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TATA MOTORS RAISES $750 MILLION Business Standard (Web & Print Edition) Mumbai: Tata Motors, Indias largest vehicle manufacturing company, raised $750 million (Rs 3,487 crore, at the current exchange rate) through issuance of global depository shares (GDS) and convertible notes. The proceeds would be partly used to repay the Jaguar-Land Rover (JLR) acquisition debt. The company increased the size of the offer by 25 per cent after it met its initial target of $600 million (Rs 2,790 crore) in less than an hour from the launch, a statement from the company said. Its stock, however, took a beating due to equity dilution concerns on the bourses, recording the maximum plunge among the Sensex pack on the Bombay Stock Exchange (BSE), closing 6.66 per cent down at Rs 548.30 compared with its previous close of Rs 587.40. Tata Motors issued 29,904,306 new equity shares in the form of global depository shares at a price of $12.54 per GDS, aggregating $375 million (Rs 1,743 crore). The company also issued 3,750, 4-per cent coupon convertible notes at a price of $100,000 per note, aggregating $375 million. The notes are due in 2014. The issue comes a couple of days after the company secured a loan of 175 million (Rs 1,300 crore) from State Bank of India, the countrys largest bank, to cater to JLRs capital needs. A total of $700 million is still outstanding on the cost of acquisition of the two brands, according to Tata Motors. The offering was successfully executed against the backdrop of volatile equity market conditions with strong investor interest resulting in the book being closed in less than an hour after launch, generating a demand of $1.25 billion from 40 investors. These GDS and notes would be listed on the Luxembourg Stock Exchange, the statement further said. Although the move has eased capital requirement issues of the company to some extent, analysts are cautious about the dilution in equity of Tata Motors. A city-based analyst said: Though the company has managed to ease the debt-equity ratio marginally, a 10 per cent dilution of equity has brought bad news. The timing of the issue was also not very opportune. If the company had launched it three days ago, then it would have benefited from the exchange rate. The GDS is priced at a discount of 1.5 per cent to yesterdays closing price of Rs 589.25, while the notes were issued at a 7.5-per cent conversion premium on the GDR price with a yield maturity of 5.5 per cent. In addition to repaying debt incurred in connection with the acquisition of the two UK-based luxury brands JLR, Tata Motors also said that intended to use the proceeds from this offering for capital expenditure, working capital needs and other general corporate purposes. Tata Motors Vice-Chairman (Non-Executive) Ravi Kant said: This is a significant milestone for Tata Motors. This transaction is the re-affirmation of investor confidence in the automotive sector and bears testimony to the trust reposed in the long-term outlook and performance of Tata Motors. The companys Chief Financial Officer C Ramakrishnan said: The offering will augment our long-term resources, help us deleverage and provide us the financial flexibility to pursue our strategic goals. http://www.business-standard.com/india/news/tata-motors-raises-750-million/372822/ Tata Motors raises $750 million The Economic Times (Web & Print Edition) http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/Tata-Motors-raises-750-million/articleshow/5108210.cms Tata Motors raises $750 m to clear Jaguar bridge loan The Hindu Business Line (Web & Print Edition) http://www.thehindubusinessline.com/2009/10/10/stories/2009101051930100.htm Tata Motors mobilises $750m to repay JLR debt Daily News & Analysis (Web Edition) http://www.dnaindia.com/money/report_tata-motors-mobilises-750m-to-repay-jlr-debt_1297089 Tata Motors raises $750 mln to pay down debt Hindustan Times (Web & Print Edition) http://www.hindustantimes.com/rssfeed/auto/Tata-Motors-raises-750-mln-to-pay-down-debt/Article1-463100.aspx Tata Motors raises $750 million The Hindu (Web & Print Edition) http://www.hindu.com/2009/10/10/stories/2009101057441600.htm Tata Motors raises $750 m to pay debt Deccan Herald (Web Edition) http://www.deccanherald.com/content/29622/tata-motors-raises-750-m.html Tata Motors mops up $750m to repay debt The Times of India (Web & Print Edition) http://timesofindia.indiatimes.com/business/india-business/Tata-Motors-mops-up-750m-to-repay-debt/articleshow/5108060.cms Tata Motors raises $750 mn to repay debt mint (Web & Print Edition) http://www.livemint.com/2009/10/09113638/Tata-Motors-raises-750-mn-to.html No change in rating on Tata Motors offering: Moody's The Indian Express (Web & Print Edition) http://www.expressindia.com/latest-news/No-change-in-rating-on-Tata-Motors-offering-Moodys/527211/ Tata Motors to pay back entire JLR loan The Financial Express (Web & Print Edition) http://www.financialexpress.com/news/tata-motors-to-pay-back-entire-jlr-loan/527323/2 Tata Motors to raise $600 m via share sale The Hindu Business Line (Web Edition) http://www.thehindubusinessline.com/blnus/02091207.htm Tata Motors to raise $600 mn via share sale in intl mkt The Indian Express (Web Edition) http://www.indianexpress.com/news/tata-motors-to-raise-600-mn-via-share-sale-in-intl-mkt/527056/ Tata Motors to raise $600 mn via share sale in intl mkt Yahoo India (Web Edition) http://in.biz.yahoo.com/091009/50/baubha.html 
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| INTERVIEWS / FEATURES
SUMO BARGES Kartik Ware Business Standard (Motoring) Mumbai: Two Japanese heavyweights slug it out. Stand aside, please Kartik Ware. From the moment these two came together, I knew it was going to be a tough fight. The Teanas got a facelift and a new engine, while the Camrys got a few revisions as well. Both are big cars made for the American market with lots of space, comfort and exclusivity thrown in along with respectable power. But there has to be a winner, right? Read on. Looks
Nissan Teana: Maybe its just me, but isnt there a slight hint of GT-R in the Teanas headlamps? Swoopy and almost-sporty the xenons might be, but all pretences of sportiness are thrown out of the window by that giant chrome grille that could make a sabre-toothed tiger run for cover and make every bling-lovin rap star rub his hands with glee. It doesnt look bad though; it adds to the overall impression of size and that, as they say, is what matters. At the rear, the tail-lamps are raked and sporty too, but again the gigantic bumper makes it difficult to think of the Teana as lithe. But does looking at it make you want one? Yes, and one look at the all-black roof will convince you too, Im sure. Toyota Camry: The Camry was pretty futuristic when it was launched and it still manages to look, um, not old. Well, its just that weve grown used to it, I guess. The Camry, contrary to the Teana, chooses to go horizontal with its headlamps. Those Japanese eyes dont look bad at all and they flank a heavily slatted grille that looks like it could shred errant pedestrians before leaving an imprint of the badge that sits on its snout. At the rear, the Camry does a Teana, with its swollen bumper dominating the view, while the sporty tail-lamps provide some relief. Doesnt look bad at all, this car, but it is a little devoid of the exclusivity that comes with the Teana. Interior
