Mumbai: GE Capital on Thursday said it has appointed Vicky Bindra as president and chief executive of its financial services business in India with immediate effect. Bindra had joined GE in 2007 as president and CEO of GE Commercial Finance India, the company said in statement.
He will now lead all of GE Capital’s consumer and commercial financial services businesses in India, including strategic partnerships such as SBI Cards, the company said.
Ashok Leyland gets order worth Rs480 cr
Mumbai: Indian commercial vehicle maker Ashok Leyland Ltd said on Thursday it had received an order worth Rs480 crore for the supply of buses from the Delhi Transport Corporation.
The supply of buses will commence by middle of 2009 and will be completed by September, it said in a statement.
It also has a 12-year maintenance contract from the corporation worth a further Rs710 crore, it said.
United Spirits sees margins reviving
Mumbai:United Spirits Ltd sees falling raw material prices to ease cost pressure and expects profitability to return to normal from January, a top official said on Thursday.
“This quarter is an aberration. Prices (of raw material) have started coming down and are 20-25% lower from October-November,” chief financial officer, Ravi Nedungadi, told television channel CNBC-TV18. “So there is no concern there about profitability returning to normal and we can already see it from January onwards,” he added.
The company dropped the most in at least seven years in Mumbai, after third-quarter profit missed analysts’ estimates. The shares fell 33%, the most in intraday trading since 27 September 2001, to Rs495 and closed at Rs567.95 in Mumbai trading.
Profit plunged 65% to Rs30.59 crore in the three months ended December, the company had said on Wednesday.
— Reuters and Bloomberg
Interim budget likely on 16 February
New Delhi: The government could present its interim general budget on 16 February and interim rail budget on 13 February, people familiar with the matter said.
The last session of Parliament from 12 February, before the general election, would begin with the President’s address to a joint sitting of both the Houses and is likely to conclude on 26 February.
The government plans to bring in some bills to replace about three ordinances during the session.
— PTI and Staff Writer
Reliance commissions fuel storages in Israel
New Delhi: Reliance Industries Ltd has commissioned its clean storage facility at Ashkelon terminal in Israel to tap Mediterranean and European markets, trade officials said on Thursday.
“The facility at Ashkelon has the capacity to store 200,000-300,000kl of diesel and jet fuel. But Reliance is primarily using it for diesel storage,” a trade official, with the knowledge of the deal, said. Another official said the Indian refiner had leased the storages from Israel’s Eilatto Ashkelon Pipeline Co.
An RIL spokesman declined comment.
Areva plans to sign MoU with NPCIL on reactors
Mumbai: French energy company Areva will sign an accord with the state-owned Nuclear Power Corp. of India Ltd next month for setting up two reactors in Maharashtra.
“As a follow up to the Inter-governmental Agreement (on civil nuclear co-operation), we will be signing an MoU with Areva most likely on 4 February for setting up of two French reactors,” NPCIL chairman and managing director S.K. Jain said.
MindTree raises FY09 operating profit forecast
Mumbai: Software firm MindTree Ltd on Thursday raised its operating profit forecast for FY09 three days after it cut its earnings guidance, saying the earlier estimate was “extra cautious”. However it left unchanged the full-year net profit and revenue estimates, which were reduced on Monday.
The company now expects earnings before interest tax depreciation and amortization (Ebitda) between $56 million (Rs273.8 crore) and $57.4 million, up from its previous forecast of $51 million to $53 million.
“In view of the uncertainty in the external environment and other factors such as the joining of campus hires, we were extra cautious in the Ebitda guidance,” the company said in a statement.
Revenue is now seen at $223-$225 million from an earlier target of $228-$238 million, it added.
Net profit is seen between $14.8 million and $17.5 million in FY09 with revenue expected to range between $269 million and $273 million.
Job creation growth in IT sector slips by 46%
New Delhi: The prospects of job creation in India’s information technology (IT) sector has dipped by 46% in the last quarter of 2008, a study said.
Overall, the prospects of three sectors—IT, financial services and hospitality—in terms jobs creation have dipped by 38% in October-December, compared with the preceding quarter of the year, due to global economic slowdown and other factors.
Govt nod for 3 projects worth Rs2,060 crore
New Delhi: India has approved three infrastructure projects to be implemented by private firms with government assistance, amounting to Rs2,060 crore, a finance ministry statement said on Thursday.
