rs 21.03-25.40 lakh and Rs 20.81-25.08 lakh (ex-showroom New Delhi), respectively. The two cars will be imported as completely built units (CBUs) and the company has no plan to assemble them here. The third CBU import from the company will be sports car 370Z that hits the market early next year.
We plan to launch nine models by 2012. We see our presence across in commercial vehicles, sedans, sports cars and entry level cars. We are looking at attaining a market share of above 5% in the country, he said. The company indicated that there will be five India made models introduced in the market.
At the start of production stage, the Chennai plant will have an installed capacity of 2 lakh units per annum, which can be taken up to 4 lakh units. Currently, the company has five dealers in the country, which will be taken to 55 by 2012.
On its joint venture with Ashok Leyland, Tokuyama said, At this point, I can say that the project is progressing well. Indicating that the greenfield option is still on for the two companies, he said that the immediate plan is to use the existing facilities to cater to the light commercial vehicle project roll out. http://www.financialexpress.com/news/nissan-motor-to-source-auto-parts-from-india/517916/2 http://www.thehindubusinessline.com/2009/09/17/stories/2009091750840300.htm http://www.dnaindia.com/money/report_nissan-to-source-90-million-auto-parts-from-india_1290822 http://in.biz.yahoo.com/090916/50/bau796.html http://www.livemint.com/2009/09/16224052/Auto--Nissan-to-source-parts.html
CUMMINS INDIA WORKER ON STRIKE Reuters See this story in: Business Standard
Engines maker Cummins India Ltd said on Wednesday workers at its production facility at Pune city in Maharashtra went on strike from September 15, demanding re-opening of a six-month-old wage agreement. Other plants of the firm will continue to be operational.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ALLIED INDUSTRY Go To Top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCE & INSURANCE Go To Top PTI See this story in: The Economic Times
New Delhi: Punjab National Bank signed an agreement with automobile manufacturer Mahindra & Mahindra for financing their vehicles across India.
This association will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners, PNB said in a statement.
The Hindu Business Line See similar story in: mint
Kolkata: In a bid to boost demand in the vehicle finance market, UCO Bank has signed a memorandum of understanding with Mahindra and Mahindra Ltd for car financing, according to a press statement issued by the bank. The bank would become a preferred financier of Mahindra cars and multi-utility vehicles and would also offer financing facilities to eligible customers. The tie up would also enable the bank to increase its car loan portfolio substantially, the release said. http://www.thehindubusinessline.com/2009/09/17/stories/2009091751110601.htm http://www.livemint.com/2009/09/16181324/MampM-ties-up-with-UCO-Bank.html
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top See this story in: The Indian Express Singapore: Oil shed early losses and hovered near $71 on Wednesday as the dollar's fall to one-year lows and Asian equities' climb to 2009 highs drew investors back to risky assets on brightening signs of a US economic recovery.
Investors drew strength from data showing strong growth in US retail sales, New York State manufacturing activity and US producers' prices -- factors that outweighed numbers showing a sharp jump in US distillate stocks. "The weaker dollar is the supportive element now," said Toby Hassall, head of research at Commodity Warrants Australia.
NYMEX crude for October delivery was down 3 cents at $70.95 a barrel by 0710 GMT, after settling up $2.07 on Tuesday, while ICE Brent was down 17 cents at $69.69.
Though oil has more than doubled from this year's low of $32.70 hit on January 20, it is trading 52 per cent below the record high of more than $147 struck in July 2008. The market this year hit a high of $75 on August 25.
The American Petroleum Institute said in its weekly inventory report after Tuesday's close that crude stocks rose by 631,000 barrels last week, against the forecast in a Reuters poll of analysts for a drawdown of 2.4 million barrels.
The industry group also said distillate stocks, which include heating oil and diesel fuel, jumped by 5.2 million barrels, against a forecast rise of 1.3 million. Traders are now focused on data from the US Energy Information Administration (EIA), which is due later on Wednesday.
Michelle Kwek, an analyst at Informa Global Markets said earlier in the day that prices fell when trading started on Wednesday because the market drew conclusions from the API report.
"It is evident from the figures that demand is still lacking. I expect prices to hover between $60 and $70. At this stage, you could say that demand has still not recovered to the extent that would help to sustain prices above $70," Kwek added.