Nissan Teana: The Teanas cabin is a nice place to kick back and relax. Even more so for the front passenger, who gets a business class-type reclining seat. Yes. Nissan calls it the Ottoman seat and its the place to be in the Teanas cabin though I wish it was at the back, which is where Indian owners usually sit. The rear seats are very comfortable too and legroom is not an issue. And the driver is taken care of in similar fashion, in case you were wondering. The dashboard is well-designed and well-finished, though the faux plastic trim looks a bit cheap and a touch will only confirm what your eyes see. But thats the only grouse I have and everything else, the beige leather upholstery, the controls and the music system, feels top-notch. But what really got my attention was the cool twin sunroof setup. Lovely detail, and combined with the rest of the features, it makes for a great ergonomic package. Stepping into the Camry after the Teana is a bit gloomy. The beige isnt as lively and your view is dominated by grey. No leather steering wheel, no fancy dashboard styling and just the fact that it doesnt feel as well put together as the Teana contribute to you wanting to get back in the other car. The front seats lack under-thigh support, but apart from that little niggle, theyre just fine. The rear seats are much more comfortable though and redeem the Camrys cabin to a large extent. The steering wheel features comprehensive controls and there is the de rigeur sunroof too. Overall, equipment levels are decent and there is a lot of space, but it simply doesnt feel as luxurious as the Nissan. Ride & Handling
Nissan Teana: The Teana pulls itself together and hustles along quite admirably, more than I was expecting from it, to be honest. You dont really expect Japanese luxury barges to be exceptional handlers, do you? However, feel through the steering wheel is good, while the independent front struts and the multi-link setup at the rear work in conjunction with the Vehicle Dynamics Control to keep the Teana planted and pointed in the right direction. The 215/55 tyres hugging the 17-inch wheels provide good grip and the brakes come with EBD and Brake Assist for added peace of mind. At city speeds, the Teana soaks up lesser bumps very well, but sharp bumps do make the suspension make thunking noises. Other than that, its smooth sailing all the way in this barge. Toyota Camry: There is no mistaking the fact that the Camrys suspension has been tailored for comfort, and the first time you go over a bumpy patch at high speeds is enough to understand this. At normal speeds, the Camry is plush and indifferent to road irregularities, isolating you from the worst of the Mumbai civic bodys efforts. But once the speedo needle starts to reach above 130 kph, the car starts reaching for every line except the one that you want it to follow. Despite the Vehicle Stability Control that the Camry comes with, it will take the skill of a certain Mr Trulli to keep the big Toyota on course at high speeds. However, if youre content to cruise along at slightly over triple digit speeds, the Camry will be more than happy to gallop along. Engine & Performance
Nissan Teana: This is the reason why the Teana is here. The 2496cc V6 that powers the Teana produces an extremely smooth 180 bhp to go with the 23.2 kgm of torque and carries its 1,537 kg kerb weight quite well. The motor responds to the slightest dab of your right foot, though the continuously variable transmission makes you feel like youre driving a giant Kinetic Honda. I couldnt help laughing as the Teana gathered its skirts and sprinted forward with a trademark CVT sound. Thanks to the transmission, the Teana could only manage the 0-100 kph run in 10.5 seconds and went on to register a top speed of 198.6 kph with three people on board. Its easy to drive in traffic too, thanks to the power on tap,and it pulls cleanly throughout its rev range until the very top where it hits a wall. The Teanas performance is good for a CVT, but needless to say, it would be much better with a proper automatic box. Toyota Camry: What a motor! The Camry continues with its 2362cc four-cylinder motor that produces 165 bhp and 22.8 kgm. Despite its higher kerb weight of 1,545 kg and the fact that it gives away two cylinders and 15 bhp to the Teana, it doesnt feel underpowered at all. Yes, it takes 11 seconds to hit the tonne mark, but it posts a top speed of 202.9 kph and the motor feels strong while doing so. In traffic too, the Camry feels very responsive, more so than the Teana and this makes it more driveable as well. The five-speed automatic gearbox is a smooth shifter and never gives any cause for complaint, helping you to extract the last ounce of power from that gem of an engine. I couldnt help but wish that the ride and handling of the car would do justice to the motor. Sigh. Verdict
Both might be Japanese, but have as much in common as the Tories and the Liberals of England. The Teana is yours for Rs 26.60 lakh, ex-showroom, Mumbai, while the Camry retails for Rs 24.68 lakh, ex-showroom Mumbai. With its luxurious comfort, features and road manners, the more expensive Teana makes great sense for its price, while the Camry fails to make a convincing case despite its much lower price. There is the very valid question of Nissans after sales network against bullet-proof Toyota reliability and greater reach across India, but Im going to stick my neck out and pick the Teana and I recommend that you do the same. http://www.business-standard.com/india/news/sumo-barges/372759/
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| CAR FIRMS TO TAP FESTIVE DEMAND Yogesh Mehendale
Asian Age Mumbai: If you are planning to buy a car this Diwali, you would a get good bargain in terms of hefty discounts or you may even emerge as a lucky winner of a new car. The only catch is that you will not be able to drive out with your car of choice because of the long waiting period for the cars that are in demand. For instance, if you want to buy the newly launched Honda Civic or Honda City, you may take either of it for free if you are lucky, because to cash in on the festive season, Honda Siel is running a promotional offer win a car every week, but delivery period is minimum two weeks. So, the customer trying their luck would able to drive the car only post-Diwali. Similar is the case with General Motors (GM) popular models like Chevrolet Spark. Captiva, U-Va and Tavera. The waiting period for these models vary from a few days to as much as 85 days. Attributing the surge in demand to improving economic condition and declining interest rates, Mr P. Balendran, the vice-president of GM said: Depending upon the model and the variant we are offering discounts ranging between Rs 15,000 and Rs 47,000. Free maintenance packages and gold coins are the added offerings we have for the festive season. We expect that we will be able to achieve double digit growth in October 2009. The car for which you will have to wait longer, is Skodas recently launched model, Superb. There is a waiting period of 90 days for the Superb and if you want to buy Skoda Laura for Diwali then you will have to wait for 45 days to take the delivery.
CAR TO RIVAL NANO MAKES NO HEADWAY Pankaj Doval The Times of India (Web & Print Edition) New Delhi: Nearly 18 months after they announced plans to roll out a rival to Tata Nano, the ambitious ultra low-cost (ULC) car project of Bajaj Auto, Nissan and Renault seems to have not made much headway. The three companies that had joined hands for jointly developing and rolling out a budget car around the price of the Nano are still unable to work out a concrete product plan while also not having enough confidence on the expected demand for such a product.
Colin Dodge, global executive VP for Nissan, told TOI that it was turning out to be a very, very difficult project for the companies and they had still not found a right solution. It is a very, very difficult project. And getting the product definition right is extremely difficult.
