Maruti Suzuki India on Saturday, 1 March 2014 said its total sales declined 0.4% to 1.09 lakh units in February 2014 over February 2013. Domestic sales rose 1.8% to 99,758 units in February 2014 over February 2013. Exports dropped 19.5% to 9,346 units in February 2014 over February 2013.
Mahindra & Mahindra (M&M) on Saturday, 1 March 2014 reported a 12% decline in its total auto sales at 42,166 units in February 2014 over February 2013. The sales of Passenger Vehicle segment (which includes UVs and Verito) fell 18% to 19,308 units in February 2014 over February 2013. Domestic sales dropped 11% to 39,338 units in February 2014 over February 2013. The four-wheeler commercial vehicle segment sales fell 3% to 14,701 units while three-wheeler sales declined 2% to 4,724 units in February 2014 over February 2013. Exports were down 17% to 2,828 units in February 2014 over February 2013.
Commenting on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, M&M said, The Auto industry has received the much needed boost in terms of an excise duty reduction and this has resulted in higher enquiries over the last one week. The recently concluded Auto Expo has also been a success which will only help in generating demand. At Mahindra we are hopeful that these positive initiative would be the beginning of a gradual upswing for the auto industry, as we move into the next financial year.
Separately, M&M on Saturday, 1 March 2014 reported a 18% growth in total tractor sales at 17,592 units in February 2014 over February 2013. Domestic tractor sales rose 19% to 16,552 units in February 2014 over February 2013. Exports increased 13% to 1,040 units in February 2014 over February 2013.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Tractor and Farm Mechanization, M&M said, We have achieved a cumulative domestic growth of 23% till February 2014. Tractor demand for FY 2014 till date has been robust due to a favorable monsoon and higher minimum support prices. The shortage of labour at farms has given a boost to mechanization resulting in higher demand for tractors.
Tata Motors reported a 35.56% decline in total vehicle sales to 39,951 units in February 2014 over February 2013.
More From This Section
Reliance Industries (RIL) after market hours on Friday, 28 February 2014 said that a section of the press has regurgitated the false and defamatory allegations made against the company on Thursday. This has inflicted unacceptable controversy and disrepute upon RIL across million of stakeholders in the world, RIL said in a statement.
RIL said that the investments made by Biometrix in Indian companies were from loans raised from Singapore Branch of ICICI Bank. Mechanical replay of allegation and insinuation via youtube and/or e-papers has a global imprint, the company said in a statement. Carrying such defamatory content, with or without carrying a few lines of RIL's version, is unacceptable, it added.
The disbursement notices issued by Singapore Branch of ICICI Bank to Biometrix cover disbursement of the entire amount invested by Biometrix in Indian entities, RIL said in a statement.
RIL said that false and baseless allegations made by Mr Bhushan against the company have been made by vested interests in the proceedings filed in November 2012 in the Delhi High Court. These allegations have been appropriately responded to and the disbursement notices of ICICI Bank have been placed on record, RIL said in a statement.
Reporting Mr Bhushan's selective leaks of old information already residing in judicial proceedings is misleading global public at large and defaming and maligning RIL's corporate reputation, the company said in a statement.
RIL said that investments made by Biometrix into Indian entities have been scrutinized and investigated by Regulatory Authorities. RIL said it has participated and fully co-operated in the investigation and the Regulatory Authorities have been apprised of the true and correct facts.
RIL said that sections of the media are requested to recognize the global implication of their output and not fall for Mr Bhushan's machinations which are purely for his collateral and political gains.
Public-Sector oil marketing companies (PSU OMCs) on Friday, 28 February 2014 hiked the price of petrol by 60 paise and diesel by 50 paise per litre effective Friday midnight amid rising crude oil prices and depreciation of rupee against the dollar. This price hike is exclusive of local taxes.
ONGC will be watched after Dinesh K Sarraf took over as CMD of the company on 1 March 2014, consequent to superannuation of Sudhir Vasudeva on 28 February 2014. Mr. Sarraf took over reins of the Maharatna at a crucial juncture when ONGC looks to balance the tight fiscal situation arising out of subsidy regime and strengthening itself to realize the emerging growth opportunities in India and abroad.
Mr. Sarraf has over 30 years of experience in various facets of oil industry - first in Oil India Limited (1983-1991) and then in ONGC since 1991. He also possesses a rich macro view of the oil industry experience gained while working in the Oil Coordination Committee on deputation for 3 years (1997-2000). Sarraf holds a Master's degree in Commerce from the University of Delhi. He is also a member of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India.
Sarraf was the MD of ONGC Videsh, tagged as ONGC Group's growth engine, since September 2011. He transformed OVL into an aggressive overseas firm, stitching 4 deals worth over $11 billion in the past one year.
