Eaton signs transmission supply pact with Tata Motors

Eaton signs transmission supply pact with Tata Motors
NEW DELHI: Diversified industrial manufacturer Eaton Corporation on Wednesday said it has signed an agreement with Tata Motors to supply heavy duty synchronised transmissions.

"Eaton's Truck Group will supply heavy duty synchronised transmissions to Tata Motors for use in its World Truck program in India as well as global markets," the company said in a statement.

"This is a very important achievement for Eaton in meeting our significant growth goals for India and the Asia-Pacific region in general. Our relationship with Tata is an excellent indicator of our commitment to India's commercial vehicle market and its long-term prospects for growth," Eaton' Truck Group President James E Sweetnam said.

Initial transmission production will take place at Eaton plants in Tczew, Poland, and Wuxi, China, with production moving to its new facility in Pune, India, as volumes increase, it added.

With 2008 sales of 2.5 billion dollars, Eaton's Truck Group is a global leader in the design, manufacture and marketing of powertrain systems and components for commercial vehicles.
Source : Economic Times (2/4/2009)

Hindustan Motors Q3 earnings plummet 61.79%
Hindustan Motors disclosed a substantial drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 61.79% to Rs 109.90 million from Rs 287.60 million in the same quarter previous year.

Net sales declined 24.61% to Rs 1,110.80 million, while total income for the quarter fell 25.18% to Rs 1,110.80 million, when compared with the prior year period.

The company posted earnings of Rs 0.68 a share during the quarter, registering 61.80% decline over prior year period.

Interest cost decreased 46.12% to Rs 41 million while depreciation cost rose 7.06% to Rs 56.10 million over previous year period.

The company`s principal activities are to manufacture and sell passenger cars, trucks, multi-utility vehicles, power shift transmission products, engines, torque converters, power product units and heavy engineering equipment.

Shares of the company gained Rs 0.36, or 3.08%, to trade at Rs 12.06. The total volume of shares traded was 171,280 at the BSE (2.28 p.m., Wednesday).
Source : myiris.com (2/4/2009)

Majestic Auto to explore new venture
The board of directors of Majestic Auto at its meeting held on Jan. 27, 2009, has principally agreed to explore the possibility of starting new venture to setup a directory enquiry / information distribution business in India with a foreign company having experience in the said business.

The company`s loss for the quarter ended December 2008 has narrowed. During the quarter, the loss of the company declined to Rs 1.70 million compared with a loss of Rs 6.50 million in the same quarter previous year.

Net sales for the quarter rose 10.92% to Rs 248.80 million, while total income for the quarter rose 10.21% to Rs 252.60 million, when compared with the prior year period.

Shares of the company gained Rs 0.75, or 3.09%, to trade at Rs 25. The total volume of shares traded was 500 at the BSE (1.32 p.m., Wednesday).
Source : myiris.com (2/4/2009