If you look at the segmentation of 2-wheelers to 3-wheelers to low-cost 4-wheelers, our understanding at the moment is that the cheapest 4-wheeler in India is taking customers from the next cheapest 4-wheeler. The original idea was to pull up people from 3-wheelers or 2-wheelers to the ultra low-cost 4-wheeler segment. But actual market is taking car drivers from a very low level to an even lower level. It is a concern, Dodge said. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://timesofindia.indiatimes.com/business/india-business/Car-to-rival-Nano-makes-no-headway/articleshow/5107996.cms
HERO MAY HITCH A RIDE WITH PROTON Chanchal Pal Chauhan & Sumit Chaturvedi The Economic Times (Web Edition) The $4-billion Hero Group, owned by the Delhi-based Munjal family, is in talks with Malaysias national carmaker Proton Holding to make passenger car in India, currently the fastest-growing market in the world.
An official with the Malaysian High Commission in New Delhi said Proton was in final stages of negotiations with the Hero Group to produce cars in India. The discussions have been going on for the past few months and could lead to a joint venture by the end of the year, he said, requesting anonymity.
A high-level Proton delegation will come to India by the end of this month along with Malaysias minister of international trade and industry Datuk Mustapha Mohammad, he added.
The Hero Group which runs Hero Honda, the worlds largest two-wheeler maker by volumes, along with Japans Honda Motor has been trying to establish a foothold in Indias passenger car market, Asias third-largest after China and Japan. The group owns 26% stake in Hero Honda, which sells more than half of the motorcycles sold in India.
Proton officials came and met us earlier, and theres nothing more to add, said Sunil Kant Munjal, chairman of Hero Corporate Service, which manages commercial joint ventures of the group. However, a Hero group spokesperson confirmed that the companies are working on an alliance. While the broad contours of the proposed partnership are not clear, Proton could seek an arrangement similar to the one it has in China.
Senior executives from the Hero Group have already visited Protons Shah Alam and Tanjung Malim plants in Malaysia as well as its auto design subsidiary Lotus in the UK, where Protons sports car and engineering unit are based.
Proton is eager to establish its presence in India as demand in all its major markets, including Malaysia, Pakistan, Iran, the UK and Australia, has suffered due to the global downturn.
Proton is keen to team up with Indian companies to produce small cars here. They tested their cars on Indian roads last year. They have gone through all these stages, and now, they are entering into final stages before getting into any agreement, said the Malaysian High Commission official.
Proton has been trying to enter the Indian market for nearly a decade and is likely to introduce its flagship 1.3-litre Saga sedan here. The company has also selected the 1.2-litre 5-door compact car Savvy and the 1.6-litre second-generation mid-size car Persona for the Indian market.
The Malaysian automobile market is saturated with 5.4 lakh cars sold last year, and Protons growth is coming from overseas markets, said a Proton executive working on the India project.
Our focus is to foray into developing markets likes China and India, which offer great potential for our smaller models, he said, requesting anonymity. The cash-rich Hero Group has, in the past, explored tie-ups with several global car makers such as French carmaker Peugeot-Citroen and German firm Volkswagen to manufacture cars in India. Hero could leverage Hero Hondas large sales and service network of 3,500 dealerships and service points across India. Proton has also been negotiating with several Indian companies, including Hindustan Motors, M&M, Argentum Motors and tractor maker Sonalikas International Car and Motors in the past.
Given the nature of the Indian and Chinese markets, where demand is growing but products need to be price-competitive, Protons strategy could be to localise both the vehicle as well as components with its local partners. Proton has already conducted field trials and technical evaluation at various locations in India.
Major competition for its cars will come from Maruti Suzukis WagonR and Swift DZire, Hyundais Santro, i10 and Verna range, Tata Motors flagship hatchback Indica and Indigo range and GMs Chevrolet UV-A and Aveo sedan in the price band of Rs 3.7 lakh to Rs 6.5 lakh.
The Hero Group had earlier backed out of its commercial vehicle business venture with German firm Daimler due to uncertain market conditions for trucks in the country. The Hero Groups proposed entry into insurance in a JV with German Ergo Insurance Group also did not materialise. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Automobiles/Hero-may-hitch-a-ride-with-Proton/articleshow/5108213.cms?curpg=2 MALAYSIAN CAR MAKER PROTON REVIVES PLAN TO ENTER INDIA Samar Srivastava mint (Web Edition) New Delhi: A little over a decade after it first signalled its intention to enter the Indian market, Malaysian auto maker Proton Holdings Bhdis testing the waters again. Malaysias national car company plans a contract manufacturing and distribution agreement with a local partner. We want somebody who understands the Indian market, said a person familiar with the situation, pointing out that the agreement would have a long-term nature. Proton, yet to decide on the models it will launch, has held discussions with the Hero Group and Mahindraand Mahindra Ltd. The news was first reported by Dow Jones Newswires. Weve just had initial discussions and it is too premature to say anything further, said a spokesperson for the Hero Group. We do not comment on speculative stories, said a Mahindra spokeswoman. Questions sent to Proton last Friday remained unanswered. Proton, which has been facing severe competition in its home market, first announced its intention to enter India in 1998 with a plan to set up a manufacturing facility. Earlier this decade, it began exploring India again and is believed to have held talks with Mahindra and Mahindra, according to another person familiar with the situation. Mahindra explored the possibility of Proton making cars using the Scorpio platform, said another person familiar with the talks. Talks with Hindustan Motors didnt succeed as the Indian company quoted too high a price for manufacturing the cars, the person said. Hindustan Motors already has a contract manufacturing and distribution agreement with Japanese carmaker Mitsubishi Motor Corp. http://www.livemint.com/2009/10/09220532/Malaysian-car-maker-Proton-rev.html FORD FIGO LOOKS AT COMPETITIVE PRICING Business Standard (Web Edition) Kolkata: Even though the Indian arm of US-based automobile giant Ford Motors is remaining tight-lipped on the pricing of its forthcoming small car, the company has said that it is concentrating on providing an extremely competitive cost of ownership for its newest offering the Ford Figo. After increasing the number of Ford dealerships domestically by 50 per cent over the last 15 months, the company is aiming at breaching the 150-mark by the end of this calendar year. We currently have 139 dealerships in India and this number will go up to 159 by year-end, Ford India President and Managing Director Micheal Boneham said. Boneham explained that while the pricing of the Figo would be extremely competitive, the automaker would also ensure that the life-cycle cost of the vehicle would be substantially low. For the buyer, the initial price of the car is not the only thing. They will also look at the cost component in the longer term. Overall, we want to create unbelievable value for money for a Figo owner, he said. The sub-4 meter long Figo would be available in a 1.2 litre petrol and a sub 1.5 litre diesel variant, and would be exported from India to countries in the Asia Pacific region and Africa, Boneham said. Looking forward, Ford India would release a new model every 12-18 months and the majority of further invesment by the company in India would be product driven. But we could look at expanding our facility in Chennai over the next few years if there is sufficient demand, Boneham said. http://www.business-standard.com/india/news/ford-figo-looks-at-competitive-pricing/372804/
