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| INDUSTRY Government rejects automakers' Euro III postponement demand INTERVIEWS/FEATURES COMPONENTS GS Auto to invest Rs 30 cr on new plant ALLIED INDUSTRIES Natural rubber imports more than double on tyre demand Rubber import more than doubled in FY10 FINANCE & INSURANCE Madison bags Shriram Transport Finance media account OIL, LUBRICANTS & ALTERNATIVE FUELS Petrol pumps strike on April 9 Oil prices down | CARS, SUVs, MUVs Audis sales jump 36% in March M&M drives marketing the social media way COMMERCIAL VEHICLES ECONOMY & FINANCE Rupee closes flat in choppy trade | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Economic Times (Web Edition) New Delhi: The government has rejected automakers demand to postpone introduction of environment-friendly Euro-III fuel, and has asked oil companies to sell cleaner petrol and diesel in Chattisgarh, Madhya Pradesh and Maharashtra by June 1. Goa has started selling the cleaner fuel from April 1, 2010. The petroleum ministry has assured the Environment Pollution (Prevention & Control) Authority (EPCA) that oil companies will sell Euro-III fuel in 17 other states and Union territories by July 1. By October 1, Euro-III fuel will be available in all petrol pumps across the country. Auto companies wanted Euro-III (or Bharat Stage-III) fuel to be introduced across the country at one go, from October, an official said, requesting anonymity. But stage-wise implementation is the most viable solution, he said. Use of higher grade fuel reduces emission of sulphur and benzene that pollute environment. States to switch over from Euro-III to Euro-IV fuel by July include Haryana, Himachal Pradesh, Punjab, Rajasthan, Andhra Pradesh, Jammu & Kashmir and Tamil Nadu as well as Western UP. Oil companies are under pressure from EPCA to advance the deadline for Karnataka. EPCA feels that introduction of BS-III (Euro-III) may be preponed in Karnataka, currently scheduled for July 2010-end, because of the growing pollution in the region, the authority said in a letter to the oil ministry. Pumps in eastern UP, Bihar and Jharkhand will be able to serve Euro-III diesel by July 1, but they can supply the higher grade petrol by October 1, an official in EPCA, who didnt wish to be named, said. Ministry of shipping, road transport & highways has been asked to adhere to the schedule due to growing air pollution and its implications on health, the official said. Euro-IV (or BS-IV) diesel and petrol are being sold in 13 cities: Delhi (including the national capital region), Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Pune, Surat, Ahmedabad, Kanpur, Agra, Solapur and Lucknow from April 1. Barring Goa, the rest of the country is currently served by Euro-II (BS-II) grade auto fuels. Society of Indian Automobile Manufacturers (Siam), the apex body of domestic vehicle manufacturers, said its members are prepared to meet the changed fuel norms. Auto companies have their plans ready and the government must ensure supply of upgraded fuel as per the plan, an official in Siam said, requesting anonymity. Most of the auto companies are exporting their models in Europe as per Euro-V standard. Copyright 2010, Bennett, Coleman & Co. Ltd. All Rights Reserved" Euro-III auto fuel on June 1 Hindustan Times (Web & Print Edition) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Business Standard New Delhi/ Jalandhar: Eyeing a growth of 15 per cent in its turnover of Rs 2,700 crore in the last financial year, JCB India Ltd has announced the opening of its first World Class 3S Dealer facility in Jalandhar. Last year, the turnover of the company was Rs 2,700 crore and we expect a growth of 15 per cent in the current financial year with strengthening of dealer network and up-gradation of the designs of projects, MD & CEO of the company Vipin Sondhi said. Jalandhar dealership is built by DADA Earthmovers, with branch offices in Hoshiarpur and Amritsar covering Kapurthala andNawashahar. This dealership facility is fully equipped with international standard servicing for JCB customers to provide them one stop solution. