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INTERVIEWS/FEATURES COMPONENTS ALLIED INDUSTRIES Exide Q2 net up; to pay 60% interim Exide: Lower input costs drive margins FINANCE & INSURANCE
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GM plans to build a car from scratch in India BMW launches Z4 Roadster convertible for Rs 59 lakh BMW aims to sell 3,000 units in 2009 John Abraham out of SX4 endorsement deal COMMERCIAL VEHICLES State transport agencies up luxury bus purchases CONSTRUCTION & AGRI MACHINERY TVS Motor eyes 25% sales growth from north You cant ride somebody elses scooter forever INTERNATIONAL NEWS Sensex rises 340 on industrial performance
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| STABLE GOVT, EASY FINANCE, JNNRUM FUELING CV SALES GROWTH: K SRIDHAR, CHIEF FINANCIAL OFFICER, ASHOK LEYLAND LTD R Ravichandran The Financial Express (Web & Print Edition) The situation for commercial vehicles is now optimistic and the worst is over, feels commercial vehicle CV major Ashok Leyland Limited (ALL). The second quarter of the current fiscal proved to be even stronger for revival than the first. The company believes the October2009-March 2010 period will play a crucial role in its anticipated 20% growth. With strong exports and fresh orders for buses from various state governments and the possible price hike of 1.5% to 2%, the company hopes to regain its lost market share in the current fiscal, says K Sridhar, chief financial officer, ALL, in an exclusive interview with FEs R Ravichandran. Excerpts: The market for CVs seems to be recovering. What are your views on this? Things have changed for the better. The industry has moved from cautious optimism to being optimistic and strongly believes that the worst is behind. Since April this year, the rate of fall has subsided. If one had noticed the growth in August, the growth in September was found to be more reasonable. What are the factors driving the revival of growth of the CV industry? Optimism, owing to a stable government at the Centre, the availability of easy finance for CVs due to stimulus packages from the Centre, which made banks refinance NBFCs in a big way, and the step taken by the surface transport ministry to meet the shortage of funds for highway project developers have all contributed to the growth. Also, the Centres JNNRUM scheme will play an equally important role in reviving the growth of the industry. Under the scheme, a host of state governments have come with tenders for 15,000 buses to provide rural folk with a quality transport system across 45 cities. What is the growth projection of the CV industry in the current fiscal? Looking at all the positive factors, base effect and improved optimism, it is expected that the industry will register a remarkable growtharound 18% to 20%and the second half of the fiscal will play a major role in this. The volume of the industry is likely to touch or even cross the 200,000 mark, against last fiscals 180,000. What is the projected growth of Ashok Leyland? Being an important and major player, we expect reasonable growth and hope to end the fiscal with 62,000 units or even more, with a decent growth in our financial aspects. We hope the company will gain its lost market share by at least 2 percentage points, compared to the last fiscal. What are the factors that drive growth for Ashok Leyland? We have witnessed a pick up in our truck sales in the last few months and have also won bids for supplying a huge number of buses to state governments (5,100 buses) under the JNNRUM scheme. Being the only CV maker to have an assembly plant in Sri Lanka, Ashok Leyland expects to sell more vehicles this year. We expect to sell close to 3,000 units and in Bangladesh, the company hopes to sell 1,500 units, taking our overall exports to 7,000. We expect our exports to register a 15% growth in the current fiscal. What do you think about your ongoing expansions in India? Our Uttarakhand plant, with a capacity to manufacture 50,000 units, is set to be functional by early next year, taking our total capacity to 150,000 units per annum. We have introduced trucks and buses with the latest Bharat emission standards, factory-fitted cabbed vehicles and low floor vehicles to boost our overall sales. The Rs 2,000-crore capital expenditure plan, spread over a period of three years, is on and will proceed accordingly. What are your views on the joint venture projects? Our light commercial vehicles (LCV) joint venture with Nissan is underway and we will start bringing out products from early 2011. Given the global slowdown, both the partners have identified a few products to be introduced earlier. We plan to manufacture these products in Ashok Leylands