The Tribune, Chandigarh, India

Maruti, Ford, Hyundai, HM slash prices
Time ripe to buy new car

New Delhi, March 1
Maruti Udyog today slashed its car prices by Rs 10,884-Rs 37,664 following an 8 per cent excise duty reduction announced in the 2003-04 Budget.

While price of the entry-model Maruti 800 Standard has been lowered by Rs 10,884 to Rs 2,00,969, the M800 Standard AC model price has been cut by Rs 12,155 to Rs 2,23,680 with immediate effect, a company statement said.

Maruti has also brought down prices of its premium small cars — Zen, Alto and Wagon-R.

The 'Zen LX' model will now cost Rs 17,830 less at Rs 3,30,236 while that of the Zen LXi variant has come down by Rs 19,318 to Rs 3,56,836.

For the Zen VXi and Automatic variants, there has been a reduction of Rs 20,984 and Rs 25,637 to Rs 3,88,027 and Rs 4,72,990.

In the case of Zen Diesel and Zen Diesel with power steering, prices have been lowered by Rs 18,653 and Rs 19,978 to Rs 3,45,015 and Rs 3,68,697.

The Alto LX and LXi prices have come down by Rs 15,531 and Rs 16,604 to Rs 2,87,213 and Rs 3,06,956.

The price of Alto VXi model has been cut by Rs 19,786 to Rs 3,64,899.

Maruti said the benefit of the excise duty reduction has been totally passed on to the customers.

For the 'Wagon-R LX' and LXi variants, there has been a 17,428 and Rs 18,804 reduction in prices to Rs 3,23,065 and Rs 3,47,688.

Prices of the 'Wagon-R VXi' and 'Automatic' versions have also been slashed by Rs 20,225 and Rs 25,372 to Rs 3,74,454 and Rs 4,66,560 respectively.

The Versa DX, DX2 and SDX models will now cost Rs 21,355, Rs 23,473 and Rs 26,391 less at Rs 3,99,876, Rs 4,37,759 and Rs 4,89,955.

While price of Esteem LX variant has been reduced by Rs 25,048 to Rs 4,65,865, that of the diesel and diesel power steering versions have also been brought down by Rs 28,174 and Rs 29,605 to Rs 5,21,739 and Rs 5,47,309.

The prices of Esteem LXi, VXi and Automatic models are lower by Rs 26,903, Rs 29,125 and Rs 32,722 at Rs 4,99,011, Rs 5,38,788 and Rs 6,03,192.

The premium Sedan Baleno and station wagon Baleno Altura prices have been cut by Rs 35,287 and Rs 37,664 to Rs 6,54,917 and Rs 7,02,997.

Hyundai Motors reduced Rs 16,000 for Santro, Rs 30,000 for Accent and Rs 65,000 for Sonata.

Meanwhile, Ford India and Hindustan Motors also slashed their vehicle prices by Rs 15,000-Rs 1.4 lakh.

Ford, which makes the mid-sized car Ikon, has cut prices of all variants of the car by Rs 22,488-Rs 30,268 with immediate effect, its Director (Sales), Vinay Piparsania, told PTI.

The ex-showroom Delhi price of the basic Ikon 1.3 CLXi model with the “Endura” engine has come down by Rs 22,488 to Rs 5,15,142, he said.

The new Ikon 1.3 CLXi Nxt price has been reduced by Rs 23,341 to Rs 5,56,825 while the price tag of the '1.6 Ikon Nxt' will be Rs 6,28,955, down Rs 27,486.

The price of the Ikon 1.8 ZXi Nxt diesel version has been cut by Rs 30,268 to Rs 6,89,548, Piparsania said.

While ex-showroom prices of all versions of the premium mid-size sedan Lancer has been lowered by Rs 32,700-Rs 50,000, the old workhorse Ambassador will witness a Rs 18,000-Rs 20,000 reduction in prices of all its variants. PTI

Hero Honda, Bajaj bike sales up

New Delhi, March 1
Hero Honda Motors said today its sales during February, 2003, rose by 6.4 per cent to 1,34,801 units from 1,26,617 units in the same month last year.

The February sales were, however, lower by 7.5 per cent as compared to 1,45,708 motor cycles sold in January this year, a company source said.

Cumulative (April-February, 2002-03) sales jumped by 21.1 per cent to 15,61,853 motor cycles from 12,89,836 units a year earlier.

Hero Honda had recently said that it would fall short of its target of selling 1.8 million motor cycles this fiscal by 4-6 per cent due to stagnant demand following drought in various states of the country last year.

