KOCHI:Sony India was targeting a sales turnover of Rs 7,400 crore this fiscal, a 35 per cent growth from the previous year, a top official today said.
The last fiscal's turnover of the company was Rs 5,400 crore.
Announcing its plans for Kerala during the 'Onam' festival,Sony India Managing DirectorMasaru Tamagawa told reporters here that the company was eyeing a growth of 46 per cent in sales during the festival season to touch Rs 110 crore during the July-September this year.
During the three-month festival period in 2010, the turnover was Rs 74 crore and Rs 50 crore in the same period in 2009.
Banking on its innovative technology and the new product line up, retail network expansion and heavy marketing investment, the company was positive about consolidating its top position in key product categories, he said.
Sony will expand its distribution network in the state to 360 outlets from the present 290 during this financial year and has set apart Rs 6 crore for market promotion during Onam.
Tamagawa said every year almost 40 per cent of the company's total sales in the state are achieved during the festive period.
During this year the company was targeting a business of Rs 285 crore from the state against last year's Rs 200 crore.
Success in my Habit
Tuesday, July 26, 2011
Philips recalls 95,000 hair dryer units over safety hazard
NEW DELHI: Dutch consumer electronics firmPhilips today said it is recalling 95,000 of its hair dryer units in India due to a potential hazard to customers caused by overheating when left plugged into an electric connection.
The company said it is recalling two foldable hair dryer models -- HP4931 andHP 4940 -- sold in India between September, 2008, and February, 2011.
"It has been found that in very rare cases, the hairdryer can overheat when left plugged into the electrical connection. This poses a potential hazard, even when the appliance is switched off and not in use," Philips said in a public announcement.
The company, however, said the risk for consumers is very low and no safety incidents have been reported in India.
"This is a precautionary recall that underlines Philips' commitment as a global leader in hair care appliances," it added.
At present, Philips sells five hair dryer models in India. This is the first ever recall in India for Philips in any of its product categories.
The company said it is recalling two foldable hair dryer models -- HP4931 andHP 4940 -- sold in India between September, 2008, and February, 2011.
"It has been found that in very rare cases, the hairdryer can overheat when left plugged into the electrical connection. This poses a potential hazard, even when the appliance is switched off and not in use," Philips said in a public announcement.
The company, however, said the risk for consumers is very low and no safety incidents have been reported in India.
"This is a precautionary recall that underlines Philips' commitment as a global leader in hair care appliances," it added.
At present, Philips sells five hair dryer models in India. This is the first ever recall in India for Philips in any of its product categories.
Bird Group to launch Swiss leather goods brand Bally in India
NEW DELHI: Bird Group, a diversified business entity, today said it has entered into a franchise agreement with Swiss luxury goods firm Labelux to launch the latter's leather goods brandBally in India.
Bird Group will set up the first exclusive Bally store in the country later this year in Delhi.
"This partnership is of immense strategic importance for us. We believe that Bally's heritage of excellence in craftsmanship and established reputation in luxury goods is a perfect fit with India's evolving luxury sector and consumer expectations," Bird Group Executive Director Ankur Bhatia said in a statement.
The company, however, did not specify the total number of outlets planned in near future.
Founded in Switzerland in 1851, Bally is owned byLabelux Group that manufactures shoes and accessories under the brand.
Commenting on the development Bally CEO Berndt Hauptkorn said, "Today, we operate in almost 90 countries. This partnership marks our entry into the Indian market, which is one of huge potential for today and well into the future."
Bird Group will set up the first exclusive Bally store in the country later this year in Delhi.
"This partnership is of immense strategic importance for us. We believe that Bally's heritage of excellence in craftsmanship and established reputation in luxury goods is a perfect fit with India's evolving luxury sector and consumer expectations," Bird Group Executive Director Ankur Bhatia said in a statement.
The company, however, did not specify the total number of outlets planned in near future.
Founded in Switzerland in 1851, Bally is owned byLabelux Group that manufactures shoes and accessories under the brand.
Commenting on the development Bally CEO Berndt Hauptkorn said, "Today, we operate in almost 90 countries. This partnership marks our entry into the Indian market, which is one of huge potential for today and well into the future."
Cadbury Kraft India one of fastest growing operations for Kraft globally
MUMBAI: Chicago-headquarteredKraft Foods, which acquired Cadbury last January for $18.9 billion, is earning a double bonanza from British chocolate maker's Indian operations.
