Thesecompanies, which till recently focused on selling assets in the US and Europe torecover from the slowdown, have now taken a sharp strategic turn by expandingcapacities in emerging markets to feed their domestic and internationalrequirements.
With domestic auto sales rising by 25% to 19.4 lakhunits in FY10 and US auto sales rising 20% year-on-year, component companiesfeel this is the right time to get their suppliers to take the next big leapinto low-cost markets. “Innovation in engineering and technology will alsohelp to continuously cut costs,” said Abdul Majeed, auto practice leader,PwC.
Press Trust of India, May 26, 2010 (Mumbai) The steel major Tata Steel posted a consolidated net loss of Rs 2,009 crore in FY10,against net profit of Rs 4,950.90 crore in the previous fiscal, amid poor demand from across the globe following the global recession.
The company, however, expects a better working in the current fiscal following higher demand from auto and construction sectors, the key drivers of growth.
Consolidated turnover also decreased by 31 per cent to Rs 1,02,393 crore for the fiscal ended March 2010, from Rs 1,47,329 crore in the previous fiscal due to reduced capacity utilisation in Europe following the global financial crisis.
The country's second largest bike-maker Bajaj Auto today said that the rise in input costs, for commodities such as steel and rubber, was unlikely to eat into the profit margins of the firm due to a shift in consumer preference towards more expensive offerings.
While claiming that the two-wheeler major was cushioned against dramatic price fluctuations through standard half-yearly contracts for major input requirements, S Sridhar, Bajaj Auto Chief Executive Officer (2-Wheelers) explained that the majority of sales were taking place in the mid-priced section.
“Unlike last year, when the size of the entry-level market was larger, this fiscal consumers have been shifting towards the higher (priced) category. As a result, the margins are better. We have been able to benefit from our portfolio,” Sridhar said.
“Nifty now faces majorresistance at 5000 levels. The fact that the Nifty is closing below 200 SDMA forquite many days now is a reason to consider a case for a deeper correction. Forthe day supports are expected around 4850 levels, while 4900 is likely to offera good resistance.
There seems to be a break down inthe Bank Nifty. On stock specific note, stocks like JSW Steel, Hindalco, DLF,and Indiabulls Real Estate are trending down and are expected to drift lower.The preferred longs are REC, GAIL and ITC based on their relativestrength,” said Edelweissreport.
At 12:30 pm, Bombay StockExchange’s Sensex was at 16122.31, down 347.24 points or 2.11 per cent. The 30-share index hit intra-day low of 16107.37 and high of 16444.57.
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As the two houses of Congress prepare to merge their financial overhaul bills, the Senate on Monday voted 60 to 30 to recommend that thousands of the nation's auto dealers be exempted from oversight by a new regulator for consumer financial protection.
Auto dealers have lobbied fervently to escape the reach of the consumer watchdog, arguing that existing regulators already have power to crack down on abusive practices and that the Senate bill would still cover firms that issue auto loans. The dealers won an exemption in the House bill passed in December, but they were not spared in the Senate version.
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