...Monthly Update | March 2011 April 4, 2011 Yaresh Kothari +91 22 39357800 Ext: 6844 yareshb.kothari@angelbroking.com Automobile Sector Steady growth Automakers maintained their strong volume momentum in March 2011, recording double-digit sales growth. Despite expectations of a slowdown in demand due to higher interest rates and product price increases, volume growth remained buoyant on the back of positive consumer sentiment and heavy discounts offered by OEMs and dealers to clear their year-end inventory. Among the majors, Maruti, Hero Honda, TVS Motor and Ashok Leyland reported better-than-expected numbers for the month. Going ahead, however, hikes in product prices, increased fuel price along with higher interest rates would be the major headwinds that could impact performance of the players. Tata Motors (TML) reported 10.9% yoy (7.5% mom) growth in total volumes, led by better-than-expected numbers in the commercial vehicles (CV) segment. Growth in the CV segment was led by a bounce back in M&HCV and LCV sales, which registered strong growth of 11.8% (30.6% mom) and 23.1% yoy (15.7% mom), respectively. In the PV segment, TML reported a 0.4% yoy (12.9% mom) drop in offtake, largely due to a 40.3% yoy (30.9% mom) decline in Indica dispatches. Nano volumes remained strong, posting 84.9% yoy growth. Ashok Leyland (ALL) posted better-than-expected numbers during the month, registering a strong 20.9% yoy (24.2% mom) increase in volumes to 12,168 units. Volume growth during...
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...Bajaj Auto Limited – Small is Better Bajaj Auto Limited was established in 1945 as a trading company and obtained its production license in 1959 It is India’s largest two wheeler manufacturers and was dominant player until the early 1990s. The two-wheeler industry thrives in developing countries, especially in densely populated countries like India. But with the income level rising, people are opting for entry-level motorcycles rather than scooters. The two wheeler industry grew by 11.6 percent-from 5.05 million units in 2002-03 to 5.64 million units in 2003-04. However, due to global competition, Baja’s market share declined from 49.3 percent in 1994 to 38.9 percent in 1999. In order to overcome this problem, Bajaj auto has decide that smaller is better and reduced significantly its head count, first in 1998 and then in 2001 by more than 3000 persons. In 2000-01, the company cut down its staff strength from 17,213 to 13,819. Bajaj has offered four VRS schemes till date for its staff and two such for its workers, and the attempt compacted its employee strength by 9.384(from 21.373 in 1997 to 11.531 in 2004), resulting in a reduction of Rs. 70.6 crore per annum in its wage bill. By doing this the company was able to improve its output/employee/year from 67.7 in 1997 to 101 in 2002 and then to 132 in 2004, an increase of almost 50 percent in 7 years. “The obvious goal to increase the productivity was made possible”, says Mr. Madhur Bajaj, the Vice Chairman. The productivity has...
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...Bajaj Auto Ltd Situational Analysis: Indian economy has undergone tremendous changes during the 1980’s and 1990’s. The Indian industrial sector was protected from the international competition by the government of India during the 1980’s. During the 1990’s the economic crisis forced the Indian government to open up the Indian economy. With the opening of the Indian economy the competition for the industrial sector especially the automobile sector was severely hit. Now even the foreign brand automotives could compete in the domestic market without any tariff barriers or any other interventions. This meant that the local industries had to compete with the international brands without any kind of protection. Bajaj Auto Limited (BAL) found that its domestic market declined by 5% in the year 1991-1992. Bajaj had set a goal to protect its dominance in the Indian market and increase its exports to 15% of total sales by 1998. In the domestic market it was facing a stiff competition from Hero Honda and Kinetic Honda. The main problems of the BAL lied in its improper inventory management, higher average cycle time for launching a new product, not very advanced R&D facilities. To overcome these shortcomings the company did modernize itself but it was important for the company to sustain the tough competition. Problem Statement: It was necessary for the company to reinvent itself to sustain competition. The sales have been falling drastically and to make things worse its experience...
