Copy of Industry Cursor April 2015

Issue 80 | Apr 2015CONTENTS

Strictly for Private Circulation

Key Macroeconomic Highlights of FY15

MACROECONOMIC UPDATE

Logistics & Supply Chain

Commercial Vehicle

Gems & Jewellery

Hi-Tech

Banking

Hospitality

IT-Hardware

Passenger Vehicle

Textile & Garment

Steel

Retail

Two and Three-Wheeler

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Macroeconomic Update

Auto Components

n Real gross value added (GVA) at basic prices grew at an average of 7.4% during Apr-Dec FY15 as compared to 7.1% during Apr-Dec FY14. The agriculture, industry and services sectors grew by 1.4%, 5.3% and 10.7% respectively during Apr-Dec FY15, as compared to 3.4%, 4.6% and 10.0% respectively during Apr-Dec FY14.

n The private final consumption expenditure (PFCE) grew by 5.4% during Apr-Dec FY15 as compared to 5.9% during Apr-Dec FY14.

n During Apr-Feb FY15, the Index of Industrial Production (IIP) registered a growth of 2.8% (y-o-y) against a marginal decline of 0.1% (y-o-y) in the corresponding period of the previous fiscal.

n The mining and manufacturing sectors grew by 1.5% and 2.2% during Apr-Feb FY15, while the electricity sector witnessed a significant growth of 9.0%.

n During Apr-Feb FY15, WPI inflation moderated to 2.5% (y-o-y) against a growth of 6.0% in the year-ago period.

n Bank credit moderated to 9.5% (y-o-y) as of March 20, 2015 as against 13.9% (y-o-y) during the corresponding period of the last fiscal.

n The RBI reduced repo rate by 50 bps in two phases to 7.50% during the last quarter of FY15.

n India's trade deficit narrowed to US$ 112.5 billion in Apr-Dec FY15 from US$ 116.9 billion in Apr-Dec FY14.

n Current Account Deficit shrank to US$ 26.2 billion in Apr-Dec FY15 (1.7% of GDP) from US$ 31.1 billion in Apr-Dec FY14 (2.3% of GDP).

Healthcare & Pharmaceutical

E: D&B EstimatesSource: CSO, D&B Industry Research Service

IIP and core infrastructure: Growth (%)GDP: Growth (%)

*Upto FebSource: Ministry of Commerce & CSO

Macroeconomic triad (estimate)

Note: Exchange rate: INR/US$ at month endInterest rate refers to year-end WPIInterest rate corresponds to yield on T-Bills 15-91 daysSource: Ministry of Commerce and Industry

FY15

India's exports & imports (US$ bn)

Inflation2.2%

Interest rate8.3%

Exchange rate62.5

cursorIndustry

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AUTO COMPONENTS INDUSTRY

n ACMA expects the Indian auto components industry to grow by 6% during FY15. During FY14, the industry's turnover had declined by 2% y-o-y to ` 21.17 billion. It expects auto components exports to grow by 10-15% this year compared with growth of 5.5% last year.

n The auto component arm of the Fiat Group - Magneti Marelli divested its 50% stake in its wholly-owned Indian subsidiary, Magneti Marelli Shock Absorbers, in favour of Samvardhana Motherson International. The company has spun it into an equal joint venture.

n Maharashtra-based Precision Camshafts Ltd (PCL), a camshafts manufacturer, entered into a technology tie up with German engineering company EMAG to introduce assembled camshafts technology in the country.

n Amtek India formed an equal joint venture with Tokyo-based Riken Corporation to build an iron casting foundry in Bhiwadi, Rajasthan. The JV will initially produce 15 lakh iron camshafts annually for the automobile industry. Further, the foundry is expected to commence operations by Q4FY15. Amtek India expects the JV to consolidate its position in the iron foundry business.

n Japan's Honda Motors plans to make India its manufacturing base for the supply of manual transmissions to emerging markets in Asia and Latin America. Honda Motors intends to exploit the country's low-cost manufacturing advantage and plans to use the company's unit in Rajasthan to manufacture and supply manual gears.

n Bharat Forge Ltd sold 50% stake in Impact Automotive Solutions Ltd, its joint venture company with KPIT Technologies, for ` 10.8 crore. The JV was formed to manufacture hybrid solutions for automobiles.

n Tata AutoComp Systems Limited and Katcon Global signed a 50:50 joint venture agreement to make exhaust systems and emission after-treatment systems to cater to the Indian automotive industry. Katcon Global manufactures catalytic converters, diesel after-treatment devices, and exhaust modules and systems.

n Ceat Tyres, which is setting up a new plant in Nagpur, plans an investment of ` four billion in the first phase. The proposed plant, which is expected to manufacture 1.2 million tyres, is scheduled to begin operations by April 2016.

Steel prices (Mumbai) (`/tonne)

Rubber prices* (Kottayam)(`/quintal)

*Rss-4 CMIESource for all above charts:

Major Expansion Announcements during FY15

n Motherson Sumi Systems, the flagship company of the Samvardhana Motherson Group, announced the acquisition of US-based Stoneridge Inc's wiring harness business for US$ 65.7 million.

n Apollo Tyres plans to set up a plant in Eastern Europe to manufacture passenger car tyres and heavy commercial vehicle tyres with the objective of increasing its footprint in Europe. The company plans to invest 500 million in the plant, which is expected to be completed in 2018, and will roll out an estimated 55 lakh car tyres and 6.75 lakh truck tyres.

n As part of its plan to enhance annual revenues from ` 70 billion to ` 100 billion, Delhi-based JBM Group plans to invest ` 7 billion in automobile component business over the next two years. The group, which presently offers only 12-metre buses, plans to expand its range of buses by launching 6-metre and 18-metre buses over the next five years.

