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| INDUSTRY Auto cos in the fast lane INTERVIEWS/FEATURES Auto sales: Continue to be in top gear COMPONENTS Auto part cos tap new sectors to drive growth ALLIED INDUSTRIES Steel consumption up 8% on high infra, auto demand FINANCE & INSURANCE OIL, LUBRICANTS & ALTERNATIVE FUELS Shell renews Hyundai tie-up | CARS, SUVs, MUVs Car market to more than double by 2015: Maruti VE Commercial Vehicles sales jump 82% in March ECONOMY & FINANCE Rupee rises to 18-month high on strong foreign fund flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deccan Chronicle (Web Edition) Mumbai: After a strong FY10, its now time to be picky about auto stocks, say market watchers. Almost all auto majors have come out with March 10 and FY10 sales figures showing strong growth. The BSE Auto index composed of auto sector stocks was up almost 130 per cent over FY10, far better than the Sensex. Maruti Suzuki seems to be a favorite of brokerages at this point of time. Another company that finds favour is Tata Motors. For the full year, big auto firms such as Maruti, Tata Motors, M&M and Hero Honda have seen numbers increase by 25-30 per cent on an average. The growth was partly because the previous year FY09, had been bad. However, the going is expected to get tougher now. All automakers are expected to face pressure on margins in the current quarter, says brokerage house Nomura. Costs are going to rise because raw material prices are going up, and also because of stringent emission norms. It may not be possible to pass on the entire increase to the customers, says the brokerage. Another brokerage house, Macquarie, feels the overall growth in the coming year is expected to be slower as the stimulus package is withdrawn and the pent up demand is satisfied. However, growth is expected to slow down, not vanish entirely. Overall economic recovery of the economy and increasing penetration of finance should result in relatively strong growth according to Macquarie. Volumes in 2 wheeler and 4 wheeler segments are also expected to be strong because of a good monsoon and rising incomes in sectors such as IT and other allied services. Tata Motors which is expected to benefit as the economic recovery continues, saw the commercial vehicles sales jump by 49 per cent to over 43,000 for the month of March this year. Auto cos in the fast lane Asian Age (Web & Print Edition)  Swaraj Baggonkar Rediff India (Web Edition) Manufacturing lines at various car producing facilities across the country started to roll out the new range of Bharat Stage-IV compliant vehicles in the 13 notified cities from April 1, according to the Union government guidelines on emission norms. However, many consumers were still able to buy the older generation of vehicles adhering to the BS-III norms, and without having to pay the hike in prices which would be in effect from this week. The government rule had allowed manufacturers to produce the older generation vehicles till the date of implementing the new regulation came into force. So, most of them continued to produce the BS-III cars and SUVs for all those pockets where the new BS-IV norm is now in place. Pawan Goenka, president-automotive sector, Mahindra & Mahindra, said: "We cannot produce and supply BS-III vehicles to the 13 cities now but did so till March 31." So, dealers still have stocks of these vehicles. According to manufacturers, six-seven models, including variants which were to be phased out from the notified areas, will be pushed to the markets other than the specified 13 cities. The models include the Maruti 800, Chevrolet Tavera, Skoda Octavia and Fabia, Fiat Palio, Ford Ikon and Mitsubishi Lancer. Dealers continued to sell BS-III cars in the 13 cities, with most outlets offering ready delivery of the vehicle. These vehicles had a price advantage over the new range. For instance, Mumbai-based M&M, which is upgrading its entire line, is hiking the price of all its products from Monday. This will give dealers time to exhaust the current range of stock at current prices. Czech car brand Skoda Auto, which decided to discontinue two variants of its popular brands, Fabia and Octavia, from Thursday, had supplied adequate quantities of the two models to its dealers to service any demand. "Due to lack of clarity from the government on implementation of the new emission norm, we had produced the Octavia 1.9 TDi and Fabia 1.2 in adequate numbers. Our dealers can sell them for the next three-four months," stated a company executive. Skoda is phasing out the Octavia 1.9 TDi (diesel) and the Fabia 1.2 (petrol) from the 13 markets. Similarly, Chevrolet's Tavera, the multi-seater utility vehicle from General Motors, is available for sale throughout the country, although the company has made it clear that the model will be phased out from the 13 cities. PTI See this story in: The Hindu Business Line (Web Edition) Washington: The rise of China and India as car consuming countries and fall of major US automakers last year are candid reflections of the restructuring of the global auto industry, a Congressional report has said. GMs (General Motor) fall from being the undisputed largest car company in the world to No 2 status and the rise of China and India as car consuming nations illustrate the restructuring that is taking place in the global motor vehicle industry, said th e report prepared by the Congressional Research Service an independent bipartisan research wing of the US Congress. The 72-page report The US Motor Vehicle Industry: Confronting a New Dynamic in the Global Economy takes note of the purchase of Jaguar and Land Rover by the Tatas last year and also the successful launch of its Nano brand the cheapest car in the worl d which according to the CRS report has the potential to storm the world as it gradually starts exporting outside India. The Indian subcontinent is entering a new, more robust investment stage for auto manufacturing, said the report. The CRS quoted a recent report, according to which Indias exports of automobiles have surged as global automakers turn the country into a production hub for compact cars. A host of companies such as Suzuki, Ford, and Toyota plan to spend millions of dol lars in the coming years to build auto plants in India. Noting that Ford Motor had announced that it will build a new model, the Figo, in India for the Indian, Asia-Pacific, and African markets, the CRS said, The company announced in September 2009 that it would invest $500 million to double its production c apacity to 200,000 units a year, it said. Indian automaker Tata is a highly diversified Indian conglomerate with global dimensions. Tata owns two UK-based luxury carmakers, Jaguar and Land Rover, which it purchased from Ford Motor. Tata Motors launched the Nano in India in 2009 at $2,500, the w orlds cheapest car, it said. The Nano has already passed European safety crash testing and is set to go on sale in Nigeria in 2010, in Europe for about $8,000 in 2011, and in the US in 2012, it added. Reva Electric Car is an