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Nano: Tata Motors may get 500,000 orders

Nano: Tata Motors may get 500,000 orders
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First Published: Wed, Mar 25 2009. 11 06 PM IST
Updated: Wed, Mar 25 2009. 11 06 PM IST
Mumbai:Tata Motors Ltd, the maker of Jaguar and Land Rover luxury vehicles, may get as many as 500,000 orders for the Tata Nano five times more than it initially plans to sell, analysts said.
Bookings for the Nano may range from 120,000 during the first two-week sales period before 100,000 buyers are allocated by lottery, according to a poll of six analysts surveyed by ‘Bloomberg’.
Separately, Global rating agency Standard and Poor’s (S&P)on Wednesday downgraded Tata Motors’ credit ratings, saying the company was facing deteriorating cash flow and an adverse operating environment.
The downgrade highlights deterioration in the company’s ability to repay debts in the long term.
The ratings remain on credit watch with negative implications, S&P said, adding that the company’s grades have been put on ‘B+´ (little assurance of long-term payment) from the earlier ‘BB-´ (moderate security for future payment).
Meanwhile, National Insurance Co. Ltd chairman and managing director V. Ramasaamy said the insurance premium for the Tata Nano is likely to be Rs3,000-4000. The firm is one of the insurers that provide cover to commercial and passenger vehicles manufactured by Tata Motors. “...we will review the premium for Nano a year later,” said Ramasaamy.
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First Published: Wed, Mar 25 2009. 11 06 PM IST