NEW DELHI: ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corporation, faces the prospect of a near-shutdown of crude production from its field in Syria after the European Union late on Friday night blacklisted that country's oil companies to isolate President Bashar al-Assad's government.
ONGC Videsh is a 33% partner in the Al Furat Petroleum Company, a joint venture that pumps oil from the Al-Furat project and has state-owned General Petroleum Company, which has been blacklisted along with Syria Trading Oil. Agency reports from Brussels quoted Shell as saying the Anglo-Dutch major "will cease activities" in Syria. But ONGC Videsh sources here said that it may be Shell's views and the consortium was seeking legal opinion and examining "all available options".
Along with Shell, ONGC Videsh has China National Petroleum Company and Syrian Petroleum Company as partners. The project has had to reduce production from 82,000 bpd (barrels per day) to 70,500 bpd since September due to problems in finding enough number of ships to carry the crude. The Syrian government had asked all operators in the country to cut production after the initial sanctions since evacuation of crude became difficult as most of the tankers were registered either in Europe or the US.
This is the second time that operations of Indian oil companies are being affected by Western sanctions against various regimes. Earlier, Indian refiners could not make payments for crude after the RBI scrapped a regional clearing mechanism to avoid US sanctions on Teheran affecting other transactions. The payments remained stuck for almost a year since the sanctions also blocked transaction gateways through European banks. Dues were recently cleared through a Turkish bank.
US sanctions have also forced India to pussyfoot discussions on the proposal to lay a $10-billion pipeline to wheel gas from Iran through Pakistan as Indian companies investing such massive amounts would automatically be blacklisted. Friday's sanctions listings of Syrian oil companies are part of a concerted push by Europe, the US and the Arab League to intensify pressure on Assad in response to continued state-sponsored violence against protesters. The United Nations estimates 4,000 people have been killed since March in the unrest.
Success in my Habit
Sunday, December 4, 2011
After ITC closure, Manipal Group warns service halt in Nepal
KATHMANDU: A month after Indian tobacco giant ITC's joint venture in Nepal shut down its garment factory due to workers' militancy, now it is the turn of the Manipal Group, one of the single largest Indian investors in Nepal, to warn that it could suspend its hospital services in view of continued disruptions.
The Manipal College of Medical Sciences run by the Manipal Group in Pokhara city in central Nepal has run into fresh trouble since Sunday with a group of junior Nepali doctors going on strike, alleging discrimination between the pays of local and expatriate doctors.
The strikers refused to attend a meeting called in Kathmandu Monday with the medical regulatory body, Nepal Medical Council, as well as the management and Nepal Medical Association.
The college also runs a 700-bed teaching hospital and despite the strike, the authorities have continued to provide services to patients.
"However, if this continues, I have informed the chief district officer that we will be forced to suspend hospital services," said B.M. Nagpal, dean of the college.
Soon after its inauguration in 1994, the college and hospital has been facing union unrest, illegal strikes and an adverse media campaign.
"The allegations that there is a pay disparity between Indian and Nepali doctors are false," Nagpal said. "We are a business organisation. Why should we employ doctors from outside at a higher pay?"
However, Nepal is still unable to provide the number of senior doctors and specialists whose presence is mandated by the regulator.
"Till that is rectified, we have to get doctors from India," Nagpal said. "And if you get them from outside, you have to pay them an expatriate allowance to cope with additional expenses in a new country. That is the universal accepted norm."
All multinational organisations follow the principle, including the UN and European Union and even the Kendriya Vidyalaya run by the Indian government in Kathmandu.
However, Manipal is being targeted for a smear campaign that says the organisation discriminates against Nepali doctors.
"The strikers are saying expatriates receive higher pay, giving the examples of doctors who were brought from India on contract," Nagpal said. "A contract is not the same as employment. If you don't get the specialists and senior doctors you need in Nepal, you have to get them from outside. And for that, you have to pay them more."
Nagpal points out that Manipal has been grooming its students, training them and absorbing them. Currently, there are 120 faculty members out of whom 52 are from Nepal.
Hospital sources say the strikers have been abetted by the Maoist trade union. In the past, the union triggered cut-throat rivalry among the other trade unions at Manipal, causing frequent illegal strikes demanding pay raises in contravention of agreements signed with the management.
