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Monday,
October
6, 2003,
Chandigarh, India  
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Good
export potential for electric cars, says Maini Inflation
rises to 4.72 pc
Car,
two-wheeler exports up 68.2 pc |
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SBI’s
special benefit to NRIs
Approach
SEBI for redressal
Market
rides the bull again
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Good export potential for electric cars, says Maini New Delhi, October 5 “We are definitely looking at coming out with bigger vehicles in the medium term. Presently, we are in the process of valuating the options and may be over the next few months we will be able to provide more concrete details”, Managing Director of RECC Chetan Maini told The Tribune in an exclusive interview. RECC is a $ 25 million company and a joint venture between the Bangalore-based Maini group and California -based AEV LLC. The flagship product Reva is slated for a national roll out covering about 20 cities by the end of the current fiscal including Chandigarh and Ludhiana in Punjab. In fact, Mr Maini said, the company was looking at Punjab as one of the major markets and was hoping to touch a sales volume of about 400 vehicles per month nationally over the next three to four months. “Presently, we are selling 60 cars per month in select cities in South India including Bangalore and Hyderabad”, he said. In Delhi, the company did have a rather soft launch of Reva about one-and-a-half years back, but could not catch the fancy of the consumer, primarily because of lack of an in-built air-conditioning system in the car. “The product has changed a lot during the last 18 months to suit customer requirements. For instance, we have fitted the car with a separate motor to run an AC which is on par or even better than most small cars”, he said. Reva, is currently being positioned as a niche segment vehicle with people looking at it more as a second car option. Domestically, the product is available in three variations: the base model — Reva Standard, the Reva A/C and the high-end Reva Classe and is available in 2000 shades and priced at Rs 2.50 lakh upwards. Mr Maini admits that this positioning does limit the size of the market but this itself is a big market. “I am not denying that larger cars have a larger market”. Besides, the size of the Reva which can carry two adults and two children was ideal for urban driving, especially in cities such as Delhi where traffic congestion was very high. Mr Maini, who first conceptualised the vehicle in 1994 while serving as a Programme Manager with Amerigon Inc of the USA, sounded extremely bullish on the prospects of electric vehicles. He had no doubt that “with technological advancements globally, the evolution of electric vehicles will definitely hasten over the next few years”. He visualised a situation where by the next decade (2011 to 2020) technological developments will lead the creation of electrical cars run entirely by solar power. “In the immediate future though, we are talking about lithium ion battery with stronger power. This is not very far away and in fact we are expecting this to happen as early as 2004. Once the lithium ion battery comes into play, one single charge would enable an electric vehicle the size of Reva to run beyond 150 km”, he explained. Mr Maini, who has his roots in Ludhiana but was born and bred in Bangalore, said that in its present form, the Reva is powered by a lead acid battery and a single charge enables it to run for 80 km and can achieve a maximum speed of 65 km. A mechanical engineering graduate from the University of Michigan and a post graduate from the University of Stanford, Mr Maini first
conceptualised the project while still being in college. While at the University of Stanford, he was the project leader for the hybrid electric car project and earlier at the University of Michigan, he was the key team leader of the Solar Car team that won the General Motors (GM) Sun Race and stood third in the World Solar Challenges in Australia. He believes that with active support from the government, electric cars could provide the perfect solution for the dangerously emerging vehicular pollution problems in the country. “A right impetus will lead to development of various options such as two wheelers, three wheelers, cars, narrow buses and other public transport options”. In fact, India had some distinct advantages vis-a-vis other developing countries and there was a strong case for promoting electric vehicles in the country. “For one, there was significant auto component infrastructure here. This was backed by low manufacturing and R&D costs and strong mechanical hardware availability. Besides, India depends highly on imported oil”, Mr Maini noted. There was good export potential also as the minimum priced similar electric vehicles available internationally are priced two to three times higher. For instance, while Reva is priced at £ 4,500 for a three-year lease in London, a similar product from the Ford stable is priced about three times higher. Reva is presently, test marketing its products produced in Bangalore in the UK, US and Japan.
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Inflation rises
to 4.72 pc
New Delhi, October 5 The point-to-point Wholesale Price Index (WPI) inflation rose from previous week’s level of 4.35 per cent and the latest figure is almost one per cent higher from the year ago figure of 3.34 per cent, indicating the rising cost of living for the masses. WPI was up marginally by 0.1 per cent to 175.1 points even as prices of highly volatile fuel and manufactured products’ group remained calm for the second and third consecutive week respectively. The index was 167.2 points in the previous year.