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Standard Kolkata/ Berhampur: Suzuki Motorcycle India Private Limited (SMIPL), the 100 per cent subsidiary of the Japan-based Suzuki Motor Corporation, aims to ramp up its dealer network from 217 at present to 300 by March 2011. We have targeted to increase our dealer network in the country from 217 at present to 300 by March 2011. In a short span of around two and half years, SMIPL can boast of a robust network of 217 dealers across the country, Rakesh Kumar, dealer development officer of SMIPL said here. He was here to inaugurate a new outlet, the company's 217th in the country. Presently, the company has five dealer outlets in the state at Balasore, Bhubaneswar, Cuttack, Berhampur and Bhawanipatna and plans are afoot to expand this network, Kumar said. SMIPL's manufacturing facility in India is located at Gurgaon (Haryana) with a capacity of 2.5 lakh units. The manufacturing facility is spread over 37 acres out of which only seven acres is devoted to plant construction while the remaining area is left for future expansion. The company has posted a 76 per cent jump in its March sales to 21,752 vehicles. The sale of the vehicles increased despite the rise of excise duty on automobiles by 2 per cent from February 26. In order to cater to the needs of the customers, SMIPL plans to roll out new models every year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| PTI See this story in: The Hindu Business Line New Delhi: Components maker GS Auto International on Tuesday said it will invest Rs 30 crore to set up a new facility in Jamshedpur and diversify into passenger vehicle segment. The new plant will be operational by the December this year, thereby doubling the companys annual capacity by 20,000 metric tonnes of components. The new Jamshedpur plant will start commercial production in December 2010. We are investing Rs 30 crore on it and the plant will double our capacity to 20,000 metric tonnes of component parts, GS Auto International Chief Financial Officer, Mr Neeraj T uli said. He said the new plant is part of the companys Rs 40 crore capex plan for this fiscal, under which another Rs 10 crore will be utilised for upgradation of its existing facility at Ludhiana. Mr Tuli said the company will fund the investment through a mix of internal accrual and debt. The growth in the passenger vehicle segment is more than the commercial vehicle segment and we want to capitalise on it. Besides, our new plant at Jamshedpur will also make some components for the CV segment and we are setting up a high pressure mouldin g line there, he said. GS Auto specialises in castings, machine components, suspension kits and heavy-duty high-speed trailer axles. The upcoming plant at Jamshedpur will mainly cater to the domestic market. Mr Tuli said the company is in talks with some original equipment manufacturers (OEM) for supplying passenger vehicle components. GS Auto currently sells both to OEMs and the aftermarket. Among its major OEM clients are Mahindra & Mahindra, Ashok Leyland and Eicher Motors. http://www.thehindubusinessline.com/blnus/02061710.htm PTI See this story in: Business Standard, The Hindu Business Line New Delhi: Consumer electronics major Panasonic has announced the setting up of an internal division, Panasonic Automotive Systems India (PASI), to focus on the Indian automotive sector. "With its head office in Gurgaon in Haryana and a sales office in Bangalore in Karnataka, PASI specialises in sales and support of in-car equipment and systems...," Panasonic said in a statement. The new division aims at developing a sales structure, which will enable quick response to the Indian automotive market, facilitated by fast decision-making and sales strategy catering to local needs, it added. The company, as part of its global business strategy to strengthen its presence in emerging countries, will strive to take advantage of the rapidly-growing Indian market for car electronics, it said. Since its establishment in January 2003, the division has expanded its business overseas by establishing operations in North America, Europe, China and Thailand. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PTI See this story in: The Financial Express New Delhi: Indias natural rubber import more than doubled in 2009-10 on increased consumption while domestic production fell by nearly 4%, according to the latest data released by the Rubber Board on Tuesday. Imports were up by 118.7% in 2009-10 at 1.7 lakh tonne compared to 0.78 lakh tonne in 2008-09 on increased consumption by tyre makers. The total consumption in FY10 was at 9.3 lakh tonne, a 6.8% growth over 2008-09. Indias natural rubber exports, however, fell by 49.4% to 0.24 lakh tonne in 2009-10 compared to 0.47 lakh tonne in the 2008-09 fiscal. Attributing the growth in consumption to the demand from tyre sector, which led to higher imports as well, the Board said that it was up due to capacity expansion of Ceat, JK and Bridge Stone Tyres and new plants installed by Birla, Apollo and TVS Sri Chakra Tyres. The trend (growth in consumption) will continue next year also,it said. Meanwhile, India consumed 0.79 lakh tonne of natural rubber in March 2010, up from 0.74 lakh tonne in the same month last year. Domestic production and