Friday, 22 May 2015

Tata Motors launches ‘PRIMA truck’ in Bangladesh

The launch of these new next-generation commercial vehicles marks Tata Motors continued efforts towards changing the trucking landscape in Bangladesh’ and consisting of a series of configurations on the PRIMA platform.

Tata Motors, India’s largest automobile manufacturer has launched four new next-generation PRIMA heavy commercial vehicles for the very first time in Bangladesh, with partner Nitol Motors Limited.
 
Setting new benchmarks in styling and features, the next-generation Tata PRIMA is a combination of power, world-class performance, fuel efficiency, superior technology and safety. The Tata PRIMA has been built with technical inputs from across the world – an Italian cab design, engine technology from the USA and Europe, gearbox expertise from US and India, chassis frame know-how from Mexico, sheet metal dies from Japan and Korea, combined with Swedish precision on a robotic weld line, hence is also referred to as the 'World-Smart Truck’ by Tata Motors.
 
The launch of these new next-generation commercial vehicles marks Tata Motors continued efforts towards changing the trucking landscape in Bangladesh’ and consisting of a series of configurations on the PRIMA platform. In the Tipper segment, Tata Motors introduced the PRIMA LX 2523.K, whereas in the Cargo segment, Tata Motors introduced the PRIMA LX 2523.T, PRIMA LX 4023.S and PRIMA LX 4923, all of which have different combinations of drivelines, meeting end-user requirements for varied applications.
 
Commenting on the launch, Ravi Pisharody, Executive Director, Commercial Vehicles Business Unit, Tata Motors said “The launch of the PRIMA range in Bangladesh, is an important milestone in Tata Motors’ continued expansion in the Bangladesh market and the SAARC region. As market leaders in Bangladesh, we are committed to shaping the commercial vehicle industry here with the latest global technologies giving Bangladeshi customers competitive business advantages, with the trusted credentials of the Tata Motors brand. The Tata PRIMA shaped by technology, know-how and expertise with global standards of power, durability, payload, emissions and safety will enable customers upgrade to a new-age truck, with new-age global specifications and systems, a result of customer feedback combined with years of experience in the trucking business. The range being launched today is world-class in every sense,”
 
Speaking at the launch, R T Wasan, Head International Business, Commercial Vehicles Business Unit, Tata Motors said “We are proud to be associated with Nitol Motors, our channel partner in Bangladesh of over two decades. Nitol Motors is the leading player in the automotive industry in Bangladesh with whom we have set up a JV company NITA at Jessore for the assembly of our vehicles and also a Driver and Mechanics Training School at Kishoreganj. Over the years, our partnership has grown to make the Tata Motors brand the largest CV brand offering the widest range of products and after sales support ensuring a high quality experience and unique value proposition to our customers. The launch of the new generation range of Tata Prima trucks will be another step to enhance the range of product offerings and further strengthen the Tata Motors brand position in Bangladesh”
 
Equipped with strong aggregates and a robust chassis frame and suspension, the Tata PRIMA range meets the highest operating standards under extreme conditions. Having been extensively tested to confirm with global standards, the next-generation range of Tata PRIMA commercial vehicles boasts outstanding material and build quality, comfort, driving dynamics and economy, and continues to offer advantages of a Tata Motors commercial vehicle of lowest total cost of ownership.
 
The driveline of all 4 vehicles comprises of the latest engine technology from Cummins Inc. with an output of 230HP, with transmission and axle technology from leading aggregate manufacturers across the world. The new-age range from Tata Motors, offers faster turnaround time and enhanced profitability for business, making it an ideal work horse for movement of goods and materials across distances or even doing the harshest duty at construction sites.
 
The new generation cabins of the Tata PRIMA, also offers completely new stylized interiors, with a focus on driver comfort. Besides the mechanics of the vehicle, the uniqueness of the Tata Prima is that its cockpit is both functional and attractive, with a separation in terms of the drivers working and living area. The smartly designed dashboard is attractive and can be comfortably accessed by the driver. The cabin is air-conditioned with ample amount of space for the occupant, including reclining seats with arm rests for added comfort, an adjustable steering system, for best possible control in all conditions and a music system, with Global Positioning System (GPS) as a standard feature.
 
The Prima LX 2523.T and Prima LX 3123.T are the first products to extend the Prima DNA into the multi-axle trucks category with a GVW of 25 tonnes and 31 tonnes, come with a high performance Cummins ISBe 5.9 common rail engine generating 230 hp. This engine is derived from India's most popular CV engine, the Cummins 6BT, along with Eaton's ES-9106A DD gearboxes providing familiarity and reliability to the customers. The driveline upgrade also includes the heavy-duty Tata RA 110 rear axle for high performance and reliability. These vehicles are the first multi-axle trucks in India & now Bangladesh to get the world class Prima cabin and all its features including the 4-point suspension, mechanically suspended seats, optional AC and wide bunks. The Prima cabin being the widest cabin available on multi-axle trucks in India & Bangladesh, will give the driver benchmark levels of visibility, safety and driving comfort.
 
