Marg ventures into fabrication of railway wagons

A new team in Marg, with technical expertise in wagon fabrication, would execute the project as scheduled

Chennai-based conglomerate Marg Ltd has ventured into the business of fabrication of railway wagons, bagging a Rs37.66 crore project from Braithwaite and Company LTD (BCL).

The project involves fabricating and assembling 247 units of BTFLN Wagon (improved frameless bogie tanker wagon) in the workshop of the Kolkata-based BCL, Marg said in a statement.

The timeframe for the completion of this project is seven months, at the rate of 40 wagons per month, specified by BCL. A new team in Marg, with technical expertise in wagon fabrication, would execute the project as scheduled, the statement said.

The order marks the company's foray into the business of fabrication of railway wagons, Marg Ltd chairman and managing director GRK Reddy said.

On Monday, Marg ended 4.01% down at Rs81.40 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.17% to 16,501.74

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Toyota launches Etios and Liva

Toyota plans to sell a total of 63,000 units of the Etios family of cars in India this year

Japanese auto major Toyota has launched the diesel versions of its entry-level Toyota Etios sedan and compact car Etios Liva, priced between Rs5.54 lakh and Rs7.87 lakh (ex-showroom Delhi).

The company, which is present in India through a joint venture with the Kirloskar Group -- Toyota Kirloskar Motor (TKM) -- said it plans to sell a total of 63,000 units of the Etios family of cars in India this year.

"Etios has been received well by our customers in the petrol segment. We are now offering the diesel variant to cater to a wider customer choice," TKM managing director Hiroshi Nakagawa said.

The Etios sedan in diesel will be priced between Rs6.44 lakh and Rs7.87 lakh (ex-showroom Delhi), which is Rs90,000 more than the petrol version.

The Toyota Etios Liva diesel is priced between Rs5.54 lakh and Rs5.89 lakh (ex-showroom Delhi), which is costlier by Rs95,000 vis-a-vis the petrol variants.
Both the diesel variants will be powered by a 1.4-litre engine and the company claims they offer mileage of 23.59 km per litre.

TKM Deputy managing director marketing Sandeep Singh said the company has already sold 33,000 units of the Etios family this year and aims to sell 30,000 more units in the remaining four months of this year.

Earlier, the company had set a target for selling a total of 1.45 lakh units across models this year, but the projection was later scaled down to 1.35 lakh units due to production losses in April-May this year after component supply from Japan was hit by an earthquake and tsunami in March.

Nakagawa said the diesel engines are imported from Japan and TKM has no plans of making them in India in the near future. To meet demand, TKM is increasing production from its second plant in Bangalore to 2.1 lakh units by 2013 from 1.2 lakh at present. The firm is also ramping up the number of dealerships it operates across India to 175 from 163 currently.

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LIC Nomura Mutual Fund unveils Fixed Maturity Plan-Series 49

LIC Nomura Mutual Fund new issue closes on 19th September

LIC Nomura Mutual Fund has launched LIC Nomura MF Fixed Maturity Plan-Series 49, a close-ended income scheme.

The investment objective of the scheme is to minimise interest rate risk by investing in a portfolio of fixed income securities which mature on or before the date of maturity of the scheme. The new issue closes on 19th September. The minimum investment amount is Rs10,000.

CRISIL Short Term Bond Fund Index is the benchmark index. YD Prasanna is the fund manager.

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