Bajaj sales rise

Bajaj Auto Ltd has reported a 22.5 per cent rise in motor cycles sales at 76,661 units in February compared to 62,586 units sold in the corresponding period last year.

The company clocked sales of 9,207 units for its recently introduced “BYK” taking the cumulative sales of this 100 KMPL bike to over 19,000 units, Bajaj said in a release here today and added that the Pulsar closed the month with 23,429 units.

For the 11-month period ended February in this fiscal, motor cycles sales were higher by 35.5 per cent at 7,94,058 units.

A rise of 9.9 per cent was recorded in sales of three wheelers at 14,296 units (13,006 units in February, 2002) while total two and three-wheeler sales were marginally up at 1,14,414 units (1,14,281 units), it added.

Export performance continues to grow and registered a rise of 92 per cent at 7,565 units of two and three wheelers (3,941 units) in February 2003.

TVS sales up

TVS Motor Company recorded sales of 10.34 lakh two wheelers, including 6,62,854 motor cycles, during the 11-month period ended February, 2003, of the current fiscal.

The company sold 1,44,038 scooters and 2,27,409 mopeds during the reporting period, TVS said in a release here today and added, it had sold 7,78,404 two wheelers during the same period of previous fiscal.

TVS recorded sales of 92,951 units in February, 2003, posting a growth of 19 per cent over last year and its motor cycle sales during the month posted a rise of 31 per cent at 61,265 units.

The sales of sub-100 cc gearless scooters grew by 15 per cent at 10,329 units during the month (8,989 units) while moped sales were at 21,357 units (22,330 units). PTI

Industry problems to be solved
Tribune News Service

New Delhi, March 1
A day after presenting the Budget, Finance Minister Jaswant Singh said the Budget this time “is not merely about deregulation but it is more about debureaucratisation of systems and minds.”

During his post-Budget interactive session with the industry at Ficci here today, Mr Singh assured the industry that he would consider the issues irking the business sector and remove anomalies specific to various sectors. He also emphasised that it was time for the country to have a second green revolution .

Regarding the capital market, Mr Singh said the global markets have a direct impact on the Indian capital market. Under these circumstances, if long-term capital gains tax was lifted, the holdings that have been in the porsession of investors for the last four-five years would get dumped on to the capital market and it would depress the Indian markets even further. “I could not have lifted the long-term capital gains tax, I cannot do it”, he said, adding that, “I have a responsibility towards small investor and the capital market too”.

The war like situation has to dissolve itself and said he can readdress the question only if such a situation is resolved.

A-I sells S. Africa route for 250 cr
Tribune News Service

New Delhi, March 1
Air-India has sold its route rights to the South African Airlines which has been raking in money since the past one week.

Knowing the special interest generated by the India-Pakistan showdown, it is the South African Airlines which has cashed in. As usual the lack of interest and farsightedness in Air-India officials has led to the carrier losing out on the much-needed business when it could have made of it. Sources in the civil aviation sector point out that just for the India-Pakistan match the South African Airlines operated three special flights from Mumbai yesterday. This was over and above the four weekly flights it operates from the city.

The rush for South Africa was so big that it was forced to bring in three jumbos to operate the special flights. Going by a minimum 400-seater average the number would come to staggering 1,200 passengers travelling to South Africa in just one day.

According to sources the rights for the Mumbai-Johannesburg route were apparently sold for over Rs 250 crore.

First dry port of North set up in Rewari

Rewari, March 1
Railway Minister Nitish Kumar today inaugurated a railway siding facility of Inland Container Depot here. He said this facility would facilitate transportation of goods to various ports and other parts within the country and abroad.

The transportation of the container from here instead of Tuglaqabad would save Rs 5,500 per container and added that Rewari would be known as the first dry port of the country.

As the Haryana Government was encouraging the farmers of the state to adopt diversification of crops, therefore, this facility would help in providing the right price for the agricultural produce of the farmers.

The railway siding has been set up at a cost of Rs 24 crore out of which the Container Corporation of India has spent a sum of Rs 6 crore on this project.

Kumar along with Chief Minister Om Prakash Chautala flagged off a 17 container train after the inauguration ceremony, according to an official release. PTI

AVIATION NOTES

Spend funds on Amritsar airport
K.R. Wadhwaney

Air India is called upon to perform a national duty in ferrying stranded Hajis from Jeddah.

Air India’s flight was air borne for sufficient time when it was recalled by the ATC. Airline commander landed at Chhatrapathi Shivaji Airport (Mumbai) as smoothly as he had taken off.

