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Buoyed by diesel price decontrol, Reliance Industries reopens fuel stations
NEW DELHI: After Reliance Industries sold a large amount of subsidized fuel, the company reopened its 1400 about one-fifth of its petrol pumps leading to the closure of about one-fifth of its petrol pumps due to easing of diesel prices. RIL and Essarr Oil LTD, India’s only private refiner, together received about 17% of the fuel oil. In 2006, diesel accounted for 10% of the domestic retail market and gasoline for 10%. However, private sector fuel sales have been hit hard by heavily subsidized sales by state-owned enterprises. “Already 230 dealers (petrol stations) are planning to commission the entire network within a year.” RIL said in an investor presentation announcing its third quarter results. After suffering huge losses, Reliance Industries closed down one petrol station in 2008 year 3 All 1, 432 months or so. It sought to match public sector companies that sell fuel at a lower cost and receive government subsidies. In June 2010, the government dereg...
FredaMatilda
41
June 2, 2024
With oil at $50, why is rupee still trading at 62?
In September 2014, the price of oil was $100 and the rupee was $61 to the dollar. Suppose you reduce the price of oil to $500. I think most people would suggest a rupee exchange rate of 50-55 rupees. One of the reasons for discussing this with economists and experts is the strength of the dollar. (Column by Prashant Jain, Chief Investment Officer, HDFC Mutual Funds)
MarjorieHearst
47
June 2, 2024
Domestic crude oil production falls 1.4% in December
NEW DELHI: India’s crude oil production fell 1.4% in December. According to statistics, crude oil production in December 2014 stood at 3.21 million tons, down 1.4% from 3.25 million tons in the same month last year. The National Oil and Natural Gas Corporation (ONGC) reported a 5 percent surge in offshore production pushing output up 0.7 percent to 1.90 percent million tons. However, production from private fields declined by 5.2% to 1.02 million tons. Production from fields in Cairn Rajasthan declined by 7.8% to 765,049 tons, the report said. Gas production declined 3.5% to 2.89 billion cubic meters because of lower production from Reliance Industries’ East Offshore KG-private field. The decline continued in the D6 block. ONGC’s gas production declined by 5.1% to 1.89 bcm, while offshore gas production from private companies also declined by 4.5% to 64,186 mcm. In December, the country’s 22 refineries produced 19.72 million tons of petroleum pro...
JoKeynes
44
June 2, 2024
Mahindra CIE Automotive to shut down one plant in Germany
NEW DELHI: Mahindra CIE Automotive, the automotive components division of Mahindra Group, has closed its manufacturing plant in Germany as part of its European transformation strategy. Mahindra CIE Automotive’s German subsidiary, Mahindra Forgings Europe (MFE), has decided to close its subsidiary in Gevelsberg Jeco in north-west Germany, Jellinghaus Gmbh, in the next six months, Mahindra CIE Automotive has said in a filing to the BSE. Jellinghaus Gmbh. Jeco Jellinghaus continues to face pressure on profitability due to unstable market demand and internal inefficiencies. The document adds: “We have therefore decided to phase out Jeco over the next six months by transferring machinery and equipment to other MFEE manufacturing sites and outsourcing the majority of our machining operations.” Jeco’s announced closure affects approximately 160 every job. For the time being, Jeco’s future supported customers will start sourcing products from MF...
LyndonMotley
49
June 2, 2024
Amtek Auto plans to acquire German forging manufacturer Scholz Edelstahl: Sources
NEW DELHI: Amtek Auto, one of India’s largest automotive component makers, is preparing to buy Germany’s Scholz Edelstahl GmbH, several people familiar with the matter said. Scholz is a manufacturer of high-quality hot forgings for the automotive and non-automotive component industries, with annual sales of about 175 million euros (about 12 billion euros). The acquisition will be made through Amtek Auto Amtek is a wholly owned subsidiary of Precision Engineering in Singapore, two people familiar with the matter said. John Flintham, Amtek’s global CEO, confirmed the company’s confirmed interest in Scholz. The potential acquisition of Scholz is a highly synergistic acquisition that fits well with Amtek’s existing Group business,” said Flintham. We also look forward to utilizing Scholz’s strong customer relationships and extensive support infrastructure.” We are looking to integrate Group companies. ‘ The newly acquired com...
