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Mahindra & Mahindra signs MOU with Federal Bank
Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement with Federal Bank, one of the largest and most reputed Private Sector Banks in the country with 67 years of illustrious banking history.
Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 999 branches of Federal Bank across India.
The MOU was signed by Shri Arun Malhotra, Senior Vice President, Sales & Customer Care – Mahindra & Mahindra Ltd and Shri P C John, Executive Director, Federal Bank Ltd, in the presence of Shri Oommen Benjamin, General Manager, Shri Antu Joseph, Dy. General Manager, Federal Bank, and Shri D Sampath, Addl. General Manager, Federal Bank.
The tie-up will enable both M&M and Federal Bank to leverage on the inherent strengths of each other’s vast network of over 250 dealer outlets and 999 branches across India.Read more…
Maruti to not compromise with workers, vehicle supply may be hit: Reports
Nearly after a week of Wednesday’s act of rioting and arson by plant workers at Maruti Suzuki’s Manesar plant in Haryana which claimed the life of an HR official and left scores of other employees injured, the company has indicated that a zero-tolerance policy against those involved and may terminate the employment of some of its workers.
According to reports, Maruti has ruled out a compromise with workers and there is no scope to retain workers who were involved in the assault.
Meanwhile, a mahapanchayat of 100 villages has also supported the company, demanding a CBI inquiry into the killing of general manager (HR) of Maruti Suzuki in workers' violence at the Manesar plant.
Former Gurgaon zila parishad chairman Rao Abhay Yadav, who presided over the mahapanchayat, said: “We don't have faith in the SIT and demand a CBI inquiry into the incident.”
Separate reports stated that the incident at the plant, which has led to the company announcing a lockout at the plant, will affect the supply of various cars of the automaker and has buyers and dealers worried.
Reports said citing industry sources that the most affected would be the prospective buyers of Dzire which has a waiting period of about four months. This period is likely to go up to six months now.Read more…
Maruti Suzuki declares lock out at Manesar Plant
Maruti Gurgaon workers union seeks federal probe of rioting
Maruti shares tumble; Co announces lockout at Manesar
Infocus News
IIFL recommends 'Reduce' on Ashok Leyland
IIFL Institutional Equities, a part of the IIFL Group, one of the leading players in the Indian financial services space, recommends “Reduce” Ashok Leyland.
According to IIFL report,Domestic M&HCV demand has weakened substantially over the last quarter. The market is seeing fall in freight rates, increase in discounts and high inventory.
Ashok Leyland’s (AL) export markets, especially SAARC nations, are also seeing weakness in demand.The management cut its FY13 growth guidance to 6-7% (earlier 15%). AL’s debt increased substantially over the past quarter due to increase in working capital, report stated.
“We expect AL’s debt levels to increase in both FY13 and FY14. Although valuation (6.3x FY14 EV/Ebitda) does seem inexpensive, near-term fundamentals remain challenging,” brokerage added.
The report was published by IIFL’s Institutional Equities Research desk.
Results
Domestic News
Sachin Tendulkar unveils the all-new BMW 3 Series
The Ultimate 3: Introduced in the Luxury and Sport Line, the all-new BMW 3 Series sets a new dimension in dynamism and elegance.
Engineered with passion, sixth-generation of the world’s most successful premium sedan combines benchmark design and pioneering technology with revolutionary performance and unmatched efficiency.
Mumbai. The all-new BMW 3 Series sedan was launched today in India. The sixth generation of the world’s most successful premium sedan was unveiled by Mr. Sachin Tendulkar, the legendary sportsman, at an exclusive launch event.
The all-new BMW 3 Series is produced (CKD - Completely Knocked Down) at BMW Plant Chennai and the deliveries start at BMW dealerships across India from July 2012 onwards.
Dr. Andreas Schaaf, President, BMW Group India said, “The all-new BMW 3 Series is a vehicle that has an unbeatable profile and is born from pioneering technology, a beautiful design and a lot of passion. In addition to the powerful performance and increased efficiency, the all-new BMW 3 Series offers unparalleled comfort and space. Since its inception, the BMW 3 Series has been the undisputable leader in its segment and there is no doubt that the sixth-generation of the BMW 3 Series will surpass the magnificent success that its predecessors received. The new BMW 3 Series will establish a new benchmark in the Indian luxury car segment and contribute to BMW’s winning streak in India.”