What had actually happened was that, because of pressure, a part of cowling (a sheet which covers the engines) of engine II, had been detached and some small pieces of metal had fallen on the runway. This was nothing very unusual, say experts.

ATC and Air India engineers got unduly panicky as Air France commander brought to their notice that some metal pieces were lying on the runway and that they should be removed. Instead of doing what was suggested by the Air France official, the engineers reacted sharply and recalled the aircraft.

Amritsar conclave

Amritsar is suitable for continuous international flights and upgradation of the airport because it can be a very important hub in the North. The traffic is more here. The AAI has sufficient funds lying in reserve to utilise them for the upgradation and renovation of the Amritsar airport. If this is done it will provide new dimension to aviation which needs proper evaluation and focus.

With a view to enlightening delegates of aviation, tourism and airlines, Punjab Tourism will stage a one-day conclave at Amritsar on March 3.

Narrow attitude

Recently, Minister for Civil Aviation Shahnawaz Hussain had stated that private airlines would operate on the Saarc routes. The announcement was appreciated and two private airlines had started making preparations to fly to these neighbouring countries. Now, suddenly, the minister has gone back on that announcement. In the written statement to Parliament, he said there was no such proposal.

GOSSIP

* Andhra Bank is witnessing buying interest by a large brokerage house.

* Shares of EIL will remain in demand with signs of the government pushing ahead with the disinvestments programme.

* The Infosys scrip can dip after the Q4 results, which might not measure up to its previous result.

* HLL can see a better performance based on the expected improvement in earnings, opines a research analyst.

* The high growth potential of the media segment makes Mukta Arts a compelling buy, says a renowned expert.

* Bharat Forge looks a very good buy, according to a technical analyst.

* The ITC counter may remain subdued on the back of fears of the litigation impact on the company’s sales.

* RIL may gain further ground after posting an impressive third quarter result.

* A renowned securities firm is bullish about the shares of Tisco.

* Technical factors can help revive the share price of Gujarat Ambuja Cement.

* TVS Motor may remain firm on sustained buying by domestic as well as foreign institutions.

* Hero Honda may witness value buying after being hammered down recently.

* A fund manager is accumulating shares of Aventis Cropscience.

* Unexceptional near-term prospects will hamper the growth of M&M opines a veteran stock-broker.

* A dealer points out that LIC Housing seems to have generated a lot of fund interest.

* Banking stocks may witness fresh demand with signs of FDI limit relaxation, feels a renowned fund manager.

* ONGC is an excellent growth story, asserts a domestic brokerage report.

* Pritish Nandy Communications is showing sings of a bottom formation, says a prominent technical analyst.

* The much beaten down Pfizer is witnessing buying interest by serious players, feels a market analyst.

* Given the fact that listing has enhanced Canara Bank positioning, institutional buying might commence shortly.

Ashok Kumar

BIZ BRIEFS

Debt proposal to help banks: Secy
NEW DELHI: Debt restructuring proposal in the Budget will significantly reduce the government's debt burden and also help the banking sector which is facing the huge problem of NPAs, Finance Secretary S. Narayan said here today. As per the proposal, the government will offer the banks a premium for its non-tradable bonds worth a staggering Rs 1,50,000 crore which carry higher coupon rates and issue fresh bonds at the prevailing rates which are lower. Speaking at a post-Budget function organised by the Standing Conference of Public Sector Enterprises , Mr Narayan said the pension funds proposed in the Budget for government servants would offer three schemes. TNS

Security for LPG connections cut
NEW DELHI: The government has instructed the oil marketing companies to reduce security deposit on 14.2 kg LPG cylinder from Rs 700 to Rs 650 per cylinder for new domestic connections from March 3, 2003. The security deposit rates were earlier reduced from Rs 900 to Rs 700 per cylinder from February 1,2003. PTI

Baijal new TRAI Chairman
NEW DELHI: The government today appointed outgoing Disinvestment Secretary Pradeep Baijal as the new Chairman of TRAI. Baijal, an IAS officer of 1966 batch from the Madhya Pradesh cadre, will take over his new assignment after the retirement of the present incumbent M.S Verma on March 22. PTI

Rs 2 cr for sugarcane farmers
Fatehabad: The Haryana Government has sanctioned Rs 2 crore to Bhuna Cooperative Sugar Mills to develop sugarcane in the area. Rs 188 lakh will be used on providing loans to sugarcane farmers while Rs 12.5lakh will be used in providing subsidies to the farmers. Fatehabad DC Dr. R.B. Langyaan told mediapersons here today that payments of sugarcane purchased by the mill till February 3 were being made to the farmers and till today a sum of Rs 6 crore had already been paid. OC