imports also rose to 0.50 lakh tonne and 0.10 lakh tonne, respectively. Exports in March 2010 stood at 5,615 tonne as against 1,962 tonne in the same month last year. The export of natural rubber during March, 2010 increased as a result of high price prevailed in the international market during the first fortnight of the month,the Board said. PTI See this story in: The Hindu Business Line New Delhi: Indias natural rubber import more than doubled in 2009-10 on increased consumption while domestic production fell by nearly four per cent, according to the latest data released by the Rubber Board on Tuesday. Imports were up by 118.7 per cent in 2009-10 at 1.7 lakh tonnes compared to 0.78 lakh tonnes in 2008-09 on increased consumption by tyre makers. The total consumption in FY10 was at 9.3 lakh tonnes, a 6.8 per cent growth over 2008-09. Indias natural rubber exports, however, fell by 49.4 per cent to 0.24 lakh tonnes in 2009-10 compared to 0.47 lakh tonnes in the 2008-09 fiscal. Attributing the growth in consumption to the demand from tyre sector, which led to higher imports as well, the Board said that it was up due to capacity expansion of Ceat, JK and Bridge Stone Tyres and new plants installed by Birla, Apollo and TVS Sri Ch akra Tyres. The trend (growth in consumption) will continue next year also, it said. Meanwhile, India consumed 0.79 lakh tonnes of natural rubber in March 2010, up from 0.74 lakh tonnes in the same month last year. Domestic production and imports also rose to 0.50 lakh tonnes and 0.10 lakh tonnes, respectively. Exports in March 2010 stood at 5,615 tonnes as against 1,962 tonnes in the same month last year. The export of natural rubber during March, 2010 increased as a result of high price prevailed in the international market during the first fortnight of the month, the Board said. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PTI See this story in: The Hindu Business Line New Delhi: Madison Media on Tuesday said it has bagged the media account of the Shriram Group firm Shriram Transport Finance Company for handling its advertising, media and public relations for Rs 50 crore. Shriram Transport Finance Company has decided to follow the media Agency on Record (AOR) route and appointed Madison Media as its AOR, Madison Media said. AOR is the practice of hiring a firm on a committed annual basis for areas particularly advertising, media and public relations. Asked about the size of the deal, Madison Media Group CEO, Ms Punitha Arumugam said that it is worth Rs 50 crore in terms of annual spend. With most large advertisers consolidating their spends with one media agency, we thought the time was right for us to follow that (AOR) route, Mr R Sridhar, Managing Director, Shriram Transport Finance Company said. Madison World Chairman and Managing Director, Mr Sam Balsara said given the size of Shriram Transport Finance Company, it has maintained a low profile and needs to increase its presence. We are confident that our substantial experience and expertise will enable us to do that in a cost effective manner, Mr Balsara added. The Rs 2,300-crore Madison Media Group is a part of Madison World. It has specialist units in creative, outdoor, PR, rural, retail, mobile, sports and entertainment employing over 700 communications professionals across India. The Financial Express The second largest state-owned lender, Punjab National Bank, has signed a memorandum of understanding (MoU) with Chevrolet Sales India, for financing their passenger cars across India. This association will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners. The bank will offer car loan up to 90% of on road cost, for tenure ranging up to seven years at a very competitive rate. This facility will be available at all the branches of the bank and all dealerships of Chevrolet sales in India. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Hindu New Delhi: The Federation of All-India Petroleum Traders has announced a complete shutdown of all petrol pumps in the Capital on April 9 in protest against the Delhi Government's decision to hike VAT on diesel from 12.5 per cent to 20 per cent, which it termed as the highest in the country. In a statement, Federation general secretary Ajay Bansal said nearly 400 petrol pumps affiliated to it would observe a complete shutdown. Tinkering with VAT He said the most disturbing aspect of the whole issue is that the Government has been tinkering with the VAT rate from time to time and there is no stability in the system. In June 2008, Haryana reduced VAT on diesel to 8.8 per cent, the lowest in the country, leading to a drop in sale of diesel from pumps in Delhi. He said it was a wrong notion that an increase in VAT on diesel would lead to higher revenue as all the commercial vehicles plying on the national highways and passing through Delhi would prefer to get their diesel filled up in the neighbouring State where it is much cheaper. Agencies See this story in: The Hindu Business Line Mumbai: Oil prices fell on Tuesday as the dollar strengthened, pulling back from an 18-month high near $87 reached on Monday on data showing US economic growth is accelerating. US crude for May delivery declined 23 cents to $86.39, while ICE Brent fell 35 cents to $85.53. