The Tata group company accepted that in the past there has been a significant gap between the introductions of new products and would like to bring it (the time gap) down drastically
The company, which launched the new Vista D90 hatchback priced at Rs5.99 lakh and Rs6.83 lakh (ex-showroom Delhi), also said its capex for the next fiscal will be around Rs3,000 crore.
“In the past, there has been a significant gap between the introductions of new products to the market. We have recognised that and we will bring that down drastically,” Tata Motors president (Passenger Vehicles Business Unit) Ranjit Yadav told PTI.
He said the company’s aim is to be number one in the long term and number two in the short to medium term, and added: “We believe that’s an achievable target... We have a number of projects in the pipeline and we are giving emphasis on faster time-to-market for new products.”
According the Society of Indian Automobiles (SIAM), Tata Motors was at the third position in the domestic passenger vehicles segment after Maruti Suzuki India (MSI) and Hyundai Motor India (HMIL) in April-December period this fiscal.
While the overall market stood at 19.6 lakh units, the company’s passenger vehicle sales were at 2.5 lakh units. MSI occupied the top slot with 7.42 lakh units followed by HMIL at 2.81 lakh units. Mahindra & Mahindra was in fourth with 2.3 lakh units during the period.
Yadav said Tata Motors has also been focusing on better customer experience and teams in both sales and after-sales have been put in practice in line with the new concept of “aligning with the market”.
“As far as customer experience is concerned, there is a lot of headroom for improvement and we are working on it,” he said.
On the capex for the fiscal 2013-14, a company spokesperson said Tata Motors usually spends around Rs3,000 crore annually on different activities and it would be almost the same for the next financial year too.
When asked about the sales prospects, Yadav said: “The next couple of quarters look to be challenging for the overall industry. We are cautious but confident.”
He also said the hike in diesel prices could have a dampening effect on the overall industry sales but "we will hold our share".
Commenting on the new Vista D90, he said the car has been developed around the evolving car customers, matching the product with their demanding needs and growing aspirations.
With sporty looks and powered by a 1.3 litre diesel engine, the Vista D90 will compete with the likes of MSI’s Swift and HMIL’s i20.
In September 2011, SEBI had restrained KII, a sub-account of Credo Capital, from dealing with securities in the domestic market in the wake of its alleged involvement in manipulating GDRs
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has allowed KII Ltd, which is accused of manipulation in issuance of financial instruments overseas, to sell securities held in its demat account, reports PTI.
KII is a sub-account of foreign institutional investor Credo Capital Plc.
In September 2011, SEBI had restrained KII from dealing with securities in the domestic market in the wake of its alleged involvement in manipulating global depository receipts (GDRs)—a financial instrument used to raise capital overseas.
SEBI said that it was modifying “to the limited extent”, the interim order issued in 2011 that had barred KII from dealing in the capital market.
“KII is permitted to sell its securities held in its dematerialised accounts and deposit the sale proceeds with any scheduled bank,” SEBI said in an order on 23rd January.
In case, KII intends to utilise any or whole of the sale proceeds, it shall seek specific permission from SEBI indicating reasons for making such request, it added.
However, SEBI noted that the trading strategy of KII in the matter was “prima facie not in the interest of the securities market” and it cannot be termed as an “innocent bystander”.
SEBI had in 2009-10 received alerts regarding large scale off-market transactions in its IMSS system in shares of IKF Technologies, Cat Technologies, Avon Corporation, Asahi Infrastructure and K Sera Sera.
The regulator had prima facie found that KII among a few other entities was cancelling the GDR of the companies and converting them into normal shares for sale in the Indian securities market, to a few selected counterparties.
While repo rate cut will reduce the cost of borrowing for individuals and corporates, the reduction in CRR would improve the availability of funds
Shedding its nine-month long hawkish monetary policy stance, the Reserve Bank of India (RBI) on Tuesday slashed its key interest rates by 0.25% that would release Rs18,000 crore additional liquidity into the system to perk up growth through reduced cost of borrowing, reports PTI.
RBI governor D Subbarao in the third quarter monetary policy review surprised the market by cutting short-term lending rate called repo by 0.25% to 7.75% and cash reserve ratio (CRR) by similar margin to 4%, releasing Rs18,000 crore primary liquidity into the system.
While repo rate cut will reduce the cost of borrowing for individuals and corporates, the reduction in CRR, which is the portion of deposits that banks have to park with RBI, would improve the availability of funds.
“The stance of monetary policy in this review is intended to provide an appropriate interest rate environment to support growth as inflation risks moderate,” Subbarao said while unveiling the policy review.
The RBI, however, has reduced the growth projections for the current financial year to 5.5% from its earlier estimate of 5.8%.
On inflation, it moderated the rate to 6.8% for March-end from earlier projection of 7.5%.
Following are the highlights of the RBI's third quarter monetary policy review:
* Short-term lending rate or repo rate reduced by 0.25% to 7.75%, first time in nine months.
* Reverse repo rate stands adjusted to 6.75%.
* Reduces cash reserve ratio (CRR) by 0.25% to 4%.
* CRR cut to infuse Rs18,000 crore in system from 9th February
* RBI trims growth for fiscal 2012-13 to 5.5% from 5.8%.
* Policy action aimed at aiding growth by encouraging investment and improving liquidity to support credit flow.
* Review intends to contain inflation and anchor inflation expectations.
* RBI says inflation has come off its peak.
* Revises downward March-end inflation projection to 6.8% from 7.5%.
* Q3 CAD likely to widen beyond 5.4% of GDP.
* Bank rate stands adjusted to 8.75% with immediate effect.
* Next mid-quarter review of monetary policy on 19th March.