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...7 Cities Do It Yourself Auto Repair Assignment 2Week 8: Marketing Plan Part B Roderick D Williams Strayer University Marketing Management Professor Caitlyn Worner 6/1/14 7 Cities Do It Yourself Auto Repair The concept of 7 Cities Do It Yourself Garage did not derive from the passion of an individual repairing their own automobiles, it derived from finding a money saving solution to small auto repairs. Many people do not change their own oil, which is a very inexpensive preventive maintenance cost. Once you get the feel for doing your own oil changes, it will lead to you learning more about vehicle repairs and the amount of money saved in the process. This knowledge will come in handy especially during difficult economic down times, like the economy in 2008. As you learn more about at home car repairs, some required tools and equipment are not available for use in the driveway or garage. Researching a few backyard mechanics you will find the same problems. In addition, many people that rent homes and apartments are not allowed to work on automobiles on the premise, of the rental property; in the city of Norfolk it is illegal and by owner discretion in others. Roderick Williams has been a vendor at a local flea market for over 10 years and through his consumer connections, he was often asked does he know of someone that can fix this or repair that. Another vendor sells stereo equipment, but there is no one to install the equipment, especially on rainy days...
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...SEARS, ROEBUCK, AND CO.: THE AUTO CENTER SCANDAL Sears, Roebuck, and Co. began in the late 1800s as a mail-order company that sold farm supplies and other consumer items. Its first retail store opened in the mid-1920s. Responding to changes in American society, such as the move from farms to factories and the presence of the automobile in many homes, hundreds of retail stores opened over the years. The company expanded rapidly, and eventually it diversified to include other businesses: insurance (Allstate Insurance), real estate (Coldwell Banker), securities (Dean Witter Reynolds), and credit cards (Discover). Each of these other businesses became its own division, in addition to the merchandising group which included retail stores, appliances, and auto service centers. By the early 1990s, the company was reporting revenues and earnings in the billions of dollars. 40 Despite its long history of high earnings and its penetration into the U.S. market, Sears' retail business began to experience serious financial difficulties in the 1980s. Discount retailers such as Wal-Mart were pulling ahead in market share, leaving Sears lagging. Sears responded by adding non-Sears name brands and an "everyday low price" policy. But despite these efforts, in 1990 Sears reported a 40 percent decline in earnings, with the merchandising group dropping a whopping 60 percent! Cost-cutting measures were planned, including the elimination of jobs and a focus on profits at every level.41 In...
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...17th, 2013. On that day, hordes of eager Grand Theft Auto fans lined up outside of Gamestops everywhere, anxious to get their hands on Rockstar Games's highly anticipated latest addition to the saga: Grand Theft Auto V. Those fans were not disappointed. It is widely hailed as one of the best games ever released for the Playstation 3 and Xbox 360, and is probably responsible for more than one late research paper. This is due to its nearly flawless mechanics, gripping storylines, gorgeous graphics, and enormous open world. Until a couple weeks ago, I'd never played any game in the Grand Theft Auto series. This is largely because Grand Theft Auto IV was released when I was thirteen years old, and my parents thought that was just a bit too young to be exposed to car-jackings and rampant hooker-killing. However, for the sake of research and comparison, two weeks ago I played my Steam copy of Grand Theft Auto: San Andreas, which comes right before GTA IV. Now, I don't know what GTA IV's mechanics and physics are like, but San Andreas's are very buggy and wooden-looking. Murdered gangsters flop around like rag dolls and do that weird restless-leg-syndrome-type wiggling that really just shouldn't be continued postmortem. Your car or bike might spontaneously disappear, leaving you to either trudge to your destination on foot or drag some poor schmuck out of his own vehicle. These anomalies are exceedingly rare in Grand Theft Auto V. Dead people stay dead, and your car either stays where...
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...Thakur Institute of Management Studies and Research INDIAN AUTO CO’S GREAT CAR CALL BACK – REASONS & IMPACT ON INDIAN ECONOMY Production Management Assignment by Bharat M Patil – MFM 15-18-33 Reasons for Car CALL BACKS…. Every manufacturer need to produce a products that are, safe to use and must achieve all the specifications as specified to customer. This aspects is not only essential to build long-term brand value and corporate success, but it is also required by laws. Every manufacturer develops and implements various robust systems & processes to achieve goal of perfection. However due to some errors which occurs during manufacturing processes, defects occurs. This is very much possible in advanced products such as automobiles. In the event of defects noticed, by taking a responsibility & showing a maturity if action is initiated by manufacturer to fix the issue in favour of the customers, such events are called as CALL BACK. The main reasons for CALL BACKS are, 1. If auto manufacturer discovers safety-related defects, he must initiate some form of CALL BACK to address the problem. e. g. Honda Cars India Ltd (HCIL), CALL BACK 64K units of diesel variants of Honda City manufactured from Dec. 2013 to Jul. 2015 to voluntarily replace the fuel return pipe. 2. The product reliability issues aren’t always related with CALL BACK but customer expect the need for CALL BACK for reliability problems also. e. g. navigation system malfunctions would be reliability...
