Thu Dec 31, 2009
HYDERABAD, India, Dec 31 (Reuters) - The Indian central bank will review interest rates at its next policy review scheduled for Jan. 29 and not before, a deputy central bank governor said on Thursday.
"Wait for 29th. It can't be speculated. If it has to happen, it will happen on 29th. You will have to wait for that," said K.C. Chakrabarty, a deputy governor of the Reserve Bank of India, when asked whether and when the central bank would adjust rates.
India and South Korea are widely expected to be among the first Group of 20 nations to follow Australia and raise interest rates as they recover from the global slowdown.
Some economists expect inflation in India to reach 8 percent by the end of the fiscal year in March, above the RBI's comfort level.
Thursday, December 31, 2009
Indian Stocks Set for Biggest Annual Gain in 18 Years
December 31, 2009
Dec. 31 -- India’s stocks are set for their biggest annual gain in 18 years, led by NTPC Ltd. after the Economic Times reported the government may relax a rule to allow power producers to sell at market prices.
NTPC, the nation’s biggest power utility, surged to a two- year high. Economic Times reported that NTPC and other energy suppliers may get approval to sell about 10 percent of their power at market-determined prices, boosting profits. Sterlite Industries (India) Ltd., the No. 1 copper and zinc producer, climbed to a four-week high after metal prices rallied.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 135.63, or 0.8 percent, to 17,479.45 at 10:08 a.m. in Mumbai. The gauge has risen 80 percent this year, sparked by a rally after the election victory of Prime Minister Manmohan Singh’s ruling coalition in May, on expectations he will introduce measures to boost economic growth.
“The government is serious about reforms,” said Kishor Ostwal, managing director of CNI Research (India) Ltd. in Mumbai. “The spectacular gains this year has been due to the market- friendly policies of the Manmohan Singh government.”
The Sensex has more than tripled in the past decade, compared with a 5 percent drop in the MSCI Asia Pacific Index. The S&P CNX Nifty Index on the National Stock Exchange rose 0.7 percent to 5,207.20. The BSE 200 Index increased 0.8 percent to 2,185.60. The markets are closed tomorrow for a public holiday.
The National Stock Exchange and rival Bombay Stock Exchange, Asia’s oldest, plan to start trading 55 minutes earlier at 9 a.m. from Jan. 4.
NTPC added 2.9 percent to 239.75 rupees, the highest since Jan. 17, 2008. Eighty-five percent of the output from power producers such as NTPC is currently sold to state government utilities on long-term contracts.
The government may allow NTPC to sell a part of the remaining power to bulk buyers such as sugar mills and steel factories, the report said. Power Secretary H. S. Brahma declined to comment on the report when contacted on his mobile phone.
Reliance Infrastructure Ltd., the nation’s third-largest utility, climbed 0.8 percent to 1,160 rupees, its sixth day of gains.
Sterlite advanced 0.6 percent to 86.5 rupees. Copper for delivery in three months on the London Metal Exchange gained as much as 1.2 percent to $7,415 a metric ton, the highest price since Sept. 4, 2008.
Hindalco Industries Ltd., the biggest aluminum producer, rose 0.8 percent to 161.1 rupees. Aluminum rose 0.8 percent to $2,260 a ton on the London exchange.
Overseas funds bought a net 3.85 billion rupees ($82.4 million) of Indian equities on Dec. 29, taking their investments in stocks this year to 830.7 billion rupees, the nation’s market regulator said yesterday.
Purchases by global investors have reached $17.4 billion this year, poised to surpass the record $17.65 billion of net inflow into stocks in 2007.
(Bloomberg)
Dec. 31 -- India’s stocks are set for their biggest annual gain in 18 years, led by NTPC Ltd. after the Economic Times reported the government may relax a rule to allow power producers to sell at market prices.
NTPC, the nation’s biggest power utility, surged to a two- year high. Economic Times reported that NTPC and other energy suppliers may get approval to sell about 10 percent of their power at market-determined prices, boosting profits. Sterlite Industries (India) Ltd., the No. 1 copper and zinc producer, climbed to a four-week high after metal prices rallied.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 135.63, or 0.8 percent, to 17,479.45 at 10:08 a.m. in Mumbai. The gauge has risen 80 percent this year, sparked by a rally after the election victory of Prime Minister Manmohan Singh’s ruling coalition in May, on expectations he will introduce measures to boost economic growth.
