Month: June 2007

Tata Motors announced that its May 2007 sales slipped 4% to 42,558 units, as compared to previous year. May 2007 commercial vehicle (CV) sales declined to 20,675 units from 21,903 units in May 2006. May 2007 passenger vehicle sales were down 3% at 17,580 units, from previous year.

Tata Motors net profit rose 25.89% to Rs 576.72 crore in Q4 March 2007 from Rs 458.11 crore in Q4 March 2006. Sales rose 20.11% to Rs 8267.00 crore in Q4 March 2007 from Rs 6882.75 crore in Q4 March 2006.

The net profit rose 25.15% to Rs 1913.46 crore in the year ended March 2007 (FY 2007) from Rs 1528.88 crore in FY 2006. Sales rose 33.31% to Rs 27535.24 crore FY 2007 as against Rs 20654.35 crore in FY 2006.

As per reports, Tata Motors has more than doubled its stake in Automobile Corporation of Goa, one of its major suppliers. The move underlines Tata Motors’ plan to increase control of the growing bus body business. Tata Motors, a co-promoter of Automobile Corporation with a stake of 10%, has upped its stake to 21% through a rights issue.

You are reading this first here…
ICICI in an internal announcement just a while ago have introduced a new brokerage slab for Intraday Options Trading. ICICI is moving towards flat brokerage with effect from May-1st. That’s right effective May-1st. New slabs are as follows.

ICICI trading interface is far better than Reliance Money which is full of software glitches and fund transfer has been a headache. ICICI is getting more serious on preserving existing customers as well. For more details read here.

As per reports, the $1-billion Amtek Group’s flagship Amtek Auto is believed to be clinching the deal to take over the foundry business of the UK-based auto component major JL French Castings.

The acquisition is estimated between Rs 150 crore and Rs 160 crore and includes the company’s operations in Whitham in the UK. Amtek Auto would fund the acquisition through $250 million foreign currency convertible bonds (FCCBs) it issued in May 2006. The company is eyeing the US firm to gain a foothold in the aluminium case components business and to gain market access to the European Union.

The US firm will also help bring expertise to Amtek Auto in the manufacturing of cylinder heads, transmission case and engine blocks.

The turnover of JL French Castings’ foundry business is Rs 240 crore ($70-80 million) and expected to touch $150 million in the next three years. The company has a capacity of about 20,000 units and services original equipment manufacturers like Jaguar, Land Rover, Ford and Peugeot among others.

Net profit of Amtek Auto rose 47.78% to Rs 65.32 crore in Q3 March 2007 as against Rs 44.20 crore in Q3 March 2006. Sales were up 35.97% to Rs 314.64 crore ( Rs 231.41 crore).

In March 2007, Amtek Auto had inked a 50:50 joint venture with VCST Industrial Products of Belgium with headquarters in Sint Truiden, Belgium, to set up a state-of-the-art manufacturing facility for powertrain components in India. The JV will primarily focus on the manufacture of gears and shafts for automotive on- and off-road applications.