Tata Motors April sales up 13%, Nano crosses 10k mark
Sunday, 01 May 2011
01 May 2011;business-standard.com:New Delhi: Auto major Tata Motors today reported a 13% jump in total sales in April to 64,383 units from 57,199 units in the same month last year, riding on good numbers from small car Nano, which crossed the 10,000-mark for the first time. In April, the homegrown firm registered a 1.24% increase in passenger vehicle sales in the domestic market to 23,387 units from 23,099 units in the same period last year, the company said in a statement. During the month, small car Nano's sales soared by 184% to 10,012 units during April, it said. The 'Indica' range reported sales of 4,250 units, down 53%. The 'Indigo' family, with sales of 5,282 units, witnessed a dip of 27% vis-a-vis the same month last year. The 'Sumo', 'Safari' and 'Aria' models accounted for sales of 3,843 units, up 15% compared to April last year. In the commercial vehicles segment, Tata Motors recorded a 19% jump in domestic sales in April to 36,738 units. Light commercial vehicles sales during the month stood at 22,802 units, up 28%, while medium and heavy commercial vehicle sales stood at 13,936 units, a jump of 6% compared to April, 2010. Tata Motors' total exports in April jumped by 36% to 4,258 units from 3,137 units in the same month last year.
30 April 2011;business-standard.com:New Delhi: State-owned oil firms companies lose a whopping over Rs 1,80,000 crore on fuel sales this fiscal if domestic retail prices are not hiked in step with the cost of raw material. Indian Oil, Bharat Petroleum and Hindustan Petroleum will "at current international crude oil prices lose Rs 180,208 crore in revenues on selling diesel, domestic LPG and kerosene below their imported cost in FY12", an industry official said here. The revenue loss, termed as under-recovery by oil firms, will be the highest ever, even more than what they lost in FY09 when crude touched a record high of $147 a barrel. The three oil firms now lose a record Rs 18.19 per litre on diesel, Rs 29.69 a litre on kerosene and Rs 329.73 per 14.2 kg domestic LPG cylinder. In addition, they lose about Rs 7.50 per litre on petrol, whose rates have not moved in tandem with the imported cost despite its pricing being freed from the government control in June last year. "Losses on petrol are not included in the under-recovery figures for FY12 as it is a decontrolled commodity," the official said. The basket of crude oil India buys had averaged $83.57 per barrel in FY09 and calculations for the current fiscal have been done at the prevailing rates of around $110 a barrel. "The average price of Indian basket of crude oil last fiscal was $85.09 per barrel, higher than the FY09 average when the government had cut customs and excise duty on crude oil and products to check the impact of rising international rates on domestic markets," the official said. Finance Minister Pranab Mukherjee has refused to cut customs and excise duty on crude this time to protect his projected fiscal deficit. "The situation in the current fiscal will be worse, the three PSU oil marketing companies are losing Rs 540 crore per day on diesel, domestic LPG and kerosene sales," he said. In FY09, the government had issues oil bonds worth Rs 71,292 crore to the three firms to make up for more than two-thirds of the Rs 103,292 crore revenue loss. Upstream oil firms like ONGC provided another Rs 32,000 crore. In FY11, the three firms lost Rs 78,202 crore, but so far the government has provided only Rs 20,911 crore in compensation. The oil marketing firms lost Rs 2,227 crore on selling petrol below imported cost during April and June before its price was freed from the government control. They lost Rs 34,384 crore on sale of diesel, Rs 19,566 crore on PDS kerosene and Rs 22,025 crore on sale of domestic LPG.
Oil firms hike jet fuel price by Rs 156-237 per kilolit
Saturday, 30 April 2011
30 April 2011;hindustantimes.com:New Delhi: State-owned oil firms today hiked jet fuel price by Rs 156-237 per kilolitre, the 14th straight increase in rates since October last year. Aviation Turbine Fuel (ATF) price at the T3 terminal in the national capital was increased by Rs 156 per kl to Rs 60,560 per kl effective midnight tonight, an o fficial of Indian Oil Corp, the nation's largest fuel retailer, said. State-owned fuel retailers have hiked jet fuel price on every fortnight since October in line with firming crude oil rates. Jet fuel in Mumbai was hiked by Rs 230 per kl to Rs 61,429 per kl. Today's hike is the 14th straight increase in jet fuel prices since October, 2010, when international crude oil prices started soaring. The ATF price in Delhi on October 1, 2010 was Rs 40,728.52 per kl. The rates have been increased by Rs 19,831.48 per kl, or 48.7 per cent in 14 tranches since then. No comment could be immediately obtained from airline companies on the impact of the latest price hike on passenger fares. Fuel cost accounts for 40 per cent of the airlines' operating cost and rates vary from airport to airport depending upon the local sales tax. Indian Oil Corp and its sister public sector retailers Bharat Petroleum and Hindustan Petroleum revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.
Hero Honda to pay around Rs 2,450 cr to Honda for licensing till 2014
Saturday, 30 April 2011
30 April 2011;dailypioneer.com:New Delhi: India's largest two wheeler-maker Hero Honda will pay Honda 45 billion yen (about Rs 2,450 crore) till 2014 as part of a new licencing agreement signed between the Hero Group and the Japanese auto major after deciding to part ways on their joint venture. Hero Honda Motors Ltd (HHML) said the amount is in line with its existing rate of royalty payment, which is about 2.7 per cent to 2.8 per cent of net sales. For the existing products, the Indian group will stop paying royalty by June, 2014, it added. “... Honda and HHML have signed a new licencing agreement, which enables HHML to continue producing, selling and servicing its current products. Consideration for the licencing agreement was JPY 45,000 million and becomes due through 2014,” Honda Motor Co said in a statement. Last December, the Hero Group and Honda had agreed to end their 26-year-old relationship, with the Indian partner agreeing to buy out Honda's 26 per cent stake in Hero Honda for Rs 3,841.83 crore. When contacted, HHML Chief Financial Officer Ravi Sud said the amount to be paid to Honda till June, 2014, does not reflect any increase in royalty payment. “Hero Honda has been paying royalty to Honda at around 2.7 per cent to 2.8 per cent of net sales and it will remain the same even in future,” Sud told PTI. The royalty payment will gradually taper off from about 2.75 per cent now to 2.2 per cent by 2014 and after that for the existing products, the Hero group will not pay any royalty for the existing products, he insisted. “Even for new products, which we may get from Honda after June, 2014, the royalty will be in line with what we are paying today,” Sud said. Shares of Hero Honda were trading 0.95 per cent down at Rs 1,680 apiece on the Bombay Stock Exchange in the late afternoon today.
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