entrepreneurial venture between Maini Group of India and AEV Llc of California, which are backed by US investors, including General Motors. Reva is selling a small electric car in 22 countries worldwide for about $6,000, the repor t said. Looking forward, the report said European automakers forecast a flat market in 2010, with foreign markets, such as China and India offsetting much lower demand in Europe. http://www.thehindubusinessline.com/blnus/02051101.htm | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vishal Chhabria & Puneet Wadhwa Business Standard (The Compass) Mumbai: Domestic automobile companies reported robust sales in March 2010, with all the segments doing well. While year-end sales helped, some boost came from customers advancing purchases ahead of a price rise due to tighter emission norms. In some cases, the base effect distorted growth rates. Nevertheless, overall figures were better than in February 2010. Among listed two-wheeler companies, Bajaj Auto performed the best its motorcycle sales rose 85 per cent year-on-year, led by demand for Discover and Pulsar bikes, though some of the spurt was due to the low base of last year. TVS also saw its two-wheeler sales rise almost 25 per cent. While Hero Hondas sales grew a healthy 17.3 per cent, Citis analysts noted in a recent report, Hero Honda continues to cede market share to TVS and Bajaj, and we expect the trend to continue. The ongoing economic recovery saw commercial vehicle (CV) makers post excellent growth, aided by last years low base. Nevertheless, Tata Motors 20 per cent and Ashok Leylands 32 per cent sequential growth in medium and heavy CVs (up 69 per cent and 112 per cent year-on-year, respectively) indicates strong (freight) demand. In light CVs, too, robust demand saw Tata Motors sales rise 35 per cent in March. In passenger vehicles, Maruti disappointed on the domestic front (A2 segment volumes declined), even as its overall numbers were in line with expectations, noted Citis analysts. The explanation from Marutis management for the weak performance was that sales of Euro-III versions of Alto and Wagon R were curtailed, as in 11 cities, only Euro-IV variants will be sold. April volumes should provide an indicator, say Citis analysts. The rising competition (from Ford, GM, Volkswagen) could have added pressure. Also, last years high base (March 2009 volumes reported the highest growth in 2008-09) was partly responsible for the subdued numbers. Positively, higher sales of Maruti 800, Eeco and Dzire, along with robust exports (up 32 per cent), helped Maruti report an 11 per cent rise in March sales. Tata Motors 17.2 per cent year-on-year rise in passenger vehicle sales (excluding Fiat) for March was helped by Indigo Manza and Nano (4,710 units), even as its utility vehicle (UV) sales fell 22.7 per cent. Mahindra & Mahindra did well. While its tractor sales grew 54 per cent, three-wheelers sales jumped 90 per cent. But, its UV sales rose just 5 per cent. Analysts expect automobile sales to remain healthy across segments, even as companies have raised prices and interest rates are showing an upward bias. They believe the strong economic recovery will sustain robust growth. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Yogima Seth Sharma Business Standard (Web & Print Edition) New Delhi: The commercial vehicle (CV) industry in India is set to create history. While numbers from the industry body are not out, it is estimated that total sales of CVs in the country would have been a little over 520,000 units in the just-concluded financial year (2009-10), the highest till date. This compares to 3,84,122 units sold in 2008-09, a growth of 35.4 per cent. The CV market has various segments which include light commercial vehicles, trucks, buses and medium commercial vehicles. Earlier, the highest-ever CV sales in India were in 2007-08, at 4,86,817 units. According to the Society of Indian Automobile Manufacturers (Siam), 4,64,033 CVs were sold between April 2009 and February 2010. Tata Motors and Ashok Leyland, which sell 70 per cent of all CVs, together sold 52,584 units in March, taking total industry sales to 5,16,617 units. Sales of Tata Motors, the largest CV manufacturer, went up by 49 per cent in March, at 43,285 units, as against 29,004 units in March 2009, Ashok Leyland posted growth of 110 per cent last month at 9,299 units, compared to 4,428 units in March last year. In the interim Budget last year, Union finance minister Pranab Mukherjee had announced plans to buy around 15,000 new buses by June to improve urban transport in 63 cities under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Subsequently, Tata Motors bagged orders for 5,800 units and Ashok Leyland for roughly 4,900, apart from 2,500 buses ordered by Delhi Transport Corporation. Accelerated depreciation of 50 per cent on CVs, as part of the stimulus package announced by the Centre last year, has boosted their demand. Even the higher purchase of buses under JNNURM has been a major driving force behind the substantial growth in sales of CVs last year, a Siam official said. According to Abdul Majeed, analyst and partner, Price Waterhouse, Apart from the normal growth, last years numbers are a reflection of the pent-up demand of 2008-09, when the industry had taken a hit in response to the global meltdown. The low penetration levels and huge investments in the upcoming infrastructure projects will lead to double-digit growth in CVs even next year, if finance continues to be available and at affordable interest rates, Majeed added. PTI See this story in: The Economic Times (Web Edition) New Delhi: Hinduja Group flagship company Ashok Leyland on Monday reported 97.43 per cent jump in its commercial vehicle sales at 10,067 units in March. The company had sold 5,099 units in the same month last year, Ashok Leyland said in a statement. In FY'10, Ashok Leyland sold 63,926 units as against 54,431 units in the previous fiscal, up by 17.44 per cent. In March, domestic sales stood at 9,299 units as against 4,428 units in the same month last year, an over two-fold rise, it added. Exports increased by 14.46 per cent to 768 units in the month compared to 671 units in the year-ago period. The company also reported an over two-fold increase in its total domestic sales of medium and heavy commercial vehicles at 9,222 units from 4,353 units in the same month last year. For 2009-10 fiscal, the company reported a jump of 21.69 per cent in its total domestic sales at 57,947 units as against 47,619 units. Domestic sales of medium and heavy commercial vehicles stood at 57,111 units compared to 47,105 units, up by 21.24 per cent. Exports in last fiscal, however, declined by 12.23 per cent to 5,979 units from 6,812 units in 2008-09. Ashok Leyland March sales jump 97% The Hindu Business Line (Web Edition) Ashok Leyland sales up 17 % The Hindu (Web & Print Edition) Ashok Leylands annual sales up 17% The Pioneer (Web & Print Edition) Ashok Leyland sales jump 97% Hindustan Times (Delhi Print Edition) ALL sales up 17.4% in FY10 The Financial