The US currency hit a one-year low against a basket of major currencies as a sell-off gathered steam, with investors moving to riskier assets, pushing up stocks. In the United States, retail sales rose at the fastest pace in 3- years in August and New York State manufacturing activity hit a near two-year high, data showed, more signs that economic activity was improving.
A separate report showed prices received by US producers rose faster than expected last month, also giving a lift to US stock markets.
Federal Reserve Chairman Ben Bernanke said the worst US recession since the Great Depression had probably ended, but the recovery would be slow and creating new jobs would take time.
The Organization of the Petroleum Exporting Countries said signs of a rebound in the world economy appeared to be gathering but that the recovery would be gradual. http://www.indianexpress.com/news/oil-hovers-near-usd-71-per-barrel/517773/0
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTERNATIONAL NEWS Go To Top Agencies See this story in: The Economic Times, mint, The Financial Express, Yahoo India
Frankfurt: Fiat and Chrysler CEO Sergio Marchionne said Wednesday that the new auto alliance can reach a production level of 5.5 million to 6 million cars a year on its own once the economy stabilizes, the level he says is needed for long-term survival. http://www.livemint.com/2009/09/16160451/FiatChrysler-can-reach-6-mill.html http://www.financialexpress.com/news/chrysler-business-plan-by-end-of-november-says-ceo/517874/ http://in.biz.yahoo.com/090916/137/bau77m.html
ELECTRIC CARS STEAL SHOW AT FRANKFURT Agencies See this story in: The Economic Times
Frankfurt: The race is on among the worlds auto companies to make electric cars go farther on a single charge, bring the price down to compete with gas powered vehicles, and give drivers more places to recharge them than just the family garage. http://economictimes.indiatimes.com/International-Business/Electric-cars-steal-show-at-Frankfurt/articleshow/5020540.cms
REVA INTRODUCES NEW MODEL AT FRANKFURT MOTOR SHOW PTI See this story in: The Hindu Frankfurt (Germany): Reva Electric Car Company on Wednesday announced the launch of its model Reva NXR while unveiling another variant Reva NXG, at the Frankfurt International Motor Show. Reva NXR, a lithium-ion battery powered car is scheduled to go fo r production early next year and Reva NXG's manufacturing is scheduled for 2011, a company statement said.
Reva NXR is a four-seater hatchback model and can attain top speed of 104 kmph and cover a distance of up to 160 kilometres in a single charge, it added.
The car is loaded with several other features such as keyless operation, dual charge port, digital display and SMS alerts. It can travel up to 320 km per day using 90 minutes fast charges and a fast charge of 15 minutes will provide a 40 km range, the co mpany said. The company has priced Reva NXR at 14,995 euros and Reva NXG at 23,000 euros excluding the cost of battery in European market. However, prices of both models in Indian would be announced the next year.
NXR is a stylish car packed full of user-friendly technology. You can order one from and production will start early next year..'' Reva Chief Technology Officer Chetan Mani said. Reva Electric Car, a Bangalore-based company, is a joint venture between India's Maini Group and AEV LLC of California. http://www.thehindubusinessline.com/blnus/02161906.htm
The Economic Times, Zigwheels
The largest motor show on the planet is underway, and boy has it gotten us going! From hot new supercars to interesting electric concepts to ever greening hybrids, heres the hottest stuff on display in Germany!
After weeks of PR frenzy, the long-awaited 2009 Frankfurt Motor Show is finally underway. The Internationale Automobil-Ausstellung (IAA), or the Frankfurt Motor Show as it is more commonly known, is considered as the largest auto exhibition in the world. The IAA has been the setting for many important automobile launches over the years and has also been the place where the iconic Volkswagen Beetle was first unveiled to the world back in 1939. This year marks the sixtythird outing of this historic event, running from 15th to 27th September, and it is turning out to be a real who's-who and what's-what of international auto makers and their latest creations. The theme this year is 'A Moving Experience' and it is clear from the selection of vehicles being shown at Frankfurt that there is a clear shift of the show's limelight to alternate fuel vehicles such as electrics and hybrids. But don't think for one second that this year's show is going to be devoid of any sort of glamour or excitement though, as stuff like the Mercedes-Benz SLS AMG gull-wing, topless versions of two hypercars - the Lamborghini Reventon and Bugatti Veyron, the new Ferrari 458 Italia among others will have petrol heads at the show cooing with glee.