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Agencies See this story in: The Economic Times Paris: France's Renault and Germany's Daimler are expected to announce a partnership Wednesday to exchange capital and share know-how in building smaller cars, a French minister said. Renault-Nissan boss Carlos Ghosn will join his Daimler counterpart Dieter Zetsche to confirm the tie-up in the Belgian capital Brussels, French Industry Minister Christian Estrosi told parliament. The French state, which has a 15-percent stake in Renault, has "approved the link-up" between the companies, he said. The firms have not publicly commented but reports said Renault and Daimler, which makes the luxury Mercedes-Benz line and the Smart small car, have agreed to take three percent stakes in each other and to work together to develop small cars and engines. Japanese automaker Nissan, which is 44.3-percent owned by Renault, will also take part in the deal, according to press reports. The global auto industry is struggling to overcome a slump caused by the economic downturn and is joining forces to share technology and reduce costs. German industry experts think that by cooperating with Renault, Daimler could make savings of 600 million euros (800 million dollars) in its development costs. Renault shares were up 3.48 percent at 36.74 euros in late afternoon trading Tuesday in Paris on news of the partnership with Daimler. Daimler was up 0.03 percent at 35.41 euros in Frankfurt. The deal would be a "win-win situation" for the two firms, said Philippe Barrier from Societe Generale Cross Asset Research. It would allow Daimler to buy technology at good prices while Renault and Nissan could share the cost of research and development for bigger models with the German partner, he said in a research note. The agreement provides for exchanges of engines and technology, sharing car parts and production platforms for future Smart models, and developing electric cars, said Guillaume Angue, analyst with CM-CIC Securities. Despite poor sales for its Smart brand of mini-cars, Daimler envisions a turnaround by sharing parts with automakers that have strength in small vehicles, Japan's Nikkei business daily reported. Renault and Nissan are developing an extensive line of zero-emission electric vehicles, including Nissan's Leaf, while Daimler could contribute its robust diesel engines for luxury cars and trucks. Renault, maker of the popular Clio small car, entered into an alliance with Nissan 11 years ago to share car parts and open up access to production sites worldwide. Nissan, for example, builds Renault Sandero hatchbacks at its plant in South Africa while Renault builds Nissan models in Brazil. The two carmakers have built a joint plant in India. Renault, Nissan and Daimler had combined sales of 7.22 million vehicles in 2009, trailing the 8.6 million units for the alliance between Volkswagen and Japan's Suzuki and the 7.81 million vehicles sold by Toyota. Volkswagen, the biggest European car maker, and Suzuki finalised a cross-shareholding operation last year. http://economictimes.indiatimes.com/news/international-business/Renault-set-for-new-tie-up-with-Daimler/articleshow/5767844.cms Renault, Daimler set to tie up The Times of India Reuters See this story in: Daily News & Analysis Paris: Renault SA, Nissan and Daimler will hold a joint press conference on April 7 at 0745 GMT in Brussels. Daimler CEO Dieter Zetsche and Renault and Nissan CEO Carlos Ghosn will be the speakers. Agencies See this story in: The Economic Times New York: Toyota Motor Corp. is likely to accept a huge fine the US government is proposing over its handling of recalls for vehicles with faulty accelerator pedals, sources familiar with the matter have said. Toyota wishes to settle the recall problem promptly, now that it is gearing up for a new system to enhance the quality of its vehicles, the sources said on condition of anonymity. On Monday, US Transportation Secretary Ray LaHood proposed a fine of USD 16.38 million, the maximum civil penalty for an automaker under US law. The National Highway Traffic Safety Administration said it has concluded through documents