“The government is serious about reforms,” said Kishor Ostwal, managing director of CNI Research (India) Ltd. in Mumbai. “The spectacular gains this year has been due to the market- friendly policies of the Manmohan Singh government.”
The Sensex has more than tripled in the past decade, compared with a 5 percent drop in the MSCI Asia Pacific Index. The S&P CNX Nifty Index on the National Stock Exchange rose 0.7 percent to 5,207.20. The BSE 200 Index increased 0.8 percent to 2,185.60. The markets are closed tomorrow for a public holiday.
The National Stock Exchange and rival Bombay Stock Exchange, Asia’s oldest, plan to start trading 55 minutes earlier at 9 a.m. from Jan. 4.
NTPC added 2.9 percent to 239.75 rupees, the highest since Jan. 17, 2008. Eighty-five percent of the output from power producers such as NTPC is currently sold to state government utilities on long-term contracts.
The government may allow NTPC to sell a part of the remaining power to bulk buyers such as sugar mills and steel factories, the report said. Power Secretary H. S. Brahma declined to comment on the report when contacted on his mobile phone.
Reliance Infrastructure Ltd., the nation’s third-largest utility, climbed 0.8 percent to 1,160 rupees, its sixth day of gains.
Sterlite advanced 0.6 percent to 86.5 rupees. Copper for delivery in three months on the London Metal Exchange gained as much as 1.2 percent to $7,415 a metric ton, the highest price since Sept. 4, 2008.
Hindalco Industries Ltd., the biggest aluminum producer, rose 0.8 percent to 161.1 rupees. Aluminum rose 0.8 percent to $2,260 a ton on the London exchange.
Overseas funds bought a net 3.85 billion rupees ($82.4 million) of Indian equities on Dec. 29, taking their investments in stocks this year to 830.7 billion rupees, the nation’s market regulator said yesterday.
Purchases by global investors have reached $17.4 billion this year, poised to surpass the record $17.65 billion of net inflow into stocks in 2007.
(Bloomberg)
Tuesday, December 29, 2009
GV Krishna Reddy entrepreneur of the year
29 Dec 2009, ET Bureau
At the age of 76, most others prefer to sit back and savour the sepia-tinted moments of their life, but not GV Krishna Reddy, the GVK Group’s patriarch. He won his first construction contract when he was barely 22 and more than five decades later, his infrastructure flagship has an asset base of over $5.24 billion.
But his penchant for taking risks hasn’t diminished a bit. The entrepreneur now has ambitions to scale up his conglomerate to $10 billion over the next five years. His agility can only be matched with his razor-sharp memory as he recalls his early days.
“I was just 22 years old when I began my career in the construction business. We bagged the contract to build the Nagarjuna Sagar-Srisailam canal works, the largest masonry dam. It was one of the toughest jobs, but I gained enormous confidence to take risks. I tend to work harder and try to achieve targets wherever there are problems,” says GVK.
It isn’t easy to meet tough deadlines, hectic schedules and take up punishing site visits year after year and still be hailed as a people’s person by your colleagues and peers. GVK’s style of functioning has been described as “democratic”.
He brings to the table five decades of experience that stands taller than his 6-feet-3-inch frame. His early morning meetings with the senior management help him stay connected with the business. The Osmania University graduate follows a hands-off approach regarding day-to-day operations, but is hands-on when it comes to issues relating to strategy.
He believes in visiting project sites himself. In fact, he is quite ready to attend meetings soon after an 18-hour flight from the US. “I am completely in awe of the way he works. Last week, he travelled to Delhi from Hyderabad, then flew to Dehradun by a chopper and returned to Hyderabad the same day after attending a host of meetings.
At his age, I wonder if I’d be able to do anything like this. The reason for GVK to achieve such growth is perhaps his passion. Also, the company has had the first-mover advantage in hotels and power plants in Andhra,” says E Sudhir Reddy, chairman and managing director, IVRCL Infra.
