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The Mint Report for 10 November 2010

The Mint Report for 10 November 2010
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First Published: Wed, Nov 10 2010. 09 03 PM IST
Updated: Wed, Nov 10 2010. 09 03 PM IST
Tata Motors has offered to install new safety features in Nano cars already sold. The company said the features will provide extra protection in the car’s exhaust and electrical systems. It also said its move did not constitute a recall.
At least six Tata Nanos have caught fire since the car was launched in March 2009.Tata Motors will install the new safety add-ons for free if customers decide they want them.
Meanwhile, stocks of Tata Motors shot up more than 6% in early trade on the BSE only to lose ground later in the day and close with a more modest gain of 2.49% at 1302.15. The stock was driven up by better-than-expected quarterly numbers released on Tuesday.
In other news, the African operations of Bharti Airtel have dented its quarterly numbers. Net profit fell 27% in the second quarter to Rs1,661 crore. Its revenue shot up 47% to Rs15,215 crore.
Earlier this year, Bharti bought Zain telecom’s African assets for about $9 billion. And while African operations have eaten into Bharti’s profits, they’re also responsible for the spike in revenue. The company is likely to launch its new branding for the continent next week.
Stocks of Bharti Airtel lost 1.77% on the BSE on Wednesday to close at 328.15.
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First Published: Wed, Nov 10 2010. 09 03 PM IST