The PRIMA LX 4023.S & PRIMA LX 4923.S are single axle and twin-axle tractor heads with proven Cummins ISBe engine that delivers plenty of power along with greater efficiency - the perfect combination to increase your returns.  Larger clutch in line with a heavier driveline, for increased clutch life & better performance coupled with Tata G1150 OD gearbox with 9-speed ranges and overdrive, helps the engine stay within the optimal rpm range, reducing fuel expenses.
 
Tipper Construck Prima 2523.K LX is specially designed with world-class features that ensure maximum power and productivity. Matching global standards of excellence, the vehicle is backed by a high-performance CRDi Engine by Cummins coupled with proven Tata G1150 9-speed Gearbox that is perfectly suited for all heavy-duty applications, regardless of the terrain. Heavy Duty 37T Bogie Suspension for the comfortable ride, lightweight load body with optimum deck length meets all loading and unloading requirements and allows faster trips, thereby permitting higher profitability. Good quality, reliable aggregates guarantees low maintenance cost and longer service intervals. The vehicle scores high on cabin comfort (AC optional) and Tata Motors' trusted service network offers complete peace of mind.
 
A multiple award-winning range of trucks from Tata Motors, the Tata Prima is today available in different trims, including multi-axle trucks, tractor-trailers and tippers, apt for several applications, thus meeting varied end-user requirements. A combination of increased productivity and longer life makes the Prima range an indispensable asset – be it to large captive users, miners, transporters or owner-drivers who operate small fleets. With the range extending upto 49 tonnes and engine options upto 380 bhp, the Tata Prima is an ideal work horse for movement of goods and material across distances and terrains.
 
Tata Motors recently also launched another initiative for its commercial vehicle business called TATA GENUINE PARTS (TGP) selling genuine spares in Pilfer proof packaging. TGP offers long life and reliable performance to owners of single trucks and fleets as its parts are made of superior quality material and conform to OE (Original Equipment) specifications. Not only is every part designed as per exact vehicle specifications, but has to pass multiple quality control checks. Every Tata Genuine Part is packaged and branded to ensure customers get the right quality part, also enabling them to identity with the package. 

Bank of Japan keeps policy rates on hold

Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner, Bank of Japan stated. 

On expected lines, the Bank of Japan has maintained status quo on policy rates. The tone of the central bank suggests it is not in a hurry to increase its monetary easing.
 
Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner, Bank of Japan stated. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate, the statement added.
 
Money market operation would be conducted by Bank of Japan in order to add weight to the monetary base at an annual 80 trillion yen pace, as per the monetary policy guidelines announced by BOJ, as decided by its Policy Board.
 
The Japanese government bonds (JGBs) will be bought by the Bank so as to increase the monetary base. The average remaining maturity for this would be 7-10 years. Exchange-traded funds (ETFs) and Japan real estate investment
trusts (J-REITs) would also be purchased.
 
Purchases made by the Bank will be in alignment with the financial market conditions and also would be kept flexible by the same. This would buoy the possibilities of an interest rate cut.
 
Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen respectively regarding CP and corporate bonds.
 
The overseas and advanced economies of Japan rebounded however there is still scope for improvement.
 
With the improvement in corporate profits, business fixed investment has been stable while public investment has started declining. Steady employment and income situation backed up private investment.
 
With regard to the outlook, Japan's economy is expected to continue recovering moderately.
 
The year-on-year rate of increase in the CPI is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices.
 
Risks to the outlook include developments in the emerging and commodity-exporting economies, the prospects regarding the debt problem and the momentum of economic activity and prices in Europe, and the pace of recovery in the U.S. economy. 

RBI increases RDA-limit for trade relation transactions

Authorized dealer banks were also permitted to regularize any payments that surpass stipulated limit under RDA by the bank, says a report. 

Rupee-cap was increased by the Reserve Bank of India (RBI), by drawing arrangements in trade-related remittances by three times to Rs 15,00,000 per transaction. Authorized dealer banks were also permitted to regularize any payments that surpass stipulated limit under RDA by the bank, says a report.

"It has been decided to increase the limit of rupee drawing arrangements (RDAs) for trade-related transactions from the existing Rs 5,00,000 to Rs 15,00,000 per transaction with immediate effect," the RBI said as mentioned in the report.

Authorized banks could regularize payments only if they find bonafide transactions satisfactory.

However, remittances received under RDA are from FATF-(financial action task force)-compliant countries, KYC (know-your- customer)/AML (anti-money laundering)/CFT (combating financial terrorism) and other due diligence concerns, must be checked by the authorized bank dealers, as per the report.

The individual exchange houses of the Central Bank keep sending huge value trade related remittances therefore authorized banks must review and report to the same, the report stated. 

Subsidy payouts: Oil Min issues interim rules

Oil Ministry has issued Interim rules on Subsidy Payouts by ONGC,Oil India,GAIL, according to report. 

ONGC4
Oil Ministry has issued Interim rules on Subsidy Payouts by ONGC,Oil India,GAIL, according to television reports.

Further details are awaited. 

Shares of were trading higher 1.4% at Rs. 322 on BSE today. The  stock has hit a high of Rs. 325 and a low of Rs. 321 on BSE today.