The projects, which include construction of container terminals at ports in Tamil Nadu and Goa, were approved by the public private partnership (PPP) approval committee, the statement said.
India aims to attract up to $500 billion (Rs24.45 trillion) investment in the infrastructure sector by 2011-12 to maintain its high growth.
LIC’s Jeevan Aastha may mop up Rs10,000 cr
New Delhi: Jeevan Aastha, a single premium policy of Life Insurance Corp. of India Ltd(LIC) that offers tax-free annual returns of 9% over a five-year maturity period and 10% over 10 years, is likely to collect Rs10,000 crore in premium, said a senior LIC official. The policy closed on 21 January.
“The data compilation is not over yet, but the total collection may be around Rs10,000 crore,” said the official, who did not want to be identified because he is not authorized to speak to the media.
LIC had, however, targeted at least Rs25,000 crore in premium collection from Jeevan Aastha.
— Teena Jain
PE deals by Indian firms fall 23% to $10 bn in ’08
New Delhi: The fall in the capital market mirrored itself in corporate India’s private equity (PE) transactions, which registered a 23% decline during 2008 at $10.59 billion (Rs51,785 crore) because of an economic downturn, a report says.
There were 312 deals in 2008 with a total announced value of $10.59 billion, compared with 405 deals with an announced value of $19.03 billion in 2007, according to Grant Thornton’s latest annual issue.
Reliance Infrastructure says Q3 profit fell 17%
Mumbai: Reliance Infrastructure Ltd said profit in the third quarter declined 17%. Net income in the three months ended 31 December fell to Rs251 crore from Rs302 crore a year earlier, the company said in a statement to the Bombay Stock Exchange on Thursday. Revenue rose 59% to Rs2,860 crore.
Future Capital Holdings Q3 net at Rs6.25 cr
Mumbai:Kishore Biyani-led Future Capital Holdings Ltd said on Thursday it has posted at stand-alone net profit of Rs6.25 crore for the third quarter ended 31 December.
The company had a net loss of Rs11.08 crore for the corresponding quarter last fiscal, it said in a filing to the Bombay Stock Exchange.
The company’s stand-alone total income rose to Rs37.91 crore for the quarter under review, against Rs6.75 crore for the year-ago period.
Bank of India net profit at Rs872 crore in Q3
Mumbai: Bank of India said on Thursday it posted a net profit of Rs872.17 crore for the third quarter ended 31 December against a net profit of Rs511.89 crore for the same quarter last fiscal.
The bank’s total income rose to Rs5,393.74 crore for the quarter under review from Rs3,705.21 crore for the corresponding quarter last fiscal.
TVS Motor incurs net loss in third quarter
Mumbai: Two-wheeler maker TVS Motor Co. Ltd said on Thursday its stand-alone net loss for the third quarter ended 31 December stood at Rs95.86 lakh, against a net profit of Rs5.83 crore for the year-ago period.
Net sales of the company declined to Rs852.82 crore for the quarter under review, against Rs875.02 crore for the same quarter last fiscal.
Cipla’s Dec quarter net rises 6% to Rs223 cr
Mumbai: Pharmaceutical firm Cipla Ltd on Thursday said its net profit for the third quarter ended 31 December rose by 6.07% at Rs223.44 crore against a net profit of Rs210.65 crore for the year-ago period.
Total income of the company rose to Rs1,360.48 crore for the quarter under review, against Rs1,115.52 crore for the same quarter last fiscal.
DoCoMo to complete Tata investment in Mar
Tokyo: NTT DoCoMo Inc. said it plans to complete by late March a $2.7 billion (Rs13,203 crore today) investment in the mobile-phone business of India’s Tata Group as it seeks to expand into the world’s fastest-growing major wireless market.
Acquisition of stakes in Tata Teleservices Maharashtra Ltd and Tata Teleservices Ltd are being delayed by slower-than-expected approval from local authorities, Toshinari Kunieda, senior vice-president of global business at DoCoMo, said in a interview in Tokyo aired on Thursday.
Davos: world leaders ready for crisis forum
Geneva: World leaders and policy makers will gather in record numbers at next week’s annual Davos forum to discuss how to overcome the worst global economic crisis in 80 years, organizers said on Wednesday.
At least 40 heads of state and government will be accompanied by 36 finance ministers and central bankers, including all the central bank chiefs of the group of eight except the US Federal Reserve chairman.