Not only isCadbury Kraft India one of the fastest growing operations for Kraft globally, revenues spurted by 40% in January-March 2011 quarter, the domestic business is proving to be a ripe hunting ground for talent.
Within a year-and-a-half of acquiring Cadbury, the $50 billion Kraft has picked up 21 managers for global and regional roles from the Indian affiliate.
These include Sunil Sethi director, sales, who has moved as general manager of Kraft Malaysia; marketing honcho Bharath Sastry has taken over as marketing director of Kraft Indonesia; Pravin Shetty from finance is now in Singapore as manager, business analysis; Mohit Wadhawan from logistics & customer operations too has a role in Singapore, as manager, manufacturing strategy; and Nikhil Rao from marketing has moved into a global role in chocolates in Zurich. In addition there are officials who are based in India but handling projects for other nations.
"Something like this has never ever happened in any other market wherever Kraft is present globally. And I think that it shows the commendable flexibility of Kraft to stick to its `best of both' strategy," points out Anand Kripalu, President, South Asia & Indo China, & Managing Director, Cadbury India. 'Best of both' refers to the Kraft-Cadbury combine's efforts to integrate the cultures, heritage and people of both brands.
On the brands front, that integration became visible recently when Kraft's iconic biscuits brand Oreo was launched in India under the Cadbury umbrella-something that hasn't been done in any other market.
Since the acquisition,Cadbury India has moved into two new Kraft categories - biscuits with Oreo and fruit juices and beverages with Tang. While Tang is manufactured at Kraft's Hyderabad plant, Punjab-basedBector Foods makes Oreo.
Not only isCadbury Kraft India one of the fastest growing operations for Kraft globally, revenues spurted by 40% in January-March 2011 quarter, the domestic business is proving to be a ripe hunting ground for talent.
Within a year-and-a-half of acquiring Cadbury, the $50 billion Kraft has picked up 21 managers for global and regional roles from the Indian affiliate.
These include Sunil Sethi director, sales, who has moved as general manager of Kraft Malaysia; marketing honcho Bharath Sastry has taken over as marketing director of Kraft Indonesia; Pravin Shetty from finance is now in Singapore as manager, business analysis; Mohit Wadhawan from logistics & customer operations too has a role in Singapore, as manager, manufacturing strategy; and Nikhil Rao from marketing has moved into a global role in chocolates in Zurich. In addition there are officials who are based in India but handling projects for other nations.
"Something like this has never ever happened in any other market wherever Kraft is present globally. And I think that it shows the commendable flexibility of Kraft to stick to its `best of both' strategy," points out Anand Kripalu, President, South Asia & Indo China, & Managing Director, Cadbury India. 'Best of both' refers to the Kraft-Cadbury combine's efforts to integrate the cultures, heritage and people of both brands.
On the brands front, that integration became visible recently when Kraft's iconic biscuits brand Oreo was launched in India under the Cadbury umbrella-something that hasn't been done in any other market.
Since the acquisition,Cadbury India has moved into two new Kraft categories - biscuits with Oreo and fruit juices and beverages with Tang. While Tang is manufactured at Kraft's Hyderabad plant, Punjab-basedBector Foods makes Oreo.
Allahabad Bank to offer loans to promote solar energy
KOLKATA: Allahabad Bank will provideloans to farmers and rural artisans to buysolar off-grids made byEnviron Energy Corporation India Pvt Ltd. It has entered into an agreement with thesolar energy solution company on Tuesday to this end.
The Kolkata-based public sector bank will offer the loan at 5% under the government's capital subsidy-cum-refinance scheme for promotion of solar off-grid. Farmers, agricultural labourers, rural artisans, entrepreneurs and salaried persons are eligible to get a loan under the scheme.
To avail of the loan, borrowers are required to foot 20% of the cost of the project as margin while 30% is available as capital subsidy. Borrowers will also get a Rs 500 rebate from the solar company.
The Kolkata-based public sector bank will offer the loan at 5% under the government's capital subsidy-cum-refinance scheme for promotion of solar off-grid. Farmers, agricultural labourers, rural artisans, entrepreneurs and salaried persons are eligible to get a loan under the scheme.
