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Mahindra & Mahindra advances 4.06% at BSE
Shares of Mahindra & Mahindra are trading at Rs 295.00, up Rs 11.5, or 4.06% at the Bombay Stock Exchange (BSE) on Thursday at 1:39 p.m.
The scrip has touched an intra-day high of Rs 295.00 and low of Rs 280.00. The total volume of shares traded at the BSE is 128,679.
In the earlier session, the shares gained 3.35%, or Rs 9.2, at Rs 283.50.
Currently, the stock is trading down 59.08% from its 52-week high of Rs 721.00 and above 25.27% over the 52-week low of Rs 235.50.
Source : myiris.com (2/12/2009)
Force Motors swings to profit in Q3
During the quarter, the company reported profit of Rs 2,010.08 million compared with a loss of Rs 224.26 million in the same quarter last year.
Net sales declined 37.74% to Rs 1,478.94 million, while total income for the quarter fell 41.87% to Rs 1,480.08 million, when compared with the prior year period.
The company posted profit of Rs 152.52 a share during the quarter compared with a loss of Rs 17.02 a share in previous year period.
Source : myiris.com (2/12/2009)
Oriental Insurance partners MyTVS
New Delhi, Oriental Insurance Co has tied up with MyTVS, a multi brand car service solution provider, for offering its customers emergency roadside services. The agreement will cover Oriental Insurances 15 lakh vehicle policyholders across the country. The programme, which was launched across the country early this week, will offer such a service free-of-cost for Oriental Insurance policyholders. To address nationwide customer vehicle breakdown problems, MyTVS has trained 3,000 staff to deliver such emergency services.
Oriental customers will have to call up our call centre and we will try to provide them services in 45-60 minutes in the 19 States where we operate, said Mr R. Dinesh, Joint Managing Director, TVS. The company, part of the TVS group, already has a customer base of one lakh through its presence in the southern parts of the country.
According to Mr Ramadoss, Chairman and Managing Director, Oriental Insurance, We hope to reach our customers through this scheme. It is in response to the customers needs during emergency situation when their cars breakdown or meet with an accident.
He also indicated that the company plans to launch a health policy extending over 3-5 years, instead of an annual period policy which is being offered currently .
source: http://www.indiacar.net/news/n102688.htm
More car makers partner PSU banks for finance
Mumbai/New Delhi, With car sales showing signs of revival, more car manufacturers are signing up with public sector banks for attractive rates of interest to push sales further.
Tata Motors today said it has tied up with Corporation Bank to fund purchase of its range of passenger vehicles. The company has said that the bank will offer loans up to 85 per cent of the vehicles on road price, for periods up to five years, at 11.75 per cent a year interest. The bank will also process the loan applications within seven days.
This facility, according to a Tata Motors press release, will be available at all the 1,073 branches of Corporation Bank and 329 sales touch points of Tata Motors.
The dealers will be trained to explain the loan formalities. Both Tata Motors and Corporation Bank will organise joint sales promotion activities and display each others products in their premises.
Tata Motors agreement with Corporation Bank is part of the efforts being taken by car manufacturers to have such tie-ups with public sector banks as they seek to spur car sales.
Other banks
Banks such State Bank of India, Bank of Baroda, Punjab National Bank, Syndicate Bank, Union Bank and some regional PSU banks are active in vehicle financing and have agreements with car manufacturers. Interest rates vary from 11 per cent to 14 per cent, whereas private banks charge in the range of 13 per cent to 15 per cent.
Maruti Suzuki, the market leader, has been partnering public sector banks for some time and has increased its financing arrangements with more of them. Hyundai Motor India too has getting into such arrangements with the nationalised banks, even as private sector banks have slowed down on car financing.
Public sector banks have definitely improved. Earlier, two-thirds of financing was from private banks and the remaining from public sector banks. Now, the ratio of state-owned banks is as high as 67 per cent, said Mr Mayank Pareek, Executive Officer, Maruti Suzuki India Ltd.
He said the one of the reasons for the increase in their share of car loans is that sales are growing in smaller centres, where the public sector banks have a strong presence. They know their customers for a long time and so they can lend when they want to buy a car, he said.