obtained from Toyota that the Japanese automaker had known that gas pedals might stick and cause its vehicles to accelerate unexpectedly since late September last year when it began preparations in Europe and Canada for voluntary repairs to address sticky-pedal complaints. Toyota thus failed to notify the NHTSA for at least four months before issuing a recall in late January, the agency added. "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." Toyota has received a letter from the NHTSA seeking the fine and is considering how to respond to it, according to the automaker's public relations section in Tokyo. Toyota earlier said it did not know as of late September last year that the same sticky-pedal complaints in Europe and Canada would emerge in the United States. Maximum penalty against Toyota sought The Hindu http://www.hindu.com/2010/04/07/stories/2010040755021600.htm US seeks $16.4m penalty from Toyota The Pioneer Reuters See this story in: The Economic Times Seoul: Toyota Motor Corp said on Tuesday it was recalling 12,984 vehicles sold in South Korea due to floor mat problems, the latest in a string of safety problems and product recalls at the Japanese carmaker. South Korea's transport ministry said it had found some carpet mats installed into Lexus ES350, Camry and Camry Hybrids could roll forward and interfere with accelerator pedals if they were not stuck to the floor. The move comes as Toyota faces a proposed $16.4 million fine from US regulators, the maximum penalty allowed under current laws, after the world's largest automaker failed to notify the government in a timely way about accelerator pedal flaws that were the subject of a massive recall in January. "It is a voluntary recall to remove risks of a possible misfortune that could arise in the future," Hisao Nakabayashi, president and CEO of Toyota's South Korea operations, told a news conference in Seoul. The decision affects about a quarter of Toyota sales in Korea between January 2001 and March 2010, and follows the recall of 510 Prius hybrid cars in February in relation to a braking problem. Toyota's head office in Tokyo said the problem was apparently unique to floor mats made and sold in South Korea and no accidents were reported in relation to the South Korea-sold models. Nakabayashi was bombarded with a series of questions on why the South Korea was several months behind the United States over the floor mat-related recall. But he drew a distinction between the South Korea move and recent US recalls, saying floor mats used for the two markets were different. The problem was restricted to floor mats, he added, saying accelerator pedals, which caused a recall of about 2.3 million vehicles in the United States earlier this year, are different for South Korea-sold units. Toyota recalls 13,000 cars in S.Korea The Indian Express http://www.indianexpress.com/news/toyotarecalls13-000carsins.korea/600716/0 Toyota to recall 13,000 cars in South Korea Hindustan Times http://www.hindustantimes.com/News-Feed/auto/Toyota-to-recall-13-000-cars-in-South-Korea/Article1-527854.aspx Toyota to recall 13,000 cars in South Korea Yahoo India Toyota likely to accept record US fine over recalls The Times of India Agencies See this story in: The Economic Times Tokyo: Toyota's Prius hybrid was Japan's top-selling car in March for an 11th straight month despite global recall woes, an industry group said on Tuesday. Toyota Motor Corp., reeling after recalls over issues that included braking problems with the Prius, sold 35,546 units of the gas-electric vehicle in Japan last month, according to the Japan Automobile Dealers Association. ``The recall woes did not appear to dent demand for the Prius. Despite the recall trouble, the automaker cannot keep up with surging demand for the Prius,'' said Toshiki Miyake, a spokesman for the association. Consumers were choosing the Prius with the help of tax breaks and government subsidies for environmentally friendly vehicles, Miyake said. Toyota's Prius was also the top-selling car in Japan in the fiscal year to March 2010, with sales quadrupling from a year earlier to 277,485, the association said. The Prius, now in its third generation since its 1997 introduction, is the best-selling gas-electric hybrid in the world, with a total of 1.7 million units sold worldwide, according to Toyota. It is so popular in Japan that it has a six-month waiting list. Rival Honda Motor Co's fuel-efficient FIT was in second place in March sales in Japan, with 23,076 units sold, the association said. The FIT also was No. 2 for the fiscal year with sales of 173,154. Toyota has been fighting to regain its once-sterling reputation for quality after recalling more than 8 million