Hyundai unveils Getz at Rs 4.5 lakh
New Delhi: Hyundai Motor India Ltd (HMIL) hasannounced the launch of its premium hatchback model Getz. The Getz comes equipped with a 1.3 litre SOHC petrol engine and is available in two variants.

The variants - GL and GLS - have been priced at Rs.4.5 lakh (ex-showroom, Delhi) and Rs 4.75 lakh respectively.

The company, which is in the process of ramping up its production capacity to 2.5 lakh units at its plant on the outskirts of Chennai, aims to sell 8,000 units of the Getz this fiscal. The Getz has a localisation content of about 67 per cent that would increase to about 80 per cent in six months. According to the company officials, the Getz falls in the premium hatchback or the B plus category, a segment between the compact car and mid-size car segment, which is expected to generate a fair amount of volumes in the near future.

By October-end, the capacity of the A2 line, on which the Getz is being produced along with other models including the Accent Viva, premium sedan Elantra and luxury car Sonata, would be increased to 2,000 units per month from the current 1,000 units, according to the company.

The company aims to sell a total of 2.2 lakh units this year, while its export earnings are likely to be to the tune of Rs 1,700 crore. HMIL also aims to achieve a 20-22 per cent rise in sales turnover this year.

The company has invested about Rs.50 crore for the launch of the Getz, which would include upgradation of the A2 line. However, Mr Subbu clarified that there are no immediate plans to develop India as an export hub for the Getz. Interestingly, the Getz, which was launched in Europe last year, is only produced in India outside of Korea.

Meanwhile, Mr Sung said that keeping in view the growing demand, HMSI might look at a second phase of expansion by the beginning of next year. The expansion may consist setting up a new plant within Hyundai's premises near Chennai.
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Micro Labs gets UK, SA approvals
Bangalore: Micro Labs has received the UK regulatory approval for one of its Hosur facilities and the South African MCC approval for two units, enabling its entry into the regulated European markets.

The 25-member EU market is estimated at $79-billion. The UK MCC approval comes at a time when the Rs.477-crore Micro Labs has made European filings for initial product registrations and is in talks for purchase of existing product licences in Europe.
The southern pharma major recently invested Rs.100 crore to upgrade and set up new facilities to make tablets and capsules. It makes cardiovascular, dermatology, eye care, psychotropic, anti-diabetic, anti-bacterial and analgesic products.
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Supreme Court stands by its order - ITC gets excise relief
New Delhi: The Supreme Court, which granted Rs.803-crore excise duty relief on Thursday to ITC Ltd, today reiterated its judgment by quashing the orders passed by the Customs, Excise and Gold (Control) Appellate Tribunal (CEGAT) rejecting the plea of the company.

A Bench headed by Justice Ruma Pal on Thursday pronounced the judgment allowing the appeals filed by ITC against the CEGAT orders but withdrew its judgment within minutes taking a serious view of the unsigned order having been taken out of the court though it was given to the counsel only to have a look.

But today she and Justice P. Venkatarama Reddi pronounced the judgment allowing ITC's appeals and dismissing the appeals filed by the Commissioner of Central Excise.

The Revenue Department had alleged that ITC had colluded with retailers in selling cigarettes at a price higher than the maximum retail price printed on the package and levied excise duty on the effective price. It was further alleged that the wholesale and secondary dealers' margins were so compressed by the company that the cigarettes had to be necessarily sold at a price higher than the packet price. In view of this, the department was right in imposing the levy on the effective price.

However, ITC maintained that it was not permissible to levy the duty on the basis of MRP. On the allegation that retailers were compelled to sell the goods at a higher price because of the low margin, the company said they could refrain from selling the goods.
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Vardhman Spinning to demerge textile business
New Delhi: The SP Oswal-promoted Vardhman Group has decided to transfer the entire textile business of Vardhman Spinning and General Mills Ltd (VSGML) to its subsidiary Mahavir Spinning Mills Ltd (MSML).

