Mumbai, July 7: Tata Engineering is on a roll. In a short time, the company has notched up a pole position in the midsize C segment with Indigo making deep inroads by selling 2,300 units in June.
The company has reported a total sales (including exports) of 22,642 vehicles in June, up 27.7 per cent over June last year. Domestic sales at 21,144 units were up 26.1 per cent over 16,764 vehicles sold in June 2002. Cumulative sales this fiscal was up 46.6 per cent at 56,838 units.
At the forthcoming annual general meeting, to be held later this month, the board will consider a change of name for the company. Four names have been shortlisted from which one name will be selected by the board and the shareholders.
Telco’s commercial vehicle sales was up 28 per cent at 10,598 units and car sales were up 27.5 per cent at 12,045 units.
Commercial vehicle sales in the domestic market during the month under review was 9,873 units, up 29.7 per cent over last year.
Tata Iron and Steel Company is planning to reduce its debt burden significantly by prepaying a major part of its foreign currency loan. The company has taken this decision following its highest ever profit of Rs 1,012.31 crore registered in the previous fiscal that helped it become one of the few economic value added positive steel companies globally.