Under his stewardship, OVL bought US energy major Anadarko Petroleum Corporation's 10% stake in a giant Mozambique gas field for $2,64 billion, This deal arrived on top of the $2.475 billion deal announced in June to buy Videocon's 10% stake (jointly with Oil India Ltd) in the same field, which may hold as much as 65 Trillion cubic feet (Tcf) of gas resources.
As chief of ONGC, Mr. Sarraf has chalked out a two-pronged priority matrix. One, to augment production of oil and gas, with key focus on domestic assets; second, continue to aggressively scout for prospective oil and gas acreages overseas. An optimistic Sarraf said after joining, "I have full confidence in ONGC's strong fundamentals. Given the energy major's strategic positioning in national economy, we are geared up to deliver more value to all stakeholders. I am optimistic that my team in ONGC and the ONGC Group companies will perform at full throttle to match the growing expectations of the country".
Housing Development Finance Corporation (HDFC) after market hours on Friday, 28 February 2014 said it has raised external commercial borrowing (ECB) of $300 million from a consortium of 4 lenders viz. State Bank of India (SBI), Sumitomo Mitsui Banking Corporation (SMBC), The Bank of Tokyo-Mitsubishi UFJ, and DBS Bank.
The ECB which is in the form of a syndicated loan facility, is a first by an Indian Housing Finance Company (HFC) under the low cost affordable housing scheme of Reserve Bank of India (RBI), HDFC said. RBI in December 2012, permitted to HFCs/NHB to raise ECBs for financing prospective owners of low cost affordable housing units, HDFC said in a statement.
HDFC said that the borrowing facility has a tenor of 5 years. HDFC has drawn-down the facility in February 2014 from the above consortium of lenders, it added. The rate of interest on the facility is linked to USD Libor plus a spread of 1.75%, the company said. HDFC has swapped the facility in Indian Rupees for the entire tenor of the loan. Roadshows shall be conducted by the lender banks in Taipei & Singapore in March 2014 to syndicate the facility and invite other international banks to participate in the facility, HDFC said in a statement.
Voltas after market hours on Friday, 28 February 2014 said it has executed a joint venture (JV) agreement with Dow Chemical Pacific (Singapore) Pte (Dow) for establishing a JV company in India, to tap the growing water and waste water treatment market in the country. The proposed new company - Voltas Water Solutions will have equal capital contribution from Voltas and Dow, Voltas said in a statement.
The JV company will market and distribute standard packaged Water Treatment Systems and Waste Water Treatment Systems of capacity up to 20 metre cube/hour, to residential and commercial complexes and light industrial markets in the Indian subcontinent, Voltas said. The entity's operations would include designing, procuring, testing, marketing, selling and servicing of such standard water treatment systems and waste water treatment systems, it added.
Sanjay Johri, Managing Director of Voltas said, "Water has been identified as a key focus area for the Tata group, and we are very happy to work with Dow Group, in this area. With its unrivalled know-how and technological leadership in the water treatment space, the partnership, will help Voltas Water Solutions cater to the growing water treatment requirements of the Indian subcontinent. The partnership will simultaneously leverage the brand and distribution strength of Voltas, along with the technology prowess of the water and process solutions division of the Dow Group. We will work towards establishing the joint venture as a leading provider of water treatment solutions".
Snehal Desai, Global Business Leader for the water and process solutions division of Dow Group commented, We are proud to form an alliance with Voltas -- a Tata company. Water treatment has significant business potential in India, and Voltas is an ideal partner with a strong brand reputation, and a wide-spread sales and service network. As part of our long-term strategy, we intend to establish the joint venture, to fully exploit the untapped potential of the Indian market. This joint venture is a significant step towards further strengthening our position in mid-market water systems in India."
Voltas said that the Water and Waste Water Treatment market targeted by the new company is largely catered to today, by unorganized players. The new JV will provide a branded and differentiated product line, with a focus on quality and service delivery, the company said in a statement.
Oriental Bank of Commerce (OBC) after market hours on Friday, 28 February 2014 said it intends to raise Tier II capital to the extent of Rs 1000 crore through issue of Basel III compliant Tier II Bonds on private placement basis.
Sterling Biotech reported net loss of Rs 105.99 crore in Q4 December 2013, higher than net loss of Rs 91.06 crore in Q4 December 2012. Net sales declined 25.9% to Rs 150.75 crore in Q4 December 2013 over Q4 December 2012. The Q4 result was announced after market hours on Friday, 28 February 2014.
Sterling Biotech reported net loss of Rs 400.65 crore in the year ended 31 December 2013 (FY 2013), higher than net loss of Rs 349.77 crore in the year ended 31 December 2012 (FY 2012). Net sales declined 14% to Rs 718.07 crore in FY 2013 over FY 2012.
Powered by Capital Market - Live News