Some of the local doctors have been running private practices in violation of their service agreement and in spite of drawing a non-practice allowance.
The Manipal crisis comes after ITC's joint venture, Surya Nepal, the republic's biggest tax payer, was forced last month to shut down its garment factory in eastern Nepal that produced ITC's John Players and Springwood brands of clothing.
The closure came after militant workers, mostly women, vandalised the state of the art factory and took management staff captive, holding them without food and water for 24 hours.
The Manipal College of Medical Sciences run by the Manipal Group in Pokhara city in central Nepal has run into fresh trouble since Sunday with a group of junior Nepali doctors going on strike, alleging discrimination between the pays of local and expatriate doctors.
The strikers refused to attend a meeting called in Kathmandu Monday with the medical regulatory body, Nepal Medical Council, as well as the management and Nepal Medical Association.
The college also runs a 700-bed teaching hospital and despite the strike, the authorities have continued to provide services to patients.
"However, if this continues, I have informed the chief district officer that we will be forced to suspend hospital services," said B.M. Nagpal, dean of the college.
Soon after its inauguration in 1994, the college and hospital has been facing union unrest, illegal strikes and an adverse media campaign.
"The allegations that there is a pay disparity between Indian and Nepali doctors are false," Nagpal said. "We are a business organisation. Why should we employ doctors from outside at a higher pay?"
However, Nepal is still unable to provide the number of senior doctors and specialists whose presence is mandated by the regulator.
"Till that is rectified, we have to get doctors from India," Nagpal said. "And if you get them from outside, you have to pay them an expatriate allowance to cope with additional expenses in a new country. That is the universal accepted norm."
All multinational organisations follow the principle, including the UN and European Union and even the Kendriya Vidyalaya run by the Indian government in Kathmandu.
However, Manipal is being targeted for a smear campaign that says the organisation discriminates against Nepali doctors.
"The strikers are saying expatriates receive higher pay, giving the examples of doctors who were brought from India on contract," Nagpal said. "A contract is not the same as employment. If you don't get the specialists and senior doctors you need in Nepal, you have to get them from outside. And for that, you have to pay them more."
Nagpal points out that Manipal has been grooming its students, training them and absorbing them. Currently, there are 120 faculty members out of whom 52 are from Nepal.
Hospital sources say the strikers have been abetted by the Maoist trade union. In the past, the union triggered cut-throat rivalry among the other trade unions at Manipal, causing frequent illegal strikes demanding pay raises in contravention of agreements signed with the management.
Some of the local doctors have been running private practices in violation of their service agreement and in spite of drawing a non-practice allowance.
The Manipal crisis comes after ITC's joint venture, Surya Nepal, the republic's biggest tax payer, was forced last month to shut down its garment factory in eastern Nepal that produced ITC's John Players and Springwood brands of clothing.
The closure came after militant workers, mostly women, vandalised the state of the art factory and took management staff captive, holding them without food and water for 24 hours.
China would buy large quantity of tobacco from India:Kamalvardhan Rao
GUNTUR: Tobacco Board chairman Kamalvardhan Rao on Tuesday exuded confidence that China would buy a large quantity of the commodity from India.
Addressing mediapersons after his three-day extensive tour of China, Rao said he was happy that China was showing interest in Indian tobacco.
China, which produced 2,300 million kgs of tobacco, needs more of the commodity for internal consumption and Indian tobacco mixes well with their tobacco, he said.
"That is why China prefers Indian tobacco," he said adding, that a Chinese trade delegation would visit India in a couple of months.
Rao said though India exported 800 million kgs of tobacco valued at Rs 4,400 crore in 2010-2011, this year there may be slight decline in the exports.
Addressing mediapersons after his three-day extensive tour of China, Rao said he was happy that China was showing interest in Indian tobacco.
China, which produced 2,300 million kgs of tobacco, needs more of the commodity for internal consumption and Indian tobacco mixes well with their tobacco, he said.
"That is why China prefers Indian tobacco," he said adding, that a Chinese trade delegation would visit India in a couple of months.
Rao said though India exported 800 million kgs of tobacco valued at Rs 4,400 crore in 2010-2011, this year there may be slight decline in the exports.