A true entrepreneur that he is, he didn’t limit himself to construction. He was the first player in the prelaminated particle board business; the first to build a five-star hotel in hometown Hyderabad and the first fast-track independent power producer.
From cash contracts to owner-developer, it has been an eventful and productive journey for the infrastructure flagship, GVK Power and Infrastructure (GVKPIL). Today, it has an asset base of over $5.24 billion (Rs 25,000 crore). It underwent consolidation in 2007, bringing all its power, airport and road assets under one roof — GVKPIL.
The list includes such trophy assets as the Mumbai International Airport, which operates the country’s busiest airport and the Jaipur Expressway. The consolidation was meant to create a comprehensive infrastructure company, a large balance sheet and better positioning in terms of unlocking operating asset value.
GVK reckons that the Mumbai International Airport is the most difficult airport to build, as it has only 2,000 acres of land unlike the newer airports which are much bigger in area. But this has not deterred the group from looking at a larger role in India’s airport business.
At the age of 76, most others prefer to sit back and savour the sepia-tinted moments of their life, but not GV Krishna Reddy, the GVK Group’s patriarch. He won his first construction contract when he was barely 22 and more than five decades later, his infrastructure flagship has an asset base of over $5.24 billion.
But his penchant for taking risks hasn’t diminished a bit. The entrepreneur now has ambitions to scale up his conglomerate to $10 billion over the next five years. His agility can only be matched with his razor-sharp memory as he recalls his early days.
“I was just 22 years old when I began my career in the construction business. We bagged the contract to build the Nagarjuna Sagar-Srisailam canal works, the largest masonry dam. It was one of the toughest jobs, but I gained enormous confidence to take risks. I tend to work harder and try to achieve targets wherever there are problems,” says GVK.
It isn’t easy to meet tough deadlines, hectic schedules and take up punishing site visits year after year and still be hailed as a people’s person by your colleagues and peers. GVK’s style of functioning has been described as “democratic”.
He brings to the table five decades of experience that stands taller than his 6-feet-3-inch frame. His early morning meetings with the senior management help him stay connected with the business. The Osmania University graduate follows a hands-off approach regarding day-to-day operations, but is hands-on when it comes to issues relating to strategy.
He believes in visiting project sites himself. In fact, he is quite ready to attend meetings soon after an 18-hour flight from the US. “I am completely in awe of the way he works. Last week, he travelled to Delhi from Hyderabad, then flew to Dehradun by a chopper and returned to Hyderabad the same day after attending a host of meetings.
At his age, I wonder if I’d be able to do anything like this. The reason for GVK to achieve such growth is perhaps his passion. Also, the company has had the first-mover advantage in hotels and power plants in Andhra,” says E Sudhir Reddy, chairman and managing director, IVRCL Infra.
A true entrepreneur that he is, he didn’t limit himself to construction. He was the first player in the prelaminated particle board business; the first to build a five-star hotel in hometown Hyderabad and the first fast-track independent power producer.
From cash contracts to owner-developer, it has been an eventful and productive journey for the infrastructure flagship, GVK Power and Infrastructure (GVKPIL). Today, it has an asset base of over $5.24 billion (Rs 25,000 crore). It underwent consolidation in 2007, bringing all its power, airport and road assets under one roof — GVKPIL.
The list includes such trophy assets as the Mumbai International Airport, which operates the country’s busiest airport and the Jaipur Expressway. The consolidation was meant to create a comprehensive infrastructure company, a large balance sheet and better positioning in terms of unlocking operating asset value.
GVK reckons that the Mumbai International Airport is the most difficult airport to build, as it has only 2,000 acres of land unlike the newer airports which are much bigger in area. But this has not deterred the group from looking at a larger role in India’s airport business.
India Inc's top guns may post 45% rise in Q3 net
29 Dec 2009, ET Bureau
India’s top companies could see an over 45% jump in aggregate profit for the three months ending December.
The 30 firms, which constitute the benchmark Sensex of the Bombay Stock Exchange (BSE), could post a 25-30% increase in standalone net profit from a year ago period, according to an ETIG study.
The key to an improved show would be the low-base effect, the gains in December would be spectacular compared to the poor numbers a year ago. The October-December period last year, the quarter that followed the collapse of US investment bank Lehman Brothers, was a disaster for most BSE-500 companies (excluding oil marketers and banks).
