Hero MotoCorp's total sales increased 11.9% to 5.24 lakh units in March 2014 over March 2013. The company's sales grew 3% to 62.45 lakh units in the fiscal ended 31 March 2014 over the fiscal ended 31 March 2013.
"Our strong sales performance in FY14 is reflective of our new strategic approach that focuses on bringing revolutionary and game-changing technologies," Hero MotoCorp Senior Vice President (Marketing and Sales) Anil Dua said.
The new financial year will be loaded with a slew of new launches, including many of the products showcased at the recent Auto Expo, he added. "These launches will be backed by strong marketing campaigns and continued market expansion. We are gearing up for increased market demand for our products with the commissioning of the Neemrana plant in this financial year," Dua said.
Tata Motors' total sales fell 29.6% to 51,184 units in March 2014 over March 2013. Total domestic sales fell 33.5% to 45,996 units in March 2014 over March 2013. Total exports jumped 46.1% to 5,188 units in March 2014 over March 2013.
Ashok Leyland reported a 27% decline in its total sales at 10,286 units in March 2014 over March 2013. Sales of medium and heavy commercial vehicle declined by 20% to 7,723 units in March 2014 over March 2013. Sales of light commercial vehicles declined 40.74% to 2,563 units in March 2014 over March 2013. The company's sales fell 22.05% to 89,342 units in the fiscal ended 31 March 2014 over the fiscal ended 31 March 2013.
Bank shares will be in focus on reports the Election Commission on Tuesday, 1 April 2014, allowed the Reserve Bank of India (RBI) to issue licences for setting up new banks. The approval came after the RBI missed the March-end deadline for issuing the first bank licence in almost a decade. The RBI on 12 March 2014 approached the Election Commission (EC) seeking its approval for granting bank lincences as the model code of conduct had come in place after the general elections announcement on 5 March 2014. The RBI had received 27 applications initially. Later, Tata Sons and Value Industries withdrew, leaving 25 contenders in the race, reports added.
The Reserve Bank of India on Tuesday, 1 April 2014, notified that the foreign share holding through Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in The South Indian Bank has reached the trigger limit. Hence, further purchases of equity shares of The South Indian Bank would be allowed only after obtaining prior approval of the Reserve Bank of India, the central bank said. The ceiling on foreign investment is The South Indian Bank is 49%.
Indian Bank after trading hours on Tuesday, 1 April 2014, said that the bank has decided to increase its base rate by 0.05% from the existing 10.2% to 10.25% per annum with effect from 1 April 2014.
State-run Bharat Electronics after trading hours on Tuesday, 1 April 2014, said that the company recorded a record turnover of Rs 6180 crore on provisional basis for the year ended 31 March 2014 (FY 2014), against turnover of Rs 6012 crore in the year ended 31 March 2013 (FY 2013). The company said its exports jumped 27.21% to $41.70 million in FY 2014 over FY 2013. With a healthy order book of around Rs 23200 crore, the company is all set to continue its good run in the current financial year, Bharat Electronics said.
Container Corporation of India (CONCOR) announced that 25.11 lakh equity shares of the company has been transferred to CPSE ETF. The Government of India now holds 12.04 crore shares, or 61.80% state, of CONCOR after completion of the CPSE ETF transaction.
Max India said that pursuant to the earlier decision taken by its board to transfer Max Speciality Films Division (MSF Division) into a separate subsidiary, the company has completed the transfer of MSF Division to MSF, a 99% owned subsidiary of the company on 1 April 2014.
S. Kumars Nationwide said that its board will meet on 3 April 2014, to issue equity shares on preferential basis to the promoters/promoter group companies.
Dishman Pharmaceuticals and Chemicals announced that Mr. Rajashekhar Bhat has been appointed as a Global Chief Financial Officer (CFO) of the Dishman group of companies from 1 April 2014.
Reliance Industries (RIL) announced that the Supreme Court has appointed an international arbitrator in the KG D6 issue. Australia's Justice Mr. James Spigelman will be the third arbitrator and shall be the Chairman of the Arbitration Tribunal.