GMS CRUZE GETS 1,000 BOOKINGS ACROSS COUNTRY
The Economic Times (Delhi Print Edition) New Delhi: General Motors sedan Cruze, which is yet to be launched in India, has already notched up over a 1,000 customer bookings across the country. Cruze is GMs most ambitious project as it tries to leave behind its financial troubles and develop compact cars moving away from traditional fuel guzzler big sports utility vehicles.GMIs sales fell 10% to 25,050 cars in April-August period in India. The company now expects to improve sales aiming to sell around 1,000 Cruze a month. Ankush Arora GM India vice-president (marketing & sales) said: Cruze is the first car in India to be debut in diesel. It will refresh the premium car segment, where no new model has been launched in the past two year. In India Cruze would compete with Hondas highly successful Civic sedan and Skoda Autos Laura and Toyotas Corolla Altis. The mid-size car segment has been stagnant with monthly sales of 3,500 units from the last one year after government levied Rs 15,000 tax on all big cars with over 1,500 cc of engine size. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| The Hindu Business Line (Web & Print Edition) Kolkata: Mercedes-Benz India plans to launch city-buses and three-axle luxury coaches in the next six to 12 months to boost its bus sales. Mercedes entered the bus segment in 2008 with two-axle buses and has sold 25 of them. We are currently offering only two-axle buses and looking forward to launch city coaches and 3-axle buses very soon, Mr Wilfried Aulbur, Managing Director and CEO of the company, told newspersons here on Friday. He was in the city in connection with the launch of New Actros 4841K truck in Kolkata. Growing demand City bus segment characterised by low or semi-low floor AC and non-AC buses is currently witnessing a surge in demand due to Rs 35,000 crore of Central assistance through Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Several other urban transport agencies such as Delhi Metro Rail Corp (DMRC) too are planning major procurement of these buses for greater operational efficiency of the city-based mass rapid transport systems. Limited market Luxury buses suited for inter-State or long distance journeys have a limited market in India with annual sales ranging approximately between 500 and 600 buses shared by eight players. Volvo is a major player in this segment. Though not comparable to the growth potential of city buses, this segment too is expecting increase in size as more and more State transport agencies are looking forward to modernise their fleet. According to industry sources, the State transport agency of Haryana recently invited tenders for procuring 100 such buses. Five companies have participated in the bidding process. The bids will open on October 14. Meanwhile, Mercedes expects its truck sales for the fiscal to remain in the same level as last year. Our trucks are largely used in the mining sector and this sector is least impacted by the economic downturn, Mr Aulbur said. http://www.thehindubusinessline.com/2009/10/10/stories/2009101050950300.htm Merc eyes heavy duty truck segment The Tribune (Web Edition) http://www.tribuneindia.com/2009/20091010/biz.htm#4 Mercedes plans to enter city bus segment The Hindu (Web & Print Edition) http://www.hindu.com/2009/10/10/stories/2009101057471600.htm Merc-Benz to roll out 3-axle buses Business Standard
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| CONSTRUCTION & AGRI MACHINERY
KVGB INKS PACT WITH MAHINDRA TO FUND TRACTORS The Hindu Business Line Mangalore: The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Syndicate Bank, has entered into an agreement with Mahindra & Mahindra Ltd (Swaraj Division) for advancing loans for purchase of Swaraj tractors, power tillers and other farm equipment. A bank release said here on Friday that both the institutions will work jointly to promote agriculture mechanisation in the nine districts of Dharwad, Gadag, Haveri, Bijapur, Bagalkot, Belgaum, Uttara Kannada, Udupi and Dakshina Kannada where the KVGB is operating. Speaking on the occasion, Mr K.P. Muralidharan, Chairman of KVGB, said that KVGB has contributed significantly to the farm sector through agriculture lending to the farmers of all categories. The bank has been consistently above the mandatory goal of 60 per cent of priority sector credit to the net bank credit, he said. The agreement with Mahindra & Mahindra Ltd will facilitate expansion of tractor advance. A farmer intending to purchase Swaraj tractors would get a loan of 75 per cent of invoice, including registration cost. Farmers owning six acres of irrigated or 15 acres of dry land are eligible to apply. He said that the dealers of the company have come forward to offer some benefits such as free registration, insurance, etc. He also announced 1 per cent reduction in the applicable interest to tractor loans. Mr Subhas Kumar, State Head Swaraj Tractors, said the tractors of Mahindra & Mahindra Ltd are easily adaptable to the northern Karnataka environment. http://www.thehindubusinessline.com/2009/10/10/stories/2009101051401700.htm
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| TWO & THREE WHEELERS
HONDA THREATENS TO TAKE 2-WHEELER PLANT OUT OF INDIA Pankaj Doval The Economic Times New Delhi : In what could be a setback to foreign investor confidence in India, Japanese auto major Honda has threatened to shut operations as its wholly-owned two-wheeler plant in Haryana due to recurring labour problems.
The company, Honda Motorcycle and Scooter India (HMSI), is the market leader in the scooter segment and has invested around Rs 1,000 crore at its factory in Manesar on the outskirts of Delhi. But recent labour unrest, that has aggravated as the company negotiates a new wage settlement with workers, has crippled the company's production pipeline, forcing it to stop accepting new orders at dealerships.
The Economic Times said production at the plant is down by more than 50% and the labour trouble has meant that a new line for vehicles, the third one since production began, has failed to take off. While no concrete figures are available, it is estimated that the company has suffered a loss of around Rs 250 crore due to a dip in productivity as workers have gone slow and the new line has not started.
This is not the first time the company finds itself facing labour trouble. In 2005, an agitation at the Honda plant hit national headlines when workers were brutally beaten up in a lathicharge by the local police.
Frustrated with the new unrest, HMSI has now petitioned the Punjab and Haryana High Court for relief and said it may shut operations in India if the situation persists. ``...since the product manufactured is of world-class quality, hence there is a demand for the product in the market. But if the present trend continues, the petitioner company (HMSI) may be forced to either to shift production to its other plants worldwide or shift out of the state of Haryana,'' the company's petition before the court said.
Acting on the company's petition that seeks orders to end the strike, the high court has sent notices to the Haryana government and the labour union, asking them to file replies by October 15.
The pullout threat by the company is considered to be a major setback for the Indian automobile industry since the Gurgaon-Manesar belt (often referred to as the Detroit of India) is one of the biggest automobile clusters in India, being home to Maruti and Hero Honda (market leaders in cars and motorcycles) apart from some of the country's biggest auto ancillaries. The area is already under a lot of pressure with labour problems across many companies, including big suppliers like Rico Auto and Sunbeam.