Their aggregate net profit (adjusted for extraordinary items) had shrunk more than a quarter to Rs 35,618 crore from a year ago. Lehman’s bankruptcy sowed a panic that pushed financial markets to the brink and felled global economic activity from industrial production to foreign trade.
Indian companies, too, were caught in that downturn, but have since made a comeback with a revival in demand, helped by the government’s stimulus package, moderation in input prices and softening credit costs.
The same set of 450-odd companies posted a total net profit of Rs 51,777 crore in the September quarter, after successive quarterly earnings growth. If these companies were to maintain the same profit levels in the current quarter, their net profit would jump 45%, as per the study.
Government data on industrial performance, as measured by the index of industrial production (IIP), which rose 10.3% in October from a year earlier, indicates that the expectations from this quarter are not misplaced. Noting the IIP numbers and exports, which grew 18.2% in November, finance minister Pranab Mukherjee last week said the economy may “resume the spectacular growth rate of 9% experienced during the pre-downturn period” in the next 2-3 years.
“Going by the GDP and IIP numbers, Indian companies, in general, should perform well and results should be in line or exceed expectations,” said Jagannadham Thunuguntla, equity head at Delhi-based broking firm SMC Capitals.
Advance tax collections, another pointer to the approaching results season, have also risen over 22% in the October-December quarter on a sharp jump in payments from automobiles, consumer goods and metal firms. Domestic bourses, too, seemed to have taken note of a possible improved show. Last Thursday, the Sensex rose 129 points to close at 17,360, just short of the one-year high recorded in mid-October.
“The stock prices of top 200 companies have already factored in the expected result performance in Q309. So, nothing big is expected out of them unless there is a big surprise in their results,” said DD Sharma, retail research vice-president, Anand Rathi Financial Services. But mid-cap companies, which closely track the results season, might react to the results, he added.
The December quarter could also see revenues turning around to touch double digits, though their growth would be modest compared to the improved bottomline. “We expect industries such as metals, automobiles, infrastructure, real estate and pharmaceuticals to report a year-on-year topline growth,” said DR Dogra, managing director & CEO of credit rating agency Credit Analysis & Research (CARE).
India’s top companies could see an over 45% jump in aggregate profit for the three months ending December.
The 30 firms, which constitute the benchmark Sensex of the Bombay Stock Exchange (BSE), could post a 25-30% increase in standalone net profit from a year ago period, according to an ETIG study.
The key to an improved show would be the low-base effect, the gains in December would be spectacular compared to the poor numbers a year ago. The October-December period last year, the quarter that followed the collapse of US investment bank Lehman Brothers, was a disaster for most BSE-500 companies (excluding oil marketers and banks).
Their aggregate net profit (adjusted for extraordinary items) had shrunk more than a quarter to Rs 35,618 crore from a year ago. Lehman’s bankruptcy sowed a panic that pushed financial markets to the brink and felled global economic activity from industrial production to foreign trade.
Indian companies, too, were caught in that downturn, but have since made a comeback with a revival in demand, helped by the government’s stimulus package, moderation in input prices and softening credit costs.
The same set of 450-odd companies posted a total net profit of Rs 51,777 crore in the September quarter, after successive quarterly earnings growth. If these companies were to maintain the same profit levels in the current quarter, their net profit would jump 45%, as per the study.
Government data on industrial performance, as measured by the index of industrial production (IIP), which rose 10.3% in October from a year earlier, indicates that the expectations from this quarter are not misplaced. Noting the IIP numbers and exports, which grew 18.2% in November, finance minister Pranab Mukherjee last week said the economy may “resume the spectacular growth rate of 9% experienced during the pre-downturn period” in the next 2-3 years.
“Going by the GDP and IIP numbers, Indian companies, in general, should perform well and results should be in line or exceed expectations,” said Jagannadham Thunuguntla, equity head at Delhi-based broking firm SMC Capitals.
Advance tax collections, another pointer to the approaching results season, have also risen over 22% in the October-December quarter on a sharp jump in payments from automobiles, consumer goods and metal firms. Domestic bourses, too, seemed to have taken note of a possible improved show. Last Thursday, the Sensex rose 129 points to close at 17,360, just short of the one-year high recorded in mid-October.
