 |
|
Auto scene
HP slashes prices by up to 50 pc, offers digicam at Rs 8,000
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Account
Plans afoot to sell HP tourism
Govt offers 21 blocks for oil exploration
Rs 241.41-cr FDI proposals approved
8 Indian companies in Forbes list
|
|
Passenger cars drive up the sales curve
New Delhi, September 14 With the slew of new models and easy availability of loans with low interest rates in the market, the cumulative sales in April-August increased by 20.1 per cent to 3,15,367 units from 2,62,685 a year earlier. The Society of Indian Automobile Manufacturers (Siam) said here today that the export of passengers cars also soared by 41.64 per cent to 63,039 units in August from 44,506 units in the corresponding month last year. Domestic auto-giant Maruti Udyog Limited (MUL) saw a rise of 28.2 per cent at 32,135 units in August, which was also the highest and its closest rival was Hyundai Motor India which while registering a decline of 11 per cent sold 9,818 units. India’s third-biggest carmaker Tata Motors’ sales grew 23.7 per cent at 11,611 units whereas sales of Honda Siel surged 97.7 per cent at 2,850 units. In the utility vehicle (UV) segment, market leader Mahindra and Mahindra posted 18.6 per cent growth to 2,355 units while Tata Motors rose 2.88 per cent at 2,355 units. However, UV sales of Toyota was down by 1.72 per cent at 2,562 units. M&M in Qatar
Mahindra & Mahindra, an Indian auto giant, has announced the launch of Scorpio in Qatar through Doha Motors & Trading Group of Companies. A huge success in India , Scorpio is quite popular in Kuwait , Uruguay and South Africa where it was launched recently. The Scorpio model in Qatar comes equipped with a Renault gasoline engine. The diesel engine “Scorpio” is also available.
Tata Motors
Tata Motors Ltd is to increase its production to 750 vehicles per day by the end of current fiscal as against the present output of 450-500 per day. “We have decided to ramp up our production by 50 per cent by the end of 2004-05 to clear the heavy backlog,” Tata Motors executive director (engineering research centre and passenger car business unit) V Sumantran told newspersons here after showcasing the company’s new Indigo Marina, an estate car positioned in the premium mid-size ‘C’ segment. Indigo Marina, which will be launched tomorrow, is the fifth model developed in-house by the company. Auto analysts expect the price to be in between Rs 5 lakh and Rs 5.5 lakh. The company also bagged the first CSIR Diamond Jubilee Technology Award for 2003-04 for the design, development, manufacturing and successful marketing of Indica and Indigo cars.
Maruti-Suzuki jv
Domestic car market leader Maruti Udyog Ltd (MUL) today said its directors have approved a proposal that a joint venture with Japan-based Suzuki Motor Corporation will control a diesel engine manufacturing plant being set up in Haryana. The MUL said the joint venture, now called Suzuki Metal India Ltd, will be renamed Suzuki Engineering India Ltd. Suzuki owns 54.2 per cent of Maruti. The diesel engine manufacturing plant, to be located in Haryana, will meet the requirements of Maruti as well as those of Suzuki subsidiaries and joint ventures in Asia, including Japan, China and Indonesia, India’s largest carmaker added.
— TNS, Agencies
|
|
HP slashes prices by up to 50 pc, offers digicam at Rs 8,000
New Delhi, September 14 HP, which entered the digital camera segment four months ago, has introduced HP Photosmart 735, HP Photosmart 945 and HP Photosmart 607 in the price range of Rs 8,000 to Rs 40,000. As per the latest IDC figures, HP is the top company in all imaging and printing categories. Addressing a press conference here today, Mr Ravi
Agarwal, Vice-President, HP Imaging and Printing Group, said, “We intend to defend our market share and grow better than the market average of 15 to 30 per cent in various segments. To reach out to the home masses, HP is setting up 50 customer experience centres and will add 800 retail outlets over the next one year.” The company has also introduced scanner-printer-copier unit PSC 1315 at Rs 5,000, which was earlier available for Rs 10,000. The mono-laser printer will be available at sub-Rs 10,000 while colour laser printer will be available in the sub-Rs 35,000 range. The Deskjet printer will be priced at Rs 3,000. With today’s launch, HP offers a complete range of digital photography solutions through its digital cameras, photosmart printers, photosmart cartridges and photo-media. Some of the state-of-the art technology features of HP digital cameras include adaptive lighting technology, in-camera red-eye removal and panoramic view. HP has increased its retail outlets from 1,000 to 2,000 in the past one year. The new 800 outlets will largely be in smaller cities, Mr Aggarwal added.
|
|
|
Theme of times is M&As: SBI
Bangalore, September 14 Outlining the government’s thinking on the issue, Minister of State in the Prime Minister’s Office Prithiviraj Chavan indicated that the Centre would play a supportive rather than prescriptive role as public sector banks moved into consolidation mode. Mr A.K. Purwar, Chairman, State Bank of India, said the “theme of the times was consolidation, competition and stability with the growth through M&As.” “There is a need for consolidation in the banking industry today in order to compete for a piece of the pie in the international markets. But to do this they need to have the size advantage that most foreign banks have. The present competition will therefore see the re-emergence of M&As,” he said. Predicting “saturation” in the domestic market, Mr Purwar said there would be little choice for Indian financial institutions but to go overseas. “Most banks have indeed started testing foreign waters long before they have reached domestic saturation in search of other profitable markets,” he stated. Cap deters banks
A vast majority of PSU banks may find it difficult to raise the capital from the market at attractive price mainly due to the 20 per cent cap on foreign holding in state-owned banks. At least seven PSU banks — Punjab National Bank, Bank of India, Bank of Baroda, Dena Bank, Allahabad Bank, Syndicate Bank and Indian Bank — have already expressed plans to raise capital ranging between Rs 60 and 1,000 crore from the market over the next 18 months. “The limit of foreign holding (including FII and NRI) in the PSU banks, with the limit being presently capped at 20 per cent, will come in the way of public sector banks trying to raise fresh capital,” a leading banker said here. In some of these banks, the FII holding is already well above 10 per cent which would restrict them to allocate substantial shares for foreign investors.