Key Highlights of FY15

HR coils 2.00 mm CR coils 0.63 mm

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Deposits, credit and growth rates

Note: Call rates for April-15 are up to Apr 10, 2015Source for all above charts: RBI

Movement in call money rates (%)

BANKING INDUSTRY

Note: Data for Mar 15 is as on Mar 20, 2015

n The Reserve Bank of India (RBI) reduced the policy repo rate under the liquidity adjustment facility (LAF) from 8.0% as of 04-Apr-2014 to 7.5% as of 27-Mar-2015. Consequently, during the same period, the reverse repo rate under the LAF decreased from 7.0% to 6.5%, while the marginal standing facility (MSF) rate and the Bank Rate also decreased from 9.0% to 8.5%.

n During FY15, the RBI kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0% of net demand and time liability (NDTL).

n ATMs deployed in the country increased by 39% during Apr-Dec FY15, with ATMs deployed in semi-urban centres increasing by 39% and ATMs deployed in rural centres increasing by 79.6% as compared to the corresponding period a year ago. Number of ATMs deployed in rural centres stood at around 28,500 as of December 2014.

n The RBI prescribed banks not to charge foreclosure charges or prepayment penalties on all floating rate term loans sanctioned to individual borrowers.

n RBI permitted banks to allow children older than 10 years to open and operate a savings bank account without the help of their parents and guardian in an attempt to enhance financial inclusion.

n RBI enabled banks to issue tier-2 capital instruments with a minimum original maturity of at least five years as against 10 years earlier and also empowered banks to issue tier-2 debt capital instruments to retail investors, which is however subject to the Board approval and other conditions.

n RBI decided to allow banks to consider another 5% of their net deposits within the existing statutory liquidity ratio (SLR) requirement for liquidity.

n RBI allowed banks to extend loans up to ` 10 lakh to individuals against long-term infrastructure bonds issued by them.

n RBI withdrew the 20:80 rule and restrictions placed on import of gold, thereby easing restrictions on gold imports. Under the 20:80 norm, at least 20% of the imported gold had to be mandatorily exported before bringing in new lots.

n The RBI's working group recommended inclusion of loans to medium enterprises, export credit, sanitation, healthcare, drinking water facilities and renewable energy under the ambit of priority sector lending. It has recommended a sub-target of 7.5% for micro enterprises.

n RBI granted in-principle approval to Bandhan Financial Services Private Ltd and IDFC to establish banks.

%` bn


Key RBI Announcements in FY15

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Deposits (LHS) Credit (LHS)

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COMMERCIAL VEHICLE INDUSTRY

Source for all above charts: CMIE

n Fiscal year 2014-15 was the third consecutive year of decline in domestic sales of commercial vehicles. Sales declined by 2.8% in FY15, which came on top of the steep 20.2% drop in FY14. Exports of CVs, on the other hand, recorded growth of 11.3% in FY15, as against a decline of 13.3% (FY13) and 3.7% (FY14) in the preceding two years.

n The Society of Indian Automobile Manufacturers expects the bus segment to grow by 10-12% during FY16 on the back of improved economic activity. Moreover, SIAM expects the beginning of delivery of buses under the JNNURM programme during FY16 to be a major factor to drive sales of buses, other than the low base effect.

n In the Union Budget 2015-16, the Government increased the customs duty on commercial vehicles from 10% to 20% with the aim to encourage local manufacturing. However, the move is not expected to have a major impact given the insignificant imports.

n In a bid to expand its commercial vehicles business in the Asia-Pacific market, Tata Motors has chalked out strategic plans for this market. After having launched its products in Indonesia and Australia in the past six months, the company plans to launch products in Philippines and Malaysia during the next six months, and eventually cover the Vietnam market by the end of the year.

n Tata Motors launched its Ultra range of trucks, aimed at increasing its share in the intermediate and LCV segment. The base variant of Ultra 812 is priced at ` 10.53 lakh and the Ultra 912 at ` 10.94 lakh (ex-showroom, Chennai).

n In order to cater to demand in the emerging mid-premium market segment, Volvo-Eicher Commercial Vehicles launched light and medium duty trucks, the Eicher Pro 1000 and 3000, in Bengaluru.

n Maruti Suzuki has decided to set up a separate sales network for its LCV business, which debuts in 2015. The company will launch the LCV this year and the vehicle will be available to customers in diesel and CNG variants.

n Ashok Leyland plans to launch a 36-seater fully electric bus Versa in India by 2017. The company expects to launch the vehicle in the country in the next two years, which comes as a completely built unit from its UK-based arm Optare. Tata Motors plans to launch an electric version of its light truck Ace during the next financial year.


n Force Motors announced its plans to invest around ` 10 billion during the next four years on technology advancement, new vehicle development, and setting up a dedicated facility in Chennai for assembling engines for BMW vehicles.

n Daimler Trucks announced plans to expand the BharatBenz sales network in India from 80 to 100 this year.

n Hyundai Motor plans to enter the CV market in the United States and Europe with the expectation of stronger growth in the sector. Further, the company plans to invest $ 363.13 million in expanding annual production capacity at its commercial vehicle factory in the south-western city of Jeonju by 54% to 100,000 vehicles by 2020, from the current 65,000 units.