Growing finance
Utility vehicle manufacturer Mahindra & Mahindra also sees PSU banks showing greater interest in vehicle finance. The share of PSU banks in financing our vehicles has gone up in recent months. Roughly 20 per cent of Mahindra vehicles, where finance is availed of, are now financed by PSU banks, said Mr Rajesh Jejurikar, Chief of Operations, Mahindra & Mahindra Ltd.
At a time when private banks are more conservative than in the past, the PSU banks are strengthening their presence, he said.
Even premium car maker like Honda is taking a similar route of tying up with nationalised banks. In April, the share of public sector banks in financing Honda cars stood at 11 per cent. This has now gone up to 18 per cent, confirmed a spokesperson for Honda Siel Cars. According to her, the company was scouting for more such partnerships to bolster its sales.
Mr Yogesh Narola, a Tata Motors dealer in Delhi, said that PSU banks were willing to finance vehicles.
Earlier, out of 150 cars we sell a month, the number of cars being financed by PSU banks used to be 10 a month. Now, it has gone up to 20-25, he said.
According to Mr Narola, other than SBI, the biggest public sector lender for car buyers are Bank of Baroda and Punjab National Bank are active in vehicle financing. Mr Shailesh Bhandari, a Pune-based dealer of Tata Motors, said local co-operative banks are also financing car purchases.
Source : Business Line (Online Edition) (2/12/2009)
Hyundai to expand R&D centre
Hyderabad, The countrys second largest automotive manufacturer, Hyundai Motor India, is set to expand its R&D centre based in Hyderabad, significantly stepping up computer-aided design and engineering work for the companys global operations.
The automaker has constructed its own development centre and expects to commission it in May, wherein it plans to host 800 engineers by March 2010, up from 200 now.
The Managing Director of HMIL, Mr H.S. Lheem, said, the Hyderabad centre along with the one at Chennai, forms four major R&D centres for the company. We have invested $28 million in the Hyderabad centre. This centre will also play a role in data analysis.
VERNA AUTOMATIC
Addressing a press conference here on Thursday to announce the launch of automatic transmission version of Verna, Mr Lheem said that the company launched three new cars in less than 45 days, including i20 hatch, Sonata and Verna automatic, and expects to set the momentum going.
He said that there is no plan to roll out i30 in India as yet.
We are no exception to the general overall economic conditions impacting automotive sales. However, the company is confident of exporting over 2.8-3 lakh cars during the year. We expect a clear picture to emerge within a couple of months, he said.
WORK PATTERN
Due to slowdown, the company has changed the work pattern of three shifts from 8+8+7 hours to two shifts of 9+9 hours with the addition of one extra hour a shift. Depending upon the market conditions, we will step up production, he said.
Hyundai has made India as a hub for small car production for all the companys global requirements. We account for about 70 per cent of the countrys total automotive exports from India. If the Government supports such exports, we will be able to step this up further, he said.
Asked about the small car project, Mr Lheem said that they have no intention of competing with the Tata Nano. However, the company is developing a smaller car than Santro. No deadline has been set for this.
The companys senior Vice-President, Sales and Marketing, Mr Arvind Saxena, said that the company will announce a hike in car prices across various models which could be up to 3 per cent.
Asked why they are opting for hikes during such tough market conditions, Mr Saxena said, typically automotive prices are based on long-term contracts and have nothing to do with spot prices of various inputs. Since these are based on long-term deals, we will hike prices later today.
Source : Business Line (Online Edition) (2/12/2009)
Corporation Bank-Tata Motors' pact
Corporation Bank has signed a memorandum of understanding with Tata Motors Ltd for financing of Tata Motors vehicle.
A bank release said here that banks offers loans up to 85 per cent of on-road price, for tenure ranging up to seven years, at a rate of 11.75 per cent. The car loan facility will be available at all branches of the bank. Subject to adherence of bank's norms, the loans will be sanctioned within seven days.
Corporation Bank and Tata Motors will jointly organise sales promotion activities and display each other's products and offerings at the respective premises.
