Saturday, November 1st, 2008
Oil PSU, Bharat Petroleum Corporation Ltd. has reported a loss of Rs 2,625.27 crore for the quarter ended September 30, 2008. The company had made a profit of Rs 1,038.16 crore in the corresponding period in the previous year. According to BPCL, its losses are on account of high crude prices and large-scale under recoveries on the sale of petrol, diesel and other petro-products. The company also suffered an exchange rate loss of Rs 714 crore during the quarter.
Net sales for the quarter were up by 50 percent, to Rs 37,850 crore, up from Rs 25,170 crore in the year-ago quarter. According to SK Joshi, Director - Finance, BPCL, under-recoveries have taken a heavy toll on the company’s finances. In the last two quarters, the under-recovery figure has shot up to Rs 21,824 crore, which includes Rs 2,300 crore on petrol, Rs 13,630 crore on diesel, Rs 3,046 crore on kerosene and Rs 2,843 crore on LPG.
[Via: indiaautomotive]
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Friday, October 17th, 2008
BMW India has launched the “BMW Xpo” at BMW dealerships across India until 28 October 2008, where prospective and existing customers can test drive the range of BMW cars at all BMW India dealerships during the BMW Xpo2008.
During the BMW Xpo 2008, special financing and leasing offers have been launched by BMW Financial Services in conjunction with ICICI Bank and ORIX Auto Infrastructure Services Ltd. Prospective BMW car buyers can also avail special insurance offers from Bajaj Allianz.
ICICI Bank will exclusively offer “Fixed Interest Rates” instead of “Floating Interest Rates” to all loans logged in for BMW customers. Attractive offers on the BMW 3 Series include “Zero down payment” option for select customers through ORIX Auto Infrastructure Services Ltd, Interest free option for a fixed period of time, Lower fixed interest rate of 15% from ICICI Bank, and a special discount of 30% on a basic insurance policy from Bajaj Allianz.
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Thursday, September 11th, 2008
Toyota is considering the possibility of bringing its vehicle-financing division - Toyota Financial Services - to India, in an attempt to boost sales in the country. According to reports in the media, Toyota Kirloskar Motor (TKM) has sent a detailed proposal regarding this initiative to Toyota’s headquarters in Japan, and a final decision is expected to come from there, soon.
With almost 60 percent of Toyota vehicles sold in India being financed by banks and other financial institutions, it would certainly help Toyota if its financial services arm can facilitate the availability of easy finance for the company’s customers.
On another front, Toyota is also working on CNG-powered variants of the Innova and the Corolla. However, the company wants to test its CNG kits extensively, to make sure its CNG vehicles comply with Toyota’s worldwide quality standards.
[Via: Indiaautomotive]
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Wednesday, June 25th, 2008
During a dealer teleconference today, General Motors announced it would be launching a zero-percent financing sale beginning tomorrow, while simultaneously raising the prices of its 2009 vehicles. The “72-hour sale” will run from June 24th through the 30th, and will offer customers 0-percent interest rates for 72 months on most Chevys, Buicks, Pontiacs and GMC vehicles. So far, there’s no word on whether the offer will extend to Cadillac and Saturn. GM will also offer $500 in “bonus cash” to buyers who opt to purchase GM products outright rather than leasing them. At the same time, the General is going to be raising the prices of 2009 models by an average of 3.5-percent “across the board,” something that was bound to happen, according to Mark LaNeve, GM’s vice president of vehicles sales, service and marketing.
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