“The stock prices of top 200 companies have already factored in the expected result performance in Q309. So, nothing big is expected out of them unless there is a big surprise in their results,” said DD Sharma, retail research vice-president, Anand Rathi Financial Services. But mid-cap companies, which closely track the results season, might react to the results, he added.
The December quarter could also see revenues turning around to touch double digits, though their growth would be modest compared to the improved bottomline. “We expect industries such as metals, automobiles, infrastructure, real estate and pharmaceuticals to report a year-on-year topline growth,” said DR Dogra, managing director & CEO of credit rating agency Credit Analysis & Research (CARE).
Thursday, December 24, 2009
Change in copyright law mooted
Press Trust Of India, Thu, Dec 24, 2009
Musicians to have greater say over their works, according to amendment.
New Delhi: Musicians, writers and cinematographers are a step closer to getting royalty for their works used commercially.
The Union Cabinet on Thursday approved amendments to the Copyright Act of 1957 for introduction in Parliament. One amendment will give "independent rights to authors of literary and musical works in cinematograph films, which were hitherto denied and wrongfully exploited by producers and music companies," said Information and Broadcasting Minister Ambika Soni.
Another amendment ensures that the authors of works, particularly songs included in the cinematograph films or sound recordings, receive royalty for commercial exploitation of such work, Soni said.
"It has been proposed to introduce a system of statutory licensing to ensure that the public has access to musical works over the FM radio and TV networks and at the same time the owners of copyright works are also not subject to any disadvantages," she said.
The News Broadcasters Association had been apprehensive about the amendments and asked the government to ensure that nothing was done to hurt the "well-established and understood rights of broadcasters to fair use of material, including broadcast reproduction rights."
Earlier, only the film's producer had the copyright of the product. After the amendment in the Act, however, the term of copyright for cinematograph films has been extended by making the producers and principal director as joint authors (of the film).
Soni said the amendments were proposed by the HRD Ministry to gain clarity, remove operational difficulties and address newer issues that have emerged in the context of digital technology and Internet.
The newly introduced copyright term will be for 70 years and can be extended by another 10 years provided the producer enters into an agreement with the director.
Amendments are being made to bring the Act in conformity with the World Intellectual Property Organisation (WIPO) Internet Treaties, namely WIPO Copyright Treaty (WCT) and WIPO Performances and Phonograms Treaty (WPPT) which have set the international standards in these spheres.
WCT deals with the protection for the authors of literary and artistic works such as writings, computer programmes, original databases, musical works, and works of fine art and photographs.
WPPT protects certain related rights of the performers and producers of the phonograms. "While India has not yet signed these treaties it is necessary to amend domestic legislation to extend the copyright protection in the digital environment," Soni said.
The amendments are in conformity with WCT and WPPT, wherein through a new section in the Act, it is proposed to ensure protection to the right holders against circumvention of effective technological measures for protection of his rights like breaking of passwords.
Other amendments made in the music and film industry include provision of statutory licence for version recordings and authorship to ensure that while making a sound recording of any literary, dramatic or musical work the interest of the copyright holder is duly protected.
A clause for addressing the concerns of the physically challenged has been introduced, which aims at giving a fair deal to such people by allowing the production of copies of copyright material in formats specially designed for the physically challenged.
The physically challenged need access to copyright material in specialised formats like Braille text, talking text, electronic text and large print for the visually challenged, and sign language for the aurally challenged.
Currently the cost of production of materials in such formats is very high. With additional requirement of royalty payments the price of such materials to the target groups would be even higher.
Musicians to have greater say over their works, according to amendment.
New Delhi: Musicians, writers and cinematographers are a step closer to getting royalty for their works used commercially.
The Union Cabinet on Thursday approved amendments to the Copyright Act of 1957 for introduction in Parliament. One amendment will give "independent rights to authors of literary and musical works in cinematograph films, which were hitherto denied and wrongfully exploited by producers and music companies," said Information and Broadcasting Minister Ambika Soni.
Another amendment ensures that the authors of works, particularly songs included in the cinematograph films or sound recordings, receive royalty for commercial exploitation of such work, Soni said.
