TVS to ramp up Hosur plant production for ‘Wego’

Country’s second largest two-wheeler manufacturer TVS Motor Company Ltd plans to ramp up its manufacturing facility at Hosur in Tamil Nadu as part of meeting “huge” demand for its scooterette Wego.

The company had showcased the scooterette in November 2009.

Now backed by huge demand, the Hosur-headquartered company plans to increase its capacity at its plant for production of Wego, TVS Motor Company president (marketing & sales) HS Goindi said.

“Tamil Nadu is the largest market for us. We plan to launch Wego in Tamil Nadu market by January or February 2011,” Mr Goindi added. Currently, Wego is not available in Tamil Nadu and some eastern regions in the country.

On Tuesday, TVS Motor ended 0.54% up/down at Rs73.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.55% to 19,799 points.


JSW to raise Rs462 crore through the issue of securities

JSW Steel Ltd said it will raise Rs462 crore through the issuance of securities to Japan’s JFE Steel Corporation.

The Japanese firm currently has 14.61% stake in the Sajjan Jindal-led firm.
“The finance committee, a sub-committee of the board of directors of the company, at its meeting... decided to open on 13 December 2010, the issuance of 30,85,814 global depository receipts (GDRs) to JFE Corporation, Japan, on a preferential basis,” JSW Steel said in a filing to the Bombay Stock Exchange (BSE).

The issuance of GDRs has been approved by JSW Steel’s board and shareholders.
Each GDR would be priced at Rs1,500, valuing the total issue at around Rs462 crore.

On 6th December, JSW Steel received its shareholders’ nod to issue over 9.7 lakh equity shares on a preferential basis, as well as GDRs, to JFE Steel.
On Tuesday, JSW Steel ended 3.23% up at Rs1,165 on the BSE, while the benchmark Sensex gained 0.55% to 19,799 points.


Cotton output likely to be around 325 lakh bales

Mumbai: Cotton output in India this year is expected to be around 325 lakh bales, reports PTI quoting a senior government official.

“I am sure that it will not be less than 325-lakh bales,” textile commissioner, AB Joshi, said at a FICCI-organised event on sports textiles here.

Concerns have been expressed in the past few months about cotton production in the country likely to get affected following unseasonal rains.

“Yes, rains had a damaging effect on cotton output, especially in regions like Andhra Pradesh which was hit by cyclonic showers. But as a counter, production from other pockets like Maharashtra has been very high and rains have in fact, helped increase the output,” Mr Joshi said, indicating that it is a mixed-bag sort of situation.

The Cotton Advisory Board (CAB) had made a prediction in August that production could be around 325 lakh bales.

Various industry bodies have given different estimates ranging from 300 lakh bales to 350 lakh bales, indicating divergent views on the impact of the rains on cotton production.

The CAB’s prediction is generally very sound and historically it has not gone wrong, the textile commissioner said, adding a review of the estimate will be done at a CAB meeting to be held shortly.

The cotton crop in India is sown in June-July and its harvesting is done in September. The crop starts hitting the market from October onwards.

On technology, Mr Joshi said the government plans to soon start a technology mission for technical textiles which will basically entail strengthening of already existing textile technology centres. Four such centres already exist.

Four new ones will be started, he said, adding one of them will focus on sports textiles.

In the next 2-3-days, a Government Resolution (GR) for setting up these technology missions will be moved, he said.


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