Express Reuters See this story in: The Economic Times (Web Edition) Mumbai: VE Commercial Vehicles, the joint venture between India's Eicher Motors and Sweden's Volvo, said on Monday it sold 3,814 Eicher brand trucks and buses in March, versus 2,101 units a year ago. March domestic sales rose to 3,649 units against 1,935 units, while exports came in at 165 units, against 166 units last year, it said. Eicher March sales rise 81.5% to 3,814 units Daily News & Analysis (Web Edition) Eicher March sales rise 81.5% Hindustan Times (Delhi Print Edition) PTI See this story in: Deccan Chronicle (Web Edition) New Delhi: After the impressive performance of Tata Motors, Hinduja Groups flagship company Ashok Leyland (ALL) and auto maker VE Commercial Vehicles too followed suit by notching up an impressive 97.4 per cent and 82 per cent jump in sales respectively for the month of March. While Ashok Leyland sold 10,067 units of its commercial vehicles in March, Eichers March sales stood at 3,814 units, the highest ever monthly sales by the company. Ashok Leyland had sold 5,099 units in the same month last year, while the sales of Eicher stood at 2,102 units during the same month last year. In FY10, Ashok Leyland sold 63,926 units as against 54,431 units in the previous fiscal, up by 17.4 per cent. For the 2009-10 fiscal, Eichers sales were up by over two-fold at 9,586 units as against 4,408 units during the previous fiscal. On the exports front, Ashok Leylands exports surged by 14.4 per cent to 768 units in March, compared to 671 units in the year-ago period. For Eicher, however, exports fell marginally to 165 units in March against 166 units in the same month last year. While ALL reported an over two-fold increase in its domestic sales of medium and heavy commercial vehicles at 9,222 units, the heavy commercial vehicle sales of Eicher stood at an impressive 488 units, against the 146 units in March last year a jump of over threefold. ALL, Eicher March sales zoom ahead Asian Age (Web & Print Edition) PTI See this story in: The Hindu Business Line (Web Edition) New Delhi: Auto maker VE Commercial Vehicles on Monday reported a jump of 81.53 per cent in sales for March at 3,814 units, the highest ever monthly sales by the company. The sales of the company stood at 2,102 units during the same month last year. For the 2009-10 fiscal, VE Commercial Vehicles (VECV) sales were up by over two-fold at 9,586 units as against 4,408 units during the previous fiscal, the company said in a statement. In March, the joint venture between the Volvo Group and the Eicher Group registered a jump of 88.58 per cent in domestic sales at 3,649 units compared to 1,935 units during the same month of 2009. Exports for the month, however, fell marginally to 165 un its against 166 units in the same month last year. Sales of light commercial vehicles in the Indian market during the month went up by 75.33 per cent at 2,658 units against 1,516 units in March 2009. Heavy commercial vehicle sales also recorded a huge jump of over threefold at 488 units against 146 unit s in March last year, it added. In line with recovery in the commercial vehicle industry, VECV also performed well during 2009-10 with its total sales rising 117 per cent during the fiscal. In the domestic market, the JV saw its sales go up over two-fold during the year to 9,212 units as against 4,025 units in 2008-09. VECVs exports during 2009-10, however, slipped by 2.35 per cent to 374 units compared to 383 units in the previous year, it said. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mobis Philipose, Ravi Ananthanarayanan & Vatsala Kamat mint Bajaj Auto Ltds desire to avoid a comfort zone is visible in its guidance for fiscal 2011. Indias second largest two-wheeler maker has set an aggressive target of growing volumes by 40% over the previous year by selling 4 million vehicles, including two- and three-wheelers. Vehicle sales grew by 30% to 2.85 million in fiscal 2010, making it a tough act to better. March indicates robust motorcycle offtake, as sales rose by 84% over the year-ago period, and by 4% over February. Will Bajaj be able to meet its target? It is now established that the ramp-up in its motorcycle sales began from September and was on account of two new products, Discover and the new Pulsar. These two products account for nearly 70% of the companys total volumes. In March alone, the company produced 97,096 and 72,804 units of Discover and Pulsar, respectively. But the companys performance in the fourth quarter was only in line with that of the third quarter. Motorcycle sales volume, both domestic and exports, in both quarters averaged 710,000 units. Although year-on-year sales growth appears high, it is not so on a sequential basis. This may change as Bajaj is expanding its capacity, which will reach 5 million by fiscal 2012. Still, analysts believe that a sales figure of about 3.6 million vehicles is more realistic, one that assumes a growth rate of 28% in motorcycle sales. Fiscal 2011 will be the first full year of sales for the new Pulsar and the Discover, which will contribute to growth. But Bajaj sold only 800,000 vehicles in the March quarter, based on which its full-year sales target seems ambitious. It calls for a different strategy to ramp up sales growth and, maybe, even a new product launch. It will still have to contend with competitors growth strategies, which may affect its projections. While input costs are on the rise, Bajaj said that it has maintained its profitability. In fiscal 2010, its operating profit margins averaged 22% for the last three quarters. Bajaj Autos shares rose by nearly 6% on the Bombay Stock Exchange to Rs2,115 each while the benchmark Sensex index closed about 1% higher. Market leader and competitor Hero Honda Ltds shares, too, were up 4% at Rs2,013 each, as its sales rose by 17% to 4.6 million two-wheelers in fiscal 2010. PTI See this story in: The Economic Times Mumbai: Two-wheeler maker India Yamaha Motor said it is eyeing a market share of 20 per cent in the deluxe and premium segments by 2010-end. "We have been receiving an overwhelming response for our premium and deluxe segment models. We have clocked a robust performance so far and should achieve a market share of 20 per cent in the deluxe and premium segments by this year-end," India Yamaha Motor National Business Head Pankaj Dubey told PTI here. The company currently has a market share of 12 per cent in the deluxe segment. "Our domestic sales continue to be strong for our premium segment products like YZF-R15, Fazer and FZ-16. In the deluxe segment, we have succeeded in garnering a market share of 12 per cent," Dubey said. The company's overall domestic market share is around 3.5 per cent, which it now targets to take to 10 per cent by 2012-end, Dubey said. On the highly-contested 110 cc bike segment, Dubey said, "We are eyeing a larger share in the entry-level segment. We will take a bigger initiative in this segment by creating awareness among our customers about our entry level bikes." Yamaha sold close to 2.2 lakh units last