Teen Traders' Blog

Mahindra and Mahindra is on a buying spree. First it bought the remaining stake of Renault in JV that makes Logan car, the 55% in Reva Electric joining Sequoia and GM   and now it has said that it has submitted a letter of intent for troubled Korean SUV maker Ssangyong Motor but declined to comment on the amount.

Pawan Goenka, president of Mahindra’s automotive sector told reporters, We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence .” Not telling the amount he said “We have to look at the economic viability of the company and how it fits into our strategy before we make a bid,” Goenka said.

The South Korean media values the company at $300 million to $500 dollars but Mahindra And Mahindra is expected to bid in the range of $100 million to$300 million

Mahindra has reported a 36.4% rise in net profit . The computer has planned to launch an SUV in US later this year after it gets the necessary approvals.

BMW has grabbed the nuber one spot in the Luxury car segment in Idia leaving behind traditional winner Mercedes having sold 3619 cars in the calendar year 2009, which rates as the highest number of units sold by a luxury car manufacturer in India claiming a 40% market share. BMW India sold 1155 units of the 3 Series, 1590 units of the 5 Series, 28 units of the 6 Series, 350 units of the 7 Series, 101 units of the X3, 287 units of the X5, 83 units of the X6 and 25 units of the Z4.

Peter Kronschnabl, BMW India President said in a statement, “We made great strides in implementing our strategy, and this gave us a significant competitive edge that provided us with a clearly formulated vision. Now more than ever, we see that the number one position in the market is not everything. But, the future belongs to India and if you want to benefit from the dynamics of the Indian market later, you need to act today. This is what we did. Our commitment to India was among the strategic decisions that had to be taken right away.”
 

BMW India ranks as the number one in the luxury car segment in India.
BMW India achieves leadership position by increasing its market share in the luxury segment of the Indian automotive market to over 40%.
 
New Delhi.  BMW India is the number one in the luxury car segment in India and portrays a symbol for dynamic and forward striving people.
 
BMW India increased its market share in the luxury segment of the Indian automotive market to over 40% in 2009 (from 9% at the end of 2006).  With 3619 cars delivered to customers in the calendar year 2009, BMW India has achieved the “highest sales by a manufacturer in the luxury car segment in a year” till date.
 
In 2009 BMW India sold
 
BMW 3 Series – 1155 units
BMW 5 Series – 1590 units
BMW 6 Series – 28 units
BMW 7 Series – 350 units
BMW X3 – 101 units
BMW X5 – 287 units
BMW X6 – 83 units
BMW Z4 – 25 units

-Aditya Birla Group’s Spice Communications soared 8.75% to Rs 78.95 on bargain hunting after the stock corrected 10.48% in the preceding two trading sessions to Rs 72.60 on Friday, 11 September 2009. The scrip topped the gainers in the BSE’s ‘A’ group.IndiaInfoline

-Indian real estate market is on its way to recovery: Makaan.com survey.

-Sun Pharma gets US anti-trust clearance for open offer.BusinessStandard

-China files WTO case over tire tariffs, Obama says they are aimed at making trade systems work.YahooFinance

-Compton Greaves, a unit of Avantha Power & Infrastructure, is reportedly interested in bidding for Areva SA’s transmission and distribution unit and has sought information on the sale.IndiaInfoline

-Real estate developer HDIL has agreed to pay tax on additional income of Rs 350 crore following raids by the revenue department, the company said in a statement today, denying it had done any wrong.BusinessStandard

-Tata Motors unveils Tata SK 407 Tipper in Keral.IndiaInfoline

-Magna: 10,500 Opel jobs in Europe could be cut. YahooFinance

-Indian drivers not good enough for F1: Mallya.BusinessStandard.

-Oil India IPO priced at Rs 1,050/share; listing on Sep 30.EconomicTimes

-Tata Motors raises Rs 236 cr via share sale in Tata Steel.BusinessStandard.

-Wipro Ltd, India’s No 3 software services firm, is seeing a pick-up in growth momentum in Europe in this quarter on increased outsourcing and stability in billing rates, a senior official said on Monday. EconomicTimes
-Omaxe to build township in Lucknow, eyes Rs 2,800 cr revenue-BusinessStandard.

The talks between Volkswagen AG and Porsche Automobil Holding SE has been indefinitely postponed but the sports car maker insisted that only the next round had been cancelled.

Peik von Bestenbostel, Volkswagen spokesman, told the associated press that the talks have been put on hold for now. He told,”Before we can take up talks again, it is necessary that Porsche adopts a clearly constructive attitude toward them.”

But Porsche insists that though the next round of talks and the working group meeting on the merger of the two car makers had been cancelled, “The negotiations that were begun last week will continue as planned.”

VW spokeswoman told yesterday, “There is currently no atmosphere for contructive talks.”

A major issue for VW is the huge debt of Porsche. Porsche has a $12 billion net debt after it increased its stake in VW to 51% last year.

The talks between the treasury and the lenders about keeping ChryslerLLC out of bankruptcy broke down on Wednesday Make it but certain for Chrysler to file chapter 11 protection on thursday, the people associated with the matter said WSj on Wednesday.
The poele associated with the talks said that “All peices are in place ” to take the company through the court proceeding and complete the matter in a few weeks.

The talks broke down after the people of the Obama administration’s automotive task force talked with several lenders and hedge funds to reduce Chrylers debt.

The treasury even boosted its offer and provide a $250mn more to make it $2.25Bn in cash for the banks and the Hedge funds to forget Chryslers underlying debt of $6.9 billion, people familiar with the matter said.
The creditor J.P. Morgan Chase & Co which is the largest lender to Chrysler gave other 45 Banks and Funds a 90 Minute on Wednesday to vote the deal.
A large Number of the them voted no and this paved the way for Chrysler to take the road to Bankruptcy court in an unavoidable manner, people close to matter said WSJ.
Chrysler’s fortunes have started fading ever since its breakup with Daimler AG 2 years ago.