Famous In India

Archive for June 2009

MUMBAI: Mahindra Holidays & Resortsindex.jpg 1 India Ltd has fixed the issue price at Rs 300 per share for its initial public offering of 92,65,275
shares of Rs. 10 each. The 100% book-built issue opened on June 23 and closed on June 26.

The price band was fixed between Rs 275 and Rs 325 per equity share. The size of the issue stood at Rs 301.12 crore at the upper end of the price band and Rs 254.80 crore at the lower end of the band.

The issue was subscribed 9.8 times with QIB portion subscribed around 12.83 times; HNIs around 11.01 times and Retail around 3.3 times. At the top end of the price band (i.e. Rs. 325) the overall issue was subscribed 7.13 times with QIB bucket 8.56 times, retail investors’ portion 3.36 times. The issue received bids for 9,08,33,800 shares as against issue size of 92,65,275 shares, as per data available on the NSE website.

“I am delighted with the overwhelming investor response which demonstrates acceptance of the product concept and the business model of the company and faith in the Mahindra Group Management,” said Arun Nanda, Chairman, Mahindra Holidays.

The issue had been assigned 4 out of 5 IPO grading by Fitch Ratings reflecting ‘above average fundamentals’ of the Issue relative to other listed equity securities.

Source: http://economictimes.indiatimes.com

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Jaguar.jpgMumbai, June 28
Two of Britain’s most luxurious and elegant auto brands, Jaguar and Land Rover, were today launched here at prices as rich as their features, although their Indian owner Tata Motors swallowed a Rs 2,500-crore loss on account of them.

Tata will sell the Jaguar, which had its origins in a motorcycle sidecar company, XF and XKR series for between Rs 63 lakh and Rs 92 lakh, while Land Rover’s Discovery and Range Rover would be priced between Rs 63 lakh and Rs 89 lakh.

“It’s quite a memorable day in the history and heritage of Tata Motors… JLR has been well received and well established in India (in the past), but over the years this brand has been disconnected from India,” Tata group chief Ratan Tata told reporters here announcing the launch.

“We will measure the response to the brands here and at an appropriate time, we will expand the brand to other cities, which is yet to be determined,” Jaguar managing director Mike O’ Driscoll said.

Asked how many units the company hopes to sell in India, Land Rover managing director Phil Popham said: “These are premium niche brands, so we are looking at relatively small numbers. Our challenge is to establish the brands here.”

About the two brands’ official entry into the country, Tata said: “I think the cars will exhibit the levels of technology and levels of performance here.”

The two brands would give Indian public an opportunity to experience the “pleasure of driving the superior technology” and now “we have decided to extend the penetration of the two brands in India,” he added.

Asked about the current status of JLR asking for financial assistance from the UK government, Tata said: “We are in discussion with the UK government on loan guarantee. We are hopeful that we will find a solution to it. Our funding plans for JLR will progress further…” “Sustaining downturn is extremely important… I would like to see these two brands to come out of the downturn and the companies will have new vehicles and new models.

“…the loan that we are talking to, would be allotted to the company by European Banks,” he added.

On sharing, leveraging JLR’s strong markets, like the US, for Tata Motors’ products, Tata said company did not have any such plans as the vehicles were in completely different segments.

He , however, said: “We will work closely on R&D. We will share intellectual property, but we have never tried to merge the two brands with Tata Motors. Over time, the sophistication of dealing with customers and spares will start to commonalise between the two companies.”

Tata Motors would also decide about assembling the premium cars in India depending upon the business scales by the two iconic brands, he said. — PTI

Source:http://www.tribuneindia.com/2009/20090629/biz.htm#1

MUMBAI: Tata Motorsindexjpg1 posted its first annual loss in eight years and announced more job cuts and plant closures at Jaguar and Land Rover
as the
worst global recession in more than seven decades slashed demand for the marque brands purchased by the company last year.

Tata, the maker of Indica and Nano cars, posted a consolidated loss of Rs 2,500 crore for the year ended March, while sales slumped 37%. The last time the company had made a loss was in 2000-01, when it experienced a similar demand slump for trucks and its small car, the Indica.
Jaguar and Land Rover posted a loss of Rs 1,777 crore for the year. The deepening recession in the US and UK worsened the demand for luxury vehicles, forcing Tata Motors to cut jobs and consider plant closures. JLR has already shed 2,000 jobs and Tata Motors senior executives warned on Friday that more will be needed.

