The Tribune, Chandigarh, India

	Launches galore at Auto Expo Girja Shankar Kaura Tribune News Service New Delhi, January 5 The 10th Auto Expo got off to a start on the Pragati Maidan exposition grounds here today with a flurry of launches in all segments reflecting India’s growing influence on automobile manufacturers around the world. Tata, Volkswagen, Harley-Davidson, Honda, Maruti Suzuki, Mahindra and Mahindra, Eicher, Ashok Leyland and Skoda were among those that unveiled new models which will hit the Indian roads this year. There are over 2,100 participants from 30 countries at the show which is to see some 2 million visitors during the week-long show -- much higher than the numbers attracted by similar events at Shanghai and New York last year. There will be 10 global launches and over 50 launches in all at the show which marked the beginning of the German auto major Volkswagen looking to tap the small car market in the country with the introduction of its small car Polo. It will launch sedan version on the same platform in the second half of this year. With the entry into the compact car segment in March this year, the company is expecting to increase its market share to 8-10 per cent in the next 4-6 years. The 1.2 litre Polo coming in three versions will have 50 per cent localisation and the roll out would be through its Chakan facility in Pune. The Polo will be available in both petrol and diesel variants and the exact pricing for it will be announced when it reaches the market two months down the line. Like the last Auto Expo, Tata this time round again took the exposition with a storm launching a 7-seater passenger car called Tata Aria, a multi-purpose vehicle called Tata Venture, and another vehicle named Magic Iris. Tata Motors will also launch a Jaguar model at the show. Iconic US motorcycle maker Harley-Davidson said it would bring 12 motorcycles in the Indian market priced between Rs 6.95 lakh and Rs 34.95 lakh (ex-showroom New Delhi). "Bookings for Harley-Davidson motorcycles will open from April, 2010, at dealerships to be announced in New Delhi, Mumbai, Bangalore, Hyderabad and Chandigarh. The delivery of motorcycles will start from June, 2010," the company's MD Anoop Prakash told reporters. Hero Electric launched three new electric vehicles priced between Rs.17,900 and Rs.32,796. The models, called E-Sprint, Optima Plus and Zippy, are priced at Rs 32,470, Rs 32,796 and Rs 17,900, respectively, all ex-showroom. The company also plans to install rapid charging points to enable customers to fully charge the vehicles in an hour. Tractor-to-sports utility vehicle maker Mahindra and Mahindra unveiled the Maxximo mini-truck that is powered by a two-cylinder engine. "With the launch of Maxximo, we want to elevate the transport business to the next level," said Pawan Goenka, president of the company's automotive division. Two-wheeler manufacturer Honda Motorcycle and Scooter India unveiled six new models and said sales this fiscal would grow 17 per cent to cross 1.25 million units. The company plans to sell 1.5 million units next fiscal, targeting a growth of over 20 per cent.
	Toyota, Honda see big in small cars Girja Shankar Kaura Tribune News Service New Delhi, January 5 The first day of the 10th Auto Expo saw two of the world’s largest car manufacturers -Toyota and Honda - seeking to tap the strong small car segment in the country, while the original small car maker of India, Maruti Suzuki, took a step towards the unknown territory of the multi-purpose vehicle (MPV). Toyota unveiled its concept small car Etios. Also joining the race was Honda, which also unveiled a small car, especially for Indian roads, and said it would be launched in the country by 2011. It would be priced below Rs 5 lakh. The company was looking at buying steel and electrical components from Indian suppliers for the car to be cost competitive, Honda Motor Co executive vice-president and representative director Koichi Kondo said, while unveiling the concept of new small car. The company said it would launch the car based on this design in India by 2011 and was looking at a price of less than Rs 5 lakh for the small car. Toyota also said it had developed the small car specifically for the Indian market and was also looking to be present on the Indian roads with this model by 2011. The company, which is present in India through a joint venture with the Kirloskar group, is investing about Rs 3,200 crore to set up its second manufacturing facility in Bangalore to roll out the car by early 2011. India would play a pivotal role in Toyota's global expansion plans and the company would strategically accelerate its growth in the country, Toyota Motor Corp vice-chairman Kazuo Okamoto said. The company will launch both hatchback and sedan under the Etios series with 1.2 litres and 1.5 litres petrol engines. The company has been developing the model for the past four years with the help of over 2,000 engineers from its Indian and Japanese operations. The production of the small car will start by December this year and will be launched by early 2011. Besides Etios, the company has also showcased its hybrid Prius at the expo, which will be launched in the country by March this year. Maruti Suzuki also unveiled a small multi-purpose concept vehicle (MPV) “rIII” as it looks to make a foray in a new segment. “There is a room for creating a new segment in the small MPV and that is what we aim to do”, he said. The concept vehicle had been developed by MSIL at its research and development centre, Maruti Suzuki India managing director Shinzo Nakanishi said. Nakanishi also said towards the end of this year, the company would be launching the Kizashi sedans in India. The sedans have already been launched in Japan.