OBC options open
After acquiring the beleaguered Global Trust Bank a month ago, the Oriental Bank of Commerce (OBC) is keeping its options open to buy out another small bank preferably based in south India. OBC chairman B D Narang said the OBC would like to acquire a small bank that has presence in the southern part of the country.
— UNI, PTI
|
|
Plans afoot to sell HP tourism
Mandi, September 14 Tourism officials are upbeat as the Chief Minister, Mr Virbhadra Singh, who holds the tourism portfolio too, plans to target the conclave to rope in big potential investors, including travel agents and embassies from Europe, Asia and the USA, to make the event a major success, investment wise, officials say. The idea behind these projects is that Himachal needs health resorts, recreational facilities and other infrastructure to prolong the stay of the tourists visiting the state. To attract films units and fitness freaks, the government aims to set up a health-cum-film city in the Saket Fossil Park near Kala Amb in Sirmaur district that runs over 600 bighas. To decongest Shimla, the government is setting up an Urban Hut project at Anandpur on the Shoghi-Taradevi road and an eco-tourism park at Craignano on the Mashobra hill. The Urban Hut is a new project, but the Craignano project is being re-advertised after the amusement part run by the Shimla municipal corporation flopped in the ’90s. For Hut it offers an area worth seven hectares away from the crowds, disclosed officials. In the Mandi district, the government has invited investors to develop tourism resort on 60 bighas of land at Jatingri, 5 km from Jogindernagar- Pathankot highway. The project was conceived a few years ago but failed to attract investors. If the government has its way, tourists will be able enjoy golfing in Manali as the government is setting up a golf course on the 102 bighas of land on the National Highway-21 along the Beas River at Bara Gram, about 2 km from Raison, which will be first of its kind in the Kulu valley, revealed the officials. The government is also seeking bids for another golf course being developed at Baddi, the industrial hub in the private sector. “The 350 bighas of land has been earmarked for the golf course,” officials say. The four water sports projects offering canoeing and kayaking at Pandoh in Mandi, Gobind Sagar in Bilaspur, and Maharana Pratap Sagar in Kangra and Chamera in Chamba are being set up as private units, although they failed to attract investors in the past. Besides these, the Kulu- Bijli Mahadev ropeway project and a health resort project at Shoja, Banjar valley would also be showcased in the conclave.
|
|
Govt offers 21 blocks for oil exploration
New Delhi, September 14 The government has appointed Idigopool as marketing consultants for the Nelp-V offering. Official sources said the block could be offered by next month. The ministry has already received the necessary clearance from the environment ministry and other agencies for the next round. “We are ready with the offering. Any time now we will announce the fresh round,” they added. In the offshore category, the government is planning to offer blocks in the Andaman and Nicobar Islands and the Kerala-Konkan region. Oil majors ONGC, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and British Gas have already indicated that they would consider bidding for the Nelp-V blocks. So far, 90 blocks have been awarded in the four rounds of bidding under Nelp, entailing a combined investment of Rs 19,050 crore.
|
|
Rs 241.41-cr FDI proposals approved
New Delhi, September 14 The French company will transfer shares from residents to non-residents in SBI Funds Management Pvt Ltd. Thunderbird Industries, a New York-based company involved in the business of distribution and consultation pertaining to electronic data and telecommunications, will invest fresh equity worth Rs 20 crore in the Indian subsidiary. Sri Lankan biscuit company Ceylon Biscuits Limited will pump in Rs 10 crore for setting up a company with foreign equity participation of 100 per cent. The other proposals approved by the government today include a proposal by CIDB Inventures of Mauritius for issuing cumulative redeemable preference shares of Rs 16.60 crore in Tollway Limited of Hyderabad. The Indian company is engaged in design, construction, maintenance and operation of sections of National Highways 5 and 9.
|
|
8 Indian companies in Forbes list
New York, September 14 The other companies figuring in the magazine’s list are Bharat Petroleum and Oil and
Natural Gas Corporation (ONGC) in the energy sector while the State Bank of India gets the honour in the banking sector, and ITC in consumer goods. These companies, Forbes said, “offer sustainability and prospect for growth investment.” Three of the selected Indian companies have achieved a sales turnover in the region of $ 12 billion — SBI ($12.1 billion) Bharat Petroleum ($12 billion) and Reliance ($11.8 billion). ONGC leads the table with $ 21.3 billion followed by Reliance ($ 14.4 billion) and Infosys ($ 8.6 billion) in terms of market capitalisation. Three big Indian companies — Indian Oil, Hindustan Petroleum and Hindustan Lever — which featured last year have failed to find a place this time. The top 10 companies identified in the list are BP, ExxonMobil, Total, Allianz, ConocoPhillips, Carrefour, Siemens, AIG, Nestle and Mckesson. Out of the 400 companies making the list, 141 are US-based with Japan in second place but far behind at 30. Twenty German firms and 19 French companies make the grade. Canada has 16 companies on the coveted list.
— PTI
|
bb
i-flex Solutions Mayur Suiting Solectron Corp Acer SBI Nirbhaya Award for PNB |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