To avail of the loan, borrowers are required to foot 20% of the cost of the project as margin while 30% is available as capital subsidy. Borrowers will also get a Rs 500 rebate from the solar company.
Shriram Transport Finance reports 20 pc jump in PAT
CHENNAI: Non-banking finance companyShriram Transport Finance, flagship company of theShriram Group, has reported a 20.1 per cent jump in its profit after tax at Rs 347.30 crore for the quarter ended June 30, 2011.
The Chennai-headquartered company had registered profit after tax (PAT) of Rs 288.94 crore in the same period of previous year, a company release said.
For the year ending March 31, 2011, the PAT stood at Rs Rs 1,229.8 crore, it added.
The total income for the quarter ended June 30, 2011, grew to Rs 1,393.22 crore as compared to Rs 1,233.51 crore, the release said.
For the financial year ended March 31, 2011, the total income stood at Rs 5,259.71 crore, it said.
A final dividend of Rs four per share for the financial year 2010-11, was approved by the shareholders and was paid on July 4, 2011, it added.
As of June 30, 2011, the total assets under management stood at Rs 36,997 crore compared to Rs 36,182 crore as on March 31, 2011.
The Chennai-headquartered company had registered profit after tax (PAT) of Rs 288.94 crore in the same period of previous year, a company release said.
For the year ending March 31, 2011, the PAT stood at Rs Rs 1,229.8 crore, it added.
The total income for the quarter ended June 30, 2011, grew to Rs 1,393.22 crore as compared to Rs 1,233.51 crore, the release said.
For the financial year ended March 31, 2011, the total income stood at Rs 5,259.71 crore, it said.
A final dividend of Rs four per share for the financial year 2010-11, was approved by the shareholders and was paid on July 4, 2011, it added.
As of June 30, 2011, the total assets under management stood at Rs 36,997 crore compared to Rs 36,182 crore as on March 31, 2011.
Apollo Tyres sets up Middle East hub in Dubai
DUBAI: India's leading tyre manufacturer, Apollo Tyres, has set up a new Middle East operations hub in Dubai, it has been announced here.
Apollo Tyres is the 18th firm to move to The Galleries' A-grade offices and retail facilities in Dubai's Jabel Ali this year and brings the number of international and local businesses currently based there or undergoing fit-out to almost 50.
More leasing contracts are in the pipeline and the potential is limitless, the developer of the project said in a statement.
Apollo Tyres joins China National Petroleum,Siemens, Arup, L'Oreal, Ericsson,Kraft Food, SPX Corporation and dozens of other firms at The Galleries, where 395,000 square feet -- over 50 per cent -- of the total available office space is now taken.
Satish Sharma, Apollo Tyres' Chief of Operations in India, said the Middle East currently accounts for almost a third of the company's revenues from tyre exports out of India and Dubai itself is the region's biggest tyre distribution hub.
"Our new office at The Galleries cements our commitment to Dubai -- where we also have a 10,000-square foot tyre storage facility -- and enables us to boost our business across the region by addressing the growing needs of our customers here," Sharma said.
Tenants at The Galleries get the option of a Free Zone licence, an onsite Metro station, nearly 2,000 underground parking spaces and dedicated facilities management and tenant relations teams.
Bahaa Abouhatab, Project Director at The Galleries, said: "The arrival of yet another leading international firm at The Galleries further highlights its position as one of the UAE's key business locations. Our growing Galleries community now has almost 50 tenants, with more on the way, and we are delighted to welcome Apollo Tyres on board."
The Galleries is less than an hour by car from Abu Dhabi and just 200 metres from the Jebel Ali Metro station. The development sits on 215,000 square feet of landscaped, communal grounds.
Apollo Tyres is the 18th firm to move to The Galleries' A-grade offices and retail facilities in Dubai's Jabel Ali this year and brings the number of international and local businesses currently based there or undergoing fit-out to almost 50.
More leasing contracts are in the pipeline and the potential is limitless, the developer of the project said in a statement.
Apollo Tyres joins China National Petroleum,Siemens, Arup, L'Oreal, Ericsson,Kraft Food, SPX Corporation and dozens of other firms at The Galleries, where 395,000 square feet -- over 50 per cent -- of the total available office space is now taken.
Satish Sharma, Apollo Tyres' Chief of Operations in India, said the Middle East currently accounts for almost a third of the company's revenues from tyre exports out of India and Dubai itself is the region's biggest tyre distribution hub.
