Mumbai:Tata Motors Ltd, the nation’s biggest truck maker, said vehicle sales declined 47% in December as higher interest rates and a credit squeeze eroded demand.
Commercial and passenger vehicle sales in India and overseas reached 25,219 units last month, compared with 47,678 units a year earlier, Mumbai-based Tata Motors said in an emailed statement on Friday. Commercial vehicle sales in India fell 51% to 14,056 units, it said.
TVS Motor sales register 8.5% fall
Mumbai:TVS Motor Co. said on Friday its two-wheeler sales for December fell 8.5% to 89,285 units from 97,576 units year ago, as customers continued to defer purchases.
Motorcycle sales dropped by 21.91% year-on-year to 40,057 units in December, India’s third largest two-wheeler maker said in a statement. General inflationary trends, inadequate availability of retail finance and high interest rates affected sales, it said.
However, the cumulative sales for the April-December period registered a 2% growth compared with the year-ago period, the statement added.
Mahindra’s?sales?fall on slow SUV demand
Mumbai:Mahindra and Mahindra Ltd, the nation’s biggest maker of sport utility vehicles (SUVs), said sales in December fell 30%.
Sales of cars, SUVs, trucks and three-wheeled vehicles reached 10,665 units last month in India and overseas, compared with 15,316 units a year earlier, the firm said on Friday. Exports fell 61% to 412 units.
Honda Siel car sales clock 9.04% increase
New Delhi: Car maker Honda Siel Cars India Ltd (HSCI) on Friday reported a 9.04% rise in its sales at 3,667 units in December last year as against 3,363 units in the same month in 2007.
During January-December period last year, HSCI sold 53,840 units compared with 60,387 units in the same period previous year, down by 10.84%.
Hyundai domestic sales look up 19.3%
New Delhi: The country’s second largest car manufacturer, Hyundai Motor India Ltd (HMIL), on Friday said its domestic sales jumped 19.3% to 15,602 units in December last year, compared with 13,078 units a year ago.
The company’s cumulative sales (including exports) in December were up 55.7% to 38,402 units, compared with 24,664 units in the same period last year, HMIL said in a statement here.
Its exports in the month nearly doubled to 22,800.
“A combination of factors such as innovative schemes, established products and a large network is what has helped Hyundai in these difficult times,” HMIL senior vice-president (marketing and sales) Arvind Saxena said.
Kingfisher Airlines reduces fares by 21-65%
Mumbai:Kingfisher Airlines Ltd on Friday announced a cut in air fares ranging from 21-65%. Air India and Jet Airways (India) Ltd had announced a fare cut on.
The reduction in fares would be effective retrospectively from 1 January, Kingfisher chairman and chief executive officer Vijay Mallya said.
Shishir Bajaj exits Bajaj Electricals
Mumbai:Shishir Bajaj and two other family members have exited Bajaj Electricals Ltd by selling their 2.05% stake in the company following a family dispute settlement with elder brother Rahul Bajaj.
In a filing to the Bombay Stock Exchange on Friday, Bajaj Electricals said Shishir, along with Minakshi and Kushagra Bajaj, has sold shares worth Rs3.68 lakh, representing a 2.05% stake in the company.
Following the transaction on 30 December, the paid-up capital of Bajaj Electricals remains at Rs17.28 crore.
Tata against sharing profits in SA project
New Delhi: The Tata group and its South African partner Sasol have opposed giving part of the crude oil they plan to produce from coal (coal-to-liquid project) to the government as profit share.
Strategic Energy Technology Systems Ltd (SETSL), a joint venture of Tata Sons and Sasol, vying for the coal-to-liquid (CTL) project, has told the government that profit sharing would effectively be a new tax, which is not permissible under relevant Acts.
The government is considering replicating the production sharing regime in oil and gas in the ambitious project, which envisages producing crude oil up to 80,000 barrels per day.
SETSL has, however, opposed the regime in the project saying the Oilfield Regulation Act or the Petroleum and Natural Gas Rules do not apply if crude oil and gas produced from coal are synthetic and not naturally occurring hydrocarbon.
Geojit Financial exits commodity business
Mumbai: Stock broking and commodities trading firm Geojit Financial Services Pvt. Ltd on Friday said it has discontinued its commodity broking business and has received a compensation of Rs40 crore from BNP Paribas SA.
The company received the compensation for surrendering its commodity broking memberships, pursuant to a prior agreement with the French banking major BNP Paribas, which holds 27% stake in the Kerala-based brokerage firm.
On Friday, the company informed Bombay Stock Exchange about the compensation and surrendering of its memberships to various commodity exchanges after receipt of regulatory approvals.