Meanwhile, the Sensex has added 64 points at 27,873. 

Top corporate news of the day - May 22, 2015

Oil and Natural Gas Corporation and its partner, Cairn India, are readying to spend between US$750mn to US$1bn in the Nagayalanka onshore block in the Krishna-Godavari Basin.

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Oil and Natural Gas Corporation and its partner, Cairn India, are readying to spend between US$750mn to US$1bn in the Nagayalanka onshore block in the Krishna-Godavari Basin.

Tata Power has got major relief as the Union Ministry of Environment and Forests has accorded clearance under the Coastal Zone Regulations Notification, 2011 for enhancing coal handling capacity, installation of coal conveyor, stack yard and Flue-gas desulfurization disposal at its Trombay plant in north east Mumbai.

Nestle may face more action by the UP Food Safety and Drug Administration, which is testing more batches of Maggi after ordering recall of a batch of about 0.2mn packs of the instant noodles due to higher than permitted levels of lead and a food additive.

SpiceJet has raised Rs3bn through mix of debt and supplier credit, its second fund infusion since January. The airline received initial funding of Rs4bn from company's promoter Ajay Singh.

Vodafone India said it has invested over Rs1.15bn in Madhya Pradesh and Chhattisgarh circle in the last fiscal to ramp up services.

Reliance Industries and its partner BP plc have surrendered two more oil and gas blocks, reducing their tally to four exploration acreages from 21 they held four years back.

Cipla is recalling in the US market 1,40,625 vials of Levalbuterol Inhalation Solution used for relieving shortness of breath and coughing caused by asthma and chronic obstructive pulmonary disease.

Strides Arcolab announced that two of its subsidiaries have signed definitive agreements with certain wholly-owned subsidiaries of Aspen Pharmacare Holdings Limited to acquire a generic pharmaceutical business in Australia together with certain branded pharmaceutical assets. The acquisition is valued at AUD$380mn.

Essar Group said that it is no longer interested in the Nokia's plant, which was frozen by Income Tax in an alleged Rs210bn tax dispute, near Chennai.

State Bank of India signed an MoU with digital payments company PayPal for facilitating cross-border transactions.

Mahindra & Mahindra and Mitsubishi Heavy Industries entered into a strategic partnership for agricultural machinery. Under the definitive agreement, M&M will invest US$25mn for acquiring 33% voting stake in MHI subsidiary, Mitsubishi Agricultural Machinery Co through fresh issue of common shares and Class A (non-voting) shares of MAM.

Glenmark Pharmaceuticals said it has been granted tentative approval by the US health regulator to sell Rufinamide, which is used to treat seizures caused by Lennox-Gastaut syndrome.

Moody's said that Vedanta will have to strengthen its balance sheet in FY16 to avoid further pressure on its ratings. 

Adani Mining has signed up buyers for around 70% of the coal it plans to produce from a huge mine in Australia, putting it a step closer to being able to seal funding for the AUD$10bn project, its local head said. 

IRB Infrastructure has emerged as a preferred bidder for the project of six laning of Agra-Etawah bypass section from NH-2 in the state of Uttar Pradesh under NHDP Phase-V on BOT mode.

Top Economy news of the day- May 22, 2015

In a move that is expected to increase inflows of foreign exchange and remittances, the cabinet approved relaxing the foreign direct investment policy on investment proposals made by Non-Resident Indians, Persons of Indian Origin and Overseas Citizens of India.

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In a move that is expected to increase inflows of foreign exchange and remittances, the cabinet approved relaxing the foreign direct investment policy on investment proposals made by Non-Resident Indians, Persons of Indian Origin and Overseas Citizens of India.

The Reserve Bank said it is working with the government to simplify and liberalise procedures related to foreign exchange regulations to facilitate ease of doing business in the country.

For the sixth quarter in a row, India continued to lead the global confidence index in anticipation of improvement in the economy through reforms and stimulus announced by the central government, says a Nielsen report.

In a bid to facilitate External Commercial Borrowings lending denominated in rupee by overseas lenders, the Reserve Bank of India has allowed such lenders to enter into swap transactions with their overseas bank that shall, in turn enter into a back-to-back swap transaction with banks in India. 

Rupee opens at 63.58/$

The local unit hit a low of 63.66 and a high of 63.60 against the US dollar.

The rupee today opened at 63.58 against the US dollar. The local unit hit a low of 63.66 and a high of 63.60 against the US dollar.

On Thursday, the rupee closed at 63.64 against the US dollar.

The FIIs were net sellers of Rs.1.86 bn in the cash segment on Thursday.

The domestic institutional investors (DIIs) were net buyers of Rs. 4.04 bn as per the provisional figures released by the NSE.

Asian shares are trading higher while Wall Street set another record high. The S&P 500 gained 4.97 points, or 0.23 percent, to end at 2,130.82 points, while Dow Jones was flat, ending up 0.34 point at 18,285.74. The Nasdaq Composite rose 19.05 points, or 0.38 percent, to 5,090.79. Jobless claims rose more than expected last week.