Financial Daily from THE HINDU group of publications
Thursday, Oct 10, 2002
Financial Daily from THE HINDU group of publications Thursday, Oct 10, 2002 |
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Automobile Components Corporate - Announcements 6-day week again at MICO plant Our Bureau
BANGALORE, Oct. 9 AUTO components maker Mico Ltd said today that it resumed a 6-day week working schedule from October 7, as its customers have reduced call-offs. The company had introduced a five-day working week at its Bangalore plant on September 9. The rescheduling was due to an increase in the inventory flow-out as the auto industry in India had shown signs of robust growth in the current fiscal, according to a spokesperson. Mico manufactures spark plugs, diesel fuel injection pumps and Blaupunkt car audio systems at its factories in Bangalore, Jaipur, Naganathapura and Nashik. It has close to 80 per cent market share in diesel fuel injection pumps. Mico had earlier said that it expected a flat growth during the current year as the tractor and commercial vehicles segments continued to perform poorly. Large stocks of unsold tractors with dealers, low sales of commercial vehicles and declining trend in the automotive after-market prompted its projection of near flat sales growth earlier this year. According to Mico, the decision of the Government to put off full implementation of the Euro-II emission norms to 2005 has also delayed the company's expansion plans. The Jaipur plant, which was set up to produce diesel fuel injection equipment in tune with Euro-II norms, is expected to remain under-utilised until 2005, Mico had said.
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