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Maruti
not to drive M800 out of market India
dresses up for fashion outsourcing Build
better infrastructure, says CII SEBI
cracks whip on dubious firms PNB
pact to help textile units |
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Adhere
to time schedule for bonds, says RBI Rana
Sugar net rises
ICICI Bank nets
Rs 455 cr
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Maruti not to drive M800 out of market
New Delhi, April 30 “Now, we have two cars at the entry-level,” Maruti Managing Director Jagdish Khattar told PTI, while asserting “Maruti 800 is still a dream of Indians, how can I replace it?” Dismissing queries if repositioning of stripped down version of Alto at a marginally higher price could lead to winding up of Maruti 800, its first model in India, launched 20 years ago, he said it was a realizable dream for millions of two-wheeler owners who would like to have a four-wheeler. As a result, its nearest competitor, be it Hyundai or Tata Motors, was placed at least five steps above Maruti at the entry-level in terms of price range as Maruti is now offering four different products in the price range of Rs 2 lakh to Rs 3.25 lakh against the starting point of Rs 3.25 lakh for Santro and Indica, he said. With the repositioning of Alto, average monthly sales of the compact car have gone up by 9,000 units a month from an average 2,000, while Maruti 800 continued to sell around 13,000 units a month, he said. There will be some cannibalisation with the repositioning of Alto but with two more variants of the compact car ‘LXi’ and ‘VXi’ along with Zen and WagonR, Maruti’s
competitors are likely to lose, he said. MUL launched non-AC Alto model this month, reducing the price gap between Maruti 800 and Alto by just Rs 23,000. “When people ask about phasing out of Maruti 800, I have no other answer but to say they do not know India. Maruti 800 has motorised the country. We will continue to fulfil common Indians’ dream of owning a car at an affordable price.” MUL, which is 54.2 per cent owned by Suzuki Motor Corp. of Japan, aims to increase market share in the entry-level category with Rs 2,599 EMI scheme for Maruti 800 and making available ‘B’ segment car Alto almost at the price of an ‘A’ category car. The new positioning will help Maruti customers to upgrade from Maruti 800 to a vehicle which is within reach and those who want a compact car within a price band of Rs 3 lakh. “We have positioned Alto in such a way that it will cater to the needs of all such customers,” he said. Alto, which is a runaway success in the European markets and the mainstay of Maruti’s exports, has been 90 per cent indigenised and this has helped the company to bring down the prices of the car. “We worked consistently to indigenise Alto. With 90 per cent local content, we passed on the price benefits to our existing and prospective customers,” Khattar said. At the time of slashing prices of Alto this month, Maruti said it had “long- term” plans for India’s cheapest car. Maruti launched the non-AC version of Alto at Rs 2.3 lakh (ex-showroom, Delhi), while Maruti 800 costs Rs 2.07 lakh. The new non-AC variant of Alto has a provision for retro-fitment of air conditioner. Asked about the 25 per cent dip in Maruti 800 sales at 15,540 units last month when compared to March, 2003, sales, he said car sales in March last year were unusually high as customers postponed their plans of purchase in February in anticipation of an excise duty cut in the Budget. People bought cars immediately after the Budget, pushing up the sales in March, 2003.
— PTI
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India dresses up for fashion outsourcing
New Delhi, April 30 The ongoing Lakme India Fashion Week (LIFW) has caught the attention of buyers from across the globe including the US, UK, France, Dubai, Pakistan and Hong Kong, who are here for the first time, scouting for western wear with Indian elements. “I am impressed with some of the lines presented at the LIFW. They are made well and have excellent cuts and fitting,” Saks Fifth Avenue Fashion Director Michael Fink said. While the corporate back home are still struggling to work out tie-ups with fashion designers, the international fashion biggies are already on their way to take the Indian designs on to the global ramp. Buyer Consultant for the London-based fashion boutique Browns, Albert Morris said: “We try to develop designer and not items. We select them from the world over and take them to UK to develop them as per local preferences. That is what we are doing at LIFW—selecting designs.” However, he refused to divulge any names, saying a lot more designers are yet to show their collections. Morris also said Browns was not looking for the complete Indian look. “The Browns consumer is a global consumer,” he added. He said there was a market for ‘edgier fashion’, which he defined as “clothes with a stint of
bizarre but wearable designs”. Buyer for the Hong Kong-based Joyce Boutique Ada Chan was also upbeat on Indian designers. “We foreign buyers come here to look for something different... and Indian elements like embroidery, handwork printing and colour combinations could be among them.” Faiza Samee, a fashion designer from Karachi who is here for the LIFW, said she was interested in marketing the diffusion and pret lines of five-seven Indian designers in Pakistan. “India and Pakistan have a lot in common and there is a big market for Indian designs in my country. Indian embroidery, mirror-work and zardozi are very popular there. “I am mainly looking for trendy ethnic wear in cottons, textured fabrics and silk-cotton combinations for my younger clientele,” she added.