Mercedes-Benz SLS AMG Making its world premiere at the Frankfurt Motor Show this year is the much talked about latest creation from Mercedes-Benz, the SLS AMG. Rather than have AMG tuneup a road car from the M-B stables like they usually do, the Stuttgartbased automaker handed off the entire design of this hypercar to their in-house tuning division this time around. The SLS pays homage to one of the most legendary classic cars of all time - the Mercedes-Benz 300SL - and bears many of the striking design cues that made the 300SL so admired by auto aficionados the world over. But the most exciting design bits carried over from the old car are the iconic gull-wing doors. AMG designed this new SLS around an aluminium space-frame bodyshell - a first for any Mercedes-Benz road car. Not only does this afford the car with high strength and rigidity, it also helps save a lot of weight. As an end result, the whole car has a kerb weight of only 1,620kg - not bad considering the size of the engine and the massive amount of luxury and safety features it offers. Under the nearly 2-meter long hood is an AMG developed V8 engine that puts out a peak power figure of 571 PS and 650Nm of torque. With an AMG SPEEDSHIFT DCT 7-speed sports transmission sending all this power to the rear wheels, the SLS is able to accelerate from zero to 60 in just 3.8 seconds on to an electronically limited top speed of 317km/h. While Frankfurt is only seeing the launch of the petrol-powered version of this car, M-B is busy working on an all-electric version of the SLS for the future, which the company says will offer performance perfectly at par with the standard car.
Audi R8 e-tron All the speculation about what electric car Audi was going to display at the 2009 Frankfurt Motor Show has finally been put to rest. And yes, the rumors have been true. Audi's new all-electric concept which it unveiled at Frankfurt is based on the venerable R8 sportscar. Called the R8 e-tron, this new car is driven by four individual electric motors at each of the wheels, making it a true 'quattro' like its petrol powered cousin. Audi claims that the motors together produce 230kW of power and a unbelievable 4,500Nm of torque. But acceleration figures for this 1.6-tonne electrifier are not as mind-bending as one would expect - 4.8 seconds to reach 100km/h from a standstill. The lithium-ion battery provides a truly useable energy content of 42.4 kilowatt hours to enable a range of approximately 248 kilometers.
Rolls Royce Ghost
Hyundai Tucson iX
MINI Coupe Concept
BMW NEEDS NO MORE JOB CUTS: HARALD KRUEGER Reuters See this story in: The Economic Times, The Indian Express Frankfurt: BMW, the world's biggest premium carmaker, would not need to make more job cuts even if a second wave of the global financial crisis would hit, personnel chief Harald Krueger told Reuters. http://www.indianexpress.com/news/bmw-needs-no-more-job-cuts-krueger/517820/
EUROPE CAR MAKERS FACING ASIAN SHAKEUP Reuters See this story in: The Economic Times
Frankfurt: Europe's car industry could face a further shake-up with Asian companies pouncing on the chance to gain a foothold, as China's Beijing Automotive Industry Holdings has done with Swedish car maker Saab.
CAR SLUMP TO SPARK SUPPLIER MERGERS, BANKRUPTCIES Arno Schuetze/ Reuters See this story in: Yahoo India
Frankfurt: The global car market slump is set to spark a wave of mergers and bankruptcies among automotive suppliers being squeezed to the breaking point by weak demand and unrelenting pressure on prices, executives say.
"The current auto crisis will amplify the trend of consolidation of the industry", Peter Pleus, chief executive of German supplier Schaeffler Automotive, said on the sidelines of the Frankfurt Motor Show on Wednesday.
Ball bearings maker Schaeffler launched the biggest takeover of the sector last year by buying the automotive electronics and tyres group Continental AG in an $18 billion deal. "I'm sure there will be some opportunities (for acquisitions) in a few years because there are many new producers and there perhaps isn't room for everyone," said the chief executive of French tyre manufacturer Michelin, Michel Rollier.
His remark mirrors those of managers from suppliers like Bosch, Johnson Controls and Honeywell, who said they would look into buying interesting technology. Experts expect a number of opportunities to surface as the crisis saps liquidity at suppliers.
"The demise of suppliers is already reality and will continue, especially in the United States," said Hans-Georg Haerter, chief executive of German supplier ZF Friedrichshafen, citing companies like Lear Corp and Visteon Corp that have filed for bankruptcy protection.
"Of the 4,000 auto suppliers worldwide, 500 might become insolvent by the end of 2010," said analyst Christian Mueller at IHS Global Insight, adding companies whose products were closer to commodities than high-tech components were most at risk.
