We certainly do expect to see double digit growth in FY15, Maruti chairman RC Bhargava says.
Auto giant Maruti Suzuki has been asked to halt the construction work on its research and development (R&D) facility at Rohtak, Haryana as no environmental clearances were obtained. In an exclusive interview with CNBC-TV18's Shereen Bhan, Chairman RC Bhargava says the company has invested Rs 2,000 crore in this facility.
"The matter is in court. The answer ultimately lies in some amendment to the environmental rules and regulation made by the previous government that have given rise to this situation," he says.
Speaking about the contentious issue of getting minority shareholders' approval to allow Japanese parent Suzuki Motor Corp own and invest in its Gujarat facility, he adds most investors are okay with the proposed Gujarat plant arrangement. "We have met investors all over the world regarding approval for the Gujarat plant and foreign investors have no issue with it," he adds.
The company is relatively sure of getting shareholders' nod for the plant, however, it doesn't have a 'Plan B' if minority vote goes against the proposed Gujarat plant arrangement. The company is hopeful of commissioning its Gujarat plant as scheduled in 2017, he says.
Bhargava reiterates that Maruti will be paying royalty to the parent in Indian rupees instead of Japanese yen for all new products. No company wants to take exchange-rate risk, thus we are paying royalty in rupee terms, he adds.
Meanwhile, speaking about the latest happenings in the company, he says Maruti will look at the sports utility vehicle (SUV) segment, which constitutes 21 percent of the total car market, more aggressively. It aims to launch first SUV in first half of CY15.
The auto industry witnessed strong sales in the month of August. However, Bhargava feels there is still a slight degrowth in the sector. Hesitating to outline aggressive growth projections, he cautions the industry is not out of the woods just yet.
Maruti Suzuki stock price
On September 08, 2014, at 14:10 hrs Maruti Suzuki India was quoting at Rs 2906.95, up Rs 22.60, or 0.78 percent. The 52-week high of the share was Rs 2963.70 and the 52-week low was Rs 1278.00.
The company's trailing 12-month (TTM) EPS was at Rs 96.45 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 30.14. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 4.19.
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