existing facilities. These plants can manufacture up to 65,000 LCV units, and the number can be slightly increased. Our joint ventures with Siemens VDO and John Dheere and our overseas venture Alteads are going ahead according to their original plans. Overall, we expect to fare better this fiscal. Stable govt, easy finance, JNNRUM fueling CV sales growth Yahoo India (Web Edition) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Murali Gopalan The Hindu Business Line (Web & Print Edition) Mumbai: General Motors India is putting in place an aggressive global plan for its cars, engines and even light commercial vehicles, to be produced in tandem with Chinas Shanghai Auto, from its new Talegaon plant near Pune. This is part of its strategy to optimise Indias capabilities in the Asia-Pacific region as a low-cost, high quality sourcing base. In a month from now, the engine and transmission (or powertrain as it is better known) line will be commissioned at the Pune facility followed in January by the launch of the Chevrolet Beat compact car, code-named the M300. Thus far, GMs exports from India were confined to Nepal, Bangladesh and Bhutan but with the Beat, this will take a huge step forward, Mr Karl Slym, President and Managing Director, told Business Line, with Asia-Pacific and possibly Europe being part of the new global order. This will hold true for the powertrain business too where, in addition, China could be a likely destination. The big surprise could be in the light truck segment where talks have been going on for some months now with Shanghai Auto to consider the Wuling series for India. LCV market The three-way joint venture, SAIC-GM-Wuling has been doing brisk business in China and will soon export the Wuling N200 and N300 series to South America, Africa and West Asia under the Chevrolet brand. According to industry sources, GM has been in talks with SAIC to make the Chinese mini-trucks here. But they did not put a timeframe to finalising the deal or starting production at Talegaon. The market buzz is that things should be in place during the next six months and India could then emerge an important production hub, after China, for the Wuling trucks which will sport the Chevrolet brand. Experts reckon the Wuling series made in India could be exported to the Asean region. The success of the Tata Ace pickup has attracted other players such as Piaggio and Mahindra & Mahindra to this product segment. If GM gets its costing structure in place, which should not be too difficult with its localisation schedule at Talegaon coupled with inexpensive Chinese parts, the Wuling series may end up being the dark horse on Indian roads. Small car As for the Beat small car, Mr Slym said it would be fitted with both petrol and diesel engines. It will cost under Rs 4 lakh and will play a key role in generating numbers and giving GM a larger slice of the small car pie here. The company indicated that the Indian arm will gradually reduce its dependence on Daewoo products developed in Korea and work towards creation of new global platforms. With Indian engineers actively involved in some of GMs global programmes, experts believe that an exclusive car for India may be well within the realms of reality. For the moment, though, the top priority is the Chevrolet Beat. http://www.thehindubusinessline.com/2009/10/13/stories/2009101351610200.htm STATE TRANSPORT AGENCIES UP LUXURY BUS PURCHASES Danny Goodman Business Standard (Web & Print Edition) New Delhi: Bangalore-based Volvo Buses India (VBI) is seeing strong demand from state transport undertakings (STUs) for its luxury buses, priced upwards of Rs 70 lakh each. About five years ago, sales contribution from STUs were nil. Now, 70 per cent of our business comes from state governments, who deploy our buses for public transportation both inside cities and for inter-state transportation, says Akash Passey, managing director of VBI. The company is a joint venture between the Swedish-based Volvo Bus Corporation, which holds 70 per cent of the stake, and the Azad Groups Jaico Automobiles, which holds the rest. Of the 2,500 buses VBI has supplied in the domestic market since its inception in 2001, around 1,400 have gone to state governments. The government of Karnataka is the largest client, having placed orders for 510 buses. Currently, 370 buses are used by both the Karnataka State Road Transport Corporation and Bangalore Metropolitan Transport Corporation. STUs from Hyderabad, Mumbai and Chennai constitute the rest of Volvos governmental business. The Association of State Road Transport Undertakings estimates the combined fleet size of all STUs at around 115,000 buses, that transport around 65 million people every day. Most of