Source : Business Line (Online Edition) (2/12/2009)
Mahindra & Mahindra advances 4.06% at BSE
Shares of Mahindra & Mahindra are trading at Rs 295.00, up Rs 11.5, or 4.06% at the Bombay Stock Exchange (BSE) on Thursday at 1:39 p.m.
The scrip has touched an intra-day high of Rs 295.00 and low of Rs 280.00. The total volume of shares traded at the BSE is 128,679.
In the earlier session, the shares gained 3.35%, or Rs 9.2, at Rs 283.50.
Currently, the stock is trading down 59.08% from its 52-week high of Rs 721.00 and above 25.27% over the 52-week low of Rs 235.50.
Source : myiris.com (2/12/2009)
Force Motors swings to profit in Q3
During the quarter, the company reported profit of Rs 2,010.08 million compared with a loss of Rs 224.26 million in the same quarter last year.
Net sales declined 37.74% to Rs 1,478.94 million, while total income for the quarter fell 41.87% to Rs 1,480.08 million, when compared with the prior year period.
The company posted profit of Rs 152.52 a share during the quarter compared with a loss of Rs 17.02 a share in previous year period.
Source : myiris.com (2/12/2009)
Oriental Insurance partners MyTVS
New Delhi, Oriental Insurance Co has tied up with MyTVS, a multi brand car service solution provider, for offering its customers emergency roadside services. The agreement will cover Oriental Insurances 15 lakh vehicle policyholders across the country. The programme, which was launched across the country early this week, will offer such a service free-of-cost for Oriental Insurance policyholders. To address nationwide customer vehicle breakdown problems, MyTVS has trained 3,000 staff to deliver such emergency services.
Oriental customers will have to call up our call centre and we will try to provide them services in 45-60 minutes in the 19 States where we operate, said Mr R. Dinesh, Joint Managing Director, TVS. The company, part of the TVS group, already has a customer base of one lakh through its presence in the southern parts of the country.
According to Mr Ramadoss, Chairman and Managing Director, Oriental Insurance, We hope to reach our customers through this scheme. It is in response to the customers needs during emergency situation when their cars breakdown or meet with an accident.
He also indicated that the company plans to launch a health policy extending over 3-5 years, instead of an annual period policy which is being offered currently .
source: http://www.indiacar.net/news/n102688.htm
More car makers partner PSU banks for finance
Mumbai/New Delhi, With car sales showing signs of revival, more car manufacturers are signing up with public sector banks for attractive rates of interest to push sales further.
Tata Motors today said it has tied up with Corporation Bank to fund purchase of its range of passenger vehicles. The company has said that the bank will offer loans up to 85 per cent of the vehicles on road price, for periods up to five years, at 11.75 per cent a year interest. The bank will also process the loan applications within seven days.
This facility, according to a Tata Motors press release, will be available at all the 1,073 branches of Corporation Bank and 329 sales touch points of Tata Motors.
The dealers will be trained to explain the loan formalities. Both Tata Motors and Corporation Bank will organise joint sales promotion activities and display each others products in their premises.
Tata Motors agreement with Corporation Bank is part of the efforts being taken by car manufacturers to have such tie-ups with public sector banks as they seek to spur car sales.
Other banks
Banks such State Bank of India, Bank of Baroda, Punjab National Bank, Syndicate Bank, Union Bank and some regional PSU banks are active in vehicle financing and have agreements with car manufacturers. Interest rates vary from 11 per cent to 14 per cent, whereas private banks charge in the range of 13 per cent to 15 per cent.
Maruti Suzuki, the market leader, has been partnering public sector banks for some time and has increased its financing arrangements with more of them. Hyundai Motor India too has getting into such arrangements with the nationalised banks, even as private sector banks have slowed down on car financing.
Public sector banks have definitely improved. Earlier, two-thirds of financing was from private banks and the remaining from public sector banks. Now, the ratio of state-owned banks is as high as 67 per cent, said Mr Mayank Pareek, Executive Officer, Maruti Suzuki India Ltd.
He said the one of the reasons for the increase in their share of car loans is that sales are growing in smaller centres, where the public sector banks have a strong presence. They know their customers for a long time and so they can lend when they want to buy a car, he said.