Topsgrup eyes Rs 1,500 cr revenue in FY12
MUMBAI: Security solutions provider Topsgrup is eyeing over 62 percent revenue growth at Rs 1,500 crore and is planning to enter the capital market by mid next year to raise Rs 300 crore, a top company executive has said.
"We are the largest security solutions provider in the country and are planning to further strengthen our presence further. We are also planning to hit the capital market by mid next year to raise around Rs 300 crore to fund our expansion," company Global Chairman Diwan Rahul Nanda told PTI here.
Topsgrup, which employs 93,000 people from 120 offices pan India, reported a revenue of Rs 925 crore, he said, adding the company has about 8,000 customers.
"We are planning to hire another 30,000 employees in next three years," Nanda said.
Topsgrup has 11 training centres, including two in the UK, where the company gives training to its workforce.
"We also have a strategic tie-up with the Ministry of Rural Development to train rural youth living below the poverty line across the country to enable them to earn their livelihood," he said.
The company, which forayed into the UK in 2008, is currently focused on domestic expansion, he said.
"Besides strengthening our existing presence through more acquisitions we are also looking into rural penetration as the opportunities there are growing," he said.
In May 2008, Topsgrup became the first Indian security company to foray into the UK by acquiring majority stake in the security company, The Shield Guarding Company.
"We are the largest security solutions provider in the country and are planning to further strengthen our presence further. We are also planning to hit the capital market by mid next year to raise around Rs 300 crore to fund our expansion," company Global Chairman Diwan Rahul Nanda told PTI here.
Topsgrup, which employs 93,000 people from 120 offices pan India, reported a revenue of Rs 925 crore, he said, adding the company has about 8,000 customers.
"We are planning to hire another 30,000 employees in next three years," Nanda said.
Topsgrup has 11 training centres, including two in the UK, where the company gives training to its workforce.
"We also have a strategic tie-up with the Ministry of Rural Development to train rural youth living below the poverty line across the country to enable them to earn their livelihood," he said.
The company, which forayed into the UK in 2008, is currently focused on domestic expansion, he said.
"Besides strengthening our existing presence through more acquisitions we are also looking into rural penetration as the opportunities there are growing," he said.
In May 2008, Topsgrup became the first Indian security company to foray into the UK by acquiring majority stake in the security company, The Shield Guarding Company.
Minus Ericsson, Sony to only make smartphones
MUMBAI: Sony Corp is all set to rebrand its mobile phones post the acquisition of Ericsson's share in the ten-year-old joint venture-Sony Ericsson. Asenior executive from the Japanese conglomerate, which also makes PlayStation video game consoles and Bravia TVs, said by mid next year, the Sony Ericsson brand will be phased out even as it looks to become a complete smartphone company. It would then sell its smartphones under the Sony brand.
The mobile handset maker, famous for its Walkman series phones, has been left behind in the race for market share in the last few years but is now banking on the Android-based smartphone segment to give it anew lease of life. Indian operations of Sony Ericsson will also follow the global strategy and by next year become a pure play smartphone brand as its line of feature phones makes an exit, said Kristian Tear, executive VP & head of sales & marketing, Sony Ericsson , while talking exclusively to TOI.
"A lot of planning goes into getting the branding right but we will be done by middle of next year. It will also mean that the marketing and advertising investments will go up. We haven't been as fierce as we were a few years back but we will step it up, refocus and invest more in brand-building in select markets and India is one of those markets," Tear added.
Sony Ericsson, which currently has about a 2% market share globally of the mobile handset market, underwent a management change about two years ago, got rid off the Symbian operating system in lieu of Google's Android and made the decision to focus only on the smartphone segment as losses mounted for the company . The Android platform, dominated by Samsung, now accounts for more than 50% of the overall smartphone market , according to Gartner, while Apple's iPhone has been the other big non-Android player in the overall smartphone category.
With full control of the company, the mobile phone maker is now looking to leverage more from its parent to help it bounce back. "Sony is the world's biggest entertainment company. We were earlier a 50-50 JV, but now that we are a wholly-owned subsidiary of Sony Corp. We expect to gain from its assets on the content , technology and brand side," he added.