The government of India had opposed the appointment of an International Arbitrator, whereas RIL had submitted that the third arbitrator can be an International Arbitrator not being from India, Britain or Canada, where the three stakeholder companies are based. Reliance has a 60% stake in the KG D6 block, Britain's BP has a 30% stake and Canada's Niko has a 10% stake, RIL said in a statement.
Supreme Court accepted RIL's argument and appointed Justice Mr. James Spigelman, a former Chief Justice of New South Wales in Australia from 1998 to 2011. Poland-born Justice Spigelman has rich experience in the field of corporate affairs, insurance, arbitration and international law, the company said.
According to the Production Sharing Contract (PSC) signed between the Government of India and RIL the Arbitration Tribunal must comprise three (3) arbitrators. Of these, contractor (RIL, BP and Niko) and the government of India are allowed to appoint one Arbitrator each, while the Third Arbitrator must be mutually appointed by both appointed arbitrators. However, the two appointed arbitrators were unable to reach an agreement on the appointment of the Third Arbitrator and Reliance Industries had to approach the Supreme Court.
In January 2012, RIL had recommended former Chief Justice Mr. S.P Bharucha as its nominee. Justice Mr. Bharucha was the Chief Justice of Supreme Court of India from 2001 to 2002 and is also former Chief Justice of Karnataka High Court, the company said.
Central government's nominee Justice Mr. V. N. Khare too is a former Chief Justice of India having held the post from December 2002 to May 2004 and prior to that he was the Chief Justice of Calcutta High Court. With the constitution of the Arbitration Tribunal, the path has been cleared for a speedy resolution of various disputes relating to the KG D6 block.
The dispute arose when the recoverable gas from the field was found to be lesser than the initial estimates. Post this development, the central government had wrongfully sought to disallow recovery of full costs incurred by Reliance in the block. As a result Reliance was compelled to proceed with arbitration. But since there was no consensus on the appointment of the Third Arbitrator, Reliance had to approach the Supreme Court.
Both RIL and the Government of India are bound by the PSC. According to the PSC, any dispute between the parties can be resolved only through the process of arbitration. We are hopeful that the constitution of the Arbitration Tribunal will silence the vested interest groups which are unreasonably raising this issue across the country, RIL said.
Aurobindo Pharma announced the completion of the previously announced acquisition of certain commercial operations in Western Europe from Actavis plc, The agreement to acquire the Actavis operations was announced in January 2014.
Aurobindo said it acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven European countries. Actavis and Aurobindo have also entered into a long term commercial and supply arrangement.
Following receipt of clearances from competent authorities, Aurobindo now intends to combine the strength of both enterprises (including its vertically integrated platform and existing commercial infrastructure) in these markets and to identify and maximise all opportunities to improve performance.
The acquisition will make Aurobindo one of the leading Indian pharmaceutical companies in Europe, said Mr Muralidharan, SVP of European Operations for Aurobindo. The acquisition will enable Aurobindo to achieve critical mass in Western Europe with a top 10 position in several key markets. He further added I am delighted to welcome relevant Actavis customers, suppliers, partners and employees to Aurobindo. We will continue to collaborate with Actavis to ensure business continuity and a smooth transition. In parallel, we will work closely with the acquired management teams to achieve a rapid and successful integration.
Mr Arvind Vasudeva, CEO of Aurobindo's Formulations Business further stated that: We had carefully reviewed the Actavis European operations and concluded that with our cost competitiveness and group structure we could significantly capitalize Actavis' strong market position in these Western European countries and improve profitability, thereby accelerating our strategy of becoming a significant Gx player in Europe.
Gillette India announced that its board has approved the appointment of Mr. Karthik Natarajan as the Chief Financial Officer of the company effective from 1 April 2014. Mr. Natarajan will succeed Mr. Tapan Buch, who will be moving out from his present role to take up global responsibility in the coming months. Further, as an effect Mr. Buch shall cease to be the Chief Financial Officer of the company.
Procter & Gamble Hygiene and Health Care announced that its board has approved the appointment of Mr. Karthik Natarajan as the Chief Financial Officer of the company effective from 1 April 2014. Mr. Natarajan will be succeeding Mr. Tapan Buch, who will be moving out from his present role to take up global responsibility in the coming months. Further, as an effect Mr. Buch shall cease to be the Chief Financial Officer of the Company.
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