Segmental trend in CV exports (Nos)

Trend in domestic CV sales

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Trend in domestic Passenger Carriers sales

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Trend in domestic Goods Carriers sales

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Passenger carriers Goods carriers

GEMS AND JEWELLERY INDUSTRY

Gold prices in Mumbai market

Gems & Jewellery exportsand imports (` bn)

Note: *Outstanding investments as of March every yearSource for all above charts: CMIE

*Up to Feb

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Price (LHS) Change (RHS)

n Net imports of the gems & jewellery industry for FY15 (up to Feb 2015) grew by 4% y-o-y to $ 28.69 billion. Further, gold bar imports rose by around 4% to $ 4.8 billion during the same period.

n Net exports of the gems & jewellery industry for FY15 (up to Feb 2015) grew by 6% y-o-y to $ 31.60 billion. Further, gold jewellery exports rose appreciably by 92% to $ 5.25 billion during the same period. Exports of cut and polished diamonds declined by 5% to $ 21.41 billion, whereas exports of silver jewellery grew by 25% to $ 1.71 billion.

n The Government increased the basic customs duty on cut and polished diamonds and coloured gemstones from 2.0% to 2.5%. Levy of 2.5% basic customs duty on semi-processed, half cut, or broken diamonds was done to bring it on par with customs duty applicable to cut and polished diamonds and coloured gemstones. Further, the Government announced full exemption of basic customs duty for pre-forms of precious and semi-precious stones.

n An MoU was signed between the Gems and Jewellery Export Promotion Council (GJEPC) and China Gems Center (CGC) to facilitate smoother exchange of gemstone and jewellery between India and China. This will facilitate in having a commonly acceptable accreditation of gemstone for mutual trust.

Major Policy Announcements during FY15

n The RBI removed the ` 1 lakh ceiling on loan against jewellery where the borrower repays all dues at one go on maturity of the loan. Further, the RBI has left it to the banks to decide on the quantum of loans against pledge of gold jewellery for non-agricultural use and capped the tenure at 12 months.

n The Gold Monetisation Scheme introduced in the Union Budget 2015-16 will enable jewellers to obtain loan and depositors to earn interest in their metal account. The proposal to develop an Indian Gold Coin featuring the Ashok Chakra will help replace demand for foreign made coins and will help in recycling the gold stock in the country.


Major Expansions Announced during FY15

n Kalyan Jewellers tied up with iDNA to launch customised jewellery HELIX DNA. The company plans to make the HELIX - DNA jewellery collection, which will range from rings, bracelets to pendants, unique, as it will carry a person's unique DNA pattern embossed on the jewellery. Further, Kalyan Jewellers plans to invest ` 7.5-8 billion to set up 22 new stores in FY16, out of which nine will be in the Gulf region.

n Swarovski, a crystal jewellery and accessories maker, announced plans to double its retail network in India over the next five years. For this, the company intends to invest 10 million mostly for opening exclusive outlets.

n Kolkata-headquartered Senco Gold, a manufacturer, retailer and exporter of gold jewellery announced plans to add another 20-25 stores mainly in the western and the northern region of India by FY17.

n Tanishq announced plans to expand network for its sub-brand Mia by setting up 20-25 standalone stores across the country by 2016. Tanishq will continue to market jewellery through its own store network. Mia is a sub-brand of Tanishq, especially for working women, featuring lightweight designs in 14k gold.

n Global mining giant Rio Tinto announced plans to invest US$ two billion to set up an iron ore project in Odisha and US$ 500 million on a diamond mine in Madhya Pradesh.

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Exports Imports

Gems & Jewellery: Investment scenario* (` bn)

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HEALTHCARE & PHARMACEUTICAL INDUSTRY

n The Indian pharmaceutical industry continues to attract foreign investments. The sector attracted FDI equity inflow worth US$ 1.26 billion during FY15 (up to January) as compared to US $ 1.28 billion during FY14.

n The drugs & pharmaceuticals sector received 86 proposals for investments (investment intentions in terms of IEMs filed, LOIs/DILs issued) worth ` 39 billion in 2014.

n An inter-ministerial task force on medical devices recommended a separate regulator and law to keep a check on diagnostic equipment, implants as well as hospital equipment available in the country. The task force, headed by the secretary of Department of Pharmaceuticals, suggested formulating a 'Medical Device Regulatory Act' for the industry.

Trend in Drugs and Pharmaceuticals export

Trend in Drugs and Pharmaceuticals import


Major Announcements during FY15

n The Drug Controller General of India (DCGI) directed multinational pharmaceutical companies engaged in clinical trials for new drugs on Indians to ensure an early launch of those therapies in the country, if the trials result in commercial production. The DCGI aims to bridge the gap between the global launch and domestic launch of the latest therapies.

n The National Pharma Pricing Authority (NPPA) has sought the cooperation of state governments in setting up NPPA cells in various states at an initial investment of nearly ` 10 million. The NPPA is also in the process of developing a software that will collect every detail on drug companies pertaining to production and pricing of essential drugs, manufacturing facilities, etc.

n Upto 100% FDI permitted in the medical devices industry under the automatic route.

n The Government made it mandatory to affix barcodes on mono-cartons of drugs exported by pharmaceutical companies from July 2015.

n The National Research Development Corporation signed a Memorandum of Agreement with Central Council for Research in Ayurvedic Sciences (CCRAS) to commercialise ayurvedic medicines in India and to provide Intellectual Property Rights services to CCRAS in India.

n Sun Pharmaceutical Industries acquired Ranbaxy Laboratories from Japan's Daiichi Sankyo for US$ 3.2 billion in stock in addition to assuming $ 800 million of debt.

n Argentina fully opened its drug market to Indian companies with effect from August 2014, increasing the scope of exports to finished pharmaceuticals formulations from just raw materials earlier.

n Shasun Pharmaceuticals announced amalgamation with Strides Acrolab. Shasun shareholders would receive 5 equity shares of Strides Acrolab for every 16 shares held by them in Shasun Pharmaceuticals.