"It has been proposed to introduce a system of statutory licensing to ensure that the public has access to musical works over the FM radio and TV networks and at the same time the owners of copyright works are also not subject to any disadvantages," she said.
The News Broadcasters Association had been apprehensive about the amendments and asked the government to ensure that nothing was done to hurt the "well-established and understood rights of broadcasters to fair use of material, including broadcast reproduction rights."
Earlier, only the film's producer had the copyright of the product. After the amendment in the Act, however, the term of copyright for cinematograph films has been extended by making the producers and principal director as joint authors (of the film).
Soni said the amendments were proposed by the HRD Ministry to gain clarity, remove operational difficulties and address newer issues that have emerged in the context of digital technology and Internet.
The newly introduced copyright term will be for 70 years and can be extended by another 10 years provided the producer enters into an agreement with the director.
Amendments are being made to bring the Act in conformity with the World Intellectual Property Organisation (WIPO) Internet Treaties, namely WIPO Copyright Treaty (WCT) and WIPO Performances and Phonograms Treaty (WPPT) which have set the international standards in these spheres.
WCT deals with the protection for the authors of literary and artistic works such as writings, computer programmes, original databases, musical works, and works of fine art and photographs.
WPPT protects certain related rights of the performers and producers of the phonograms. "While India has not yet signed these treaties it is necessary to amend domestic legislation to extend the copyright protection in the digital environment," Soni said.
The amendments are in conformity with WCT and WPPT, wherein through a new section in the Act, it is proposed to ensure protection to the right holders against circumvention of effective technological measures for protection of his rights like breaking of passwords.
Other amendments made in the music and film industry include provision of statutory licence for version recordings and authorship to ensure that while making a sound recording of any literary, dramatic or musical work the interest of the copyright holder is duly protected.
A clause for addressing the concerns of the physically challenged has been introduced, which aims at giving a fair deal to such people by allowing the production of copies of copyright material in formats specially designed for the physically challenged.
The physically challenged need access to copyright material in specialised formats like Braille text, talking text, electronic text and large print for the visually challenged, and sign language for the aurally challenged.
Currently the cost of production of materials in such formats is very high. With additional requirement of royalty payments the price of such materials to the target groups would be even higher.
Maruti Eeco MPV to be launched at 2010 Auto Expo
Maruti Suzuki, which already dominates the Indian small car market with their massive range of compact cars, is now gearing up to launch yet another model named ‘Eeco’ at the upcoming Auto Expo 2010. The company, which will replace its already-bombed ‘Versa’, next month, will be launching the aforesaid compact multi purpose vehicle on 7th January’10. India’s leading carmaker claims that the new MPV is likely to find takers in the rural markets; where such vehicles are used as a means of transport. Pegged as a family car with dual usage (cargo plus passengers), it has been built on the Versa platform and Maruti expects to sell about 40,000 Eecos in the first year. It is BS IV compliant and comes strapped with a 1200 cc petrol engine {and returns 15.1Km to a litre of petrol (as per ARAI). To be sold in three variants: 5-seater standard, 5-seater AC and a 7 seater, the car will be under C segment and is likely to be priced below Rs. 4 lakh.
Shashank Srivastava, chief GM for Maruti Suzuki, said, “The Versa was perhaps positioned incorrectly. Its initial positioning was two luxury cars in one - but customers did not view the Versa as a luxury car. We have learnt from customer feedback and the Eeco is not being positioned as a luxury vehicle at all. In fact, it will be priced lower than the Versa". Srivastava also asserted that the Omni van was selling well and, together with the Eeco, Maruti would aim for a larger slice of the 'C' segment that accounts for 8,000-10,000 unit sales per month. Depending on demand, the Eeco may also be launched in the cargo version.
The 1196ccc engine of Eeco generates 73bhp of raw power at 6000rpm and a high torque of 101Nm@3000rpm. The Eeco uses the 5 speed manual transmission system with the Diagonal Shift Assistance (DSA) technology which allows for a gear change without any break in continuity of the action, thereby improving the gear shift feeling. It will be available in six colours – Metallic Glistening grey, metallic silky silver, Metallic Midnight Black, Metallic Blue Blaze, Bright Red and Superior White. Furthermore, the Eeco is ELV (End of Life for Vehicles) compliant which means it uses Lead, Cadmium, Mercury and Chromium within permissible limits.