year and is targeting around 40 per cent growth in 2010. "We expect to grow 40 per cent in 2010 and 30 per cent in 2011. Our main growth will be from the FZ series," he said. Yamaha sold 1.1 lakh units of its FZ series last year and is expecting to increase sales to 1.4 lakh units by the end of this year. "Our FZ series is doing very well in the Indian market. We expect to achieve the target of 1.4 lakh units by this year-end," he said. The company also plans to scale up its dealership network to 450 from 427 at present pan-India by December 2010. "We have 427 dealers and intend to increase the number to around 450 by this year-end. We are now strengthening our existing network and will focus more on getting closer to our customers in providing products and services," he said. Yamaha eyes 20% share in deluxe, premium segments The Hindu Business Line Yamaha to sell more premium bikes The Financial Express | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Hemamalini Venkatraman & Lijee Philip The Economic Times Chennai | Mumbai: The uptick in the auto segment may be back, but global slowdown has taught auto component firms one key lesson the need to spread risks and not put all eggs in one basket. If in the past, tier I and II suppliers were gung-ho about the export market, scores of auto component companies have now started seriously evaluating diversification opportunities. Those having made a headway include Bharat Forge, Sundram Fasteners, Wheels India, Shriram Pistons, Lucas TVS, Autotech Industries, India Pistons, Super Auto Forge, Susira, the Mahindras, the Tata Group, Lakshmi Precision Tools, Caparo Fasteners, Sterling Tools, Caparo Engineering and Maini. While India enjoys a cost-advantage in casting and forging as manufacturing costs in India are 25-30% lower than western countries, component makers are diversifying into non-core businesses in a bid to insulate them from cyclical nature of auto business. It helps them to utilise idle capacity and distribution channels. Many industries like aviation, defence, power and petroleum have synergy with the automotive sector in terms of manufacturing and engineering expertise, industry experts say. These are new growth opportunities, which can be done without substantial investments, said Ashok Taneja, MD, Shriram Pistons, which has keen interest in the aviation sector. Global aviation companies, such as Boeing and Airbus, have been trying to increase their footprint by sourcing more components from India. Recently, Ian Thomas, president, Boeing India, was quoted as saying: We are looking at partnerships with various Indian companies for different aircraft components. In the next 3-5 years, the infrastructure sector is looking at investments of more than $500 billion. A PriceWaterhouseCoopers report on aerospace and defence cites auto part makers planning to enter aircraft component production, particularly in precision engineering, machining, aircraft lighting, tyre manufacture and transmission components. The south is gearing up for a stellar role in the space. Deming prize gives a credibility for prospective partners and customers. However, in India (and maybe most places) these segments have lot of other drivers to succeed. Some of these may be difficult for many south-based companies, observed Rane group chairman L Ganesh, even while acknowledging defence to be certainly an area of interest for the group. On whether auto component companies are looking at spreading their risks post-slowdown by tapping business opportunities in non-auto areas, he said: It was a response to slowdown. However, with recent recovery, the intensity may reduce a bit. He further added: We are seeing it more as a new opportunity opening up in India. We are looking at opportunities where synergy exists. But, Mr Rane is yet to finalise any project. Also, margins are higher by 10-15% in areas like defence, aviation and infrastructure, which will help bottomlines of the component companies. As in the developed markets, the automotive business is cyclical in nature and it becomes imperative for component companies to derisk themselves by tapping the various sunrise sectors, said Abdul Majeed, auto practice leader, PwC. India Pistons group technology director R Mahadevan concurs. Despite the cyclical nature of the vehicular segment, it contributes 65-70% of the companys revenues. The off-highway (OH) business contribution ranges from 25-30%. Now, with focus on non-auto business opportunities, India Pistons estimates 5% of the 25% OH business to come from the Railways. It is also in the process of acquiring AS certification to spur its aerospace business, that is still in an exploratory stage. We are looking at upgrading our facilities to perform non-destructive tests and use appropriate technologies and raw materials (oxides), he said, noting that aerospace business required better quality standards than what auto component firms are accustomed to. The scope of piston technology is expanded by the use of cam-shafts, controls, pistons and rings, valves and turbo chargers in non-auto product segment. The margins are more in this category as making parts for the defence industry is a per piece game unlike the volume aspect of the auto component business, Mr Mahadevan noted. Wheels India (WIL) too has diversified into making steel structure parts for power plants by setting up a plant near Pune. Bhel, Trichy ED, AV Krishnan said WIL has become one of the major away centre fabrication units (ACF) supplying 1,000 tonnes per month. Super Auto Forge is another such auto component firm that has forayed into hi-end fixtures for petroleum and refinery industries. We are engaged with leading power infrastructure players like Siemens and ABB in this regard. We produce turn parts (forged) for this sector and also components for power and heavy electrical segments, its MD S Seetharaman told ET, adding the company is one year away from commercialising opportunities. Estimating auto parts business to drive 30% of its revenue, he said a strategic business unit has been set up for this purpose. After it began focusing on non-auto parts business in 2008-09, it has deployed nearly 40-50 of its people to work over the next two years for a smooth implementation phase. Also, Tamil Nadu governments incentives for power generation too has acted as a catalyst. Apart from setting up captive power plants, auto component firms realise it is not viable to achieve scale of economies by setting up 0.5 mw plants. So, by banking the surplus power with the grid, they actually gain, Mr Mahadevan told ET. Interestingly, even with domestic and the export markets growing at 10-15%, auto component majors have started increasing their dependence on some of the sunrise segments. These companies were affected in the global downturn, due to their dependence on a single OEM. However, a word of caution from industry experts: Component companies need to look at their core strength and then diversify accordingly. Lucas TVS joint MD Arvind Balaji termed aerospace as the most logical