*Outstanding investments as of March every yearSource for all above charts: CMIE

Drugs & Pharma: Investment scenario* (` bn)

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HI-TECH INDUSTRY

Civil aviation: Cargo statistics(mail tonne km in mn)

Civil aviation: Load factor (%)

n The aviation industry registered increase in passenger and cargo traffic in FY15 (upto Feb 15).

n Passenger traffic was higher by 12.3% in FY15 (upto Feb15) as compared to the corresponding previous year period. While domestic traffic rose by 13.5%, international traffic increased by 9.1% in this period.

n Cargo traffic was higher by 11.6% during FY15 (upto Feb 15), with domestic cargo traffic recording an 18.8% increase. Aircraft traffic was also higher by 4.4% during FY15 (upto Feb15).

n During FY15 (up to Jan), the electronics sector received FDI equity inflows of around US$ 83.62 million.

n During FY15 (up to Jan), FDI equity inflows into the air transport (including air freight) sector stood at US$ 67.41 million.

Civil aviation: Airport traffic statistics (FY15*)

*Upto Feb; Source: CMIE

*Upto FebSource for all above charts: CMIE



n The Department of Electronics and Information Technology (DeitY) accorded final approval to two greenfield Electronic Manufacturing Clusters (EMCs) in Madhya Pradesh and in-principal approval to seven greenfield EMCs and one common facility centre in brownfield EMC.

n India Electronics and Semiconductor Association (IESA) signed an agreement with Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) to collaborate for setting up an electronic manufacturing cluster (EMC) in Pune. IESA received in-principle approval for setting up a greenfield EMC in collaboration with the Government of Odisha.

n IESA signed an agreement with Taiwan's Taipei Computer Association (TCA) to promote co-operation between India and Taiwan in the electronic system design and manufacturing (ESDM) industry. Through this agreement, IESA plans to promote investments for India and establish domestic design and manufacturing ecosystem.

n The Ministry of Communications and Information Technology drafted a cabinet note seeking amendments in Modified Special Incentive Package Scheme (MSIPS) and to extend its applicability by up to 2020. The cabinet note also proposes to extend the scope of benefits under MSIPS to cover the manufacturing of solar cells, smart cards, Light Emitting Diode (LED), nano-electronic components, consumer appliances and capital equipment for electronic manufacturing.

n Tata Advanced Systems Ltd (TASL), a part of the Tata Group, entered into a partnership with RUAG Aviation, a Swiss-based aerospace and defence company, to set up a manufacturing facility in Hyderabad to manufacture fuselages and wings for the Dornier 228 aircraft.

Parameters

Aircraft trafc Passenger trafc Cargo trafc

Nos.y-o-y

growth (%)Nos.

y-o-y

growth (%)Tonnes

y-o-y

growth (%)

Domestic traffic 1,147,452 4.8 126,857,700 13.5 903,000 18.8

International traffic 315,474 2.8 46,384,700 9.1 1,403,300 7.4

Total airport traffic 1,462,926 4.4 173,242,400 12.3 2,306,300 11.6

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HOSPITALITY INDUSTRY

Foreign tourist arrivals in India('000 nos.)

Foreign exchange earnings

FDI equity inflows in hotels & tourism sector (US$ mn)

*Up to Jan-15; **Apr00-Jan15Source: DIPP

Source: Ministry of Tourism

Source: Ministry of Tourism

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No. of tourists (LHS) Change (RHS)

'000 %n During FY15, foreign tourist arrivals into India stood at 7.6 million, 7.3%

higher than in the previous year. Total earnings from foreign tourists were also higher by 8.8% at US$ 19.9 million.

n During FY15 (up to Jan), the hotels & tourism sector received Foreign Direct Investment inflows to the tune of US$ 656 million, as compared to FDI equity inflows of US$ 486 million during FY14.

n Outstanding investment projects in the hotels & tourism sector stood at ` 1,158 billion as of March 2015, 6.5% lower compared to outstanding investments of ` 1,239 billion as of March 2014.

n The Union Budget 2015-16 failed to meet the demands of the hospitality sector. However, the industry is expected to benefit from some proposals. The Budget proposed to increase the number of countries under the Visa on Arrival scheme to 150 countries in stages. This is expected to result in higher foreign tourist inflow and aid the hospitality sector. The Budget also proposed making the world heritage sites more tourist-friendly, which is expected to benefit the tourism sector, and in turn indirectly benefit the hospitality sector.



n The Government of India launched the Tourist Visa on Arrival (TVoA) enabled with Electronic Travel Authorisation Scheme (ETA) for 44 countries. The scheme facilitates nationals of these countries to travel to India for tourism for a short stay of 30 days. During January-March 2015, a total of 75,859 tourists arrived by ETA enabled TVoA as compared to 5,841 TVoA during January-March 2014.

n India plans to extend electronic travel authorization, or its e-visa facility, to six more countries that include China, the UK, Spain, France, Italy and Malaysia.

n The Union Cabinet approved an MoU proposal with the Government of the Sultanate of Oman to expand cooperation in the tourism sector, exchange information and data related to tourism and invest in the tourism and hospitality sectors. It also approved an MoU proposal with Nepal.

n Carlson Rezidor Hotel group launched Radisson Blu in Guwahati, the first five star hotel of Northeast India.

n ITC plans to invest about ` 90 billion in the next three to four years to expand its hotel portfolio to 150 hotels. ITC Hotels, one of the largest hotel chains in the country, currently operates 102 hotels.

n Mahindra Holidays and Resorts, a vacation ownership company of the Mahindra Group, plans to spend up to ` five billion towards capacity expansion.

