 |
April 9, 2008 |
|
|
|
 |
TATA MOTORS: Hikes Commercial Vehicle Prices by 3.5% Tata Motors Limited has hiked prices of its commercial vehicles by 3.5% with the surging cost of raw materials including steel, various reports say. According to Reuters, the 3.5% price increase in Tata Motors' trucks and buses took effect on April 1. "Prices of raw material such as steel have shot up and we had to pass some of that to customers," Reuters quoted Tata Motor spokesperson Debasis Ray as saying. The Economic Times notes that auto-grade steel prices rose by 30-40%, threatening the price tag of Tata Motors' INR1-lakh car, Nano. Tata Motors, however, maintains that the Tata Nano's standard version would cost INR1 lakh, ET relates. Tata Motors recently announced achieving record vehicle sales. As reported by the Troubled Company Reporter-Asia Pacific on Apr. 3, 2008, the company reported sales of 582,401 vehicles (including exports) for the fiscal year 2007-08, its highest ever, and a growth of 1% over 578,862 vehicles sold in 2006-07. Total sales (including exports) for the month of March 2008 were 66,495 units, the company's highest ever monthly sales and an increase of 6% over 62,779 units sold in March 2007. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/ -- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero-coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