Sources said the current trouble started over the formulation of the new long-term wage settlement after the previous three-year agreement expired on July 31 this year. Mohan Deepak, VP for Industrial Relations at HMSI, said the average cost-to-company (CTC) for a shop-floor worker is currently around Rs 25,000. However, the labour union is now demanding higher fix and variable salary apart from better incentives, something that he says will push their CTC higher than shop floor workers at Hero Honda, the current market leaders with stronger business and production figures.
``This (the demands) is not at all acceptable to us as it is not reasonable. We are ready to pay a reasonable salary depending upon the age and experience of our associates with reasonable hikes to improve their quality of life,'' Deepak said.
Apart from the fully-owned HMSI, Honda has two joint ventures in India, Hero Honda for two-wheelers and Honda Siel Cars for automobiles. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/Honda-threatens-to-take-2-wheeler-plant-out-of-India/articleshow/5107973.cms Honda threatens to take 2-wheeler plant out of India The Times of India http://timesofindia.indiatimes.com/business/india-business/Honda-threatens-to-take-2-wheeler-plant-out-of-India/articleshow/5107876.cms
HC NOTICE TO HONDA UNION, GOVT
The Economic Times Chandigarh: The Punjab and Haryana High Court here on Friday issued notices to the Honda Motorcyle and Scooter Workers Union and the Haryana government on a petition by the company alleging violation of Industrial Disputes Act by the employees during the process of conciliation period. Justice K Kanan issued the notices to the Honda Motorcycle and Scooter Workers Union and the Haryana government for October 15. The company, in its petition, had contended that the workers have stopped working on new assembly lines in contravention of the Industrial Disputes Act. Due to the workers "indiscipline, high handedness and misuse of union", the company's production had come down by around 15%, the petition said. The company alleged that on an average Honda lost 40,000 production since August 31 due to "slowdown" by workers. On an average, the company manufactures about 4200 scooters and motorcycles per day but with the workers "slow- down" the average has slided to between 50 to 70% in the past two months, the company contended. The company said it had also moved the labour department in this regard and alleged Haryana government's action in this connection was also slow. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" TVS TO ROLL OUT TWO NEW MODELS BY END OF '09-10 Business Standard Kolkata/ Bhubaneswar: TVS Motor Company Limited, the third biggest player in India's two-wheeler market plans to roll out two new models- a bike in the 125 cc segment and a gearless scooter by the end of this fiscal. We are planning to roll out new models- a 125 cc bike and and a gearless scooter by the end of this fiscal. Our gearless scooter will be the product to watch out for as it will be very different from all the existing models in the segment, Adrian Dass, senior manager (corporate communication), TVS Motor Company Limited said here on the sidelines of the launch of Flame, a 125 cc bike. He refused to elaborate on these upcoming models. Dass said, TVS exports to around 50 countries but exports have been hit due to the global financial meltdown. TVS is betting big on Flame and aims to sell 12,000-14,000 units throughout the country during the festive season. In the Orissa market, TVS has targeted a sales volume of around 600 units of Flame during the festive period, said Arvind Gupta, area manager (Orissa) of TVS Motor Company. TVS has clocked a growth of 78 per cent in the April-September period of this fiscal in Orissa compared to the corresponding period of the previous fiscal. It is almost double the overall growth recorded by the two-wheeler industry in the state, he added. TVS which has a network of 20 dealers and 60 authorized service centres across the state is looking to scale up its dealership network. The company which has put in place three new dealers in Cuttack, Berhampur and Rourkela in the past six months, is planning to add two more dealers in the state in the next two months. Meanwhile, TVS Motor Company has signed a MoU (memorandum of understanding) with Bank of India (BoI) to provide finance to the customers. Under this tie-up, the customers can get loans at an attractive interest rate of 8.5 per cent till October 20 this year. After October 20, the interest rate would be 9.5 per cent. The TVS Flame SR 125 is equipped with the Controlled Combustion Variable Timing Intelligent engine which ensures better pick up with optimum mileage and power. The striking feature of the bike is the backlit digital console which prominently displays the first of its kind intelligent mileage indicator, low fuel warning and service indicator. The bike is priced at Rs 47,500 and it offers an on road mileage of 60-65 km per litre. http://www.business-standard.com/india/news/tvs-to-roll-out-two-new-models-by-end/09-10/372810/ PIAGGIO TO LAUNCH VESPA SCOOTERS BY MARCH 2010 Lijee Philip & Gouri Agtey Athale The Economic Times Mumbai / Pune: Piaggio will launch its 100-150cc scooters by March next year, after the Italian firm restricted its India operations to light commercial vehicle. Piaggio Vehicles India, a wholly-owned subsidiary of the Italian two-wheeler maker, will launch its well-known Vespa scooters, followed by brands such as Gilera, Aprilia and Derbi, a small motorcycle.
For this, the company is setting up a Rs 360-crore two-wheeler engine plant at Baramati to power its scooters, said a person close to the development.
Piaggio Vehicles currently makes Ap three and four wheelers, called Ape Truk in its Baramati plant. This will be Vespas third coming to India. Vespa was considered a household name in geared scooters, thanks to Piaggios initial entry into the country through a licence-manufacture agreement with Bajaj Auto in 1960s.
On expiry of the agreement in 1971, Bajaj Auto started making geared scooters under Chetak and other brands, but Vespa continued to remain a generic name for geared scooters for many years. Later in 1983, Piaggio tied up with LML to make geared scooters, but the joint venture was called off in 1999.
The Indian ungeared scooter market is witnessing activity with the latest entrant Mahindra & Mahindra (M&M) launching several scooter models this month. Honda Motorcycle and Scooter leads the pack with monthly sales of 60,000 units, followed by TVS Motor with around 23,000 units. Hero Honda Motors, which is the market leader in the motorcycle space, sells around 15,000 scooters a month with a single model, Pleasure.
M&M launched three scooter models Flyte, Rodeo and Duro last month and managed to sell around 4,000 units. Scooter sales in 2008-09 stood at 1.1 million units. During April-August 2009, scooter sales stood at 5.6 lakh units, and the market expected to grow by 20% on an annualised basis.
Piaggio Vehicles India managing director Ravi Chopra refused to talk on the companys imminent launches of the scooter brands.
He, however, said the Baramati plant will begin production by March 2010, and it will make 1,000cc and 1,200cc diesel engines for its commercial vehicles and 100cc petrol engines for two-wheeler.
Since the Baramati unit will be a global engine hub, it will cater to domestic demand as well as the global needs of the parent company. We intend to start with an initial capacity of 1,50,000 engines, but this could increase, if demand rises, said Mr Chopra. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/news/news-by-industry/auto/two-wheelers/Piaggio-to-launch-Vespa-scooters-by-March-2010/articleshow/5107812.cms
YOBYKES LAUNCHES 2 NEW MODELS FOR DIWALI The Hindu Business Line
Ahmedabad: The Electrotherm Group, makers of YObykes brands of battery-run two-wheelers, on Friday announced the launch of two new models and a festival offer, YObykes ka Chirag offer: Scratch karo pakka jito.