— UNI
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Build better infrastructure, says CII Chandigarh, April 30 In his first interaction with mediapersons, the CII Chairman during his first visit to the city called for evolving a northern region common economic zone comprising eight states to synergise the growth pattern of the region to catch up with the pace of southern and western states. Mr Mittal unveiled a 10-point programme for the rejuvenation of the northern region in the year ahead. The CII has set a target of achieving 8 per cent economic growth and 10 per cent industrial growth to catch up with the southern and western states, which have gone far ahead in the development index. Terming the 16 per cent exemption on excise duty given to HP and Uttaranchal under the special package to be a misnomer, he said. These units which are availing this tax exemption have been devoid of the benefits under Cenvat scheme. Talking about the development of better relations between India and Pakistan, he said if the two countries start trading by 2006, the Centre should be pressured to encourage trade through the Wagah route, which will not only help save large transportation costs, but will also open new routes of development for the region. The exhibitions calendar of city fairs to be organised by the CII include Kitchen Fair (June 18 to 24), Logistics-cum Exposition (September 30 to October 2) and will culminates in Agro Tech 2004, the CII’s flagship event in agriculture, being presented in its 6th edition this year.
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SEBI cracks whip on dubious
firms Mumbai, April 30 SEBI said in a statement that corporate would be allowed to change their name only after a gap of one year from the date of last name change. In addition, at least 50 per cent of total revenues in the preceding year should come from the new activities suggested by the new names, SEBI said. The new name along with the old name should be disclosed through the Websites of the respective stock exchanges where the company is listed for one year from the date of the last name change, SEBI said. These new norms were in addition to existing rules making its necessary to disclose the turnover and income from such new activities separately in the quarterly and annual results. Meanwhile, a PTI report from Washington says that SEBI has signed a memorandum of understanding with the United States Commodities and Futures Trading Commission (CFTC) with a view to strengthening consultation, information sharing and establishing a framework for technical assistance between the two organisations. The CFTC is the US Federal Regulator with the mandate to regulate commodity futures and option markets in the United States. The MoU was signed on Wednesday by SEBI Chairman G N Bajpai and CFTC Chairman James Newsome. The MoU marks the beginning of greater collaboration between India and the United States to effectively regulate and develop the futures markets, in view of greater cross-border trade and cross-market linkages.
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PNB pact to help textile units
New Delhi, April 30 “The agreement has been signed in terms of a special permission accorded by the Ministry of Finance to PNB on account of restructuring of steel and textile sector units,” the bank said in a statement. The other banks are Credit Lyonnais, Natexis Banques Populaires and Raiffeisen Zentralbank Oesterreich AG. PNB has granted concession to steel and textile units under the CDR scheme. After signing the agreement, PNB CMD S S Kohli said though the bank has been granted permission to raise external commercial borrowings to the tune of $ 215 million, the bank has decided to avail only $ 100 million for the time being. — UNI
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Adhere to time schedule for bonds, says RBI
Mumbai, April 30 In a circular issued here, the RBI said that all banks and agencies should follow a uniform format for investments in savings bonds along with the duties and rights of customers in bilingual form — Hindi and English. As per the practice, banks and other corporations like IDBI and STCI have been conducting the business of issue and service of Relief Savings Bonds as an agent of RBI and they themselves get printed the application forms.