diversification for established auto component companies. Apart from expertise, it is the effort to attain quality standards required by the sector in which the southern players seem to hold a distinct edge. Copyright 2010, Bennett, Coleman & Co. Ltd. All Rights Reserved" | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Economic Times New Delhi: Steel consumption grew 8% in the fiscal year ended March 2010 after shrinking a little a year ago, due to strong demand from automobile, infrastructure and housing sectors, as per the steel ministry. Demand for the metal is a key indicator of industrial activity and steel consumption had shrunk 0.5% in the year ended March 2009 as economic slowdown hit domestic demand. The growing demand as well as the low-base factor made it a staggering year for steel companies, said a steel ministry official, requesting anonymity. The countrys steel consumption increased to 56.3 mt in the twelve months to March 2010 from 52.3 mt in the previous year. Production in the worlds fifth-largest steel producing nation rose 4.2% to 60 mt. Domestic demand fuelled 23% growth in steel imports to 7.2 mt for the fiscal even as exports declined by almost a third as global demand is yet to see a strong recovery. The governments planned investments for the infrastructure sector will continue to boost domestic steel demand this year, steel analysts said. Navin Vohra partner at advisory firm Ernst & Young said demand is robust and Indias steel production is expected to post 8-10% growth in the current year, partly due to new capacities which will become operational. Global steel prices have started moving up on the back of improving demand. Top Indian steelmakers including SAIL, Tata Steel, JSW and Essar hiked prices by up to Rs 3,000/tonne effective April 1. Copyright 2010, Bennett, Coleman & Co. Ltd. All Rights Reserved" PTI See this story in: The Economic Times Mumbai: Auto ancillary company Steel Strips Wheels on Thursday said it has received an order from European car maker Renault for supplying steel wheel rims, that would fetch the Indian company about 28 million euro (about Rs 195 crore). The company is "expected to supply more than three million wheel rims in five years, which will lead to earning of foreign exchange of nearly 28 million euro (about Rs 195 crore) to the company," Steel Strips said in a filing to the Bombay Stock Exchange. The steel wheel rims would be supplied for Renault's upcoming project in Morocco. The company would start supplying steel wheel rims to Renault from last quarter of 2011 from its Chennai plant, the filing added. Shares of the company reacted sharply and hit upper limit at Rs 96.75, up nearly five per cent from its previous close. Agencies See this story in: The Financial Express Nearly 13 per cent of vehicle owners are forced to change their tyres within just two years of purchase due to poor road conditions, says a report by market research firm JD Power. "Overall, 13 per cent of new vehicle owners in the country indicate having replaced their tyres within the first two years of vehicle ownership, primarily due to tyres becoming worn out or damaged due to road hazards," says report. The study points out that the rate of replacement is higher in case of utility vehicles, which run more than other models. "More than 1 in 5 owners of utility vehicles indicate having replaced their tyres within the first two years of ownership. On an average, utility vehicles are driven 35 per cent more kilometers than vehicles in other model segments," the report said, adding the most frequently reported problems with original equipment (OE) tyres are issues related to road hazards, punctures and poor traction. In replacing, over 57 per cent of new vehicle owners choose tyres going by the brand as according to them it is the most important factor influencing their replacement decision. "Tyre customers are brand-conscious and have higher expectations of performance due to improvement in technology, such as self-sealing tyres," JD Power executive director (Asia-Pacific, Singapore) Mohit Arora said. According to government estimates, about USD80 billion (about Rs 3.76 lakh crore) is being invested over the next four years on development of highways. Of this, 50-60 per cent are expected to come from private sector. Soon after taking charge last year, transport minister Kamal Nath had said mega projects of 400km each would be awarded to speed up highway development, following which the National Highways Authority had identified nine projects requiring an investment of about Rs 4,000 crore each. Taking a dig at tyre manufacturers, JD Power report said nearly 1 in 5 customers indicated having experienced a problem with their OE tyres, and surprisingly over 30 per cent of them did not get the tyres repaired or serviced. "Having even a single problem negatively impacts customer satisfaction with their tyres, and satisfaction level declines further if these problems are not rectified," Arora said. On utility vehicle tyres, he said as such vehicles are driven for long distances, on many instances on unpaved roads, the owners tend to have low satisfaction levels with the traction and handling of their tyres. "As this vehicle segment continues to grow, it is particularly important for tyre manufacturers to focus on improving quality," he added. On the customer satisfaction front, MRF ranks the highest among OE tyre brands with an overall score of 810 (on a 1,000 points scale), followed by Apollo Tyres with 804 points. With the industry average for customer satisfaction is 798 points, Bridgestone (796 points), JK Tyre (795 points) and Goodyear (768 points) find places below the average, the survey said. JD Power's customer satisfaction index is based on responses from 3,874 new-vehicle owners surveyed between May 2007 and August 2008. MRF tops again in J D Power survey The Economic Times | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Hindu Business Line New Delhi: Shell Lubricants announced on Monday the extension of its strategic alliance with Hyundai Motor India Ltd (HMIL) for a further five years. It has been the preferred lubricant partner for Hyundai for about a decade. The alliance between two of the world's strongest automotive brands will pave the way for future collaboration in research and technological development, said the company. Mr Donald Anderson, Country Head Lubricants, Shell India Markets said, Our alliance with Hyundai enables us to extend our reach and network across the global automobile ecosystem and provide world class service to our partners. We look forward to continuing our association with Hyundai and offer them the latest lubricant technology for their high performance cars. Shell Lubricants undertakes on-ground activities throughout the year and runs a number of programmes with Hyundai dealerships and workshops to increase customer satisfaction and loyalty, it said. PTI See this story in: The Economic Times New Delhi: Indian Oil Corp (IOC) and its partners Marubeni Corp and Taiwans TSRC Corp will invest Rs 