After successfully launching the YO Smart model in 250 watt and YO Speed in 750 watt categories, the company introduced two new models, YO Electron and YO Xplorer, in the no licence-no registration category. Their extra-range variants YO Electron ER and YO Xplorer ER were also launched. YO Xplorer ER is an economical, zero-pollution two-wheeler that runs on a rechargeable battery and a 250 W motor. Once fully charged, YO Xplorer ER can travel up to 105-110 km/charge. YO Xplorer will also be available with another battery option which can travel up to 70-80 km/charge, the company said in a statement here. YO Electron ER also runs on battery and a 250 W motor which gives the longer range of 95-100 km on single charge. YOelectron also has another battery option which can travel up to 70-75 km/ charge. The company announced a festival scheme for consumers assuring them a gift on purchase of every YObyke. They will get a scratch card that will win them an assured Philips gift DVD player, food processor or mega prize home theatre. The scheme will be applicable on all models of YObykes until October 31. States such as Delhi, Rajasthan, West Bengal, Chhattisgarh, Madhya Pradesh, Puducherry and Andhra Pradesh have given exemptions to buyers of electric two-wheelers such as RTO registration exemption or reduction of fee, and VAT reduction. Orissa is also in the process to promote pollution-free electric two-wheelers, the spokesman added. http://www.thehindubusinessline.com/2009/10/10/stories/2009101050660500.htm
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| AUTO COMPONENTS
RELIANCE AUTOZONE DRIVES INTO HYDERABAD The Hindu Business Line Hyderabad: Reliance Autozone, a one-stop shop retail format offering automotive accessories, has entered the South by setting up its first large format store at Toli Chowki here. After a successful pilot, the company, part of Reliance Retail Ltd., hinted at playing a bigger role in the used car business. Services The Chief Executive of Reliance Autozone, Mr Arun Dey, said that the focus of these stores initially has been to garner about 10 per cent share where such stores are set up and gradually step up the offering not just accessories but insurance and related services. Inaugurating its sixth Autozone, Mr Dey said we expect to set up four more before the fiscal end. Of them, three will come up in the South in Andhra Pradesh and Karnataka. Store-in-store He said that the store-in-store formats too are doing well. Unorganized sector The market for auto accessories was quite fragmented with most of the business currently handled by the unorganised sector. Discerning buyers prefer large format stores wherein they would pick and choose from a wide range of quality offerings growth According to industry estimates, the car accessories business is growing in double digits each passing year. The market size is estimated around Rs 4,200 crore. This is poised to get much bigger as the automotive sales volumes grow, he said. Referring to the proposed foray into the used car business, Mr Dey said the pilot project has been very successful and we now want to play a larger role. The idea is to offer one-stop solution to a customer. This includes sale and purchase of used cars. http://www.thehindubusinessline.com/2009/10/10/stories/2009101051711700.htm
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| ALLIED INDUSTRIES - - - - -
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| SYNDICATE BANK CUTS HOUSING AND AUTO LOANS PTI See this story in: The Economic Times Mumbai: A day after country's largest private lender ICICI Bank reduced auto loan rates, Syndicate Bank slashed interest rate on housing and vehicle loan for a limited period up to March 2010.
Under the scheme, the bank will provide housing loans at 8.25 per cent for the first two years on loans up to Rs 30 lakh and 9.25 per cent for loans above Rs 30 lakh, Syndicate Bank said in a statement.
The prime lending rate (PLR) of bank stands at 12 per cent. Home loan is available at PLR minus up to 2.5 per cent.
For vehicles loan under Synd Vahan scheme, customers can avail loan for four wheeler at 9 per cent for the first year and second and third year customers have to pay 9.5 per cent, it said.
Interest rate after third year would be prime lending rate (PLR) minus one per cent subject to a maximum of 10.5 per cent, it said. Currently, four wheeler loan is available at PLR which is 12 per cent. ICICI Bank, yesterday, reduced auto loan interest rates by 50 basis points to 10.75 per cent http://economictimes.indiatimes.com/news/news-by-industry/banking/-finance-/banking/Syndicate-Bank-cuts-housing-and-auto-loans/articleshow/5107547.cms Syndicate Bank cuts housing and auto loans Hindustan Times
http://www.hindustantimes.com/News/businessbankinginsurance/Syndicate-Bank-cuts-housing-and-auto-loans/Article1-463320.aspx Rate cuts The Statesman http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=271179
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| Kalpana Pathak Business Standard Mumbai: The government is likely to fix a price of Rs.34 a litre for purchase of biodiesel producing companies agreed to sell the fuel at that rate in a recent meeting between the governments representative and industry players. Most of the biodiesel plants are either running at 5 per cent capacity or lying idle. This move will help put the plants to use. Industry players quoted a price of Rs.36 a litre, but finally agreed on rs.34, a source from the Biodiesel Association of India said. OIL PRICES FALL TO NEAR $71 PER BARREL AP See this story in: The Indian Express, The Hindu Business Line Singapore: Oil prices fell to near USD 71 a barrel on Friday in Asia, giving up part of the previous day's big gains, as the US dollar rebounded. Benchmark crude for November delivery was down 49 cents at USD 71.20 by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added USD 2.12 to settle at USD 71.69 on Thursday. Oil has bounced in a range between USD 65 and USD 75 for months amid signs a recovery of the US economy could be slow and uneven. A weakening dollar has helped support crude prices as investors pour money into commodities on concern that the surge in stimulus spending will eventually spark inflation. "People are using crude and gold as an inflation hedge because the US is just printing money," said Clarence Chu, a trader at market maker Hudson Capital Energy in Singapore. "There's definitely been a negative correlation between the dollar and oil." The euro fell to USD 1.4722 from USD 1.4791 the previous day, and the dollar rose to 89.18 yen from 88.37. Oil prices will likely trade near USD 70 until there are more positive economic signs, such as job creation, Chu said. "There hasn't been a strong signal that the economy is recovering," Chu said. "There are still job losses every month." http://www.indianexpress.com/news/oil-prices-fall-to-near-71-per-barrel/527027/ http://www.thehindubusinessline.com/blnus/10091009.htm
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| GM SELLS HUMMER TO CHINESE MANUFACTURER TENGZHONG Agencies See this story in: The Economic Times Detroit: Hummer, the off-road vehicle that once epitomized America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker. General Motors Co and Sichuan Tengzhong Heavy Industrial Machinery Corp finally signed the much-anticipated deal to sell the brand on Friday.
Tengzhong will get an 80 percent stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company called Sichuan Huatong Investment Holding Co, will get 20 percent. The investors will also get Hummer's nationwide dealer network.
Financial terms were not disclosed, although a person briefed on the deal said the sale price was around $150 million. The person did not want to be identified because the terms were being kept private. GM's bankruptcy filing last summer said that the iconic brand with military roots could bring in $500 million or more.