"Our new office at The Galleries cements our commitment to Dubai -- where we also have a 10,000-square foot tyre storage facility -- and enables us to boost our business across the region by addressing the growing needs of our customers here," Sharma said.
Tenants at The Galleries get the option of a Free Zone licence, an onsite Metro station, nearly 2,000 underground parking spaces and dedicated facilities management and tenant relations teams.
Bahaa Abouhatab, Project Director at The Galleries, said: "The arrival of yet another leading international firm at The Galleries further highlights its position as one of the UAE's key business locations. Our growing Galleries community now has almost 50 tenants, with more on the way, and we are delighted to welcome Apollo Tyres on board."
The Galleries is less than an hour by car from Abu Dhabi and just 200 metres from the Jebel Ali Metro station. The development sits on 215,000 square feet of landscaped, communal grounds.
Michelin's India plant targets tyre roll out by Nov 2012
CHENNAI: French tyre-maker Michelin's upcoming India plant in Chennai will roll out its first tyre in November 2012. The company plans to produce three lakh radial truck tyres in the first year of operations, and cater to the domestic market, a top official said.
Michelin is setting up a manufacturing unit at Thervoy Khaidigia industrial area in Tiruvallur district, near Chennai, and would be investing Rs 4,000 crore over a seven-year period.
"The plant capacity would be 20 lakh radial truck tyres. It would provide direct employment to 1,500 people," said Nicolas Beaumont, Managing Director, Michelin India, who addressed the media here on Wednesday.
He noted that radialisation in the truck and bus segment was 14.5% in 2010, which could go up to 50% in 2020.
Michelin is setting up a manufacturing unit at Thervoy Khaidigia industrial area in Tiruvallur district, near Chennai, and would be investing Rs 4,000 crore over a seven-year period.
"The plant capacity would be 20 lakh radial truck tyres. It would provide direct employment to 1,500 people," said Nicolas Beaumont, Managing Director, Michelin India, who addressed the media here on Wednesday.
He noted that radialisation in the truck and bus segment was 14.5% in 2010, which could go up to 50% in 2020.
Honda Motorcycle, Bajaj Auto, TVS Motors dealers offering freebies with cash benefits
NEW DELHI: After a gap of more than four years, freebies are back in the two-wheeler market. Dealers are wooing customers with cash benefits and lower interest rates to get some traction on sales.
Although the two-wheeler market is still going strong with double-digit growth, a few bikes are facing the heat on declining customer interest and have joined the discount bogey.
For instance, sales ofHonda Motorcycle and Scooter India's premium 110cc bike, CB Twister, priced at an ex-showroom price of Rs 49,775 in Delhi, have been sluggish due to competiton from biggies like Hero Honda's Splendor that comes at a lower price of Rs 41,350.
Dealers are thus offering discounts of up to Rs 3,500 in select markets on the CB Twister.
"We are offering some benefits to reduce our stocks as the market has been slowing with retail sales getting impacting and cautious customers postponing their purchase decisions," a central Delhi-based Honda dealer said. The market has not been impacted much by rising fuel prices as by surging interest rates which have shot to over 22-24% in the past one year, rising by around 4%.
"The interest rates for two-wheelers has risen more compared to cars as the risk is high though the total value of vehicle is much lower. There are a few models where dealers are vying for customers attention by discounting rates," a top executive ofHDFC Bank said. The benefits are mainly coming from dealers as companies maintain that they have not initiated any freebies yet.
"The two-wheeler market is still going strong and we do not see any reason to offer any benefits now," said head of marketing atBajaj Auto, Milind Bade. However, the company's 100cc entry level bike, Discover, is being offered at 0% rate of interest. Analysts tracking the market say that discounts from dealers are precursor to what the company may offer in few months.
The dealers ofTVS Motors is luring customers with a few insurance and road tax benefits in certain markets on their 110 cc Star City bike with deal benefits of up to Rs 1500.
Although the two-wheeler market is still going strong with double-digit growth, a few bikes are facing the heat on declining customer interest and have joined the discount bogey.
For instance, sales ofHonda Motorcycle and Scooter India's premium 110cc bike, CB Twister, priced at an ex-showroom price of Rs 49,775 in Delhi, have been sluggish due to competiton from biggies like Hero Honda's Splendor that comes at a lower price of Rs 41,350.
