Business Raceway

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The world’s largest car maker- Toyota is revamping its production facilities to almost double up its capacity. As the, auto major is currently in the process of setting up its new plant in Bangalore. The company is pumping investments to the tune of $680 million for this manufacturing plant which is expected to be operational by the end of this year.

This upcoming plants form the company’s stable is said to have an annual production capacity of 70,000 units. Besides this the company also plans to roll out new models in India in hybrid and small car segments. As it has also, earmarked plans of launching Etios in India in both sedan and hatchback versions.

Currently the car maker is in joint venture with the Kirloskar Group. With the launch of this plant, the company will also look out for introducing models that are specifically suited to the Indian markets and will be priced around Rs. 10 lakh.

Interestingly by the end of next year, the company’s total production capacity will scale up to 140,000 cars. As the company’s total current production capacity is around 70,000 units annually. Industry analysts expect that Car sales in India are will go up by 30 per cent this year.

American automaker Chrysler plans to sell 50,000 Fiat 500 minicars in the United States in 2011, a source said, as the Italian brand returns to the US market. Fiat, Italy’s biggest car maker which controls 20 per cent of Chrysler, aims at unveiling the minicar at the Los Angeles auto show in November, the source said. In a meeting with 400 of its car dealers on Monday, Chrysler said it wants to open Fiat dealerships in 165 locations across the United States with the biggest small-car markets.

“Our dealers will be able to interact with a group of individuals that are not part of their current customer base. These are individuals interested in Italian automotive design coupled with fuel efficient technology,” said Laura Soave, Head of Fiat Brand North America.

“The new Fiat retail network will begin selling the US version of the Fiat 500 late this year, and the Fiat 500 Cabrio model in 2011,” the statement said. The Fiat 500 will be built in Toluca, Mexico, while its engine will be manufactured in the United States, Chrylser said. The North American version of the Fiat 500 will be equipped with Fiat’s 1.4-liter and an in-line four-cylinder engine.

Samsung’s Galaxy S series that is expected to pose a threat to Apple’s iphone is currently being sold by just two suppliers. This includes AT&T and T-Mobile where the former ships Galaxy S Captivate and the later carries Galaxy S Vibrant. Both of these models went on sale in mid July this year.

However Sprint and Verizon Wireless will start off selling their variants (Epic 4G and Fascinate, respectively) very soon while U. S. Cellular and Cellular South will follow it later on.

Oscar has launched their new handset targeting the Indian youth. Oscar J4 is perfect mix of dashing looks and cool features that will appeal to the young and young at heart. Oscar J4 is a social networking-enabled, QWERTY handset.

It has a One Touch FM. This means that with one press of the FM button on the key pad, one can listen to FM radio. Another exciting feature is the Auto Call Record that allows one to record all incoming and outgoing calls for future reference. The coolest quotient is the trendy yellow color and a host of social networking features to complement the lifestyle of today’s generation.

The Korean Consumer Durable player-LG Electronics recently announced that the company will put a hold to the production of cathode ray tube (CRT) TVs in its home country. The reason for this sudden decision is the weakening demand of the CRT TVs and an expected future end to analog broadcasting in the country by 2012. It was 45 years before when LG rolled out its first model of CRT TV under the company’s old brand Goldstar. However the sales of the CRT will be ceased when the stock piles at the domestic retailers is exhausted.

Interestingly ten years back, CRT TVs contributed to almost 90 per cent of the overall TV sales of the company. And in the first half of this year, this ratio was just 2 per cent. However this move by the does not in any ways affect the nmanufacturing plans of the company in countries like Vietnam, India, Brazil, China and Egypt. As it will continue with the production of CRT TV models in these markets largely, because of the high demand for the cheap TVs.

While the country’s largest auto major, Tata Motors didn’t take much time in shifting its plant from Singur in West Bengal to Gujarat after it faced a lot of criticism in the State but Tata Group Chairman Ratan Tata recently said that the tycoon regrets Tata Motors could not do the Nano car project which it wanted to do in West Bengal.

However, Ratan Tata also pointed out the fact that the state would always be there as a part of the group’s corporate identity. Without mentioning the Singur project in the annual general meeting of the company, Ratan Tata said that the there is a regret that “we have not been able to do what we wanted to do over here.”

It may easily be recalled here that in Tata Motors in October 2008 moved the small car plant to Sanand in Gujarat in the face of continuing agitation by Trinamool Congress demanding return of 400 acres acquired from farmers.

Moreover, Tata also pointed out the fact that the company is very much dedicated to the cancer hospital that is coming up and it is hoped that it will start this year. It is to be mentioned here that the Group is constructing a cancer hospital in Rajarhat in the north-eastern fringes of the city.

One of India’s IT major, Patni has said that it has got two big contracts. While the real value of the same was not disclosed, it is said that these two are worth seven digit figures and the term of these are three years. The two companies which are involved with Patni on the same are Scandinavia’s The Codan Group and another from Serco Learning. Both the companies are into the business of providing innovative and the 21st century educational solutions.

While the Codan Group is part of the insurance giant, RSA Group and is working in Denmark, Sweden and Norway. Besides Patni, Codan has also hired five other leading companies which are from across the world. Codan had invited proposals for the contract in September in 2009, it shortlisted three vendors in March. The final decision to give the contract to Patni was done in June, said the statement from the company.

As per the contract, it needs to provide managed services to Condor around some of the services in the Scandic region. Said Patni’s President, EMEA, David Kemp that they are happy since they have won the seriously competitive bid and are sure that they can provide the needed service.

The Dalal Street closed with big gains for a second straight session today. The Sensex has gained more than 400 points in two days and is at a 30-month high now. The Nifty, too, crossed the 5,500 mark for the first time since February, 2008.The Sensex closed at 18,455 with gains of 198 points and the Nifty shut shop at 5,540, up 61 points.The Sensex had closed at 18,663 on 5 February, 2008. The Nifty had closed at 5,705 on 18 January, 2008.

Ajay Argal, co-head of equity, Birla Sun Life MF, said. “The stock-specific activity is likely to continue. The US Fed has initiated measures for further quantitative easing and this is good for risky assets and emerging markets.” The 5,545 will be an important level to watch for in tomorrow’s trade. Analysts pointed out that the breach of the 5,545 mark (the high of February 2008) will be considered a technical breakout.Bajaj Auto (up 2.62 per cent), Dr. Reddy’s and Sesa Goa (up 1.88 per cent) will be added to the list of 50 stocks on Nifty index of NSE from 1 October. They have replace ABB, Idea Cellular (up 0.21 per cent) and Unitech (down 1.47).

The Department of Telecom may impose a penalty on Bharti Airtel for alleged licence violation.The DoT has accused Bharti Airtel of third party transfer of SIM/connections. The telecom department has said that the telecom operator has issued 2588 connections in bulk to two companies.

According to DoT, Bharti has entered into an agreement to rent these SIMS to individuals, and further renting of SIM cards issued in bulk is not allowed.Earlier during the month, Minister of State for Telecom and IT Sachin Pilot had said the Home Ministry has intimated that security agencies face problems in establishing identity of actual users in cases where bulk connections have been activated in the name of a single user/location/organisation, and the numbers have been further distributed/rented for use.

Pilot had said, “this practice of providing mobile connections to an individual without maintaining his identity particulars has security implications and operational activities of security agencies are hampered due to non-availability of identity of a particular suspected target.”