The euro 6.2 billion Sony Ericsson will also integrate in some way at the sales and marketing level with its $86 billion parent company, although, with the acquisition still to get final approval, the process will only start next year, Tear said. Besides, gaining brand equity and assets of its parent, Sony Ericsson, which has 19% and 12% share of the Indian and global Android smartphone market, respectively, will increasingly focus on the valueend of the market.
Some industry watchers said this could mean foregoing a big chunk of the Rs 30,000 crore Indian handset market, still dominated by sub- Rs 3,500 phones. "Smartphone's still account for only about 6% of the overall market as low-cost devices rule majority of the Indian market. Although, the growth is happening rapidly at 30-40 % in the smartphone category it will be a while before we get to the adoption rate of the mature markets," said Anshul Gupta, principal research analyst, Gartner, a global information technology research and advisory firm.
The company is banking on the huge growth potential in the smartphone category to also push its profitability. "Last eight quarters have been good for us and we are proud of that. We went from focusing only on volumes to value but the big setback was what happened in Japan with the Tsunami, which put us back for this year quite a bit. But we are going in the right direction," Tear said. The target is to become the number one Android player in the smartphone segment, he added.
The mobile handset maker, famous for its Walkman series phones, has been left behind in the race for market share in the last few years but is now banking on the Android-based smartphone segment to give it anew lease of life. Indian operations of Sony Ericsson will also follow the global strategy and by next year become a pure play smartphone brand as its line of feature phones makes an exit, said Kristian Tear, executive VP & head of sales & marketing, Sony Ericsson , while talking exclusively to TOI.
"A lot of planning goes into getting the branding right but we will be done by middle of next year. It will also mean that the marketing and advertising investments will go up. We haven't been as fierce as we were a few years back but we will step it up, refocus and invest more in brand-building in select markets and India is one of those markets," Tear added.
Sony Ericsson, which currently has about a 2% market share globally of the mobile handset market, underwent a management change about two years ago, got rid off the Symbian operating system in lieu of Google's Android and made the decision to focus only on the smartphone segment as losses mounted for the company . The Android platform, dominated by Samsung, now accounts for more than 50% of the overall smartphone market , according to Gartner, while Apple's iPhone has been the other big non-Android player in the overall smartphone category.
With full control of the company, the mobile phone maker is now looking to leverage more from its parent to help it bounce back. "Sony is the world's biggest entertainment company. We were earlier a 50-50 JV, but now that we are a wholly-owned subsidiary of Sony Corp. We expect to gain from its assets on the content , technology and brand side," he added.
The euro 6.2 billion Sony Ericsson will also integrate in some way at the sales and marketing level with its $86 billion parent company, although, with the acquisition still to get final approval, the process will only start next year, Tear said. Besides, gaining brand equity and assets of its parent, Sony Ericsson, which has 19% and 12% share of the Indian and global Android smartphone market, respectively, will increasingly focus on the valueend of the market.
Some industry watchers said this could mean foregoing a big chunk of the Rs 30,000 crore Indian handset market, still dominated by sub- Rs 3,500 phones. "Smartphone's still account for only about 6% of the overall market as low-cost devices rule majority of the Indian market. Although, the growth is happening rapidly at 30-40 % in the smartphone category it will be a while before we get to the adoption rate of the mature markets," said Anshul Gupta, principal research analyst, Gartner, a global information technology research and advisory firm.
The company is banking on the huge growth potential in the smartphone category to also push its profitability. "Last eight quarters have been good for us and we are proud of that. We went from focusing only on volumes to value but the big setback was what happened in Japan with the Tsunami, which put us back for this year quite a bit. But we are going in the right direction," Tear said. The target is to become the number one Android player in the smartphone segment, he added.
Dalits venture into funding to help community with Rs 500 crore fund
BANGALORE: India's Dalit businessmen are pooling together risk capital to set up a venture capital fund for their brethren, the first initiative of its kind in the country. The Rs 500-crore fund, being championed by the Dalit Indian Chamber of Commerce and Industry, will be registered with capital market regulator Sebi by the end of the year.
It will open for business in the middle of 2012. The initial corpus for the sector-agnostic fund will come from the community's business elite, a group which includes Ashok Khade, chief executive of the Rs 500-crore Mumbai-based Das Offshore Engineering, and Rajesh Saraiya, chief executive of the $400-million (Rs 2,000-crore) UK-based steel trading firm Steel Mont, who will anchor the fund as Limited Partners, or LPs.
