Honda Siel to launch the indigenous Fit
Pune: Reports say Honda Siel Cars India has started commercial production of its yet unnamed second offering in the highly competitive C segment of the industry. Over a hundred units of the of the car, which is being sold in Japan as the Honda Fit, has been produced since commercial production started almost 10 days back at its Surajpur facilities. The company's new product for the Indian car market is a stylish three box car with a 1.5 l petrol engine and has been designed with the local car buyer's favourite catch-line in mind: 'Maximum value for money'.

Say company sources: "The car has been test-driven under consumer driving conditions and delivers 20.5 km to a litre. In addition to opting for a high degree of glass area for better styling and looks, the carmaker is believed to have shifted its petrol tank to under the driver's seat so that boot space can be enhanced to meet the requirement of the large Indian family."
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Eicher sales down in September
New Delhi: Sales for commercial vehicle manufacturer Eicher Motors Ltd (EML) fell by 11.5 per cent in September due to disruption in supplies from a key component supplier following a labour strike. The company sold 1,120 vehicles during the month against 1,254 vehicles in the same month last year. For the first six months this fiscal, sales grew by 7.4 per cent to 6,232 vehicles from 5,799 vehicles a year earlier.

Rakesh Kalra, chief executive, EML, said: "The sales in the first half would have been significantly higher but for the fact that sales in the months of August and September were severely constrained by disruption in supplies from a key vendor on account of labour unrest. The disruption in supplies has particularly affected the availability of the company's recently launched heavy commercial vehicle, the Eicher Jumbo 20.16."
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Leyland sales rise 29% in first half
Chennai: Ashok Leyland has sold 20,360 vehicles in the first half of this financial year, a 28.7 per cent growth over the 15,821 vehicles it sold in the first half of the previous financial year. The company's sales at 4,615 vehicles in September 2003 witnessed a 40.6 per cent growth over the 3,283 units it sold in the same month last year. The sales in the first half of this year are the highest ever in any first half.

Says Ashok Leyland managing director R Seshasayee: "The market demand remains buoyant and we are stepping up production." The sales growth in September 2003 over the same month last year were largely helped by a 50.2-per cent increase in domestic medium duty vehicle (MDV) goods segment — 3,243 units against 2,159 in September last year. Exports grew 21.3 per cent to 244 units against 201 vehicles last year.
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Lakshmi Auto's engine components business goes to TVS
Chennai: TVS Motor Company will acquire the engine components division of its subsidiary Lakshmi Auto Components Ltd (LAC). LAC on Monday informed the bourses that the company's board of directors will meet on 17 October where the proposal for merger of engine components division with TVS Motor Company would be considered.

Also, under the proposal, the rubber and plastics divisions of LAC are to be transferred to the company's subsidiary, Sundaram Auto Components Ltd. In 2002-03, LAC achieved a turnover of Rs 135 crore. The engine components division accounted for about 60 per cent (or about Rs 80 crore) of the turnover. However, the entire sales of engine components by LAC are to one customer, namely, TVS Motor Company. "The board would also decide the modality of transfer of undertaking and the exchange ratio of share consequent to the scheme of amalgamation at the meeting," LAC has said in a notice to the stock exchanges.
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GACL may not allow MNC bidder in ACC share auction
Mumbai: Gujarat Ambuja Cement Ltd (GACL) may not support the winning bid of any multinational cement company for Harshad Mehta's 9.39-per cent stake in ACC. The support from GACL, which holds 14.43 per cent stake in ACC, is critical as a unanimous no-objection certificate (NoC) by the ACC board is necessary for picking up the stake.

GACL has two nominees on the board of ACC — Narotam Seksaria and AL Kapur. Sources say GACL is not in favour of an MNC garnering a toehold in ACC, even as it has maintained that it is neither interested in bidding for the stake in ACC, nor is it going to make an open offer in the company. GACL had earlier stated that it would not offload its stake in ACC, and had reiterated its commitment to the cement business in India, given that the business has a great future.
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BHEL gets award
New Delhi: BHEL has won the Award for Excellence in Electronics for the year 2001-02. Instituted by the ministry of communication and information technology, the award has been won by BHEL's electronics division, Bangalore, for its achievements in the area of instrumentation and industrial electronics.

K G Ramachandran, the chairman and managing director, received the award from S Thirunavukkarasar, union minister of state for communications and information technology, at a function on Tuesday.
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