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Santro and Accent to cost more soon
Chennai: Santro and Accent
from Hyundai Motor India Ltd. (HMIL) would cost more from the middle of December, with the
company having decided to increase the price of both models by over Rs 10,000. The price
in case of Santro is expected to go up by Rs 10,000, while that of Accent by Rs 13,000.
The new prices will be effective from December 14, 2000.
For HMIL, the hike comes at a time when it
has already surpassed the business plan for the calendar year 2000. It has so far sold
over 85,000 cars this fiscal, against the target of 78,000 units. HMIL has posted a net
profit of Rs 59.34 crore in the very first full year of operations. Its turnover during
the fiscal 1999-2000 was Rs 2,313.79 crore, depreciation Rs 113.61 crore and profit before
tax Rs 67.61 crore. HMIL has three Santro variants: LE, LS (zip drive) and GS which at
cost between Rs 3.23 lakh and Rs 3.88 lakh (ex-showroom Chennai) while Accent is available
between Rs 5.55 lakh and Rs 6.62 lakh.
Despite slowdown in market growth, auto
manufacturers are forced to contend with the steep increase in input costs. Weakening of
the rupee against the dollar have made imports of various components costly. Steel prices
have also been moving up both in the domestic and international markets and the recent
increase in prices of petroleum products further ate into the margins.
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Godrej Soaps board
approves demerger of FMCG business
Mumbai: The board of directors of
Godrej Soaps Ltd. have approved the scheme of demerger of its consumer products business
to a new company - Godrej Consumer Products Ltd.'. The demerger will come into effect on
April 1, 2001. This is intended to be a ``classical'' demerger, that is, with both the
companies having identical shareholding pattern, at the time of the demerger.
According to a company press release, the
current subscribed and paid-up capital of Godrej Soaps is Rs 59.82 crore, divided into
5,98,28,780 equity shares of Rs 10 each. When the demerger comes into effect, the capital
of Godrej Soaps will be reorganised to Rs 35.89 crore, divided into 5,98,28,780 shares of
Rs 6 each. Additionally, the eligible shareholders of Godrej Soaps, on a record date, to
be finalised later, will be issued and allotted 5,98,28,780 shares of Rs 4 each in Godrej
Consumer Products Ltd., aggregating Rs 23.93 crore.
The proposed demerger will create a new
company focused on the FMCG sector and will enhance shareholder value Mr. Adi B Godrej,
chairman, Godrej Soaps Ltd. has said.
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Telco’s Indica sales
registers marginal growth in November
Mumbai: Tata Engineering has recorded
a marginal rise in sales of its car 'Indica' in the domestic market for November against
the previous month. Sales grew by 3 per cent to 2,415 Indicas, against 2,345 units in
October; while 138 cars were exported, a Telco release has said. Cumulative sales for the
first eight months stood at 29,715 units while it exported 313 Indicas, the release added.
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Bharti Tele may buy stakes from
Telia, British Telecom
New Delhi: In a move to consolidate its
interests in cellular business, Bharti Televentures, the telecom service holding company
of the Bharti group, is planning to buy the respective stakes of its foreign partners -
Telia and British Telecom and take 100 per cent ownership of the two cellular service
subsidiaries.
Telia, holds 26 per cent in Bharti Mobile,
Bharti Televentures holding the rest. In Bharti Cellular, which operates in Delhi, the
Bharti group holds 56 per cent and British Telecom the remaining 44 per cent. SingTel
holds 16 per cent in Bharti Televentures.
Mr. Sunil Mittal, chairman, Bharti group
has said that his group will buy out the stake held by their partners in Bharti Mobile and
Bharti Cellular if they come up with an offer.
After the restructuring, all future
investments from strategic partners would be made in the holding company, with the other
companies becoming wholly owned subsidiaries.
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Bayer makes textile chemical
sector foray
Mumbai: Bayer AG, the
German chemical and pharmaceutical major has forged an alliance with Supertex-Sarex, a
leading textile chemical company in Mumbai for distribution and marketing of Bayer's
textile chemicals in India.
This is for the first time Bayer is
foraying into the Indian textile chemical sector. As per the memorandum of understanding
(MoU) signed by both the parties, Sarex will distribute a wide range of Bayer's
international textile chemical products for the pre-treatment of dyeing auxiliaries, print
and finishing of textiles in India. Besides, it will also formulate Bayer's chemical raw
materials in its manufacturing facility at Tarapur by importing the materials.
Bayer will provide the technical know-how
for the purpose. The company will also make certain products for Bayer on a
toll-manufacturing basis.
Supertex is the largest supplier of
textile chemicals in India. It supplies chemicals to textile companies like Raymond and
Arvind Mills. The company also supplies fine chemicals to Altrich of the US and industry
enzymes to Novo Nordisk of Denmark
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