"The current funding mechanisms are largely collateralbased, which means they are out of bounds for a number of Dalit entrepreneurs," said the chamber's Chairman Milind Kamble, explaining the rationale for setting up the fund. Dalits number about 200 million, or one-sixth of India's population, but control only 1% of the country's wealth because they own very few assets, according to D Shyam Babu, a Dalit scholar and activist, who is researching the community's economic progress.
The Dalit business community has traditionally faced major hurdles in accessing capital despite the creation of government institutions such as the National Scheduled Caste Finance and Development Corp. "The amounts disbursed are too small - barely Rs 5 lakh - and even that is doled out in instalments. There is no denying the government programmes are designed to help, but they fall short," Babu said.
The fund will be run as a regular risk capital entity but will need to balance social good with commercial interest as the aim is to broaden the availability of capital for Dalit businessmen. "But this fund is not a charity; it will be run as a business," Kamble said.
Prasad Dahapute, MD at Varhad Capital, a boutique investment banking firm involved in setting up the fund, said they are seeking at least 30 members to contribute Rs 5 crore each. A number of well-known Dalit businessmen have been asked to contribute to the fund and many have agreed, he added.
It will open for business in the middle of 2012. The initial corpus for the sector-agnostic fund will come from the community's business elite, a group which includes Ashok Khade, chief executive of the Rs 500-crore Mumbai-based Das Offshore Engineering, and Rajesh Saraiya, chief executive of the $400-million (Rs 2,000-crore) UK-based steel trading firm Steel Mont, who will anchor the fund as Limited Partners, or LPs.
"The current funding mechanisms are largely collateralbased, which means they are out of bounds for a number of Dalit entrepreneurs," said the chamber's Chairman Milind Kamble, explaining the rationale for setting up the fund. Dalits number about 200 million, or one-sixth of India's population, but control only 1% of the country's wealth because they own very few assets, according to D Shyam Babu, a Dalit scholar and activist, who is researching the community's economic progress.
The Dalit business community has traditionally faced major hurdles in accessing capital despite the creation of government institutions such as the National Scheduled Caste Finance and Development Corp. "The amounts disbursed are too small - barely Rs 5 lakh - and even that is doled out in instalments. There is no denying the government programmes are designed to help, but they fall short," Babu said.
The fund will be run as a regular risk capital entity but will need to balance social good with commercial interest as the aim is to broaden the availability of capital for Dalit businessmen. "But this fund is not a charity; it will be run as a business," Kamble said.
Prasad Dahapute, MD at Varhad Capital, a boutique investment banking firm involved in setting up the fund, said they are seeking at least 30 members to contribute Rs 5 crore each. A number of well-known Dalit businessmen have been asked to contribute to the fund and many have agreed, he added.
Bank of India buys 51% in Bharti-AXA joint venture, returns to mutual fund business
India's fifth largest state-owned bank, Bank of India (BoI), will buy 51% stake in the mutual fund joint venture between telecom major Bharti Enterprises and AXA Investment Managers, a statement from the bank said.
This paves the way for Bank of India's re-entry into the 41-member-strong local mutual fund (MF) industry. BoI had shut its MF business in 2004.
BoI will buy Bharti's 25% stake and AXA's 26% stake in the in the asset management company. The deal brings down the Paris-headquartered AXA's stake in Bharti AXA Investment Managers to 49%.
Financial details of transaction wasn't disclosed, but an official familiar with the deal said BoI could have paid about 3% of Bharti AXA Investment's total assets under management of Rs 176 crore as on September 30. Total AUMs of the mutual fund industry was Rs 7.12 lakh crore as on September 30.
This values the deal at about Rs 5.3 crore. BoI will exclusively sell Bharti AXA Investment's products through its branch network, the person said, asking not to be named.
Bharti has been scouting for a buyer for its stake in the mutual fund venture for the past two years. The hunt for a prospective partner has largely been confined to banks, mainly state-owned, because their reach across the country would help the fund sell its schemes better.
Since the ban on entry load, or the fee that mutual funds used to charge investors to pay distributors, in August 2009, which have made distributors disinclined to market mutual fund schemes, banks have been in demand as partners for funds. In particular, small funds, which lack the network to market their equity schemes, are keen to tie up with banks.