The decision to demerge VSGML's textile businesses and vest it in MSML with effect from April 1, 2004 was taken at the board meetings of the two companies on Thursday. Under the overall restructuring scheme, VSGML would henceforth operate mainly as an investment company, while retaining its stake in MSML and some nominal assets not related to the textile business.

The board also approved a swap ratio of 0.80 as consideration to the shareholders of VSGML following the demerger of its textile businesses to MSML. Thus, for every 10 equity shares they hold in VSGML, shareholders will receive eight fully paid equity shares in MSML, while retaining two fully paid up equity shares in VSGML.

The remaining eight shares held by the equity shareholders in VSGML would stand extinguished. Accordingly, MSML's share capital will go up from Rs.25.75 crore to Rs.38.51 crore alongside a correspondent reduction in VSGML's share capital from Rs.15.96 crore to Rs.3.19 crore.
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Colgate-Palmolive to set up new unit in Himachal Pradesh
New Delhi: Colgate-Palmolive India Ltd is setting up a new toothpaste manufacturing plant in Baddi, Himachal Pradesh, which is likely to be operational by early next year. Company officials said the new plant was expected to have an installed capacity of around 15,000-20,000 tonnes per annum.

Colgate claimed 48.7 per cent market share for Colgate Dental Cream in the 7,000 tonnes per month toothpaste market in India while adding that initiatives such as heightening oral health awareness among school children would accelerate growth.
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TVS Motors to increase exports to Rs.100 crore
Chennai: TVS Motor Company expects export a turnover of Rs.100 crore in the current fiscal. In 2003-04, the company's exports fetched Rs.69 crore.

The company was a recent entrant in the export markets, as until three years ago, the erstwhile collaborator, Suzuki, did not allow any export to happen. The company aims to sell eight lakh motorcycles in the current year.

Shareholders approved a resolution enhancing the borrowing powers of the board of directors from Rs.250 crore to Rs.750 crore.
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Gartner: Server market posts 31 per cent growth in Q2
Mumbai: Increased business from the small and medium enterprises and consistent run-rate business contributed to a 31-per cent rise in revenue in the Indian server market during the second quarter of 2004, according to research firm, Gartner.
The Asia-Pacific region, excluding Japan, reported revenues of $1.37 billion during the period, showing a 12.4 per cent increase from the year-ago quarter. The Indian server market revenues, at over $98 million, were the fourth largest in the region after China, Korea and Australia.

China, the number one country for server revenues in the region (at $488 million), had 35 per cent share in the market, with growth exceeding 23 per cent for the quarter.

Though the second largest in terms of revenues, South Korea reported negative revenue growth, and Australia, the third biggest, showed a growth of 0.3 per cent.

Vendor-wise, IBM was on top with a market share of 37.2 per cent, followed by Hewlett-Packard with a market share of 30.7 per cent. The third biggest vendor during the quarter was Sun Microsystems, followed by Dell. 'Other vendors' - presumably local vendors - accounted for 10.6 per cent market share.
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IA announces special fare to Colombo
Chennai: Indian Airlines has introduced special fares from various points in South India to Colombo, valid till March 31, 2005.
According to a press release, for passengers travelling from Chennai, Bangalore and Tiruchi to Colombo and back, the fare will be Rs.6,500. The round trip fare from Madurai, Coimbatore and Kochi is Rs.6,900 and from Kozhikode the fare is Rs.7,000. Passengers travelling from Hyderabad, Visakhapatnam and Thiruvanathapuram will pay Rs.8,000.
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Alpha Telugu to launch from Sept 20
Hyderabad: Alpha Telugu, the first of Zee Telefilms South channels, is all set to be launched from September 20. Telecast of test signal and trailers of programmes have started, according to a company press release.

Till September 19, it will be a free to air signal, after which the signal would be encrypted.

The channel promises a different type of entertainment. Even the news bulletins would have a different flavour, the release said.
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