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...AUTOPILOT An autopilot is a mechanical, electrical, or hydraulic system used to guide a vehicle without assistance from a human being. An autopilot can refer specifically to aircraft, self-steering gear for boats, or auto guidance of space craft and missiles. The autopilot of an aircraft is sometimes referred to as "George", after one of the key contributors to its development HISTORY OF AUTOPILOT MECHANISAM: In the early days of aviation, aircraft required the continuous attention of a pilot in order to fly safely. As aircraft range increased allowing flights of many hours, the constant attention led to serious fatigue. An autopilot is designed to perform some of the tasks of the pilot. The first aircraft autopilot was developed by Sperry Corporation in 1912. The autopilot connected a gyroscopic Heading indicator and attitude indicator to hydraulically operated elevators and rudder (ailerons were not connected as wing dihedral was counted upon to produce the necessary roll stability.) It permitted the aircraft to fly straight and level on a compass course without a pilot's attention, greatly reducing the pilot's workload. Lawrence Sperry (the son of famous inventor Elmer Sperry) demonstrated it two years later in 1914 at an aviation safety contest held in Paris. At the contest, Sperry demonstrated the credibility of the invention by flying the aircraft with his hands away from the controls and visible to onlookers of the contest. This autopilot system was also capable...
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...Autobiography My name is Cynthia Ruth Hudson, I was born November 8, 1984 in San Antonio, Texas. I was the youngest of three children. I have a brother and a sister. My parents are Michael and Debra Hudson. They divorced when I was six years old. After that my mom, my sibling and I moved a lot. I come from a big family. I am one of fifty- three first cousins. There were a lot of cousins around growing up. When I was born, I had medical problems. One of the medical problems made me have seizures until the age of three. Having the seizures affected my learning part of my brain. I still have the learning problems but I don’t let it stop me. I find ways to help me overcome things that come my way. When I was twelve years old, my mother remarried. A few months later my grandmother passed away, then shorty there after my step- father passed away. Then after that my biological father passed. With my father death help I decided that I will never do drugs. It is a promise that I made to myself. I’ll always keep. Having a large family around influenced my decision to become a teacher. I enjoy watching my cousins grow and learn. It’s fascinating watching the “light bulb” come on in their heads. Teaching is big part of my life. I took two teaching classes in high in school. Outside of high school, I went to the Boys and Girls club of Lakeland. With the club I was able to teach classes to many people like officers in the military, teens at rick and teachers at a conference...
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...Hello fellow student! My name is Chrystal and I am working on my bachelor’s degree. It has taken me nearly fifteen years to just get to this point. I’m sure like most of you; my personal life has been my biggest challenge. I have always loved school and I currently have my CDA (Child Development Associate Certificate) and have taken a few courses at my local community college. I currently work as a teacher assistant for a Head Start program. I have held many different positions from Center Director, Supervisor of a twenty-four hour center, teacher, and current position. I love my job because of the families and children I work with. Just knowing that I have the ability to make a positive impact in a Childs life is the most rewarding gift. However without a higher education all the experience in the world is not enough. With this degree I plan to use it to open my childcare center. I live in the fabulous Las Vegas, but I grew up in a small town in Central Utah. In my spare time I love to play Disc Golf and relaxing with my beautiful soon to be thirteen year old daughter. My daughter happens to be role model and I want to show her that you can do anything that you set your mind too. I also want her to see the importance of getting an education. As I mentioned prior, receiving this degree will help to achieve my long term goal of opening an Early Child Center. I also want to help show others the importance of getting an education and that it’s never too late to get an education...
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...Autobiography My name is Kenne’ MarShuna Benjamin. I was born on January 17, 1995 to Crystal and Kenneth Benjamin. My grandparents are Betty (Arthur) Finklea and Barbara (Willie) Benjamin. During my younger years, my grandmother kept me involved in my home church (Tates Chapel A.M.E.). I was a member of the youth choir and junior usher board. I am currently a member of the Adult Choir. In 2000, I entered J.E. Hobbs Elementary School. I was inducted into Beta Club and attended my first prom in fifth grade. I maintained a 4.0 GPA and graduated as class salutatorian of my 2007 sixth grade class. In August of that same year, I was promoted to Camden School of Arts and Technology. I was allowed to take the ACT in the seventh grade because of scoring high on my SAT 10 and ARMT test. Because it was my first year of Junior High School, I became lazy and let my grades dropped. However, I still graduated number four of my 2009 eighth grade class. In August of 2009, I advanced to Wilcox Central High School. Ninth and tenth grade were my best years. Those years brought many tears and laughter. My high school extracurricular activities include: Delta Gems, HOSA, ROTC, Choir, FFA, FBLA, Co-op, and Over Achievers. During my junior year of high school, I started my first job. It opened many doors because I was working two jobs which was Solid Waste Department on weekdays and Dallas Soul Food on weekends (current). Also in my junior year, I attended my first high school prom. It was a memorable...