Currently, most state-owned banks such as State Bank of India, Bank of Baroda and Canara Bank, which hold stakes in mutual fund ventures, own at least 49% in them.
Mutual fund industry officials said AMCs in emerging markets are usually valued at 4-6% of their assets. Recently, L&T Finance, the financial services arm of engineering major Larsen and Toubro, bought DBS Cholamandalam Asset Management for Rs 45 crore, valuing DBS at 1.55% of its total assets under management.
In June last year, Japan's Nomura bought a stake in LIC Mutual Fund for about 2.5% of fund's assets. In 2009, IDFC bought Standard Chartered Bank's asset management business for close to 5.7% of its assets.
This paves the way for Bank of India's re-entry into the 41-member-strong local mutual fund (MF) industry. BoI had shut its MF business in 2004.
BoI will buy Bharti's 25% stake and AXA's 26% stake in the in the asset management company. The deal brings down the Paris-headquartered AXA's stake in Bharti AXA Investment Managers to 49%.
Financial details of transaction wasn't disclosed, but an official familiar with the deal said BoI could have paid about 3% of Bharti AXA Investment's total assets under management of Rs 176 crore as on September 30. Total AUMs of the mutual fund industry was Rs 7.12 lakh crore as on September 30.
This values the deal at about Rs 5.3 crore. BoI will exclusively sell Bharti AXA Investment's products through its branch network, the person said, asking not to be named.
Bharti has been scouting for a buyer for its stake in the mutual fund venture for the past two years. The hunt for a prospective partner has largely been confined to banks, mainly state-owned, because their reach across the country would help the fund sell its schemes better.
Since the ban on entry load, or the fee that mutual funds used to charge investors to pay distributors, in August 2009, which have made distributors disinclined to market mutual fund schemes, banks have been in demand as partners for funds. In particular, small funds, which lack the network to market their equity schemes, are keen to tie up with banks.
Currently, most state-owned banks such as State Bank of India, Bank of Baroda and Canara Bank, which hold stakes in mutual fund ventures, own at least 49% in them.
Mutual fund industry officials said AMCs in emerging markets are usually valued at 4-6% of their assets. Recently, L&T Finance, the financial services arm of engineering major Larsen and Toubro, bought DBS Cholamandalam Asset Management for Rs 45 crore, valuing DBS at 1.55% of its total assets under management.
In June last year, Japan's Nomura bought a stake in LIC Mutual Fund for about 2.5% of fund's assets. In 2009, IDFC bought Standard Chartered Bank's asset management business for close to 5.7% of its assets.
TVS Motors, India Yamaha log sales growth in November
CHENNAI: Two-wheeler majors TVS Motor Company and India Yamaha Motor closed November with increased sales as compared to November last year.
TVS Motor Company closed the month with a sales growth of 12 per cent, selling 175,535 units compared to 157,041 units in the same month of the previous year.
The company's cumulative sales for the April-November, 2011, period grew by 12 per cent with sales of 1,499,612 units against 1,341,106 units recorded in the previous comparable period.
In its statement, the company Thursday said in view of the overall slowdown in economic growth, high inflation, increase in fuel prices and interest rates, there will be some moderation in the sales growth in two-wheelers over the next 3-6 months.
The company sold 172,829 two-wheelers last month in comparison with 153,882 units recorded in November 2010.
The company shipped out 24,271 units last month, logging 53 per cent growth over 15,850 units sold in November 2010.
However, in the three-wheeler segment, the company logged lower sales at 2,706 units last month as compared to 3,159 units sold in November 2010.
Cumulative TVS three-wheeler sales for the period of April-November 2011 grew by 21 per cent with sales of 29,524 units compared to 24,363 units registered during the same period of the previous year.
On the other hand, Japanese two-wheeler maker India Yamaha Motor Pvt Ltd closed November selling 39,162 units, up by 29 per cent as compared to November 2010 sales of 30,130 units.
Jun Nakata, director, sales and marketing, India Yamaha Motor, said: "We are very happy with the consistent sales growth that we've been witnessing this year. The new YZF-R15 version 2.0 along with FZ and SZ series is driving our sales in both domestic and export markets."