Problems at some auto suppliers create chances for others. "We have been able to acquire contracts that Lear had before," senior Johnson Controls manager Johannes Roters said. Despite new orders for a few, the industry faces a long dry spell which will make groups keep cutting costs and slashing thousands of jobs, experts say, although the worst may be over.
"In the first quarter of 2009 it was like a sinking ship. It was a destocking crisis, and I don't think we'll see that again," Michelin's Rollier said.
Most executives expect recovery to come slowly. "In the next 5-6 years the annual average growth in Europe, North America and Japan will be near zero," said Bernd Bohr, head of the automotive business at Bosch, the world's biggest supplier. Sales are expected to shrink by an average of 25 percent at the top 100 suppliers worldwide in 2009, says Stefan Bratzel of the German think tank Centre of Automotive. http://in.biz.yahoo.com/090916/137/bau777.html
CHINAS GEELY TO RAISE CAPITAL AS PARENT FIRM EYES VOLVO Reuters See this story in: The Financial Express, Business Standard
Hong Kong: Geely Automotive, the Chinese carmaker whose parent is eyeing Fords Volvo unit, is set to raise capital through a bond issue in a move that may provide funding for a Volvo bid.
Analysts, however, said the bonds could also be used for Geely to expand its car making capacity rather than to launch an immediate bid for Fords $2 billion plus Swedish car unit. Geely said last week its parent was considering a bid for Volvo with a local government-backed investment firm.
A successful deal would boost the profile of Geely, a small, homegrown car maker and give it access to Volvo technology it needs to upgrade its cars. Yet some analysts have raised concerns about whether the Chinese car maker will be able to make the acquisition work. The move is a bit of a surprise to the market, said Vivien Chan, analyst at Sinopac Securities Corp. We had a meeting with the company before and they did not mention any funding needs.
In March, Geely bought Australian automatic transmission supplier Drivetrain System International for $40 million, but a company executive said that deal was paid for from proceeds of a share placement in May. http://www.financialexpress.com/news/chinas-geely-to-raise-capital-as-parent-firm-eyes-volvo/517873/
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PTI See this story in: The Hindu Business Line
Mumbai: The rupee on Wednesday appreciated sharply by over 40 paise to close at one-month high of 48.23/24 a dollar on bullish stock markets amid increased capital inflows and weakness in the US currency overseas.
In fairly active trade at the forex market, the domestic currency resumed remarkably up at 48.41/42 a dollar from its overnight close of 48.6350/6450. It bounced to a high of 48.20 before concluding the day at 48.23/24 a dollar, the level not seen since August 14, 2009 when it was ended at 48.24/25.
Dealers attributed sharp rise in the rupee to smart rally in equities where the Sensex flared up by 222.59 points to fresh 16-month peak. Heavy dollar inflows in share markets too boosted the rupee sentiment. Foreign institutional investors pumped in $9 31.90 million in last seven days, as per SEBI figures.
Weak dollar overseas, which fell to nearly a year's low against basket of currencies as well as dollar selling by exporters on expectations of more portfolio inflows due to firm equity markets also supported the rupee rise, dealers said. http://www.thehindubusinessline.com/blnus/05forex.htm
SENSEX SURGES; NIFTY CLOSES ABOVE 4900 The Hindu Business Line
Mumbai: The Bombay Stock Exchange benchmark Sensex ended on Wednesday with a gain of 222.59 points to close at 16,677.04 as foreign funds bought shares driven by reports of advance tax payments by some big corporate houses and firming global markets. The broad-based Nifty climbed 66.30 points to close at 4,958.40.
Brokers said buying activity in the domestic markets picked up momentum after reports of advance tax payments by some corporates, indicating revival in the economy. Firming trends in global markets after better-than- expected US economic data too booste d the trading sentiments here, they said.
Major gainers were Hero Honda Motors, Hindalco Industries, Sterlite Industries, Tata Steel and Tata Motors. On the other hand, ONGC, Hindustan Unilever, HDFC, Reliance Energy, Wipro and TCS were the major losers.
Overall market breadth was positive. Out of the total 2,882 stocks traded at BSE, 1,575 advanced, 1,245 declined while 62 remained unchanged. http://www.thehindubusinessline.com/blnus/05161901.htm
Last Financial closing
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunday, September 20, 2009
Indian Auto Industry Update September 17, 2009
Subscribe to:
Post Comments (Atom)
Subscribe To
Posts
Comments
No comments:
Post a Comment