Ford sold JLR to Tata Motors for about $2.4 billion in June last year. As a result, Tata Motors gained access to complex luxury car technology, two iconic if jaded brands and a distribution system in the world’s wealthiest countries. But it also inherited a high cost workforce, and a market which was witnessing a steep drop in demand for high-end cars. Jaguar sales for the year fell 4% to 47,000 while Land Rover sales crashed 40% to 1.2 lakh units.

“Although domestic demand has started showing signs of revival since January, its too early to call it a recovery. However medium and heavy commercial vehicle sales continue to be weak,” said Ravi Kant, vice chairman of Tata Motors.

Tata Motors shares gained 0.3% to Rs 340.3 and the results were declared after market hours. Even as the company highlighted that new product development and R&D would not be affected over the 16-18 months in JLR, it would further tighten its cost control measures which includes further job cuts at its UK operations. Recently JLR has got approval of 340 mn pounds from the European Investment Bank, but it is still in negotiation with the UK government and private banks for a counter guarantee, pointed out Mr Kant.
C Ramakrishnan, the chief financial officer, said that the company’s cost cutting measures at JLR would help to lower the break-even point going forward. JLR is expected to launch the Jaguar XJ next month in London and the LRX , new small soon
“The financial condition of Tata Motors is precarious and it will need to take urgent action on product development and capital expenditure
which would mean that the future growth will hinge on the current array of products that the company has,” says Mahantesh Sabarad, Centrum Broking .

The company’s consolidated total operational income jumped 99% Rs 70, 939 crore during FY 09. However, the results of FY 09 are not comparable from a year earlier, the company said in a statement. Its operating loss was Rs 2821 crore (excluding expenditure transferred to capital and other accounts) compared with an operating profit of Rs 3210 crore a year earlier.

Tata Motors had reported a consolidated net profit of Rs 2167 crore for the year ended March 2008. The numbers for the year ended March’09 are not comparable as the year-ago numbers did not include that of Jaguar and Land Rover. Tata Motors in 2000-01 had reported a loss of Rs 500 crore on a stand-alone basis.
Contrary to expectations, the company management pointed out that their UK pension fund’s fair value was 3.1 billion pounds, as compared to their liabilities of 3 billion pounds, and that was largely due to a conservative approach for investing the pension funds. However, the actuarial net loss of Rs 1457.2 crore related to the pension plans of Jaguar Cars and Land Rover, UK have been accounted in the reserves and surplus of the company, as per the relevant accounting standards, the company said in a statement.

Source:  http://economictimes.indiatimes.com/

The industry lauded Government’s move to appoint Nandan Nilekani as head of the Unique Identification Authority, though analysts were divided on the impact of his exit from Infosys.

“Nilekani was the biggest brand ambassador for 2009062658170101 on the clients’ side and had personal access to the board rooms of many large global firms. It would be a set back for the company,” said Sudin Apte, Head of Forrester Research in India.

However, Harit Shah, analyst at Angel Broking felt that Nilekani’s exit would have no impact though the company’s top brass could miss his experience and guidance on handling strategic issues.

“Nandan’s appointment demonstrates the leadership and maturity of an organisation that can spare its leaders full time for challenging assignments of this significance leading to more contemporary and competent leaders to take on the reigns of Infosys,” said Kapil Dev Singh, Managing Director of IDC India.

Stating that the appointment demonstrates the commitment of UPA Government to fast track implementation of its election manifesto, which had UID as a key project, Som Mittal, President, Nasscom, said “The need of the hour is transformation and Nandan truly exemplifies the skills that will ensure this initiative can set an example for an inclusive growth-led transformation of India.”

Pradeep Kar, Chairman of Microland and President TiE, Bangalore chapter, said “This is signifies the true earnestness of the UPA Government to bring about the change that India needs.”

“Nandan is an extraordinary person who has a clear vision for India. This coupled with his exceptional execution skills and humility will enable him to truly leverage technology along with imagination to unleash India’s hidden potential in making it a true superpower,” Kar said.

“Nandan is a person focussed on results and is absolutely a perfect fit for this role,” said Ganesh Natarajan, CEO of Zensar Technologies.

“Nandan has not been actively engaged with the industry bodies such as Nasscom or CII in the recent past. There will not be any major impact on the IT industry with him moving out,” Natarajan added.

Source: http://sify.com

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NEW DELHI: The Union government on Wednesday announced a downward revision in its estimates for the rainfall in the southwest monsoon seasonindex. The rainfall will be “below normal,” at 93 per cent of the long period average (LPA) with a model error of plus or minus 4 per cent. In other words, it could be between 89 and 97 per cent of the LPA.