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...INTRODUCTION: Fundamental analysis of a business involves analysing its financial statements and health, its management and competitive advantages, and its competitors and markets. Fundamental analysis includes the economic analysis, industry analysis and the company analysis. There are certain factors that are to be considered while doing the fundamental analysis and it includes Financials of the company It involves the study of financial health of the company using the various financial reports, like the profit and loss account, the balance sheet, and the cash flow statements. State and direction of domestic economy This is a study of the country’s economy in which the company operates. If the economy is growing fast, the probability of the company growing fast is greater. Similarly, if the economy is facing a slow growth, the chances of the company growing fast are lesser. Currency & commodity price movements Most companies use commodities like coal, metals and crude oil as their inputs. Any change in the price of these commodities has an implication on the profitability of the company. Similarly, any change in the exchange rate of currencies also has an impact on companies that import their raw materials or export their products. Interest rate movements Companies borrow money to invest for their expansions. Also, consumers borrow money to buy products. Thus, if the interest rates are high, the borrowing cost of the companies would increase. Also, consumers would...
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...www.businessmonitor.com Q1 2012 VIeTNAM AUTOS RepORT INCLUDES BMI'S FORECASTS ISSN 1749-0286 published by Business Monitor International Ltd. VIETNAM AUTOS REPORT Q1 2012 INCLUDING 5-YEAR FORECASTS TO 2016 Part of BMI’s Industry Report & Forecasts Series Published by: Business Monitor International Copy deadline: October 2011 Business Monitor International 85 Queen Victoria Street London, EC4V 4AB UK Tel: +44 (0) 20 7248 0468 Fax: +44 (0) 20 7248 0467 Email: subs@businessmonitor.com Web: http://www.businessmonitor.com © 2011 Business Monitor International. All rights reserved. All information contained in this publication is copyrighted in the name of Business Monitor International, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any...
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...Introduction to Auto-transformers An autotransformer is an electrical transformer with only one winding. The auto prefix refers to the single coil rather than any automatic mechanism. In an autotransformer portions of the same winding act as both the primary and secondary. The winding has at least three taps where electrical connections are made. An autotransformer can be smaller, lighter and cheaper than a standard dual-winding transformer however the autotransformer does not provide electrical isolation. At first sight, an autotransformer appears to be similar to a resistance potential divider. But this is not so. A resistive potential divider can’t step up the voltage, whereas it is possible in an autotransformer. Operation An autotransformer has a single winding with two end terminals, and one or more terminals at intermediate tap points. The primary voltage is applied across two of the terminals, and the secondary voltage taken from two terminals, almost always having one terminal in common with the primary voltage. The primary and secondary circuits therefore have a number of windings turns in common. Since the volts-per-turn is the same in both windings, each develops a voltage in proportion to its number of turns. In an autotransformer part of the current flows directly from the input to the output, and only part is transferred inductively, allowing a smaller, lighter, cheaper core to be used as well as requiring only a single winding. One end of the winding is usually...
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...Executive Summary The purpose of this report is to provide analysis of the Japanese auto manufacturer’s response to the rapid appreciation of the yen during the period known as Endaka and to offer recommendations to modern day multi-national corporations who are currently operating in a volatile exchange rate environment. The method of analysis includes evaluating the circumstances that led to the rise in the value of the yen as well as the subsequent actions of the Japanese auto manufacturers during this time. The results of this analysis suggest that there are several important lessons that can be derived from the Japanese auto industry’s Endaka experience. These lessons have been used to develop several strategies that can be employed by multi-national corporations in any industry to more effectively manage the operating exposure that fluctuations in exchange rates can create. These strategies include: • Employing cost reduction methods • Increasing operational efficiencies • Investing in research and development efforts • Diversifying the markets in which they participate • Expanding production locations to low-cost sites • Utilizing financial hedging practices. This report recognizes that the method of implementation of the operating exposure management strategies discussed will vary depending upon the size, structure, industry, and nations in which individual multi-national corporations operate. However, these recommendations are presented with the intention of...
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