these buses, more than 95 per cent, are the ordinary, non-AC, noisy buses constructed on a truck chassis. This category, dominated by Tata Motors and Ashok Leyland, cost between Rs 16 lakh and 22 lakh. The second category are the low-floor buses bought by cities like Delhi under the JNNURM project, which cost between Rs 25 lakh and 30 lakh each. The third tier is the super-luxury and quiet buses, of which Volvo is the sole supplier, that cost upward of Rs 70 lakh each. The sleeper coach that Volvo plans to introduce this year in the domestic market costs around Rs 1 crore. Passey says he expects the super-luxury buses (city segment) to grow by 2530 per cent, and the coach segment (inter-state) between 5 and 10 per cent annually for the next five years. The reasons for this robust growth from the public sector are many. One, the creation of dedicated bus corridors in cities like Delhi, called Bus Rapid Transport System (BRTS), would mean more low-floor and luxury buses can travel at faster speeds, transporting greater numbers in greater comfort. The number of cities installing a BRTS is shortly expected to touch 10. Two, road transportation experts say once BRTS across the country is operational, the number of private vehicle owners switching to public transportation would increase sharply. Three, under projects like JNNURM, the aim of the government is to reduce traffic congestion caused by increased usage of private vehicles. Urban transportation experts say this objective would directly help bus manufacturers like Volvo. Despite the success of the Volvo fleet in public transportation, there are dissatisfactions. Volvos largest client from the public sector, Bangalores BMTC, is not happy with the cost of running these buses. Currently, we are making losses on the Volvo fleet and have to resort to cross-subsidisation from our services that use normal buses, says a top official from BMTC, who requested anonymity. The BMTC official further said since Volvo is in the enviable position of being sole manufacturer of such quality luxury buses, the prices they command are very high when compared to the closest substitute from a local bus manufacturer like Tata Motors. In addition, Volvos buses run only on diesel. http://www.business-standard.com/india/news/state-transport-agenciesluxury-bus-purchases/373133/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Standard Kolkata: India's third largest two wheeler-maker TVS Motors is looking at making a significant headway into the three-wheeler market by the end of this calender year with an eye on overtaking segment leader Bajaj in another 3-4 years. Although we have been in the three-wheeler business for only about 14 months, we have been undertaking product development over the last four years. The response for our products, so far, has been good and we should be able to capture more than 50 per cent of the market within 3-4 years, TVS Motor President (Marketing) H S Goindi said on Monday. He was in the city to launch four-stroke LPG auto-rickshaws in the East. This is a two-player industry and I don't think we are being over-ambitious. With the current state of public transport in the country, there is going to be requirement for mobility and we have a very competitive product, he added. So far, the four-stroke vehicle has been launched in eight states including Tamil Nadu, Gujarat, Maharashtra, Karnataka, Kerala, Andhra Pradesh and Uttar Pradesh and will be available nationwide by December. TVS will increase the number of dealerships to 125 from the 70 dealers that it has currently, in another 3-4 months, Goindi said. While TVS Motors has invested about Rs 120 crore to augment its three-wheeler division, the firm will not have to spend any significant amount to ramp up capacity in order to match its rivals, Goindi indicated. At the Hosur plant, which is our primary facility for the production of three-wheelers, we have an installed capacity of 1,00,000 vehicles in three shifts annually. If required, we could increase the number of shifts and add capacity to match demand, he said. Earlier this month, the bike-maker had said that two-wheeler sales in September had risen by 3.87 per cent to 1,42,553 units from 1,37,246 units a year ago. Domestic sales, too, saw a 11 per cent increase, at 1,32,281 units in September as against 1,19,017 units in the same month last year. http://www.business-standard.com/india/news/tvs-aims-for-3-wheelers-top-slot-in-3-4-years/373095/ TVS Motor eyes major share in 3-wheeler segment The Hindu TVS target The Telegraph http://www.telegraphindia.com/1091013/jsp/business/story_11608332.jsp TVS eyes half of 3-wheeler mart Deccan Herald http://www.deccanherald.com/content/30201/tvs-eyes-half-3-wheeler.html