900 crore in setting up a unit to manufacture synthetic rubber for tyres. The three will build a plant at Panipat in Haryana by September 2012 to manufacture 1,20,000 tonne a year of synthetic rubber from butadine, an IOC statement said here. Butadine will be sourced from IOCs naphtha cracker at Panipat. IOC will hold 50% in the venture while TSRC will have 30%. Marubeni will hold the remaining 20%. The plant has been planned to benefit from rising auto demand in India. The SBR would produce high quality synthetic rubber used in the manufacture of automotive tyres, conveyors and fan belts. IOC to set up synthetic rubber plant at Panipat The Hindu Business Line The Times of India New Delhi: Days after energy ministers from oil producing and consuming countries gathered at Cancun in Mexico in search of market stability, crude spiked to an 18-month high of $86 a barrel on Monday to strengthen the feeling that more needs to be done to check speculation, which has primarily been blamed for pushing prices to the historic high of over $147 a barrel in 2008. Monday's spike is being attributed to Friday's robust US job market data and a rise in February second-sales of houses and improved index of the services sector in March. All these are being seen as indicators to a rebound in the US economy. The jobs data particularly is being stressed as a sure sign of the sustainability of an economic recovery in the world's biggest economy, which in turn is expected to spur demand in other markets. The fact remains that the US oil futures have been rising for the last five trading days. On Monday, the dollar was down against a basket of currencies which was supportive for crude futures. Agencies said May contracts rose $1.9, or 2.2%, to $86.7 a barrel, after peaking to a session high of $86.9 the highest level since intra-day prices hit $89 on October 9, 2008. The spike may come as a relief to those who saw a downward pressure on oil prices from the sovereign debt problem in Greece and its destabilising affects on financial markets. But questions over volatility and the role of speculators remain. In Cancun, there was agreement that a stable price regime ($70-80) is good for both producers and consumers. For India, the rising prices do not augur well for the government which is looking at a Rs 45,000 crore gap in the state-run oilmarketers' bottomline. In 2010-11, this is seen as doubling, given the price line being taken by international crude. A further rise in oil prices will increase pressure towards raising fuel prices. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bloomberg See this story in: The Economic Times Tokyo: Renault, Nissan Motor and Daimler expect to save billions of euros by sharing development costs, as part of an equity-swap alliance, two people with direct knowledge of the talks said. The automakers aim to sign an agreement that will include cross-shareholdings from 3% to 4% as early as April 7 in Brussels, said the people, who declined to be identified as the discussions are private. They plan to share development costs for platforms and technologies including powertrains, the people said. The alliance may help the automakers save on developing fuel-efficient technologies to meet stricter environmental regulations, as well as new small cars to expand in emerging markets such as China and India. The deal follows a tie-up between Volkswagen and Suzuki Motor earlier this year and Fiats takeover of Chrysler Group last year. Toshitake Inoshita, a spokesperson at Yokohama, Japan-based Nissan, declined to comment when reached by phone. Calls to the offices of Stuttgart, Germany-based Daimler and Boulogne Billancourt, France-based Renault werent immediately answered on Monday, which is a public holiday in Germany and France. Renault, Frances second-biggest carmaker, bought a controlling stake in Nissan in 1999 when the Japanese automaker was nearing bankruptcy. The three companies plan to share development costs for products including small cars, luxury vehicles and commercial vehicles, as well as conventional gasoline-engine, diesel, hybrid, electric and fuel-cell technology, the people said. Daimlers Smart minicar and Renaults Twingo model may share key components in the future, while Daimlers Mercedes-Benz may supply powertrains to Nissans Infiniti luxury brand, the people said. Renault and Nissan, Japans third-biggest automaker, tried to form an alliance with the former General Motors Corp. in 2006 to save costs by sharing production, development and purchasing. Nissan CEO Carlos Ghosn and former GM chief executive officer Rick Wagoner ended talks without an agreement. A cross-shareholding underpins Renault and Nissans existing alliance. Renault owns 44% of Nissan, which in turn owns 15% of the French carmaker. Nissan rose 0.4% to close at 825 yen in Tokyo trading on Monday. Renault gained 2.3% to e35.50 in Paris on April 1, when Daimler rose 1.6% to e35.41. Stock exchanges in France and Germany are closed on Monday for a public holiday. Renault, Nissan, Daimler may save billions via JV The Financial Express Renault, Nissan and Daimler to announce partnership: Sources Daily News & Analysis http://www.dnaindia.com/money/report_renault-nissan-and-daimler-to-announce-partnership-sources_1367769 Renault, Daimler to announce partnership Yahoo India Renault, Daimler set to announce partnership plans mint Agencies See this story in: The Economic Times Washington: The US Transportation Department said on Monday it was seeking the maximum penalty of more than $16 million against Toyota Motor Corp for failing to notify the government promptly about defective gas pedals among its vehicles. The fine of $16.375 million would be the largest civil penalty ever demanded from an automaker by the US government. Toyota has recalled more than 6 million vehicles in the United States, and more than 8 million worldwide, because of acceleration problems in multiple models and braking issues in the Prius hybrid. Toyota officials did not immediately respond to the announcement. Transportation Secretary Ray LaHood said documents obtained from the Japanese automaker showed that Toyota knew of the problem with the sticking gas pedals in late September but did not issue a recall until late January. The sticking gas pedal recall involved 2.3 million vehicles. ``We now have proof that Toyota failed to live up to its legal obligations,'' LaHood said in a statement. ``Worse yet, they knowingly hid a dangerous defect for months from US officials and did not take action to protect millions of drivers and their families.'' ``For those reasons, we are seeking the maximum penalty possible under current laws,'' he said. Under federal law, automakers must notify the department's National Highway Traffic Safety Administration within five days of determining that a safety defect exists, and then must promptly conduct a recall. Toyota has two weeks to accept or contest the penalty. The largest auto industry fine came in 2004, when General Motors paid $1 million for responding too slowly on a recall of