He said the company is planning to expand its sales and service network in tier II and III cities.
TVS Motor Company closed the month with a sales growth of 12 per cent, selling 175,535 units compared to 157,041 units in the same month of the previous year.
The company's cumulative sales for the April-November, 2011, period grew by 12 per cent with sales of 1,499,612 units against 1,341,106 units recorded in the previous comparable period.
In its statement, the company Thursday said in view of the overall slowdown in economic growth, high inflation, increase in fuel prices and interest rates, there will be some moderation in the sales growth in two-wheelers over the next 3-6 months.
The company sold 172,829 two-wheelers last month in comparison with 153,882 units recorded in November 2010.
The company shipped out 24,271 units last month, logging 53 per cent growth over 15,850 units sold in November 2010.
However, in the three-wheeler segment, the company logged lower sales at 2,706 units last month as compared to 3,159 units sold in November 2010.
Cumulative TVS three-wheeler sales for the period of April-November 2011 grew by 21 per cent with sales of 29,524 units compared to 24,363 units registered during the same period of the previous year.
On the other hand, Japanese two-wheeler maker India Yamaha Motor Pvt Ltd closed November selling 39,162 units, up by 29 per cent as compared to November 2010 sales of 30,130 units.
Jun Nakata, director, sales and marketing, India Yamaha Motor, said: "We are very happy with the consistent sales growth that we've been witnessing this year. The new YZF-R15 version 2.0 along with FZ and SZ series is driving our sales in both domestic and export markets."
He said the company is planning to expand its sales and service network in tier II and III cities.
Hero MotoCorp sales up 27.4 per cent in November
NEW DELHI: Two-wheeler major Hero MotoCorp Thursday reported a sales growth of 27.4 per cent in November which stood at 536,772 units as against 421,366 units sold in the like period of 2010.
"Our sales continue to set new benchmarks in the industry. We have been maintaining five-lakh-plus sales since August 2011 when we had launched our new brand identity," Anil Dua, senior vice-president for marketing and sales, Hero MotoCorp said in a statement.
According to Dua, the 27 per cent increase in sales for the month under-review assumes more significance as it was achieved post-festive period.
"This 27 per cent growth in the post-festive month of November is significant as it comes after our record retail sales in the month of October," Dua said.
The company's cumulative sales for the period April-November grew by 19.6 per cent at 41,22,902 units from 34,46,602 units sold in the corresponding period of last year.
The company added that it will continue its strategy of new product offerings and network expansion.
"We plan to continue with our strategy of regular new launches, continuous network expansion and focused communication," Dua said.
"Our sales continue to set new benchmarks in the industry. We have been maintaining five-lakh-plus sales since August 2011 when we had launched our new brand identity," Anil Dua, senior vice-president for marketing and sales, Hero MotoCorp said in a statement.
According to Dua, the 27 per cent increase in sales for the month under-review assumes more significance as it was achieved post-festive period.
"This 27 per cent growth in the post-festive month of November is significant as it comes after our record retail sales in the month of October," Dua said.
The company's cumulative sales for the period April-November grew by 19.6 per cent at 41,22,902 units from 34,46,602 units sold in the corresponding period of last year.
The company added that it will continue its strategy of new product offerings and network expansion.
"We plan to continue with our strategy of regular new launches, continuous network expansion and focused communication," Dua said.
HMSI sales up 54 pc in November
NEW DELHI: Two-wheeler manufacturer Honda Motorcycle & Scooter India (HMSI) today reported 53.64 per cent growth in its total sales for November at 1,99,154 units.
The company's total sales stood at 1,29,627 units in the corresponding month of the previous year, HMSI said in a statement.
Motorcycle sales jumped 32.82 per cent to 79,724 units in November this year, against 60,025 units in November 2010, it added.
The company reported an increase of 71.59 per cent in scooter sales to 1,19,430 units compared to 69,601 units in November 2010.
The company's total sales stood at 1,29,627 units in the corresponding month of the previous year, HMSI said in a statement.
Motorcycle sales jumped 32.82 per cent to 79,724 units in November this year, against 60,025 units in November 2010, it added.
The company reported an increase of 71.59 per cent in scooter sales to 1,19,430 units compared to 69,601 units in November 2010.
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