vehicles worldwide, including more than 6 million in the US alone, due to acceleration problems in multiple models and braking shortcomings in the Prius. In Washington, the US government accused Toyota of hiding a ``dangerous defect'' and proposed a record $16.4 million fine Monday for failing to quickly alert regulators to safety problems. There could be further penalties under continuing federal investigations. The Japanese automaker faces private lawsuits seeking many millions more. Bloomberg See this story in: The Financial Express Toyota Motor Corp knowingly hid a dangerous defect that caused its vehicles to accelerate unexpectedly, the US said, for the first time accusing the worlds largest automaker of breaking the law. Transportation secretary Ray LaHood proposed a record civil penalty of $16.4 million, the most the government can impose. The fine recommended on Monday escalates the confrontation between Toyota and LaHood, who initially praised the carmaker for its handling of recalls the company attributed to faulty accelerator pedals. The fine was announced the week after Toyota reported US sales rose 41% in March, signaling the company may be recovering from global recalls of more than 8 million vehicles. Toyota waited at least four months before telling US regulators that gas pedals might stick, LaHood said in a statement on Monday. Companies have five business days to report safety defects, the transportation department said. The departments action showed safety matters and theyre going to be tough as nails, Joan Claybrook, a former head of the National Highway Traffic Safety Administration, said in an interview. Thats very appropriate. They caught Toyota red- handed. The Toyota City, Japan-based carmaker fell 1% to close at 3,775 yen in Tokyo Stock Exchange trading on Tuesday. The shares have declined 2.7% this year. We now have proof that Toyota failed to live up to its legal obligations, LaHood said in the 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. Toyota received a letter from NHTSA on Monday asking for the fine, Mieko Iwasaki, a Tokyo-based spokeswoman for the carmaker said. We are considering how to respond to it, Iwasaki said. Toyota is working toward making safe, reliable and high- quality cars to satisfy our customers and responding sincerely to customers comments. LaHood has increasingly faulted Toyotas response since January 28, when he said he had no criticism of the company and Toyota did what theyre supposed to do. Toyota in January recalled about 2.3 million US cars and trucks for sticky accelerator pedals. The penalty could very possibly be the first of multiple fines, said Claybrook, former president of Public Citizen, a Washington-based consumer advocacy group. NHTSA cited documents obtained from Toyota in saying the company knew about the pedal defect since at least September 29, the day it told distributors in 31 European countries and Canada to make repairs to resolve sticky-pedal complaints. Ronojoy Banerjee The Financial Express New Delhi: General Motors India, along with the US Department of Energy, has tied up with Central Salt & Marine Chemicals Research Institute under the ministry of science and technology to grow jatropha. Jatropha is used in the manufacture of biofuel. The company has already identified 83 acres in Gujarat for jatropha cultivation. President and managing director of GM India Karl Slym told FE that the tie-up would help develop alternative fuel for automobiles, which GM is seriously exploring. The company would make a formal announcement to this effect next Monday. Slym said: Jatropha is a very interesting alternative bio-dieselyou grow it where you cant grow food; hence, it takes away the whole argument of taking away land meant for food production. Every single piece of jatropha can be reused. You use the oil to make biodieselit's considered to be the friendliest way of producing bio-fuel. To test jatropha farming, GM India had planted the crop on a one-acre field about 18 months back at its factory at Talegaon in Maharashtra. The purpose of that test was not to run cars, but to understand the product as much as we can," he added. Once the first round of cultivation is completed in Gujarat, the company plans to test the commercial viability of biodiesel. GM India may also look at bio-diesel products for its car portfolio in the future. Slym declined to reveal the investments details for this initiative. The US Department of Energy has already tied up with GM for a five-year partnership to help develop the potential of jatropha as an alternative bio-fuel. Slym said the company is keen to explore alternative fuels for Indian roads in the future. GM in tie-up for jatropha