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FY

15

Earnings (LHS) Change (RHS)

US$ bn %

993

3,259

486 656

7774

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

FY

12

FY

13

FY

14

FY

15*

Cum

ula

tive**

Domestic computer hardware& peripheral production (` bn)

IT HARDWARE INDUSTRY

n Domestic computer hardware and peripheral production declined sharply by 30.4% in FY15 (up to Jan 15), largely reflecting the 40.1% drop in production of personal computers.

n During FY15 (up to Jan), Foreign Direct Investment (FDI) equity inflows into the computer software and hardware industry increased to US$ 1,308 million compared with US$ 1,126 million during FY14 after having more than doubled from US$ 486 million during FY13.

*Up to JanSource: CMIE



n Technology major Dell announced plans to double its retail footprint to establish 800 exclusive stores across the country over one year, with a view to meet the rising demand for its devices.

n Mobile and electronic goods repair services chain HCL Care announced plans to more than double its number of service centres and have presence in all districts of the country by the end of 2016.

n Intex Technologies, a manufacturer of IT peripheral and mobile handsets announced plans to invest ` one billion during fiscal year 2015-16 to open 400 exclusive stores in order to expand its retail presence. The exclusive stores will be called 'Intex Smart World' and will feature Intex's wide range of mobile phones, speakers, IT accessories and televisions.

n SanDisk is expanding its presence in western India in Maharashtra, Gujarat, and Madhya Pradesh with the launch of its high-performance and high-capacity flash memory products.

n UK-based Kloudpad Mobility Research is gearing up for an additional investment of ` 150 million to set up a state-of-the-art facility in Kochi to manufacture Intel- powered 3G Tablet phone, which is being launched in India.

n Ricoh India, a subsidiary of Japanese imaging and electronics company Ricoh bagged an order from India Post to supply hardware solutions as a part of the latter's modernisation initiative. As a part of the ` 13.70 billion contract, Ricoh India, along with its other consortium partner state-owned Telecommunications Consultants India (TCIL), would be responsible for supply, installation and maintenance services of hardware, peripheral devices and operating system for Rural ICT-Hardware Solution which would cover around 129,000 post offices across the country.


n The Directorate General of Anti-Dumping and Allied Duties proposed to levy duties on import of pen drives at the rate of US$ 3.12 (` 199) per unit imported from China and US$ 3.06 (` 195) for those from Taiwan.

n The Union Budget 2015-16 announced a reduction in excise duty on tablet computers from 12% to 2% without CENVAT credit or 12.5% with CENVAT credit.

n The Union Budget 2015-16 also announced exemption from basic customs duty, countervailing duty, and special additional duty on parts, components, and accessories in the manufacture of tablet computers and their sub-parts.

0

5

10

15

20

25

30

35

40

2010-1

1

2011-1

2

2012-1

3

2013-1

4

2014-1

5*

LOGISTICS & SUPPLY CHAIN INDUSTRY

Major Acquisitions during FY15

n As per the World Bank's Logistics Performance Index Global Ranking 2014, at 54, India's ranking is ahead of its peers in the SAARC countries, but lags behind its BRIC counterpart China. However, India has overtaken its other BRIC counterpart Brazil, which ranks 65.

n The expansion in the e-commerce market continued into FY15, with a notable increase in online purchasing by Indian consumers. This has opened up big opportunities for e-commerce supply chain providers and distributors.

n The Indian logistics industry faced many challenges in FY15 such as regulatory challenges, lack of focussed planning by companies on skills upgrade, and delay in implementation of GST. However, a stable Government at the centre, the 'Make in India' mission of the Government, and the ever-growing e-commerce customer base, among many other positive factors augur well for the prospects of India's logistics and supply chain industry.

n 3PL service provider Mahindra Logistics Limited, the logistics arm of the Mahindra Group, received an investment of ` two billion for a minority stake from Kedaara Capital. The company plans to use the funds raised to make strategic acquisitions to expand its business.

n Apollo LogiSolutions Ltd entered into a 51:49 joint venture with India Glycols. It plans to set up an inland container depot at Kashipur in Uttarakhand at an estimated cost of ` 90 crore. The terminal will handle cargo, such as containerised liquid, electronics, auto parts, paper products and chemicals.

n Jet Airways is set to make a foray into cargo operations with the civil aviation ministry granting an in-principle approval for the wet lease of a freighter from Etihad, which owns a stake in Jet Airways. In a wet lease, the plane comes with crew, insurance, and maintenance services.

n HAL Offshore Limited entered into an agreement for purchase of majority stake of between 51% and 75% in Seamec Ltd from Technip at a consideration of ` 97 per share. The acquisition is in line with HAL Offshore's strategy to expand its fleet of specialised Diving Support Vessel and its geographical presence.

n Mahindra Logistics Ltd, a subsidiary of Mahindra & Mahindra, acquired majority stake in Lords Freight (India) Pvt Ltd. Mumbai-based Lords Freight specialises in international logistics.

n Gurgaon-based Apollo LogiSolutions Ltd acquired controlling stake in United Arab Emirates-based Clarion Shipping Services LLC for ` four billion. The acquisition is expected to give Apollo LogiSolutions access to at least 20 countries where Clarion Shipping Services has a strong presence. ALS is a logistics arm of Apollo International Ltd, a diversification initiative of the Apollo Group.

n Container Corporation of India Ltd (CCIL) decided to acquire 26% stake in Angul-Sukinda Railway Ltd (ASRL), a special purpose vehicle formed to implement the key rail link project, which is aimed at connecting steel plants based in and around Angul with the iron ore rich Keonjhar-Banspani belt and Talcher Coalfields with the Kalinganagar steel hub. CCIL will invest ` 1.56 billion for 26% stake in ASRL.

