Hinduja Foundries revises target
Hinduja Foundries has increased its sales forecast in view of increased in demand in the auto sector and favourable growth prospects in the second half of the present financial year. The company also plans to enhance its investments in establishing machining operations over the next two years.
The company, has been witnessing growth in demand from the commercial vehicle sector since September. It gets about 50 per cent of the revenues from the CV segment with Ashok Leyland accounting for 48 per cent and the balance from Tata Motors CFO of Hinduja Foundries,Mr Sankar said,. "We have seen at least 50 per cent recovery in order intakes from OEMs. The pick-up in demand from the OEM sector is sustainable over the next two quarters and we are seeing indications
that the growth momentum will continue till March 2010,"
The company expects the capacity utilisation level to go up to 70-75 % in the second half from 40% in the first half.
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