Hero MotoCorp formed the partnership to bring next-generation high-end bikes to India. It will further augment R&D capabilities through multiple alliances.
Hero MotoCorp Ltd (HMCL), said it partnered with US-based Erik Buell Racing (EBR) for sharing technology. As part of the partnership, HMCL will receive support in terms of cutting-edge technology and design to develop future models from EBR - the East Troy, Wisconsin-based firm, which specializes in designing and manufacturing powerful and high-speed motorcycles.
Announcing this, Pawan Munjal, managing director and chief executive officer, Hero MotoCorp, said “It gives me immense pleasure to welcome Erik Buell to the exciting world of Hero MotoCorp. This is in keeping with my objective of quickly scaling up our own in-house R&D capabilities to a global two-wheeler technology power-house by leveraging a network of strategic international alliances. Erik and his team have been working closely with our engineers and designers to develop our next-generation range of products with cutting-edge technology and first-of-its-kind features.”
Erik F Buell, chairman and CTO of EBR, said “EBR is delighted to partner with a company as iconic as Hero MotoCorp. Both HMCL and EBR share the common commitment to manufacturing world-class two-wheelers with technology of the future. I have personally been deeply impressed with and inspired by Pawan’s vision. He has given us a challenging brief, and our highly-motivated team is working towards giving shape to that dream. We look forward to designing technology solutions which are in line with contemporary global standards and also futuristic in their appeal and utility.”
Through this alliance, Hero MotoCorp will also, for the first time, enter the exciting world of international motorcycle racing. The company will mark its foray into the racing arena by sponsoring two teams: Team Hero and AMSOIL Hero - a first by any Indian two-wheeler company at the AMA Pro Racing National Guard Superbikes Championship. Popular young racer Danny Eslick will represent “Team Hero” while another well-known racer Geoff May will represent team AMSOIL Hero – both riding on EBR 1190RS bikes.
Hero MotoCorp also showcased the EBR 1190RS bike at the press conference. The first race is scheduled at the Daytona Speedway, at Daytona beach, Florida, USA between 15 March 2012 and 17 March 2012.
Hero MotoCorp is also developing the concept hybrid scooter called ‘Leap’, showcased at the recently-concluded Auto Expo, in collaboration with EBR.
EBR 1190RS is the flagship bike from EBR, and an exclusive engineering marvel, as the company is producing only 100 inaugural units of these, including a handful of the carbon edition package. The EBR 1190RS is taking the American motorcycle racing world by storm with its performance, styling and handling.
The stock exchanges can review the lot size once in every six months by giving an advance notice of at least one month to the market
Taking forward the framework for setting up of SME (small and medium enterprises) exchange platforms, market regulator Sebi today prescribed 'lot sizes' for shares being offered in IPO on these exchange, as per the price band of the public offers.
At the IPO stage the registrar to issue in consultation with merchant banker/s, issuer and the stock exchange shall ensure to finalize the basis of allotment in minimum lots and in multiples of minimum lot size, as per the SEBI defined price band and lot size. The secondary market trading lot size shall be the same, as shall be the IPO lot size at the application/allotment stage, facilitating secondary market trading.
"...it has been decided to standardise the lot size of an Initial Public Offer (IPO) to list on the SME exchange and for the secondary market trading on such platforms," SEBI said in a circular. It said that up to the price band of Rs 14, the lot size will be 10,000. For price band of over Rs 14 and below Rs 18, the lot size would be 8,000 shares.
It also said that, at an IPO stage, if the price band decided falls within two different price bands then the minimum application lot size shall be decided based on the price band in which the higher price falls into.
For example, if the proposed price band is at Rs 24-28 then the lot size shall be 4,000 shares. "The lot size shall not be reduced by the exchange to below the initial lot size if the trading price is below the IPO issue price," it added.
The stock exchanges can review the lot size once in every six months by giving an advance notice of at least one month to the market, it said.
In case of oversubscription, if the option to retain ten percent of the net offer to public for the purpose of making allotment in minimum lots is exercised, then it shall be ensured by the issuer/stock exchanges/ merchant bankers that the post issue paid up capital of the issuer does not go beyond Rs25 crore.
“We expect growth to be higher in 2013 than in 2012, partly because at some point in time we might start easing the interest rate cycle,” RBI governor D Subbarao told the online edition of Wall Street Journal in an interview last week
Mumbai: India’s economic growth in 2012-13 is likely to be higher than this fiscal’s as the Reserve Bank of India (RBI) might resort to interest rate cut “at some point in time”, reports PTI quoting the central bank’s governor D Subbarao.
“We expect growth to be higher in 2013 than in 2012, partly because at some point in time we might start easing the interest rate cycle,” he told the online edition of Wall Street Journal in an interview last week.
He expects a number of factors, including market sentiment that inhibits investment, to improve by then.
In its bid to tame inflation, the RBI has hiked interest rate (repo rate) by 375 basis points since March 2010.
“...we give guidance in our quarterly policy statements in October and again in January, which is to say that the tightening has peaked, and from here onwards, it’s that we’ve got to come down, that we have to start easing,” he said.
While the RBI will put out a formal projection on India’s economic growth for 2012-13 in April, the prime minister’s economic advisory panel on Wednesday pegged it at 7.5%-8.5%.
As per the advance estimates of the CSO, the GDP growth in the current fiscal is likely to slip to 6.9% from 8.4% a year ago.
On fiscal consolidation and subsidies, Mr Subbarao said only discretionary expenditure that the government can make in the short-term is on subsidies.
“And there is, I believe, quite a strong case for making adjustments on subsidies even from the anti-poverty perspective,” he said, adding finance minister Pranab Mukherjee in his 16th March Budget is likely to indicate a roadmap for containing the fiscal deficit.
“If there is subsidy in LPG, it’s a subsidy that’s not going to the poor. It’s a subsidy that’s going to people who can afford LPG, which is certainly not the poor.
“Power subsidies are given by state governments according to people who have land, whereas the landless, who are poorer, don’t get any subsidy at all,” he added.
Mr Subbarao also made a case for compression of government expenditure in addition to tax increases to build the fiscal adjustment.
On the global petroleum prices, he said India needs to reduce its dependence on oil imports and “one way to do that is to deregulate petroleum product prices”.
To a query how much China weigh on India’s economic analysis, Mr Subbarao said “I think Chinese economic management, particularly their economic policies should be part of our reckoning more than it is now”.