Investment scenario: Logistics* (` bn)

*Transport logistics services; Outstanding investments as of March each yearSource: CMIE

0

100

200

300

400

500

600

700

800

Mar-

05

Mar-

06

Mar-

07

Mar-

08

Mar-

09

Mar-

10

Mar-

11

Mar-

12

Mar-

13

Mar-

14

Mar-

15


PASSENGER VEHICLE INDUSTRY

Trend in utility vehicles sales (Nos)

Trend in passenger car sales (Nos)

n During FY15, domestic sales of passenger cars recorded modest growth of 3.5%. Domestic sales of multi-utility vehicles also grew by a modest 5.3%.

n Exports of passenger vehicles grew by 4.4% during FY15.

n The Government proposed a corpus of ` 140 billion for the development and support of alternate green fuel vehicles.

n During FY15, several PV manufacturers announced capacity upgradation to meet the growing demand. Volkwagen Group India started its first engine plant in the country at Chakan, Pune. Honda Cars India is setting up its third manufacturing plant in Gujarat. Mahindra & Mahindra is setting up a manufacturing plant in Chennai. Mercedes-Benz is setting up a new assembly line at Chakan in order to double capacity.

n Several new product launches in the luxury segment during FY15 indicate a spurt in demand. Audi, Mercedes-Benz and BMW vied for the top slot in the luxury car segment. Driven by growing demand, Ferrari and Maserati are likely to re-enter the country in FY16.

n Maruti Suzuki and Tata Motors reinforced their focus on rural markets to generate higher sales. Further, healthy sales growth in the North East has prompted Toyota and Mercedes-Benz to increase operations in the region.

Source for all above charts: CMIE


Passenger vehicle sales (Nos)

Source: CMIE

Segments FY14 FY15 y-o-y growth (%)

Micro cars 21,129 16,901 -20.0

Mini cars 568,234 524,247 -7.7

Compact cars 975,823 1,078,589 10.5

Super compact cars 45,770 47,284 3.3

Mid-size cars 155,090 186,556 20.3

Executive cars 18,250 20,372 11.6

Premium cars 2,529 2,063 -18.4

Vans 190,844 171,395 -10.2

Passenger cars 1,977,669 2,047,407 3.5

Multi-utility vehicles 525,839 553,699 5.3

Domestic sales 2,503,508 2,601,106 3.9

Exports 596,142 622,470 4.4

Total sales 3,099,650 3,223,576 4.0

-10

-5

0

5

10

15

20

25

30

35

1,500,000

2,000,000

2,500,000

FY

11

FY

12

FY

13

FY

14

FY

15

Domestic sales (LHS) % growth (RHS)

-10

0

10

20

30

40

50

60

0

100000

200000

300000

400000

500000

600000

FY

11

FY

12

FY

13

FY

14

FY

15


RETAIL INDUSTRY

n During FY15, the performance of the retail sector was driven largely by the popularity of online retail and increased consumer spending. Within online retail, mobile commerce exhibited strong growth potential, led by rising Internet penetration and increasing usage of smartphones.

n Burger King, the US-based fast food chain; Hartmann, the US luggage brand; Custo Barcelona, the Spanish brand owned by Custo Dalmau and Bang & Olufsen, the Danish electronics manufacturer, entered the Indian market in FY15. Bulova, the US-based watchmaker entered the country with an exclusive sales tie-up with Amazon.in.

n Traditional retail brands such as Nalli Silks, Croma, Biba, Pantaloons, Raymond and Arvind Brands ventured into e-commerce.

n Several online retailers such as Lenskart, Caratlane, Urban Ladder and PepperFry set up physical stores. Flipkart ventured into offline retail with its first store 'Fliptomania' in Bengaluru. During the year, Flipkart acquired online fashion retailer Myntra; Foodpanda.in, an online food-ordering site acquired Just East and Snapdeal acquired luxury fashion portal, Exclusively.in.

n FY15 also witnessed large-scale capital infusion in the sector, targeted at ramping up technology, infrastructure, logistics and delivery. Flipkart raised $ one billion in a private equity deal followed by Amazon bringing in $ 2 billion in investment. Snapdeal received $ 627 million from SoftBank Corp in lieu of an undisclosed stake. Shoppers Stop and Walmart also announced significant investments targeted at expanding their physical and online presence.

n In an attempt to address the issue of last mile delivery, e-tailers are resorting to unique agreements. Flipkart tied-up with Dabbawalas in Mumbai, while Jabong partnered with coffee shops and fuel outlets to serve as pick-up centers for deliveries in 39 towns.



n Swedish furniture retailer Ikea AB's Indian subsidiary Ikea India signed an agreement with the Maharashtra Government for setting up 2-3 outlets in the state at a cost of ` six billion.

n Home furnishing products company D'Dcor Home Fabrics announced investment to the tune of ` one billion to fund the setting up of 30 new company-owned stores in India over the next two years.

n US-based fast food brands operator Yum! Restaurants, owner of the Taco Bell restaurant chain in India, announced plans to open 25 outlets by 2016.

n In an attempt to tap demand in smaller cities, Flipkart announced plans to set up over 270 collection centres in tier-4 and tier-5 cities during FY16.

n Aimed at expanding its footprint in the country, Toonz Retail, a kids-wear and toys retailer, announced plans to add 20 new stores by the end of FY15. The ` 200 million expansion plan will take the number of stores to 75 and establish its presence in the northern and eastern states.