(A forecast in April predicted a “near-normal” rainfall, at 96 per cent of the LPA, with a model error of plus or minus 5 per cent: in other words, a rainfall of between 91 and 101 per cent of the LPA. The LPA is 89 cm. It is an average of the monsoon rainfall in the 50-year period from 1941 to 1990.)

Minister of State for Science and Technology and Earth Sciences Prithviraj Chavan said the revision was made following estimates that there was a high probability (about 60 per cent) for El Nino conditions appearing during the remaining three months of the season. In April, there did not seem to be such a possibility.

The revision came in the backdrop of huge deficiency in the rainfall so far. As per the data for the period from June 1 to 22, there was a departure of minus 52 per cent from the LPA for the period.

Central India, comprising Gujarat, Maharashtra, Goa, Madhya Pradesh, Chhattisgarh and Orissa, had been the worst hit so far, with a departure of minus 75 per cent from its LPA for the period. The northeast, comprising West Bengal, Bihar, Jharkhand, Assam, Arunachal Pradesh, Meghalaya, Nagaland, Manipur, Mizoram, Tripura and Sikkim, followed it with a departure of minus 53 per cent from its LPA.

In the northwest, comprising Delhi, Haryana, Punjab, Chandigarh, Uttar Pradesh, Rajasthan, Uttarakhand, Himachal Pradesh and Jammu and Kashmir, the departure was minus 41 per cent, and in the South Peninsula, comprising Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Lakshadweep and Andaman and Nicobar, it was minus 23 per cent. However, the position in central India was expected to dramatically improve in the coming months.

Director-General of India Meteorological Department Ajit Tyagi said the monsoon was likely to set over Delhi by July first week. In other words, there would be a delay of a week to 10 days. The normal date is June 29.

Source: http://www.hindu.com/

Jagannath-FestivalPuri/Ahmedabad: Amidst fear of a drought, Puri is praying to Lord Jagannath as the annual Rath Yatra began on Wednesday which commemorates Lord Krishna’s return home after a long period of separation.

Three richly decorated chariots of Lord Jagannath, Balram and their Sister Subhadra, resembling temple structures, are pulled through the streets of Puri.

Lakhs of devotees throng the place to catch a glimpse of their Lord and to touch the ropes of the chariots, considered to be a pious deed.

The Jagannath Temple in Puri is regarded as one of the four most sacred Hindu pilgrimage places in India.

In Ahmedabad, Gujarat Chief Minister Narendra Modi flagged off a replica of Lord Jagannath’s chariot on Wednesday morning.

“We pray to Lord Jagannath for good rains in the country, for the poor and for good education. I have come here to pray for the goodwill of people in Gujarat,” said Narendra Modi after symbolically cleaning the road from where the chariots will pass.

Eighteen decorated elephants and 98 decorated trucks will also participate in the Yatra in which three big decorated chariots of Lord Jagannath, Balram and their sister Subhadra will be pulled by 1,000 devotees.

The main chariots are closely followed by colourfully adorned elephants, trucks, motor vehicles, pilgrims on foot, acrobats and gymnasts.

Unprecedented security arrangements have been made in the city for the smooth conduct of the Yatra, which is the first after the serial blasts last year.

Central paramilitary forces and state police have been deployed at various locations in Ahmedabad.

Source:http://ibnlive.in.com/news

New Delhi: Nokia has announced to roll out its N86 8MP smartphone in the Indian market. The Nokia N86 8MP is designed to excel in both bright and low light conditions, and it’s optimized for both video and still imaging.nokia-n86-8mp-in-india-now

Its high-speed connectivity ensures easy and convenient sharing.

Juha-Pekka Sipponen, Director, Nokia N series, says “People demand mobile cameras that take excellent pictures in all light conditions.That’s why the aperture of the Nokia N86 8MP is comparable to that of a high-quality, stand-alone digital camera.”

Every detail of the metal-framed Nokia N86 8MP is thoughtfully designed with photography in mind, including 8 GB of internal memory for up to 4,000 images.

Like any high-end digital camera, the memory can be increased with an exchangeable 16 GB microSD card.

Shipping with the latest version of Nokia Maps and full Ovi integration, the Nokia N86 8MP gives a personal dimension to photos and videos. People can share their location with personal content like geotagged photos.

The Nokia N86 8MP comes with a built-in compass, along with a trial navigation license for driving. It also includes pedestrian navigation so that happy snappers don’t lose their way when capturing life through the camera lens.

The Nokia N86 8MP, with its integrated kick stand, is ideal for watching videos and playing games. Each Nokia N86 8MP can play up to 25 hours of music on one charge which can be enjoyed with the Nokia Bluetooth Stereo Headset BH-214 also announced today.

Source: http://gizmopassion.com/