Henry's Feed
Jun 6, 2012

India car makers say planned diesel tax will hurt industry

NEW DELHI/MUMBAI, June 6 (Reuters) – Major car makers in
India are fighting a government proposal to raise taxes on
vehicles that run on heavily subsidised diesel, fearing it will
hurt a fast-growing segment of the industry.

The tax hike proposal is the latest in a series put forth by
Prime Minister Manmohan Singh’s coalition government in recent
days as it seeks to fend off widespread criticism that weak
leadership and policy inertia are fuelling a slowdown of Asia’s
third-biggest economy.

Jun 1, 2012

Car makers post lacklustre May sales in India

MUMBAI (Reuters) – India’s top car makers posted lacklustre sales in May as an excise tax hike and rising fuel prices hit demand, casting more gloom over the country’s economic outlook.

Car makers are struggling to hit a sales target set by the local industry body as India’s economy grows at the slowest pace in nine years, hurting an industry that has been one of the country’s best performers over the past decade.

May 31, 2012

Kingfisher posts worst-ever quarter; no funding in sight

NEW DELHI/MUMBAI, May 31 (Reuters) – India’s Kingfisher
Airlines’ posted its worst-ever quarterly loss on
Thursday, as huge cuts in the number of flights compounded the
woes of a cash-strapped carrier facing high fuel prices and
intense competition for low fares, sending its shares down to
record lows.

Kingfisher, which was India’s No. 2 airline until a year
ago, has been the biggest victim of turbulence in India’s
aviation industry, where six main carriers face a total debt
load of $20 billion and $2 billion in annual losses.

May 31, 2012

Kingfisher Airlines Q4 loss more than trebles

MUMBAI (Reuters) – Kingfisher Airlines’ fourth-quarter net loss more than trebled as huge cuts in the number of flights compounded the woes of a cash-strapped carrier facing high fuel prices and intense competition for low fares.

The high-profile airline, which is owned by flamboyant liquor baron Vijay Mallya, lost 11.5 billion rupees in the quarter to end-March, compared with a loss of 3.6 billion rupees a year earlier.

May 31, 2012

India’s Kingfisher Airlines fourth quarter loss more than trebles

MUMBAI (Reuters) – India’s Kingfisher Airlines’ (KING.NS: Quote, Profile, Research, Stock Buzz) fourth-quarter net loss more than trebled as huge cuts in the number of flights compounded the woes of a cash-strapped carrier facing high fuel prices and intense competition for low fares.

The high-profile airline, which is owned by flamboyant liquor baron Vijay Mallya, lost 11.5 billion rupees ($205 million) in the quarter to end-March, compared with a loss of 3.6 billion rupees a year earlier.

May 30, 2012

Tata Motors shares plunge as Jaguar Land Rover loses shine

MUMBAI (Reuters) – Tata Motors (TAMO.NS: Quote, Profile, Research, Stock Buzz) shares fell 11.9 percent on Wednesday, wiping more than $1.5 billion off the value of the Indian car maker, as a fall in operating margins at its Jaguar Land Rover unit gave investors a sobering reality check.

The auto maker said on Tuesday profitability at the luxury unit had fallen from the previous quarter, raising concerns that the company’s key earnings driver was losing speed during a worrisome period for the global economy.

May 29, 2012

Tata Motors Q4 net jumps on Jaguar Land Rover boost

MUMBAI (Reuters) – Chinese demand for its luxury Jaguar Land Rover (JLR) models propelled fourth-quarter net profit at Tata Motors’ (TAMO.NS: Quote, Profile, Research), capping a bumper year for the automaker.

China’s boost to JLR’s bottom line comes as global automakers, hit by sluggish sales in established markets such as Europe, shift their focus towards developing economies to drive future growth.

May 29, 2012

Jaguar Land Rover drives Tata acceleration

MUMBAI, May 29 (Reuters) – Chinese demand for its luxury
Jaguar Land Rover (JLR) models propelled fourth-quarter net
profit at Tata Motors’, capping a bumper year for the
Indian automaker.

China’s boost to JLR’s bottom line comes as global
automakers, hit by sluggish sales in established markets such as
Europe, shift their focus towards developing economies to drive
future growth.

May 29, 2012

Rupee fall spurs automakers to look home for parts

MUMBAI/NEW DELHI (Reuters) – India’s car and motorbike makers, smarting from a tumble in the rupee that has increased import costs, now have little choice but to go local when buying parts – a shift that will further help the domestic industry become a sourcing hub for global automakers.

Much of the industry’s import bill is due to historical support provided by foreign carmakers. Suzuki Motor Corp (7269.T: Quote, Profile, Research), Honda Motor Co (7267.T: Quote, Profile, Research) and South Korea’s Hyundai Motor Co invested heavily in the country, and local manufacturers looked to the East for parts.

May 29, 2012

Rupee slide spurs India’s automakers to look home for parts

MUMBAI/NEW DELHI, May 29 (Reuters) – India’s car and
motorbike makers, smarting from a tumble in the rupee that has
increased import costs, now have little choice but to go local
when buying parts – a shift that will further help the domestic
industry become a sourcing hub for global automakers.

Much of the industry’s import bill is due to historical
support provided by foreign carmakers. Suzuki Motor Corp
, Honda Motor Co and South Korea’s Hyundai
Motor Co invested heavily in the country, and local
manufacturers looked to the East for parts.