According to Maruti’s official note, “Eeco is India’s answer to the big fat Indian family car. Functional in nature, Eeco has balanced design proportions. While the 155/R13LT sized tubeless tyres add to the smooth, yet powerful drive with a good grip on the road, the dual tone interiors in shades of beige and grey provide a rich and spacious feeling. Since its passenger-orieneted, the seats have been especially designed with integrated head-rest to make for a comfortable ride. Sliding doors eases entry and exit for passengers even in congested road conditions and the digital meter cluster adds to the driver convenience.”
Maruti Suzuki managing executive officer (engineering) I.V. Rao said, “The new car represents the growing expertise of our engineers to conceive, design and produce vehicles here. This is also in line with parent Suzuki Corp’s vision of turning India into a global hub for small car research and development.”
Shashank Srivastava, chief GM for Maruti Suzuki, said, “The Versa was perhaps positioned incorrectly. Its initial positioning was two luxury cars in one - but customers did not view the Versa as a luxury car. We have learnt from customer feedback and the Eeco is not being positioned as a luxury vehicle at all. In fact, it will be priced lower than the Versa". Srivastava also asserted that the Omni van was selling well and, together with the Eeco, Maruti would aim for a larger slice of the 'C' segment that accounts for 8,000-10,000 unit sales per month. Depending on demand, the Eeco may also be launched in the cargo version.
The 1196ccc engine of Eeco generates 73bhp of raw power at 6000rpm and a high torque of 101Nm@3000rpm. The Eeco uses the 5 speed manual transmission system with the Diagonal Shift Assistance (DSA) technology which allows for a gear change without any break in continuity of the action, thereby improving the gear shift feeling. It will be available in six colours – Metallic Glistening grey, metallic silky silver, Metallic Midnight Black, Metallic Blue Blaze, Bright Red and Superior White. Furthermore, the Eeco is ELV (End of Life for Vehicles) compliant which means it uses Lead, Cadmium, Mercury and Chromium within permissible limits.
According to Maruti’s official note, “Eeco is India’s answer to the big fat Indian family car. Functional in nature, Eeco has balanced design proportions. While the 155/R13LT sized tubeless tyres add to the smooth, yet powerful drive with a good grip on the road, the dual tone interiors in shades of beige and grey provide a rich and spacious feeling. Since its passenger-orieneted, the seats have been especially designed with integrated head-rest to make for a comfortable ride. Sliding doors eases entry and exit for passengers even in congested road conditions and the digital meter cluster adds to the driver convenience.”
Maruti Suzuki managing executive officer (engineering) I.V. Rao said, “The new car represents the growing expertise of our engineers to conceive, design and produce vehicles here. This is also in line with parent Suzuki Corp’s vision of turning India into a global hub for small car research and development.”
KCR dares Centre to delay Telangana
NEW DELHI: Incidents of violence, resignations from elected Telangana leaders, and dire threats to the Central government to immediately begin the creation of the new state took centrestage on Thursday in response to the Centre’s statement on Wednesday mooting “wide-ranging consultations” before proceeding on the Telangana commitment.
This forced the Centre to seriously mull a second states reorganization commission but TRS’ K Chandrasekhara Rao was quick to shoot down the proposal. Congress’ Telangana MPs demanded a time-frame for the creation of the new state.
Mr Rao made an impassioned speech to the Joint Action Committee formed by Telangana leaders from his party, the Congress, TDP and PRP, warning the Centre that dithering on its Telangana promise would spark a fire "which even the military will not be able to control". He spoke of Telangana as having a “history of sacrifices” and said “the people...would not be afraid of laying down their lives".
Backing up his words, the leader sent in his resignation as MP along with another TRS MP, while 11 Congress MPs and two from TDP also sent in their resignations. Though TRS and TDP leaders sent in their resignation to the Speakers of the Lok Sabha and state assembly, Congress MPs and several Congress MLAs faxed their resignations to party chief Sonia Gandhi. A total of 82 out of the Telangana 119 MLAs sent in their resignations to the Speaker or Ms Gandhi, as the case may be.