Trend in HRC and CRC prices- Mumbai (`/tonne)

STEEL INDUSTRY

n India's finished steel production declined by 2.6% in FY15 (up to Feb), as compared to growth of 4.1% in FY14.

n Consumption of finished steel also declined by 1.7% in FY15 (up to Feb) compared to a subdued growth of 0.7% in FY14.

n The Ministry of Steel accorded in-principle approval for setting up a Steel Research & Technology Mission of India (SRTMI) to promote collaborative research programmes in the steel sector. The mission envisages increasing R&D investment from the present level of 0.2-0.3% of turnover to the international benchmark of 1-2% of turnover by leading companies.

n Spain-based Tubacex reached an agreement with Prakash Steelage Ltd to acquire 68% stake in the Mumbai-based firm's seamless stainless steel tube division for ` 2.50 billion.

n The Competition Commission of India approved JSW Steel's proposal to acquire sponge iron maker Welspun Maxsteel for ` one billion.

Finished steel consumption

Steel: Investment scenario* (` bn)

*Outstanding investments as of March every yearSource for all above charts: CMIE



n Increase in basic customs duty on imported flat-rolled products of stainless steel from 5% to 7.5%.

n Reduction of basic customs duty on ship breaking scraps from 5% to 2.5%.

n Increase in basic customs duty on metallurgical coke from Nil to 2.5%.

n Increase in basic customs duty on iron and steel and articles of iron or steel from 10% to 15%.


n The proposed investment in railways to the tune of ` 8.56 trillion for a period of 5 years i.e. 2015-19, announced in the Railway Budget 2015-16, would boost demand for steel.

n With a capital expenditure of ` 120 billion, JSW Steel Ltd plans to increase its production capacity by 3.7 million tonnes per annum (mtpa) to 18 mtpa during the next two years.

n SAIL and RINL plan to execute modernisation and expansion plans to augment their hot metal capacity to 23.1 mtpa and 7.3 mtpa respectively by FY17.

n Rashtriya Ispat Nigam Limited announced plans to enhance its capacity to 12 mtpa by 2020 through an investment of ` 220 billion.

n The Steel Authority of India plans to spend ` 1.5 trillion until 2030-31 to increase its steel production capacity from 23 million tonnes to 50 million tonnes.

n The Government decided to set up four steel plants in Chhattisgarh, Jharkhand, Odisha and Karnataka of 20-24 million tonnes combined capacity in collaboration with the governments in the four states. Central PSUs such as SAIL, RINL and NMDC will collaborate with state government and form special purpose vehicles to set up the projects. The Centre is likely to spend ` 1,500 billion for building four new steel plants. The aim is to take the steel capacity of the country to 300 million tonnes by 2025 from around 80 million tonnes presently.

Growth in exports & imports of finished steel (%)

0

10,000

20,000

30,000

40,000

50,000

60,000

FY

05

FY

06

FY

07

FY

08

FY

09

FY

10

FY

11

FY

12

FY

13

FY

14

FY

15

HR Coils (2.00 mm) CR Coils (1 mm)

-5

0

5

10

15

20

25

0.00

20,000.00

40,000.00

60,000.00

80,000.00

100,000.00

FY

05

FY

06

FY

07

FY

08

FY

09

FY

10

FY

11

FY

12

FY

13

FY

14

FY

15*

Finished Steel Consumption (LHS) Change (RHS)

'000 tonnes %

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

FY

10

Exports Imports

FY

05

FY

06

FY

07

FY

08

FY

09

FY

11

FY

12

FY

13

FY

14

FY

15*

0

2000

4000

6000

8000

10000

12000

14000

16000

Ma

r-05

Ma

r-06

Ma

r-07

Ma

r-08

Ma

r-09

Ma

r-10

Ma

r-11

Ma

r-12

Ma

r-13

Ma

r-14

Ma

r-15

*Upto Dec

*Upto Feb

n During FY15 (up to Jan), production of fabrics declined by 15.6% to 54,313.6 million square metres (msm) from 64,389 msm in the same period a year ago. Yarn production also posted a decline of 15.7% during Apr-Jan FY15 as against a growth of 6.5% in the previous fiscal.

n The textiles sector (including dyed, printed) received FDI equity inflows to the tune of US$ 1,555.7 million during FY15 (up to Jan), as compared to FDI inflows of US$ 1,424 million during FY14.

n In the Union Budget 2015-16, the Finance Minister announced an allocation of ` 15 billion towards the Technology Upgradation Fund Scheme (TUFS) and ` 2.57 billion for development of mega clusters in the textile sector.

Fabrics production(Million sq. metres)

Yarn production ('000 tonnes)

TEXTILE & GARMENT INDUSTRY

n The Ministry of Textiles launched the central management information system (MIS) for the Integrated Skills Development Scheme (ISDS), which aims to train 1.5 million persons in textile and allied sectors during the 12th Five Year Plan. Developed with a view to monitor the progress of the scheme, the MIS would ensure greater transparency and skills exchange.

n The Government of India allocated ` 119.52 billion under the Revised Restructured Technology Upgradation Fund Scheme (RR-TUFS) to be implemented during the 12th Five Year Plan period to modernise the powerloom sector in the country.

n With an aim to provide a boost to the handloom sector and empower the weavers, the Ministry of Textiles through the Development Commissioner for Handlooms signed a Memorandum of Understanding (MoU) with Flipkart India Pvt Ltd. As part of the agreement, Flipkart will provide online marketing platform, infrastructural support in data analytics and customer acquisition services to handloom weavers in India.