Suolang Duoji also is the controlling shareholder and chairman of Lumena Resources Corp, a Hong Kong listed mining company. GM and Tengzhong said in a statement that the transaction still must be approved by the US and Chinese governments, although and Chinese regulators initially expressed reservations about Tengzhong's ability to run such an enterprise. Hummer's current management team will stay with the new company, which will be headquartered either in Detroit or suburban Auburn Hills, Mich. James Taylor, the GM executive who has run Hummer recently, will remain as its chief executive officer.
"We are fortunate to have a partner who understands and recognizes the importance of continuing investment in Hummer's heritage as a US-based and branded company with a view toward capitalizing on global opportunities," Taylor said in a statement.
Hummer, whose smallest model gets 16 miles per gallon (14.7 liters per 100 kilometers) in combined city and highway driving, sold well until the middle part of this decade when fuel prices began to rise. Sales peaked at 71,524 in 2006.
But only 8,193 Hummers have been sold in the US through the first nine months of the year. That's down 64 percent from a year earlier. And only 426 Hummers were sold nationwide last month, according to Autodata Corp.
GM, which spent 40 days in bankruptcy protection during the summer and has received about $50 billion in US government aid, also plans to sell its Saab brand and scrap Pontiac and Saturn as it tries to streamline its operations.
The company wants to focus on four core brands: Chevrolet, Cadillac, Buick and GMC. With backing from a well-capitalized company, Hummer will now focus on improved efficiency and performance and include alternative fuels, more efficient gas engines, six-speed transmissions and diesel engines.
GM said its assembly plant at Shreveport, La. would continue to assemble the commercial Hummer H3 and H3T pickup trucks on a contract basis until June 2011, with a one-year option until June 2012. The military H2 version will continue to be assembled by AM General in Mishawaka, Ind. under the same terms.
South Bend, Ind.-based AM General retains ownership of the military versions of the vehicles, which have been used frequently in Afghanistan and Iraq.
The Shreveport GM plant is currently slated to close by June 2012. For the time being, the plant also is assembling the Chevrolet Colorado and GMC Canyon pickup trucks. The plant once employed about 3,000 workers, but layoff and buyouts have reduced that number to just over 700. http://economictimes.indiatimes.com/news/international-business/GM-sells-Hummer-to-Chinese-manufacturer-Tengzhong/articleshow/5107839.cms Tengzhong to acquire GM's Hummer brand The Times of India http://timesofindia.indiatimes.com/business/international-business/Tengzhong-to-acquire-GMs-Hummer-brand/articleshow/5107969.cms GM signs deal to sell Hummer to Tengzhong Yahoo India http://in.biz.yahoo.com/091009/137/baubme.html GMS CHINA SALES SOAR IN SEPT
AFP See this story in: The Hindu Business Line
Beijing: US auto giant General Motors, struggling to boost sales at home after emerging from bankruptcy, said on Friday that sales in China, the worlds biggest car market, hit a record high in September. GM and its Chinese partners saw sales rise to 181,148 units in September from 152,365 in August nearly to 19 per cent jump, and the latest in a series of single-month records stretching back to January.
GM China sales hit record high in Sept
The Economic Times GERMANY WORKS TO PLUG HOLES IN OPEL RESCUE DEAL Reuters See this story in: The Economic Times Berlin: Germany sought to shore up its rescue plans for carmaker Opel as Spain and Britain fought to safeguard their own Opel plants and domestic critics laid into the Berlin-brokered deal with Canadian automotive firm Magna.
The German Economy Ministry on Friday held talks with officials from other states that host Opel plants, as Berlin moved to quell fears of splits arising over how job cuts and financial support for the carmaker were shared out.
After meeting co-chief executive Siegfried Wolf, Spanish Industry Minister Miguel Sebastian said his country was not yet convinced by the sustainability of Magna's plans, and would not offer any financial support before this was resolved.
"It was a very cordial meeting, but it was clear that we still have a long way to go," Sebastian told reporters in Berlin, speaking through an interpreter.
There had been a "communication problem" between Magna and Spain over the future of the country's Zaragoza plant, Sebastian said, but added the firm was convinced the works had a future.
Magna and its Russian partner Sberbank have vowed to inject 500 million euros into Opel, which they want to use to make an aggressive push into the Russian market.
They plan to cut some 10,500 European jobs, of which about 4,000 in Germany, but have committed to keeping all the German plants running. Opel's Antwerp plant in Belgium and the UK manufacturing site of sister brand Vauxhall in Luton are seen to be most at risk.
In order to push through a deal, Germany offered to stump up 4.5 billion euros in guarantees for Opel, saying it would agree later how this was split between countries with plants, which include Poland and Belgium as well as Britain and Spain.
Little to offer
Spain has been worried that jobs in Zaragoza could be lost to a German plant in Eisenach, and Sebastian said any shake-up had to ensure that other factories "less or no more competitive" than the Spanish site did not profit from it.
British Business Secretary Peter Mandelson has said the British government would not back Magna's plan to buy 55 percent of Opel from General Motors in its current form.
However, his ministry said on Friday that London could offer funding for the deal if a long-term plan for sustaining its Vauxhall works in Britain could be found.
"It's a question of us wanting to be sure of securing the best deal for Vauxhall in the UK," a spokeswoman said.
Around half of Opel's 50,000 European jobs are in Germany.
Sebastian said Spain had chosen not to participate in the multilateral talks in Berlin because Madrid had "very little to offer" at present. A spokesman for the German Economy Ministry said Friday's talks had been "constructive".
A meeting between Magna and Spain is due to take place in the Spanish capital on Tuesday, Sebastian said.
Domestic headwinds for the deal are also growing in Germany.
The market-liberal Free Democrats (FDP), which are in negotiations to form a new government with Chancellor Angela Merkel's conservatives, raised fresh concerns on Friday.
Deputy FDP leader Rainer Bruederle criticised the plans, and said he wanted to raise the matter in the coalition talks.
"My fears are gradually being realised that nothing has been properly worked out on this," he told reporters.
Klaus Franz, German head of Opel's works council, said on Friday he did not expect workers to scupper a deal, despite tough negotiations over making sacrifices on pay.
However, for this to be assured, plans to put a 10 percent share of Opel in workers' hands needed to guarantee them the same rights as other shareholders such as Magna and Sberbank.