TVS eyes 50% of three-wheeler mkt TVS MOTOR EYES 25% SALES GROWTH FROM NORTH PTI See this story in: The Hindu Business Line Chandigarh: Two-wheeler maker TVS Motor Company is eyeing 20-25 per cent growth in sales from the northern region during this festival season. We are targeting a growth of 20 to 25 per cent in sales from the states of Himachal Pradesh, Punjab, Jammu and Kashmir and Union Territory of Chandigarh, in this festival season, the company's Area Manager, Mr Narinder Bhatia, told presspersons here o n Monday. The company last year sold 9,500 units during Diwali festival. He further informed that the total market of bikes in the northern region stands at 34,000 units. To boost the sales of its vehicles in the festival season, TVS Motor has also entered into an agreement with Bank of India to provide finance to prospective customers for buying its different variants of motor cycles. Under this arrangement, customers could avail finance on buying a motor cycle at 8.5 per cent interest for a tenure of up to five years with funding up to 90 per cent. The scheme, which is valid till October 20, has a process fee of Rs 500 for loan amou nting below Rs 30,000 and Rs 700 for loan amounts above Rs 30,000. This scheme will provide customers with good retail finance options to buy motor cycles in this festival season, he said. http://www.thehindubusinessline.com/blnus/02121502.htm TVS Motor eyes North http://www.tribuneindia.com/2009/20091013/biz.htm#12 YOU CANT RIDE SOMEBODY ELSES SCOOTER FOREVER Geeta Nair The Financial Express RIP Kinetic. The inevitable happened. Mahindra & Mahindra decided to do away with the brand after they acquired Kinetic Motors assets. Last month, Mahindra Two Wheelers launched the Mahindra badged Rodeo and Duro and marked the end of the Kinetic two-wheeler brand. Ki Ho, Kine (pronounced Ki Knee) were some of the endearing names that the brand was called. The brands connect with teenagers and women was incredible as it simplified their lives and gave them a sense of liberation as they breezed away on their Kinetics. The Kinetic was a big leap in modernised personal transportation in India. It did to the scooters what the Maruti 800 did to cars in Indiachanged them forever. But unfortunately Kinetic could never ride the change. It did make an electric start and had a good run till the ride was cut short. Arun Firodia, founder and chairman of the Kinetic Group did rewrite the rules of the game in the two-wheeler market when in 1984, the Kinetic Group got into collaboration with Honda Motor Company of Japan and set up Kinetic Honda Motor Ltd to unleash a new generation of automatic scooters to challenge the geared scooters market. The JV made sense for bothKinetic got access to the new gearless technology while Honda had a smooth ride into the Indian market with a partner that was not picky about its stakes in the venture. What Hondas technology brought in was a change in the human machine interfaceelectric start, gearless transmission, large storage space, easy to use stand and ergonomics. Kinetic had a grip on how to do the two-wheeler business in India thanks to long experience with the Kinetic Luna mopeds. The JV took off and their collaboration delivered the Kinetic brand. The Kinetic did cause excitement in the two-wheeler segment and generated good top line and bottom line. Enthusiasts drove the Kinetic to the Khardung La Pass near Lehthe highest motorable road in the world, the Sahara desert, rode it from Kashmir to Kanyakumari rally covering 3,869 kms across 12 states with zero breakdowns. The Kinetic raced against the Pune-Mumbai Deccan Queen train and reached Mumbai a full 15 minutes earlier. In all this, the Kinetic Honda prowess was demonstrated. But then, this was all about Hondas technology. The JV lasted 14 years, until Honda learnt all it had to learn about the Indian market, which was what Kinetic brought to the table and time was ripe for their solo ride. So, they dropped their pillion rider and exited the JV in 1998. Kinetic Motor was on its own and at that time Kinetic chairman, Arun Firodia, confidently said that this exit would not hurt and they could survive on their own. But the 1998-2008 decade tested Kinetic. Consumer preferences were changing and suddenly the motorcycle was the new kid on the block. Kinetic did try to shift gears and make scooters and motorcycles, but this did not work. They tried newer technology partnerships. There was the Korean two-wheeler maker Hyosung Motors in 2001, Italjet Moto Spa of Italy in 2004 and then there was SYM of Taiwan in 2006. But, none of this could replay the magic of Kinetic Honda and Kinetic skidded. Negative growth in business and piling debts