The all-new BMW 3 Series is available in two exclusive design schemes – Sport Line and Luxury Line. Sport Line celebrates the rush of adrenaline with sporty styling and interiors while Luxury Line indulges you to move in style with elegant contours and luxurious features. The all-new BMW 3 Series exhibits versatility that makes it unique by offering customers a choice of vehicle that expresses who they are and conforms to their personal preferences and lifestyle.
Mahindra unveils the ‘New Look Verito’
Maruti runs out of Swift, Dzire models…Bookings to continue
Jaguar ranked 2nd; range Rover evoque most appealing : Jd Power Study
Ashok Leyland to cut down capex plans
Hero Motocorp to build global parts centre in Rajasthan
Eicher Motorsand Polaris Industries sign J V deal in automotive sector
Deepika Padukone is brand ambassdor for Yamaha 'Ray' Scooter
Tata Motors to hold half-day off-roading event for SUV owners
Olacabs launches services in Bangalore
Thomas Chacko completes his nationwide expedition in a Tata Nano
Global News
Volkswagen Group H1 sales revenue up 23%
The Volkswagen Group maintained its positive trajectory in the first half of 2012 despite growing challenges in a large number of automotive markets. “We can be satisfied with our performance in the first six months”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, at the presentation of the financial report for the first half of the year on Thursday. “Our strong position in the international markets will enable us to outperform the market as a whole – despite the challenging environment.”
The Volkswagen Group increased its sales revenue to €95.4 bn in the first six months, up 22.6% on the prior-year period (H1 2011: €77.8 billion). Operating profit rose by 6.7% to €6.5 billion (€6.1 billion). At 6.8 percent, the operating return on sales after six months was on a level with the first quarter of 2012 (previous year: 7.8 percent). The consolidated operating profit for H1 does not include the €1.8 billion (€1.2 billion) share of the operating profit of the Chinese joint ventures. These companies are included using the equity method and are therefore reflected in the financial result. This was lifted by the strong business performance of the Chinese joint ventures and the improvement in profit recorded by Porsche Zwischenholding GmbH. The updated measurement of the put/call rights relating to Porsche Zwischenholding GmbH at the reporting date also had a positive effect on the financial result. Profit before tax for the first half of the year amounted to €10.1 billion (€8.2 billion) – an increase of 22.1 percent as against the prior-year period. The figure after tax improved by 35.9 percent to €8.8 billion (€6.5 billion).
CFO Hans Dieter Pötsch was also satisfied with developments in the first half of the year. “Against a background of economic uncertainty, our performance so far, our improving cost structures, our flexible production and our technology leadership in many areas mean that we are well equipped to meet the challenges facing us”, said Pötsch. “More than ever before, our sound financial position is paying off.”
Automotive Division net liquidity
Net liquidity in the Automotive Division was €14.9 billion at the end of the first half of 2012, as against €17.0 billion at the end of December 2011. This figure includes cash outflows of €2.1 billion from the increase in 2012 in the stake in MAN SE, the Munich-based manufacturer of commercial vehicles, engines and power engineering equipment, to 75.03 percent of the voting rights and 73.57 percent of the share capital.
At €3.4 billion, investments in property, plant and equipment in the Automotive Division in H1 exceeded the prior-year figure (€2.5 billion). Nevertheless, the Volkswagen Group maintained its strict investment discipline. The ratio of investments in property, plant and equipment (capex) to sales revenue in the Automotive Division amounted to 4.0 percent (3.7 percent). Investments related primarily to production facilities, the switch to the Modular Transverse Toolkit, new products and the ecological alignment of the model range. “Disciplined cost and investment management and the continuous optimization of our processes remain core components of our strategy going forward”, said Pötsch.Read more…
Eaton wins Nissan Global Innovation Award for its Supercharger Technology
JLR to hire 1,100 workers in UK
Volvo profit drops
Ford profit down by more than half