n The Gujarat Government decided to impose a 5% VAT on technical textile. The levy is estimated to increase the state's tax revenue by an estimated ` 800 million.

n The Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Bill, 2014 replaced an ordinance which was cleared by both the Lok Sabha and Rajya Sabha. The Bill aims to ensure proper and effective implementation of the revival scheme for sick textile units.

n The Bombay Dyeing & Manufacturing Co Ltd, a leading textiles manufacturer, announced its plans to set up 50 new stores during FY15. With the focus on attracting young customers, these stores would feature contemporary design and product specific displays.

n Bengaluru-based Arvind Lifestyle announced plans to invest ` 1.26 billion as capital expenditure to open about 200 stores during FY15.

n Kikani Exports Pvt Ltd announced its plans to make a foray into the mill sector by setting up a new unit at Dholka in Ahmedabad with an investment of ` 2.6 billion.

n Ludhiana-based textiles company Trident Ltd plans to invest ` 24 billion in its vertically-integrated composite textile project at Budni, Madhya Pradesh. Through this vertically integrated project, the company aims to expand its product portfolio by offering a complete range of home textile product.

Textiles: Investment scenario* (` bn)

*Upto Jan 2015


Key Policy Announcements during FY15

Major Expansion Announced in FY15

-20

-15

-10

-5

0

5

10

15

20

48000

50000

52000

54000

56000

58000

60000

62000

64000

66000

FY

11

FY

12

FY

13

FY

14

FY

15*

Fabrics Production (LHS) % growth ( RHS)

-20

-15

-10

-5

0

5

10

15

20

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400

6,600

6,800

FY

11

FY

12

FY

13

FY

14

FY

15*

Yarn Production (LHS) % Growth (RHS)

0

100

200

300

400

500

600

FY

06

FY

07

FY

08

FY

09

FY

10

FY

11

FY

12

FY

13

FY

14

FY

15

*Outstanding investments as of March every yearSource for above charts: CMIE

*Upto Jan 2015

Three-wheeler: Domestic salesvolume (Nos.)

Two-wheeler: Domestic sales volume (mn)

TWO-WHEELER AND THREE-WHEELER INDUSTRY

Source for above charts: CMIE


0

5

10

15

20

25

30

0

2

4

6

8

10

12

14

16

18

FY

11

FY

12

FY

13

FY

14

FY

15


-15

-10

-5

0

5

10

15

20

25

440000

460000

480000

500000

520000

540000

560000

FY

11

FY

12

FY

13

FY

14

FY

15

Domestic Sales (LHS) % growth (RHS)

Major Acquisitions and Joint Ventures during FY15

n Hero MotoCorp entered into a joint venture with Bangladesh-based Nitol Niloy Group to set up a new manufacturing facility in Bangladesh. Once operational by the second quarter of FY16, this facility would have an annual capacity of 1.5 lakh units. Hero MotoCorp would hold 55% stake in the JV, while Nitol would hold the remaining stake.

n Mahindra Two Wheelers, part of the Mahindra Group, entered into a binding bid to acquire 51% stake in Peugeot Motorcycles, an affiliate of the PSA Group, for ` 2.16 billion.

n US-based bike manufacturer UM Motorcycles agreed to form a 50:50 joint venture with Noida-based electric scooter maker Lohia Auto Industries to manufacture and market its products in India.

n DSK Motowheels Pvt Ltd, part of the Pune-based DSK Group, entered into a technical partnership with Italian motorcycle firm Benelli Armi S.p.A, to assemble and sell Benelli bikes in India and provide service and spares for them.

n Hero MotoCorp entered into an agreement with the State Government of Andhra Pradesh to set up a greenfield two-wheeler manufacturing facility in Chittoor district with an investment of about ` 16 billion.

Major Expansion Plans Announced in FY15

n Eyeing a leadership position in the fast growing scooter market in India, Honda Motors announced plans to set up the world's largest scooter plant in Gujarat. The proposed plant is expected to have an annual production capacity of 12 lakh units, involving an investment of ` 11 billion.

n Honda Motorcycle & Scooter India (HMSI) is undertaking an aggressive market expansion with 15 new launches (including a 650cc premium motorcycle) in FY16, while targeting annual sales of 50 lakh units. The company launched a new version of its flagship scooter model Activa priced at ` 48,852, while unveiling five new products.

n Hero MotoCorp (HMC) plans to invest ` 50 billion in plant expansions over the next two-three years, including the manufacturing plants in Columbia and Bangladesh, the new plants coming up in Gujarat and Andhra Pradesh, and the Hero Global Centre for research and design at Kukas (Rajasthan).

Key Vehicle Launches of FY15

n HMSI launched its lowest priced bike, CD 110 Dream, for ` 41,100.

n Bajaj Auto launched two super-sport motorcycles, KTM RC 390 and KTM RC 200, from its Austrian partner KTM Sportmotorcycles AG's portfolio, priced at ` 2.05 lakh and ` 1.60 lakh.

n Polaris India launched the Indian Scout, a 1131cc V-twin engine bike at ` 11.99 lakh.

n Domestic sales of two-wheelers grew by 8.1% (y-o-y) at 16 million units in FY15. Exports of two-wheelers during the same period recorded a double-digit growth 17.9% at 2.46 million units.

n In FY15, domestic sales of three-wheelers increased by 10.8%, reflecting the rise in sales of passenger carriers (12.2%) and goods carriers (5.3%). Exports of three-wheelers also grew by 15.4% at 407,957 units during FY15.

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