Growing finance
Utility vehicle manufacturer Mahindra & Mahindra also sees PSU banks showing greater interest in vehicle finance. The share of PSU banks in financing our vehicles has gone up in recent months. Roughly 20 per cent of Mahindra vehicles, where finance is availed of, are now financed by PSU banks, said Mr Rajesh Jejurikar, Chief of Operations, Mahindra & Mahindra Ltd.
At a time when private banks are more conservative than in the past, the PSU banks are strengthening their presence, he said.
Even premium car maker like Honda is taking a similar route of tying up with nationalised banks. In April, the share of public sector banks in financing Honda cars stood at 11 per cent. This has now gone up to 18 per cent, confirmed a spokesperson for Honda Siel Cars. According to her, the company was scouting for more such partnerships to bolster its sales.
Mr Yogesh Narola, a Tata Motors dealer in Delhi, said that PSU banks were willing to finance vehicles.
Earlier, out of 150 cars we sell a month, the number of cars being financed by PSU banks used to be 10 a month. Now, it has gone up to 20-25, he said.
According to Mr Narola, other than SBI, the biggest public sector lender for car buyers are Bank of Baroda and Punjab National Bank are active in vehicle financing. Mr Shailesh Bhandari, a Pune-based dealer of Tata Motors, said local co-operative banks are also financing car purchases.
Source : Business Line (Online Edition) (2/12/2009)
Hyundai to expand R&D centre
Hyderabad, The countrys second largest automotive manufacturer, Hyundai Motor India, is set to expand its R&D centre based in Hyderabad, significantly stepping up computer-aided design and engineering work for the companys global operations.
The automaker has constructed its own development centre and expects to commission it in May, wherein it plans to host 800 engineers by March 2010, up from 200 now.
The Managing Director of HMIL, Mr H.S. Lheem, said, the Hyderabad centre along with the one at Chennai, forms four major R&D centres for the company. We have invested $28 million in the Hyderabad centre. This centre will also play a role in data analysis.
VERNA AUTOMATIC
Addressing a press conference here on Thursday to announce the launch of automatic transmission version of Verna, Mr Lheem said that the company launched three new cars in less than 45 days, including i20 hatch, Sonata and Verna automatic, and expects to set the momentum going.
He said that there is no plan to roll out i30 in India as yet.
We are no exception to the general overall economic conditions impacting automotive sales. However, the company is confident of exporting over 2.8-3 lakh cars during the year. We expect a clear picture to emerge within a couple of months, he said.
WORK PATTERN
Due to slowdown, the company has changed the work pattern of three shifts from 8+8+7 hours to two shifts of 9+9 hours with the addition of one extra hour a shift. Depending upon the market conditions, we will step up production, he said.
Hyundai has made India as a hub for small car production for all the companys global requirements. We account for about 70 per cent of the countrys total automotive exports from India. If the Government supports such exports, we will be able to step this up further, he said.
Asked about the small car project, Mr Lheem said that they have no intention of competing with the Tata Nano. However, the company is developing a smaller car than Santro. No deadline has been set for this.
The companys senior Vice-President, Sales and Marketing, Mr Arvind Saxena, said that the company will announce a hike in car prices across various models which could be up to 3 per cent.
Asked why they are opting for hikes during such tough market conditions, Mr Saxena said, typically automotive prices are based on long-term contracts and have nothing to do with spot prices of various inputs. Since these are based on long-term deals, we will hike prices later today.
Source : Business Line (Online Edition) (2/12/2009)
Corporation Bank-Tata Motors' pact
Corporation Bank has signed a memorandum of understanding with Tata Motors Ltd for financing of Tata Motors vehicle.
A bank release said here that banks offers loans up to 85 per cent of on-road price, for tenure ranging up to seven years, at a rate of 11.75 per cent. The car loan facility will be available at all branches of the bank. Subject to adherence of bank's norms, the loans will be sanctioned within seven days.
Corporation Bank and Tata Motors will jointly organise sales promotion activities and display each other's products and offerings at the respective premises.
Source : Business Line (Online Edition) (2/12/2009)
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