left the company with few options and best of these was to sign a Rs 110 crore deal with M&M. It is not that the market for gearless scooters vanished. Motorcycles did overtake scooters but the market for modern gearless scooters was there and Honda Motorcycle and Scooter India has demonstrated that by grabbing close to 60% of the market. M&M believes that the two-wheeler market in the country is still largely under-penetrated and there is evidence that two-wheelers are going to enjoy a renaissance so they have invested. This segment is still seeing close to double-digit growth and gearless scooters account for 20% of the two-wheeler domestic market where 1.14 million units are sold. And, there is still a vast mass of customers who have yet to own a motorised transport and are eons away from possessing four wheels. Globalisation opened new doors for Indian companies and inward flows led to new JVs and collaborations to tap the growing Indian market. But this did not necessarily mean long-term technology transfers that could enhance competitiveness of Indian firms. Technology diffusion and absorption has not happened to the extent desired. Imported technology could only get companies this far. Companies that rely on their partners totally are bound to go down the road Kinetic has gone. Kinetic is not the only company; many automotive companies have been through this and so have other manufacturing companies. A majority of the losers will be Indian companies and an MNC failing at this game will be an exception. Easing of FDI norms and ability to scale up in the Indian market on their own means JV partners will not need Indian partners for long. Unless they add some good value to the business, Indian partners will remain a sidekicknot the main star. For longer and sustainable growth, Indian companies would have to invest more in R&D, product development, next generation technologies and, above all, talent. They have to learn from the Japanese who could absorb imported technologies, improve on it and then capitalise on it. But the truth as on date is that the bulk of technology in India resides in JVs and that will last as long as the marriage lasts. After that, who knows? http://www.financialexpress.com/news/you-cant-ride-somebody-elses-scooter-forever/528148/3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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PTI See this story in: The Hindu Business Line Mumbai: Auto components major Amtek Auto on Monday said it will raise Rs 200 crore by way of issuing debentures on a private placement basis to replace high cost borrowings. The board has approved to raise 200 crore by allotting secured non-convertible redeemable debentures on private placement basis to replace high cost borrowings, Amtek Auto said in a filing to the BSE. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The Hindu Business Line Mumbai: MRF Ltd has informed BSE that a meeting of the board of directors of the company will be held on October 27, 2009, inter alia, to consider declaration of second interim dividend for the year ended September 30, 2009. http://www.thehindubusinessline.com/blnus/02121205.htm EXIDE Q2 NET UP; TO PAY 60% INTERIM The Hindu Business Line Kolkata: The board of directors of Exide Industries Ltd at a meeting on Monday approved the payment of an interim dividend of 60 per cent (60 paise per equity share of Re 1 each) for 2009-10. The board also approved the second quarter results. The company posted a net profit of Rs 149.67 crore for the quarter ended September 30, 2009, compared with Rs 77.84 crore for the quarter ended September 30, 2008. Total income increased to Rs 960.70 crore (Rs 900.83 crore). EPS, not annualised, was Rs 1.87 (Rs 0.97). http://www.thehindubusinessline.com/2009/10/13/stories/2009101351670301.htm Exide net up 92 pc The Tribune http://www.tribuneindia.com/2009/20091013/biz.htm#7 Exide pays 60 paise interim The Hindu Exide Q2 net up 92% to Rs 150 cr EXIDE: LOWER INPUT COSTS DRIVE MARGINS Ram Prasad Sahu & Sarath Chelluri Business Standard (The Compass) Mumbai: Cost savings due to its two captive lead smelting units, lower import costs on lead due to the rupee appreciation, a better product mix and benefits from technology upgradation have helped Exide improve its operating profit margin (OPM) by 950 basis points y-o-y to 26 per cent. The two units acquired over the last two years currently contribute close to 40 per cent of the total lead requirement for the company. Lead metal forms 70 per cent of total raw material costs. Driven by the improving business climate and higher sales in the automobile replacement market and UPS/inverter market, sales volumes were up 12 per cent over the June 2009 