The violence in the protest against the Centre’s move to put the Telangana decision on hold began on Wednesday night itself near the Osmania University Campus in Hyderabad. By Thursday, it swelled further on the first day of the bandh called by the TRS. The shutdown has been called off on Christmas day but is unlikely to put an end to the on-going protests. TDP MLAs Nagam Janardhana Reddy and E Dayakar Rao who went to express solidarity with the Telangana cause were attacked on the Osmania University Campus and students damaged and upturned their vehicles.
Violent protests were also reported from other regions of Telangana with state transport and private buses being burnt, government offices being set on fire and protesters blocking rail and vehicular traffic.
Mr Rao’s appeal to Prime Minister Manmohan Singh and Ms Gandhi was backed by Congress’ own Telangana MLAs. “There is some confusion after the Centre’s statement on Wednesday night. There is no retraction on the formation of the state but there is nothing to suggest that it will take any further steps either. We just want to the Centre to spell out the time-frame for the new state. We are not against consultations,” Mr Ponnam Prabhakar, who was among the 11 MPs who faxed their resignations to Ms Gandhi said. The Congress leaders have sought time to meet Ms Gandhi but were unsuccessful and instead met her political secretary Ahmed Patel on Thursday. Nizamabad MP Madhu Yaskhi Goud said that Mr Patel had promised them that the Congress would not go back on its Telangana promise.
Thirteen state ministers of the Congress, who hail from Telangana also wanted to quit but were stopped by chief minister K Rosaiah who made a strong appeal for clam and peace in the state on Thursday morning as the agitation appeared to be getting out of hand.
ET Bureau
This forced the Centre to seriously mull a second states reorganization commission but TRS’ K Chandrasekhara Rao was quick to shoot down the proposal. Congress’ Telangana MPs demanded a time-frame for the creation of the new state.
Mr Rao made an impassioned speech to the Joint Action Committee formed by Telangana leaders from his party, the Congress, TDP and PRP, warning the Centre that dithering on its Telangana promise would spark a fire "which even the military will not be able to control". He spoke of Telangana as having a “history of sacrifices” and said “the people...would not be afraid of laying down their lives".
Backing up his words, the leader sent in his resignation as MP along with another TRS MP, while 11 Congress MPs and two from TDP also sent in their resignations. Though TRS and TDP leaders sent in their resignation to the Speakers of the Lok Sabha and state assembly, Congress MPs and several Congress MLAs faxed their resignations to party chief Sonia Gandhi. A total of 82 out of the Telangana 119 MLAs sent in their resignations to the Speaker or Ms Gandhi, as the case may be.
The violence in the protest against the Centre’s move to put the Telangana decision on hold began on Wednesday night itself near the Osmania University Campus in Hyderabad. By Thursday, it swelled further on the first day of the bandh called by the TRS. The shutdown has been called off on Christmas day but is unlikely to put an end to the on-going protests. TDP MLAs Nagam Janardhana Reddy and E Dayakar Rao who went to express solidarity with the Telangana cause were attacked on the Osmania University Campus and students damaged and upturned their vehicles.
Violent protests were also reported from other regions of Telangana with state transport and private buses being burnt, government offices being set on fire and protesters blocking rail and vehicular traffic.
Mr Rao’s appeal to Prime Minister Manmohan Singh and Ms Gandhi was backed by Congress’ own Telangana MLAs. “There is some confusion after the Centre’s statement on Wednesday night. There is no retraction on the formation of the state but there is nothing to suggest that it will take any further steps either. We just want to the Centre to spell out the time-frame for the new state. We are not against consultations,” Mr Ponnam Prabhakar, who was among the 11 MPs who faxed their resignations to Ms Gandhi said. The Congress leaders have sought time to meet Ms Gandhi but were unsuccessful and instead met her political secretary Ahmed Patel on Thursday. Nizamabad MP Madhu Yaskhi Goud said that Mr Patel had promised them that the Congress would not go back on its Telangana promise.
Thirteen state ministers of the Congress, who hail from Telangana also wanted to quit but were stopped by chief minister K Rosaiah who made a strong appeal for clam and peace in the state on Thursday morning as the agitation appeared to be getting out of hand.
ET Bureau
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