	Airtel to cross over to Bangladesh Dhaka, January 5 Bharti Airtel, India’s number one cellular operator, today received the nod from Bangladesh’s telecom regulator to purchase 70 per cent stake in Warid Telecom and to invest 300 million dollars in the company. “The Bangladesh Telecommunication Regulatory Commission (BTRC) has approved Airtel’s proposed $300 million investment to buy Abu Dhabi group’s 70 per cent stake in the Warid Telecom,” BTRC chairman Zia Ahmed said. The nod comes after six months of pursuit since the Abu Dhabi group put its stake on sale. Ahmed said Airtel would take over 70 per cent stake in Warid by creating new shares possibly at a nominal price. The purchase will make Bharti the newest foreign company to make inroads into the fast-growing Bangladesh mobile market. Launched in 2007, Warid has nearly three million subscribers in Bangladesh. Bangladesh has, till October 2009, 52 million mobile subscribers which is expected to rise to 100 million by 2015. Airtel is the fourth foreign company to enter the Bangladesh market. — PTI
	Sugar bitter at Rs 4,150 per qtl New Delhi, January 5 Surging sugar prices today became more bitter for consumers as it rose to Rs 4,150 per quintal at the wholesale market on increased buying for the current festival and marriage season amid widening demand-supply gap. The sweetener, which is already trading double at Rs 41per kg in retail market over the last one year, is likely to scale more heights as demand for the commodity rose sharply during the last fortnight among bakers and hoteliers for major events like Christmas and New Year, marketmen said. They said the demand for the ongoing marriage season and approaching festival of ‘makar sankranti’ might further boost the buying activity in the face of tight supply. As per the Consumer Affairs Ministry data, sugar prices has gone up to Rs 41 in the local market here due to demand-supply gap. — PTI
	Direct tax kitty swells 8.5 pc New Delhi, January 5 Direct tax collections during April-December, 2009, rose by 8.5 per cent to Rs 2.5 lakh crore on account of higher corporate tax collections. In the first three quarters of this fiscal, collections of corporate tax jumped by 13.47 per cent to Rs 1.66 lakh crore. However, personal income tax collections were down 0.41 per cent at Rs 83,178 crore during the period compared to Rs 83,524 crore in the same period last fiscal. The amount includes the residual Fringe Benefit Tax and Banking Cash Transaction Tax which have been scrapped now. Direct tax collections were Rs 66,410 crore during the month against Rs 53,347 crore in December 2008. The buoyancy in direct tax collections comes in the backdrop of the economy showing signs of revival despite the adverse impact of drought and floods in different parts of the country. According to the latest data, the economy during the second quarter (July-September 2009-10) recorded a growth rate of 7.9 per cent. For the year as a whole, the growth rate may rise to about 8 per cent, up from 6.7 per cent during 2009-10. If the growth trend continues, as projected by Finance Minister Pranab Mukherjee and Chief Economic Adviser Kaushik Basu, the government will meet the budgetary target of direct tax collection at Rs 3.7 lakh crore during 2009-10. Mukherjee in his budget had projected 7.4 per cent increase in direct tax collections during the current fiscal. — PTI
	Reliance Life offers two schemes Tribune News Service Chandigarh, January 5 Reliance Life Insurance today launched two new products - Jan Samriddhi Plan (a micro insurance product) and Super InvestAssure Plan (a mass insurance product) here. The company aims to garner Rs 600 crore premium from these by March, 2011. Jan Samriddhi Plan, which is targeted at the rural population, will have premium instalments of Rs 50 per month and will offer guaranteed returns along with accidental cover and maturity benefits. This will be available to a group of minimum 5,000 members with its minimum annualised premium at Rs 5,000, while maximum limit will be at Rs 10,000. Talking to mediapersons here today, Malay Ghosh, president of Reliance Life Insurance, said this fiscal they were planning to raise Rs 100 crore premium from Jan Samriddhi. “We will be involving NGOs, cooperative societies and banks to reach out to the targeted population. We are in the process of tying up with NGOs, regional rural banks, self-help groups and cooperative societies in various states for the purpose," he said. The other product launched today was Super InvestAssure. It is a regular premium scheme, which has been designed to meet regular savings, protection and income needs of customers with a risk-averse profile. "The product (Super InvestAssure) allows flexibility of top-up payments incremental to the premium under the base plan and liquidity through loan facility and partial withdrawal," he said. Ghosh also said the company had Rs 3,900 crore as funds under management and 5.5 billion policy holders.
	Share Price Manipulation Uttam Galva under scanner New Delhi, January 5 For the second time in last one year, the government is likely to inspect financial books of Uttam Galva Steels for alleged manipulation of share prices, funds diversions and some other related matters. The Ministry of Corporate Affairs is likely to issue an inspection order soon, senior government officials told PTI. When contacted, the company, in which global steel major ArcelorMittal recently picked up 5.6 per cent stake, declined to comment. The company is facing allegations of manipulating share prices by way of placing shares in benami and front companies, granting contracts to brokers to play with the stocks to jack up prices. It is alleged that the company formed a cartel of brokers which in league with promoters bought five million shares from the market at Rs 40 a share and the same were bought back at much higher rate of Rs 62. The company is also facing allegations of diverting funds in the guise of brokerage and commission, writing off of sundry balances of some parties, non-accounting of goods withdrawn for captive use in the cost of raw material and some other related violations. The Registrar of Companies, which comes under the purview of the MCA, might be asked to scrutinise the account books of Uttam Galva under Section 209 of the Companies Act, 1956, sources said. — PTI
	PM to meet Plan panel today New Delhi, January 5 Prime Minister Manmohan Singh will meet Planning Commission deputy chairman Montek Singh Ahluwalia and other members tomorrow to take stock of the economy and discuss steps to check the rising food prices. “The Prime Minister would meet all members of the Planning Commission to assess the state of the economy,” Planning Commission member Abhijit Sen said here today. The demands from various ministries for significant rise in the gross budgetary support to meet their social sector expenditure are also likely to figure in the discussions, the sources said. While the economy has shown firm signs of recovery, food inflation, which touched the decade’s high of close to 20 per cent, continues to remain an area of concern for the government as well as the Reserve Bank. — PTI