cultivation Yahoo India | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| The Hindu Business Line Mumbai: The rupee closed almost unchanged on Tuesday from its previous level in a market that saw choppy movement. The rupee opened at 44.38 and closed at 44.45, against Monday's close of 44.44. During the day it moved between 44.38 and 44.55, tracking the movement of the Sensex and the euro, which weakened against the dollar, said dealers. There was two-way dollar movement as importers bought and exporters sold, which resulted in the rupee remaining range-bound, said a forex dealer with a private bank. Rising oil price, which is an indication of good economic growth and recovery in the US, has an indirect impact on the rupee, he added. The recovery in the US and the good jobs data are creating risk appetite, which is leading to more flow of funds to emerging markets and Asian economies, thereby pushing up the local currencies,'' said the dealer. In the forward premia market, the six-month closed at 3.17 per cent (3.16 per cent) and the one-year at 3.04 per cent (3.01 per cent). PTI See this story in: The Hindu Business Line Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex on Tuesday closed flat after almost touching the all important 18,000 level during intra-day. The 30-share barometer closed at 17,941.37 points, up by 5.69 points. In the last two sessions the Sensex had added 408 points. The wide based National Stock Exchange index Nifty slipped by 2.40 points to 5,366 points. Amid anticipation of handsome fourth quarter results by India Inc, the index rose to a high of 17,991.41 points, but could not sustained the momentum. Heavy weight stocks BHEL, DLF, HDFC and ICICI Bank rose by up to 2.80 per cent. Realty, power, FMCG, consumer durables and banking stocks remained major supporter to the markets, while auto, IT, healthcare and oil and gas shares capped gains. Brokers said software exporting and auto stocks tumbled after the rupee touched a 19-month high, trimming the value of sales abroad. Infosys, the second heaviest on the Sensex and segment major dropped by Rs 23.40 to Rs 2,649.50. Software exporters get o ver 40 per cent of their revenue from the US markets. Among the 30-index stocks, 16 posted gains and 14 ended in the negative zone. The BSE realty sector index rose by 1.40 per cent to 3,445.62 followed by the power sector index which gained 0.72 per cent to 3,178.66. The FMCG index rose by 0.57 per cent to 2,850.33 points, consumer durables by 0.56 per cent to 4,340.07 points, the c apital goods by 0.52 per cent to 14,412.23 and the banking index by 0.52 per cent to 10,968.71. The market witnessed a resistance and the auto sector index suffered the most by 1.02 per cent to 7,738.43. The IT sector index dropped by 0.95 per cent to 5,303.41 as shares of Infosys Technologies, Tata Consultancy and Wipro fell. As investors rushed to shift their funds to other fundamentally strong shares, the mid-cap index rose by 0.68 per cent to 7,013.24 points and the small-cap index by 0.52 per cent to 8,921.58 points. The Hindu Business Line New Delhi: The Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia, on Tuesday said that India will continue to see a surge in foreign direct investment (FDI) inflows as growth differential was in its favour. He was referring to the fact that India is one of the high growth markets in which companies from developed countries would have to invest given that the growth in developed countries is at much lower levels. We will see the country progressing down the path we had (already) gone on the FDI front. There are already huge areas of the economy that are open, Mr Ahluwalia said at a meeting organised by the Confederation of Indian Industry. He added, In fact, we are under-invested. I see more FDI flows into India in the coming years as the growth differential is in our favour. We are going to provide a very hospitable environment for foreign investments in the years to come and if we want to grow at 9-10 per cent, we need investment and resources including those from abroad. 9% growth Mr Timothy Geithner said that a nine per cent growth seems in the realm of possibility for India. The Indian financial system is strong not because the country was cautious but largely because it had avoided committing mistakes on the monetary and fiscal policy side, he added. The Government expects 45 per cent of the $1,000 billion investment requirement in infrastructure during the Twelfth Plan to come from the private sector, he said.
Metals
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Wednesday, April 7, 2010
Indian Auto Industry Update April 07, 2010
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