— UNI
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Rana Sugar net rises Chandigarh, April 30 The company has set up a co-generation power project, which generates 14 MW surplus power. After meeting its captive demand from its in-built system, the surplus power is sold to the State Electricity Board. The company is setting up a distillery of 60 KL per day capacity at a cost of Rs 33 crore.
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ICICI Bank nets Rs 455 cr
Mumbai, April 30 Total income has increased from Rs 2,843.44 crore in the quarter ended March 31, 2003, to Rs 3,003.67 crore for the quarter ended March 31, 2004. The bank has posted a net profit of Rs 1,637 crore for the year ended March 31, 2004 (FY-04), as compared to a net profit of Rs 1,206.18 crore for the year ended March 31, 2003 (FY-03). Total income has increased from Rs 12,526.88 crore in the year ended March 31, 2003, to Rs 11,958.96 crore for the year ended March 31, 2004. Total income has increased from Rs 13,405.77 crore in FY 03 to Rs 13,797.34 crore in FY 04. Meanwhile, the Board of Directors has recommended a dividend of 75 per cent i.e. Rs 7.50 per equity share, subject to the approval of the RBI.
Moser Baer
Moser Baer today reported a 36.73 per cent rise in its net profit to Rs 324.43 crore for the year ended March, 2004, over the previous fiscal. The company’s total income increased by 46.07 per cent during the year, touching Rs 1,585.69 crore on a year-on-year basis. However, during the fourth quarter ended March, 2004, its net profit declined by 13.57 per cent to Rs 73.44
crore. But the total income during the quarter increased to Rs 369.97 crore from Rs 356.25 crore in the same period last fiscal, Mr Ratul Puri, Executive Director, Moser Baer India, said in a statement. The company also announced it will no longer provide the annual earnings guidance and instead will provide a medium term—three year—revenue growth guidance.
GE Shipping
The Great Eastern Shipping Company has posted a net profit of Rs 184.77 crore for the quarter ended March 31, 2004, as compared to a net profit of Rs 93.11 crore for the quarter ended March 31, 2003. The total income has increased from Rs 279.55 crore in MQ-03 to Rs 478.88 crore in MQ-04. The company has posted a net profit of Rs 471.13 crore for the financial year ended March 31, 2004, as compared to Rs 227.29 crore in the year ended March 31, 2003. The total income has increased from Rs 1,007.15 crore in FY-03 to Rs 1,426.35 crore in FY-2004. The group has posted a net profit of Rs 439 crore for the year ended March 31, 2004, as compared to Rs 222.94 crore for the year ended March 31, 2003.
— Agencies
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Google to search for investors through online auction
San Francisco, April 30 The planned initial public offering promised to enrich the founders and early backers of the unconventional six-year-old company, which posted revenue of almost $1 billion last year. It would also set the stage for a new round of competition for Internet advertising dollars with Microsoft Corp. and Yahoo Inc. Google did not provide details on the pricing or expected listing date for its shares, but said they would be sold through an online auction designed to even the playing field for smaller investors and “minimise” the “boom-bust cycles” that have characterised other IPOs. Casio India
Casio India, today expanded its digital camera portfolio with the launch four new models and said it targets to increase its market share to 25 per cent from the present 17 per cent in this segment by next year. Priced between Rs 22,000 and Rs 80,000, the new cameras — Exilim Pro Ex-P600, Exilim Z40, Exilim Z30, QVR 41 and YC 400 — will help the company achieve a growth of 22-25 per cent in its turnover, he added.
Sify
Armed with Rs 140 crore cash reserves, Internet company Sify today said it is looking at acquisitions to grow its business. Sify has already made four acquisitions, the biggest being IndiaWorld for about Rs 500 crore. The company, he said, is trying to look at remote services like network monitoring and application management.
Shanghai Pudong
Shanghai Pudong Software Park of China has started negotiations with three Indian companies— CMC, Newgen and Nucleus Software — to have their presence in the park.
— Agencies
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New Delhi, April 30
In
video:
Cricketers walk the ramp at LIFW. (