India’s foreign reserves rise to $254.6 billion
Mumbai: The country’s foreign exchange reserves rose $561 million (Rs2,743.3 crore) to $254.6 billion in the week ended 26 December, the central bank said.
Foreign currency assets climbed $562 million to $245.9 billion, while the nation’s gold reserves remained unchanged at $7.86 billion, the Mumbai-based Reserve Bank of India said in an emailed statement. India’s special drawing rights with the International Monetary Fund (IMF) were unchanged at $3 million, while its reserves with IMF slipped $1 million to $879 million.
RBI eases restructuring norms for bad debt
Mumbai: The Reserve Bank of India (RBI) on Friday relaxed the restructuring period for bad loans to 120 days from 90 days, for accounts restructured after 27 August. Banks currently classify loans as non-performing assets (NPAs) on their books if they don’t receive payments on the debt for 90 days.
RBI also said in a notification that all commercial real estate accounts that were standard accounts on 1 September would continue to be treated as standard accounts “provided the restructuring is taken up on or before 31 January 2009 and the restructuring package is put in place within a period of 120 days from the date of taking up the restructuring package”.
This will also be available to “standard” and “substandard accounts” where full security cover for working capital term loan is not available, if provisions are made against the unsecured portion of the loan, RBI said in the notification.
Rio Tinto to look for diamonds in south India
Mumbai: ACC Rio Tinto Exploration Ltd, a unit of the world’s third largest mining company, secured a so-called reconnaissance permit to find diamonds, gold, copper and zinc in Andhra Pradesh.
The permit allows the Rio Tinto Group to prospect in 8,350 sq. km over three areas in the Nalgonda region, the ministry of mines said in a statement on its website on Friday.
India abandons search for 300 missing migrant
Kolkata: The Indian Coast Guard called off its search Friday for 300 illegal migrants who went missing after abandoning their boat near a remote island chain in the Bay of Bengal last week.
“We have abandoned the search operation as no one could be found alive or dead over the past four days,” said Kripa Nautiyal, deputy inspector general of the coast guard for Andaman and Nicobar islands.
Around 400 migrants, from Myanmar and Bangladesh, had been drifting on the boat for days in their efforts to get to Malaysia. The 105 migrants who were rescued from the floating vessel are being kept in a temporary camp in Port Blair, the capital of the Andaman and Nicobar islands. So far, only two bodies have been recovered.
Dr Reddy’s appoints Umang Vohra as CFO
New Delhi:Dr Reddy’s Laboratories Ltd, India’s second biggest drug maker, named Umang Vohra as chief financial officer, replacing Saumen Chakraborty.
Chakraborty will take over as the president of corporate and global generics operations, the Hyderabad-based company said in a statement to the Bombay Stock Exchange on Friday. Earlier, Vohra was deputy chief financial officer at Dr Reddy’s.
BJP?to select?candidates for LS polls by Jan-end
New Delhi: The central parliamentary board of the BJP on Friday decided to finalize candidates for all Lok Sabha seats, barring a few crucial ones, in two phases by the end of January for the upcoming general elections.
“The parliamentary board of BJP today decided that the party’s central election committee should finalize candidates for most of the Lok Sabha seats in two phases. The first phase of meetings will be held from January 19 to 21, followed by the second phase to be held on January 28 and 29,” BJP general secretary Arun Jaitley told reporters.
This would mean all the candidates for the general elections would have been finalized before the national executive and national council meetings which are scheduled to be held from 6-8 February in Nagpur.
Govt nod for iron ore,coal berths at Paradip
New Delhi: The government on Friday approved projects for construction of deep draught iron ore and coal berths at Paradip Port on build-operate-transfer basis with a total estimated cost of Rs1,070.36 crore.
The Cabinet Committee on Economic Affairs (CCEA) gave its nod to the project for coal berth at the port with an estimated cost of Rs479.10 crore, out of which Rs408.90 crore would be borne by the build-operate-transfer (BOT) operator, while Rs70.80 crore will be contributed by the Paradip Port Trust.
The CCEA also approved the project for the iron-ore berth to be constructed at the Port with an estimated cost of Rs591.35 crore out of which Rs506.25 crore will be invested by the the operator while Rs85.10 crore would be arranged by the port trust.
Income-tax dept’s website to get new URL
New Delhi: The income-tax (I-T) department website which is used by tax payers to file returns online will soon be revamped and have a new website address or uniform resource locator (URL). The new online facility will host several user-friendly features.
The department’s URL— ‘www.incometaxindia.gov.in’—is undergoing pilot tests.
“A lot of new features are being added to the website and as soon as the tests are over, the old website address may give way to a totally new URL,” a senior I-T department officer involved in the process said. The new website would be able to handle a lot of new features, including tax rules, notifications and other circulars.