Sebastian was due to hold talks with his German counterpart Karl-Theodor zu Guttenberg later on Friday. The German Economy Ministry said these were likely to remain behind closed doors. http://economictimes.indiatimes.com/news/international-business/Germany-works-to-plug-holes-in-Opel-rescue-deal/articleshow/5107541.cms
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| ECONOMY
FOREX RESERVES RISE $430 M
The Hindu Business Line Mumbai: After declining for two consecutive weeks, the countrys foreign exchange reserves increased by $430 million to $280.340 billion, for the week ended October 2, according to the Reserve Bank of Indias latest figures. For the week ended September 25, the reserves fell by $860 million to $280 billion. Foreign currency assets were down by $33 million to $263.465 billion. Gold reserves Gold reserves rose $488 million to $10.316 billion. In September, international gold prices increased from $959/ounce to $991. SDRs fell by $20 million to $5.200 billion. The reserve position in the IMF declined by $5 million to $1.359 billion. Next week, the rupee is likely to trade between 46.10 and 47.20, said a forex dealer with a public sector bank. If the rupee gains further the RBI may step in to buy dollars, because the exporter community is already hurt, the dealer said. http://www.thehindubusinessline.com/2009/10/10/stories/2009101050470600.htm SENSEX TUMBLES 201 POINTS ON PROFIT TAKING PTI See this story in: The Hindu Business Line Mumbai: The much-awaited Infosys results turned out to be a dampener for markets as the benchmark Sensex nosedived over 200 points on hectic selling across IT, auto, bankex, power and consumer goods counters. The 30-share Sensex closed the day down by 200.88 points at 16,642.66. The National Stock Exchange index, Nifty, also lost 57.05 points at 4,945.20. Marketmen said fears on interest rates going up mainly pulled down banking stocks while a robust rupee and Infosys lowering guidance for the whole year weighed against the IT stocks after. Auto index was the biggest casualty with heavyweight Tata Motor s taking a hit of about 7 per cent after the company said it has raised $750 million through issue of fresh shares in the international market and convertible notes, which will be utilised mainly for debt repayment of JLR acquisition. A weakening trend in European markets also influenced trading sentiment to some extent. Markets also discarded Finance Minister Pranab Mukherjee's promise that he would examine in detail seven critical proposals of the Direct Taxes Code, including taxat ion of savings schemes and imposition of Minimum Alternate Tax on gross assets. - http://www.thehindubusinessline.com/blnus/05091901.htm GDP WILL GROW 6.3-6.5%: PM The Hindu Business Line Hyderabad: The Prime Minister, Dr Manmohan Singh, reiterated that the gross domestic product (GDP) is poised to grow by 6.3 to 6.5 per cent during the year in spite of the current global economic environment. Answering queries during a press conference here, Dr Singh said the economy is doing well and the growth prospects are on expected lines. Referring to the recent G-20 meeting and his references to stimulus package, Dr Singh said there is no move to withdraw the stimulus package in spite of inflationary situation. The stimulus package is necessary to ensure that the full capacity of the economy is achieved. Until this capacity is reached, in spite of inflationary conditions, we will not withdraw the stimulus package, he said. Commenting on the US President, Mr Barack Obama, winning the Nobel Peace Prize, Dr Singh said: my whole hearted congratulations to the US President. To another query on attack on the Indian embassy in Kabul and Naxalite activity leading to 18 deaths at home, Dr Singh said, these incidents show the dangers we face as a nation both externally and internally needing constant attention. http://www.thehindubusinessline.com/2009/10/10/stories/2009101051541500.htm
Last Financial closing | Sensex | 16,642.66 | | US$ spot | Rs.46.44 | | US$ | Y.88.771 | | US$ 6 months | Rs.47.24 | | Yen | Rs.0.52 | | Euro spot | Rs.68.52 | | LIBOR 6 months | % | | Call | % | | GOI sec. 10 years | - - - - | | Aluminium (per kg) | Rs. | | Aluminium Ingot | Rs. | | Copper (per kg) | Rs. | | Gold (10gm) | Rs.15,855 | | Lead (per kg) | Rs. | | Mild Steel Ingots (Mumbai) | Rs. | | Nickel (per kg) | Rs. | | Nickel Cathode | Rs. | | Silver (1kg) | Rs.27200 | | Sponge Iron (per tonne) | Rs.14250.00 | | Steel Flat (per tonne ) | Rs.30590.00 | | Steel Long GVD (per tonne) | Rs. | | Steel Long BVN (per tonne) | Rs. 20660.00 | | Tin (per kg) | Rs. | | Zinc (per kg) | Rs. | | Zinc Ingot | Rs.- - - - | | Crude Oil (WTI) | $- - - - | | Crude Oil (Brent) | $68.98 | Automobile | Scip on BSE | Face Value (Rs) | Last traded Value (Rs) | | Apollo Tyres | 1 | 47.10 | | Asahi Ind | 1 | 69.10 | | Amara Raja B | 2 | 141.15 | | Ashok Leyland | 1 | 40.40 | | Bajaj Auto | 10 | 1589.90 | | Bharat Forge | 2 | 270.20 | | Denso | 10 | 89.95 | | Eicher Ltd | 10 | - - - - | | Eicher Motor | 10 | 512 | | Escorts | 10 | 104.20 | | Exide Ind | 1 | 100.45 | | Force Motors | 10 | 155.50 | | Gabriel India | 1 | 23.40 | | Hero Honda | 2 | 1645.35 | | Hind Motors | 10 | 22.75 | | Hi-Tech Gear | 10 | 87.30 | | Jay. Bh. Maruti | 5 | 46.25 | | Jamna Auto | 10 | 50.40 | | JK Tyres & Inds | 10 | 143.70 | | Kinetic Motors | 10 | 24.60 | | Kinetic Engg | 10 | 83.65 | | KOEL | 2 | 113.75 | | Kirloskar Br: | 2 | 207.05 | | LML Ltd | 10 | 10.25 | | L&T | 2 | 1632.70 | | Lumax Ind | 10 | 163.20 | | Lumax Tech | 10 | 45 | | M&M | 10 | 890.20 | | Maruti Suzuki | 5 | 1465.55 | | Motherson SS | 1 | 111.50 | | Minda Inds | 10 | 210.35 | | MRF | 10 | 5476.75 | | MICO | 10 | - - - - | | Omax Auto | 10 | 50.30 | | Perfect Circle | - - - - - - | - - - - | | Rico Auto | 1 | 25 | | Sona Koyo St | 2 | 15.35 | | SKF Bearing | 10 | - - - - | | SRF | 10 | 181.75 | | Swaraj Mazda | 10 | 211.75 | | Tata Motors | 10 | 548.30 | | TVS Motor | 1 | 56.05 |
Metals
| Scrip on BSE | Face Value(Rs) | Last traded Value (Rs) | | Bhushan Steel | 10 | 1277.85 | | Essar Steel | 10 | - - - - | | Hindalco | 1 | 128.20 | | Hind Zinc | 10 | 836.75 | | Ispat Inds | 10 | 22.70 | | Jindal Iron | 10 | - - - - | | Jindal Stain | 2 | - - - - | | JSW Steel | 10 | 891.25 | | Jindal Steel | 5 | 599.35 | | National Aluminium | 10 | 344.25 | | SAIL | 10 | 173.45 | | TISCO | 10 | 532.60 | | Visa Steel | 1 | 41.10 |
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