On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before. Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year. read more
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The Anil Dhirubhai Ambani Group’s fraction, Reliance Broadcast Network Ltd. traded at a good level, by remaining at Rs. 116 on Thursday at the Bombay Stock Exchange. The scrip started at 4.98% better than its preceding close, which is a day after the firm said that it was going to raise R, 400 crore in funds. Post the closure of stock markets on Monday, RBNL said that its board has approved an offer concerning raising funds worth Rs. 400 crore via preferential issue of equity shares to the promoter association and other shareholders. read more
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With mild gains in the local share market and Dollar’s weakened spot, helped rupee maintain its impetus by being on the stronger side of its value on Thursday. The partially changeable rupee remained at 46.77/78 per dollar which is at 1:56 pm, with an opening of 46.75 and on Wednesday, it closed at 46.805/815. read more
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Azim Premji, who is the billionaire tycoon and the founder and Chairman of Wipro Ltd. from India, has named his elder son as the Chief Strategy Officer of the information technology business. Rishad Premiji has taken his office from 1st September, but his appointment is going to be in effect by next year’s January and the 33 year old is going to work with Lakshminarayan K. R., who is the Managing Head of Strategy, handling mergers and acquirements for the IT business. read more
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According to the IT firms, Direct Taxes Code (DTC) bill’s proposal, which says that 20% Minimum Alternate Tax (MAT) should be imposed, might prove not so good for the industry and especially if it would be expanded to special economic zones. The profit making Companies have to pay MAT and because of various exemptions, these profit making organizations do not fall under the tax net, however most of the IT Companies come under this category. read more
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It has been reported that the sales of automaker Tata Motors have increased by 32.38% in the month of August at 65,938 units and last year in the same month, sales were increased at 49,810 units. The Company has said in its statement that in the local market, total passenger vehicles sales stood at 25,196 units in August and last year it was 17,364 units, thus, there is a leap of 45.10%. The Company added in the statement that as compare to last year’s 2,684 units in August, the exports of the Company have increased by 92.14%. read more
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The local sales in August for Maruti Suzuki which is India’s leading car maker are said to have reached their highest ever. Japan’s Suzuki Motor Corp., owns 54.2% of the Company’s shares. Again, India’s leading maker of trucks and buses, Tata Motors Ltd., posted a jump of 32% in the auto sales in the domestic market for the month of August. It is said to have reached 65,938 units. Similarly, a 29% growth was reported by Mahindra and Mahindra, in the rate of vehicle sales for the month of August. Mahindra and Mahindra is India’s top utility vehicles and tractors maker. read more
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The strong local demand did not let the imports see a downturn even a bit, while the growth in India’s merchandise exports went down in July. This delay in exports is being attributed to the slowdown in key overseas markets. Following the drop of 4.7% in the 2009 – 2010 fiscal years, the current fiscal year will see growth in the Asia’s third-largest economy, a growth very close to 15%. read more
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The amended Service Providers’ License norms are said to have undergone some changes by the Department of Telecom (DoT), just so they could allow the use of third generation (3G) spectrum. Preparations like gathering of content and equipment had been started by the Companies way back and all the Companies who have won the spectrum are most likely to launch it before the end of December. Having made some changes to license terms and the Government already having allocated air waves to private operators, the 3G mobile and broadband services have been now launched in the country. read more
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Four Design Clinic Centres (DCCs), part of a Design Clinic Scheme started by the government, could give India’s micro, small and medium enterprises (MSMEs) a much-needed shot in the arm, according to Pradumnya Vyas, director of the Ahmedabad-based National Institute of Design, the nodal agency for the scheme. The four DCCs are at Delhi (which will be the headquarters of the Design Clini…
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