Dealers are thus offering discounts of up to Rs 3,500 in select markets on the CB Twister.
"We are offering some benefits to reduce our stocks as the market has been slowing with retail sales getting impacting and cautious customers postponing their purchase decisions," a central Delhi-based Honda dealer said. The market has not been impacted much by rising fuel prices as by surging interest rates which have shot to over 22-24% in the past one year, rising by around 4%.
"The interest rates for two-wheelers has risen more compared to cars as the risk is high though the total value of vehicle is much lower. There are a few models where dealers are vying for customers attention by discounting rates," a top executive ofHDFC Bank said. The benefits are mainly coming from dealers as companies maintain that they have not initiated any freebies yet.
"The two-wheeler market is still going strong and we do not see any reason to offer any benefits now," said head of marketing atBajaj Auto, Milind Bade. However, the company's 100cc entry level bike, Discover, is being offered at 0% rate of interest. Analysts tracking the market say that discounts from dealers are precursor to what the company may offer in few months.
The dealers ofTVS Motors is luring customers with a few insurance and road tax benefits in certain markets on their 110 cc Star City bike with deal benefits of up to Rs 1500.
Hero Honda to reveal new brand identity in London on August 9
NEW DELHI: The country's largest two-wheeler maker HeroHonda will reveal its much-anticipated global brand identity inLondon on August 9, as it takes the first major step of establishing its new image after going solo following erstwhile Japanese promoter Honda's exit.
"...as a significant first step towards the company's transformation into a major global brand, we would be unveiling our new brand name and identity in London, United Kingdom, on August 9, 2011," the company said.
Earlier in March this year, the company had hired global brand and innovation specialistWolff Olins to create its new brand identity. A part of the Omnicom group, Wolff Olins was mandated to work on the new brand identity in its totality, including the brand architecture, name, logo and positioning.
Later on, in May the two-wheeler major roped in Law &Kenneth (L&K) as a creative partner to launch and establish the new brand for the company. The independent brand communications firm was mandated to devise the new brand positioning of the company.
Hero Honda said it will also unfold a slew of strategic initiatives "which will allow us to further consolidate our leadership in India and also enter emerging markets globally."
The company had embarked on the journey to acquire a new brand name after the two joint venture partners ofHero Honda Motors Ltd (HHML) --Hero Group of India andHonda Motor Co of Japan -- decided to part ways in December last year.
The Munjals-promoted Hero Group had agreed to buy out Honda's 26 per cent stake inHHML for Rs 3,841.83 crore.
As per an agreement signed between the two erstwhile partners, Hero can use the Honda brand till 2014, but it is understood that the Indian group wants to acquire a new identity of its own at the earliest in order to maintain its leadership position.
Hero Group and Honda had signed a new licensing agreement in March, under which the Indian firm will pay its Japanese counterpart 45 billion yen (about Rs 2,450 crore) till 2014.
"...as a significant first step towards the company's transformation into a major global brand, we would be unveiling our new brand name and identity in London, United Kingdom, on August 9, 2011," the company said.
Earlier in March this year, the company had hired global brand and innovation specialistWolff Olins to create its new brand identity. A part of the Omnicom group, Wolff Olins was mandated to work on the new brand identity in its totality, including the brand architecture, name, logo and positioning.
Later on, in May the two-wheeler major roped in Law &Kenneth (L&K) as a creative partner to launch and establish the new brand for the company. The independent brand communications firm was mandated to devise the new brand positioning of the company.
Hero Honda said it will also unfold a slew of strategic initiatives "which will allow us to further consolidate our leadership in India and also enter emerging markets globally."
The company had embarked on the journey to acquire a new brand name after the two joint venture partners ofHero Honda Motors Ltd (HHML) --Hero Group of India andHonda Motor Co of Japan -- decided to part ways in December last year.
The Munjals-promoted Hero Group had agreed to buy out Honda's 26 per cent stake inHHML for Rs 3,841.83 crore.
As per an agreement signed between the two erstwhile partners, Hero can use the Honda brand till 2014, but it is understood that the Indian group wants to acquire a new identity of its own at the earliest in order to maintain its leadership position.
Hero Group and Honda had signed a new licensing agreement in March, under which the Indian firm will pay its Japanese counterpart 45 billion yen (about Rs 2,450 crore) till 2014.
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