— PTI
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Car, two-wheeler exports up 68.2 pc
New Delhi, October 5 A total of 1,83,685 units were shipped during April- August 2003 over 1,09,193 units in the same period last year, according to data compiled by the Society of Indian Automobile Manufacturers (SIAM). Car exports went up by a robust 69.7 per cent to 43,988 units, with bulk of it coming from Maruti which posted a 147 per cent growth at 20,100 units. Hyundai Motor India clocked a 344.4 per cent jump to 10,084 units but Ford India suffered a 18.1 per cent drop to 12,111 units during the period under review. Tata Motors, which exports the compact car ‘Indica’, posted a 150 per cent rise to 1,675 units. In the commercial vehicle segment, exports grew by 13.2 per cent to 5,001 units. Medium and Heavy (M&H) buses and trucks recorded a 18.4 per cent growth to 2,221 units while that of Light Commercial Vehicles (LCVs) went up by 9.4 per cent to 2,780 units. Exports of M&H trucks rose by 5.85 per cent to 1,030 units while of that M&H buses increased 32 per cent to 1,191 units. In the LCV category, truck exports rose by nearly one per cent to 2,185 units while that of light buses climbed 58.6 per cent to 595 units. Two-wheeler exports surged by 67.4 per cent to 1.06 lakh units as motorcycle sales abroad grew by 65.5 per cent to 75,635 units. Motorcycle exports of Bajaj Auto and Yamaha Motor India went up by 51.4 and 41.3 per cent to 28,561 and 21,844 units respectively during April-August 2003. For Hero Honda Motors, its exports jumped by 92.3 per cent to 15,898 unit while that of TVS Motor Company soared by 224 per cent to 7,548 units. Scooter and scooterette exports spiralled 109.2 per cent to 20,551 units, largely due to a 378 per cent growth by Honda Motorcycle and Scooter India at 12,056 units. Scooter exports of LML and Bajaj Auto also grew by 19.7 and 2.47 per cent to 3,662 and 2,327 units respectively. Export of mopeds jumped by 27.1 per cent to 10,088 units as Majestic Auto clocked a 38.7 per cent rise to 8,180 units. Exports of utility vehicles soared by 240 per cent to 1,705 units with Tata Motors and Mahindra and Mahindra clocking a 430.2 and 164.6 per cent growth to 1,262 and 336 units respectively. Exports of three-wheelers went up by 79 per cent to 26,397 units during the period under review. While passenger carriers recorded a 79.2 per cent growth to 25,996 units, goods carriers witnessed a 70.6 per cent rise to 401 units. In the multi-purpose-vehicle category, exports grew by 79.7 per cent to 320 units as Maruti posted a 101.4 per cent rise to 272 units.
— PTI
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New Delhi, October 5 “The bank has mopped up about Rs 1,000 crore in the first week itself from RIB redemptions that started on October 1,” a senior official told PTI here today. The collection will pick up later in the month as many NRIs would like to invest after Divali, he said. SBI, which had mopped up $ 4.2 billion through the RIBs five years ago, is hopeful of retaining at least 30-35 per cent of the $ 5.18 billion proceeds. For this, the bank had launched two NRI deposit schemes — Pravasi Vaibhav and Pravasi Samriddhi. On top of this, the bank is now offering special benefits to NRIs wanting to reinvest RIB funds in the SBI deposit schemes. “The bank is offering 14 days value-date benefits to RIB holders, who are reinvesting in SBI’s various deposit schemes,” SBI officer on special duty for RIBs, G.C. Jashnani, said, adding the special benefit is offered till October 15 The value-date benefit would entitle bondholders to get interest for the 14 days if they put the funds in an SBI deposit scheme, although RIB matured on October 1. SBI is also offering at par facility to bondholders who are reinvesting RIBs through Citibank branch in New York, SBI’s branches in London, Hong Kong and Germany. NRIs can also get on-the-spot credit if they are reinvesting RIB funds in SBI schemes, Jashnani said. NRIs who intends to encash their RIBs can do so in all major hard currencies at the going rate. The bank had pegged the interest rates on the two schemes at a much lower rate of 3.1 per cent for Samriddhi and 1.2 per cent for Vaibhav after RBI capped NRE deposit rates at 1.0 per cent above Libor.