quarter. While gross sales were flat y-o-y, excise duty cuts have helped the company improve its net revenues by about 5 per cent y-o-y. Excise duties on batteries have come down from 14 per cent last year to about 8 per cent now. Going ahead, while the company expects double digit volume growth, profitability hinges on lead prices which are currently at $2,200 per tonne and climbing. Captive units, which produce lead at 15-20 per cent lower cost than imports, helped the company keep average lead costs at around the $1,900 a tonne. Though the rupee appreciation will help in controlling costs (the company imports 60 per cent of its requirement), analysts say that the 46 per cent increase in lead prices over the past six months and a possible increase in prices going ahead will put pressure on margins. The company is better placed than its competitors to maintain its market share and profitability, and also withstand cyclical pressures due to backward integration (competitor Amara Raja imports its entire requirement of lead). But analysts believe that its cost-competitiveness and growth in earnings are already built into the price and there is limited scope for appreciation. http://www.business-standard.com/india/news/exide-lower-input-costs-drive-margins/373059/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The Hindu Business Line Singapore: Oil prices rose above $72 a barrel on Monday in Asia as investors looked to a slew of US corporate earnings reports this week for signs of economic recovery. Benchmark crude for November delivery was up 44 cents at $72.21 by midday Singapore time in electronic trading on the New York Mercantile Exchange. In London, Brent crude rose 48 cents to $70.48 on the ICE Futures exchange. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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PTI See this story in: The Hindu Business Line Mumbai: Riding on a strong surge in equity markets, the rupee on Monday pared most of the losses but still ended down by eight paise at 46.48/49 against the US dollar. Dealers attributed the fall in the rupee to short covering of dollar by exporters after the last week's steep decline in the US currency. The local currency lost 20 paise in early trade on dollar recovery in the overseas markets. The domestic currency bounced back taking cues from stock markets, where the benchmark Sensex surged over 380 points to cross the 17,000-level. Dealers said the rupee sentiment got a boost from robust industrial output, which grew 10.4 per cent in August strengthening signs of recovery. The rupee rose to a high of 46.39 during the day before closing at 46.48/49 a dollar. The local unit had gained 140 paise or 2.93 per cent in the first four day's of the last week. But it eased on last Friday after Federal Reserve Chairman, Mr Ben Bernanke said he was thinking of an exit strategy from quantitative easing and low interest rates as the economy improves. http://www.thehindubusinessline.com/blnus/05forex.htm SENSEX RISES 340 ON INDUSTRIAL PERFORMANCE The Hindu Business Line Mumbai: Positive industrial production numbers for August ignited Foreign Institutional Investor (FII) interest, pushing the equity market indices beyond the psychological 17k (BSE) and 5k (NSE). FIIs were net buyers of equity worth Rs 963 crore, according to data on NSE. The benchmark Sensex rose 384 points, up 2.31 per cent from its previous close, while the broader Nifty was up 2.21 per cent. The double-digit growth in industrial production during August was on expected lines. Nevertheless, it indicates that industrial production in the country has seen a sharp revival, growing at an average 8.5 per cent during June-August 2009, up from an average of one per cent growth in the three earlier months, observed Mr Ashutosh Datar, an analyst with India Infoline.
Another reason for the market surge was the strong performance of European markets, said Mr Gopal Agrawal of Mirae Asset AMC. The hopes of the warring Ambani brothers burying the hatchet also added to the positive market sentiments, said brokers. Most stocks of both Reliance groups were up. Domestic institutions, meanwhile, turned net sellers of equity worth Rs 274 crore, NSE data said. There might have been some profit booking from domestic institutions as the market had rallied sharply during previous sessions, said Mr Pankaj Tibrewal of Principal Pnb AMC. Retail investors too adopted a cautious approach. http://www.thehindubusinessline.com/2009/10/13/stories/2009101352010100.htm Last Financial closing
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Monday, October 19, 2009
Indian Auto Industry Update October 13, 2009
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