WadeBray
43
June 2, 2024
Pricol divests 49% stake in JV with Japan’s Denso Corporation
NEW DELHI: Auto components company Pricolllll today said it has transferred its 49 percent stake in a joint venture with Densoo Corporation to its Japanese partner for Rs 200 crore. Pricol Ltd in a filing to the BSE “In a filing,” the filing said Pricol Ltd Denso has come to Pricol India Pvt Ltd 49% stake sold to Japan’s Denso Corporation for Rs 2 for Rs 1 crore. ” After the said sale, Denso Pricol India became a wholly owned subsidiary of Nippon Denso Corporation Ltd. The company also stated that Denso Corporation is not a part of Pricol Ltd part of the promoter/promoter group/group of companies. Pricol shares closed at Rs 32.80 per share on the BSE, up 3.14% from the previous close.
VeraTuttle
52
June 2, 2024
Labour union at Bosch’s Jaipur plant goes on day-long strike
NEW DELHI: Auto parts maker Bosch today said operations at its Jaipur plant will remain closed due to a one-day strike by labor unions over wage agreements. Bosch said in a BSE “Today, the Jaipur plant unions called for a ‘one-day strike’ to resolve the ongoing wage settlement issue.” However, the company does not expect this to have a significant financial impact. A one-day strike has also been added. Over the past 20 months, the Labor Board has conducted wage negotiations with the Joint Labor Commissioner and held numerous conciliation meetings between company management and union members. The company said, “The company is in discussion with the union to conclude the wage negotiations in a fair and firm manner with the intervention of the Joint Labor Commissioner, Jaipur.” Bosch Ltd. manufactures and trades in the automotive, industrial, consumer goods and building technology sectors.
AmySharp
48
June 2, 2024
Kalyani Forge plans to invest Rs 200 crore on upgrading units
NEW DELHI: Kalyani, headquartered in Pune Forge plans to invest Rs 2020 crore over the next five years to upgrade its manufacturing facilities and introduce new technologies. The company, which has three other manufacturing units in Pune, hopes to increase its export revenue from 25-30% of total revenue to around 40%. Kalyani Forge Viraj director Kalyani told PTI: “We are ready to invest Rs 2020 crore in the next three to five years to buy new technology and upgrade our facilities.” On the strategy to expand exports, CEO Kalyani said, “Customers in Europe and the US are very interested in us and we have also set up a commercial procurement office in Europe.” “We will increase exports to supply engine components,” he added “This is a plan,” he said. In the last fiscal, the company’s revenue was around Rs 210 crore. The company currently generates 70% of its corporate revenues from the automotive components segment ...
EdwardRoland
46
June 2, 2024
Magneti aims to more than double India revenue in three years
NEW DELHI: Magnetiti Marelli S.p.A, the auto component maker of Fiat Group, recently launched automated manual transmission in India (AMT) and Maruti Celerio and plans to more than double its sales in India over the next three years from the current €160 million. Not seen. Reaching 400 million euros (about Rs 300 crore). The company also expects the Indian division’s contribution to global sales to start increasing from around 2% to 4% by 2018, by 2018 2000. It is expected that by 2018 2018. Global sales will increase to €10 billion, starting from €65 million last year. Encouraged by the success of AMT in other components, the company set up two new plants in India to produce automotive lighting and AMT. The Italian parts maker is investing about Rs 15 crore to build a new plant in Manesar, India, to produce AMTs, which is expected to be operational by the end of this year, executives said. Magneti Marelli President and CEO Eugenio Razelli “We expect to start...
EudoraSinclair
54
June 2, 2024
Bosch to suspend production at Bangalore unit tomorrow
NEW DELHI: Automotive components giant Bosch has decided to stop production of various equipment, including diesel products, at its Bengaluru plant tomorrow to minimize operational costs due to weak demand. The company is facing the BSE based on the filings, which are scheduled to be submitted from 4 documents Month 4 to stop production of diesel products (except common rail pumps), production of industrial equipment and power tools from the Bangalore plant. This is being done to minimize overhead and operating costs, given the low customer demand. The company said, “The one-day closure will not have any financial impact.” However, he added that other manufacturing operations related to common rail pump manufacturing, engineering testing, automotive shop equipment, calibration test equipment, and mechanical engineering shops “will continue to operate as normal.” The Jaipur plant’s operations were shut down last month after a one-day strike by...
JacobHudson
46
June 2, 2024
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