— PTI
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ty
by R.N. Lakhotia Approach SEBI for redressal
Q: During the year 1994-95 there were Nos. of Public issues of various industrial units. Since I was without any know how of such investment still with a quest for multiplying the money I made investment in these issue hitting the market at that time. Now, most of companies seems to have vanished since no information is available regarding these units. All letters posted at the registered address of companies remain un-answered. I have been reading in papers that the bankers of such units have started legal action to recover their money. Kindly guide me if I can approach some one with their address to recover my hard earned money invested. — Er. V.P. Sharma, Bilaspur (HP) Ans: You may approach Securities and Exchange Board of India at Mumbai for redressal of your grievances. Tax rebate Q:
My date of birth is February 1, 1939. I would be completing 65 years of age on January 3, 2004, thereby entering to 66 years on 1.2.2004. Whether I will be eligible for IT rebate/concession admissible to senior citizens of 65 years of age, for the financial year 2003-2004 (i.e. A.Y. 2004-2005)? If not, when I am entitled to claim these concessions? — Ram Lal, Chandigarh Ans: The tax rebate under Section 88B of Rs 20,000 which is available to the senior citizen will be available to you have completed 65 years of age within the financial year 2003-04. Please note that this rebate available to a senior citizen would be enjoyed by you for the whole year inspite of the fact that you will be become a senior citizen only on 31.1.04. Thus, for the financial year 2003-04 income you will enjoy full tax rebate under section 88B of the Income-tax Act, 1961 amounting to Rs 20,000. Form 15H Q: This refers to your views that appeared in The Tribune, July 21, 2003 regarding submission of Form 15H by the senior citizens for the 2003-04. You have advised that Form 15H can be given by the senior citizens when the gross income exceeds Rs 50,000 but the tax payable is nil. In this context, I wish to state that as my understanding under the provision of tax laws of CBDT Circular, Senior citizens having gross Income exceeding Rs 50,000 per annum cannot issue Form 15H. Kindly clarify this matter. — Bhupinder Singh, Mohali Ans: Your understanding regarding submission of Form No. 15H was correct only in respect of the financial year 2002-03. However, as per the notification issued by the Government on August, 2003, the new Form No. 15H has been prescribed whereby in terms of Section 197A of the Income-tax Act, 1961 no tax will be required to be deducted for income arising to senior citizens who are entitled to tax rebate under Section 88B of the Income-tax Act, 1961. you can, therefore, without any hesitation submit new Form No. 15H to the bank in spite of the fact that your gross total income exceeds Rs 50,000 in a year. Tax liability Q: Kindly advise regarding Income-tax Liability during current financial year. Arrears received as under: Pension 61,000 Approx. Commutation 1,24,767 Gratuity 43,664 Bonus (MIS) 12,000 MIS Interest 35,000 Approx. — Prem Lata, Sirhind Ans: The pension amount would be included in your salary income and you will be entitled to standard deduction at 331/3 per cent. The pension amount commuted will, however, be exempted. The gratuity amount received by you is within the permissible limit of exemption under Section 10, hence it is exempted. The bonus income as well as MIS interest income will become taxable. You will, however, be entitled to deduction under Section 80L to the tune of Rs 12,000. Section 80L Q: I am a Government employee. During the year 2002-03 my interest income Rs 17509. I want to know whether exemption u/s 80L is Rs 12000 or 15000. I have been given exemption Rs 12000. Whether it is correct. If not what we can do now. — Bharat Bhushan Sharma, Pathankot Ans: For the financial year 2002-03, the exemption in respect of bank interest, etc. under Section 80L of the Income-tax Act, 1961 is Rs 12,000 only. Hence you have been granted the correct exemption under Section 80L. |
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by J.C. Anand Market rides the bull again There is a strong bullish wave in the stock market. A fortnight back (September 20) the sensex stood at 4217.12 points, a week back (September 27) it was 4382.57 points and on last Friday (October 3rd), when the market closed, the sensex had moved up to 4552.92 points. In other words during the last fortnight the sensex has gained 335.80 points. DSP Merill Lynch has stated that sensex would touch 50,000 points in a year. The way the stock market is riding the bull, it would not be a surprise if the sensex touches 5000 point before the close of October. The recent upsurge in the market prices can be attributed to improvement in the economy, large inflow of FII investment and the expectation that the second quarter results of the corporate sector would reflect much improved performance. The Indian rupee has also firmed up against the US dollar. According to one analysis FII investment in Indian equities now stand at a record level of $ 3.10 billion as on September 30. The previous high level of FII inflow was in 1996 when the FII inflows stood at $ 3.06 billion (which is over Rs. 14,000 crore). While Reserve Bank of India has estimated that the growth rate this year would be 6.5 per cent. The IMF has also estimated high growth rate for Indian industry though it is slightly lower than that of RBI. Among the top gainers are some PSUs Shipping Corporation of India which announced a special interim dividend of 170 per cent moved up by 27.04 per cent last Friday. The Engineers India gained 10.54 per cent. Balmer and Lawrie share was up by 4.43 per cent on the expectation of early divestment. As the Supreme Court Judgement has laid down that the BPCL and HPCL cannot be disinvested without formal approval of the Parliament, the other PSUs which were not established by any act of Parliament can be easily subjected to divestment. They do not require approval for divestment. For these companies have attracted speculation and investment. On last Friday’s trading, the cement, Indian pharmaceutical companies and bank scrips have also been top gainers. Larsen and Toubro moved up from Rs 320.45 to Rs. 339, Mahindra and Mahindra scrip was higher by Rs. 10. Tisco moved up from Rs. 270 to Rs. 281. The TVS Motors, Sundram Clayton and Sundram Fastners - all the three belonging to the TVS group - also moved up considerably. TVS Motors’ gain was due to the announcement that the company would consider the proposal to split its shares and it would consider the proposal to merge the Engine Components Divisions of Lakshmi Auto Components. There may be partial profit-taking today (Monday) but the undertone of the market remains very positive. On October 10 Infosys will be announcing its quarterly results as well as declaring interim dividend. The market expects the companies’ results to be very good. In general, however, the behaviour of the market will largely depend on the performance of the corporate sector during the second quarter results. The multi pharma like Glaxo, Pfizer, Aventis and others are marking time and have not shared the last week’s boom. Investments in these scrips will be rewarding as the patent laws (as required by WTO) are to regulate both “product” with effect from April 2005.
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Buoyed by the positive response since the roll out of its electric car and encouraged by the increasing focus on environmental norms, the Reva Electric Car Company (RECC) is now contemplating the use of the zero emission technology for development of bigger vehicles and mini-buses.