nearly 600,000 vehicles over windshield wiper failure. The Transportation Department said the penalty is specifically tied to the sticking pedal defect and Toyota could face additional penalties under the government's continuing investigation. The government has linked 52 deaths to crashes allegedly caused by accelerator problems in Toyotas. The recalls have led to congressional hearings, a criminal investigation by federal prosecutors, dozens of lawsuits and an intense review by the Transportation Department. Toyota has attributed the problem to sticking gas pedals and accelerators, which can become jammed in floor mats, and has cited no evidence of an electrical problem. Toyota dealers have fixed 1.7 million vehicles under recall so far. Consumer groups have said electronics could be the culprit, and dozens of Toyota owners who had their cars dealt with in the recall have complained of more problems with their vehicles surging forward unexpectedly. Reviews of some recent high-profile crashes in San Diego, California, and in suburban New York City have failed to find a mechanical or electronic problem. In the New York case, a police investigation found that the driver, not the car, was to blame. Following the recalls, the Transportation Department demanded in February that Toyota turn over documents detailing when and how it learned of the problems with sticking accelerators and with floor mats trapping gas pedals. NHTSA said documents provided by Toyota showed the automaker had known about the sticky pedal defect since at least September 29, 2009, when it issued repair procedures to distributors in 31 European countries and Canada to address complaints of sticking pedals, sudden increases in engine RPM and sudden vehicle acceleration. The government said the documents also show that Toyota knew that owners in the United States had experienced the same problems. Toyota has provided NHTSA with more than 70,000 pages of documents during the investigation. Reuters See this story in: The Economic Times Nissan Motor Co and its French parent company Renault SA have reached an agreement with Germany's Daimler AG to acquire stakes of about 3 per cent in each other, the Nikkei business daily reported. Currently, Renault owns 44.3 percent of Nissan, while the Japanese automaker has a 15 percent stake in the French firm. Renault and Daimler will hold interests of about 3 percent in each other, with Nissan and Daimler moving towards a similar arrangement, the daily said. The capital tie-up will allow the automakers to build a long-term relationship, seen as a vital condition for disclosing technological information to each other, the Nikkei said. The three firms are expected to share parts and platforms to cut costs, the daily said. Specifically, Nissan may procure large engines and clean diesel engines from Daimler, while supplying electric cars and rechargeable batteries to the German firm. Additionally, the companies plan to cooperate in the development of environmental technologies, in light of increasing expenses in this field. Despite poor sales for its "Smart" brand of minicars, Daimler sees a turnaround by sharing parts with automakers strong in small vehicles segment, the Nikkei said. The three firms had combined sales of 7.22 million vehicles in 2009, the Nikkei said, adding that it trails only the 8.6 million units sold by the alliance between Volkswagen AG and Suzuki Motor Corp and the 7.81 million vehicles by Toyota Motor Corp. See this story in: The Times of India Washington: US regulators on Monday proposed fining Toyota Motor Corp the maximum penalty of $16.4 million, saying the company failed to notify the government in a timely way about accelerator pedal flaws that were the subject of a massive recall in January. The transportation department's National Highway Traffic Safety Administration accused Toyota of failing to notify regulators about the defect for at least four months even though Toyota knew of potential risks to consumers. The penalty being sought would be the largest fine ever levied against an auto manufacturer by the US government. The previous largest fine was $1 million against General Motors because of a windshield wiper failure in 2002-2003 model vehicles. Auto manufacturers are legally obligated to notify regulators within five business days if they determine that a safety defect exists. Regulators learned through documents obtained from Toyota that the company knew of the "sticky pedal" defect since at least September 2009. The recall of approximately 2.3 million vehicles in the United States was announced in late January. A representative from Toyota could not immediately be reached for comment. U.S. seeks to fine Toyota $16.4 million Yahoo India Agencies See this story in: The Economic Times Chicago: General Motors said it will install brake override systems on nearly all of its vehicles by 2012 in a move aimed at boosting its safety credentials in the wake of mass recalls at rival Toyota. Toyota has been expanding the use of brake override systems to calm fears after it recalled more than eight million vehicles worldwide due to defects which caused vehicles to speed uncontrollably. While the Japanese automaker insists that the problems were mechanical in nature, critics have questioned the reliability of electronic throttle control systems which are widely used in the automotive industry. A brake override system cuts power to the engine in cases when the brake and accelerator are being depressed at the same time and should allow drivers to bring the vehicle to a stop in case of sudden, unintended acceleration. The "enhanced smart pedal technology" will be applied to all GM passenger cars with automatic transmissions and most trucks and sport utility vehicles sold worldwide in order to provide "an additional safeguard to enhance customer confidence," GM said. Brake override systems are not necessary in vehicles with manual transmission because power to the engine can be cut off with the clutch. GM's vehicles already have braking standards which require them to be able to stop within 551 feet (167 meters) when traveling at a speed of 62 miles (100 kilometer) per hour. It has also received significantly less complaints of sudden, unintended accelerators than its competitors, a spokesman said. "News media analyses of government data consistently validates that GM's safety record on this issue is among the strongest in the industry," Tom Stephens, vice chairman for GM global product operations, said in a statement. "At the same time, we know safety is top of mind for consumers, so we are applying additional technology to reassure them that they can count on the brakes in their GM vehicle." PTI See this story in: The Economic Times London: It seems to be straight out of science fiction -- an electric-powered vehicle which is half- car, half-scooter. Automobile engineers at car giant Nissan have designed the groundbreaking vehicle for the future, Land Glider, which has four wheels, but is little more than half the width of a family car and is designed with busy city streets in mind. The agile two-seater, which has a glider-like cabin, leans into corners and has a top speed of 62 miles per hour. And, a computer in the Land Glider takes into account speed and steering angle before automatically calculating the amount of lean required to corner, the 'Daily Mail' reported. The vehicle is also equipped with a special crash avoidance system which uses sensors mounted in the body to detect other vehicles, say its designers. The system then directs the Land Glider, which is described as a "personal city commuter", away from obstacles. A spokesman said: "Targeted at city dwellers of all generations, the Land Glider is a serious motoring statement of the new era of mobility that Nissan intends to lead. It is a radical new vehicle that combines the company's vision for future urban mobility with Nissan's great driving heritage. "In creating the Land Glider, Nissan planners and designers have conceived a totally new form of personal zero-emissions mobility that combines clever, new driving experiences, all in the one compact, four-wheeled package. "With four-wheel stability and a sense of safety that originates from a tilting cabin, the Land Glider will appeal to both two-wheel and four-wheel driving enthusiasts." Lithium batteries power the vehicle's rear wheels while the passenger sits behind the driver in the cockpit. Takashi Nakajima, Nissan's Project Design Director, added: "The exterior incorporates a soft, sleek-looking body that appears to be protected by a special armour. As part of Nissan's expanding zero emission family, the Land Glider exudes a clean, friendly attitude." Nissan builds half-car, half-scooter vehicle! The Hindu Business Line Reuters See this story in: Daily News & Analysis New York: Shares of Harley-Davidson Inc roared on Monday to their highest level in almost 2-12 years after an analyst raised his price target for the motorcycle maker's shares to $36 from $32. Harley's first-quarter results could reverse a recent trend of earnings disappointment as retail sales show evidence of improvement and bike pricing firms, wrote RBC Capital Markets analyst Edward Aaron in a client note. The company's shares were up 6.7% at $30.29 in midday trading on the New York Stock Exchange. Harley's shares also surged recently on speculation that the company could be a target of a leveraged buyout. At least one analyst dismissed the deal as unlikely, but the possibility sent the shares up 6% in mid-March. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| The Hindu Business Line Mumbai: Continuing its rally against the dollar, the rupee on Monday gained 46 paise against the greenback to close at 44.44, a level last seen in 18 months ago, in September 2008. The spurt was on account of increased fund flows into the stock markets, where the benchmark index rose to a level seen two years ago. The Indian currency gained by more than a rupee (or two per cent) in the last five trading days. In the last five stock market trading sessions, foreign institutional investors (FIIs) ploughed Rs 2,948 crore, net, into Indian equities. The rising interest rate differential between the Indian and developed markets, and the FII confidence in the India growth story had led to increased inflows, said analysts. Aided by the inflow, the benchmark Sensex on Monday inched closer to the 18,000 mark. According to exchange data, FIIs were net buyers of equity for Rs 766.07 crore. Rupee opens at 44.77 Opening at 44.77 a dollar, the domestic currency closed at 44.44, against the previous close of 44.90. The current rupee appreciation is on account of short-term capital inflows, said Mr Mohan Shenoy, Group Treasurer, Kotak Mahindra Bank. He said he was sceptical about the rupee appreciating further: We have a significantly large current account deficit of $12 billion. Considering this, and the fact that prices are rising, I don't see the rupee going below the 44-level mark. Considering that the RBI had to manage inflation, interest rates and the exchange rate, they would be more willing to let the rupee take its own course rather than intervene to stem its gains, he added. There is a contrary view in the market that the RBI will intervene to protect exporters. The rapid appreciation of the rupee will hurt them. The RBI may step in to check the sharp gains of the rupee if it breaches the 44-mark, said a dealer with a public sector bank who sees the next support level at around 43.90. Sensex at two-year high Buoyancy in the equity markets globally and fresh buying by funds pushed the Sensex to a two-year high on Monday. The benchmark index closed up 243 points at 17,935, and in intra-day trade it touched a high of 17,948. This level was last seen in February 2008. The broader Nifty closed up 1.47 per cent at 5,368. People are getting back to business now at the start of the new fiscal, said Mr Harjit Singh Sethi, Country Head-Institutional Equity Broking at Almondz Global Securities. Participants were not very active in the last few trading sessions before the fiscal year ended. Thursday (the first trading day of the new fiscal), too, saw low volumes as Friday was a holiday. Realty, oil and gas, auto and banking were the sectoral indices that gained the most. Domestic institutions were net buyers of equity for Rs 403 crore. Retail investors were net sellers on the BSE for Rs 123 crore as they moved to book profits. On the NSE, there was a 10 per cent rise in the volumes traded on Monday. A total of 70.18 crore shares was traded on the NSE, up from 63.74 crore on Thursday. On the BSE, 48 crore shares were traded. Good US job data improved sentiment globally, said Mr Sethi. The Dow Jones, NASDAQ, FTSE, CAC, Nikkei and Hang Seng were all trading in the green. PTI See this story in: The Hindu Business Line Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex on Monday surged by over 243 points to over 25-month high on brisk buying by funds in anticipation of good fourth quarter earnings by India Inc. Supported by positive global trends, the 30-share Sensex shot up by 243.06 points, or 1.37 per cent, to 17,935.68, a level last seen on February 20, 2008. The National Stock Exchange index, Nifty, too spurted by 77.90 points to settle at 5,368.40. Brokers said buying got a boost as there is an all-round optimism in the market that India Inc would post impressive fourth quarter results. Asian markets rallying to 19-month high, buoyed by an upbeat US job data, also helped lift the investor sentiment , they added. US markets too had soared at 18-month high on last Thursday. Realty, oil and gas, auto, bank, small-cap and mid-cap shares were the major gainers of the day. The petrochemicals major Reliance Industries, which gained 2.88 per cent, contributed the maximum in todays rise. ICICI Bank shot up 3.26 per cent while Bha rti Airtel was another smart gainer at 4.45 per cent.
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Monday, April 5, 2010
Indian Auto Industry Update April 06, 2010
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