Companies

Companies

FMCG products to see decline in volume post GST: Britannia

FMCG products will see a decline in volume for a short term with channel partners of companies keeping less stock in view of GST, which is set for July 1 launch, according to Britannia Industries.
The company, however, said that with tax rates for the overall biscuit category being largely neutral, GST would provide a level-playing field to organised players in the industry.

GM's separation offer to Indian employees to close this week

General Motors, which has decided to stop selling vehicles in the Indian market from year-end, has given its employees here less than a month to opt for a voluntary separation scheme (VSS) as it starts winding down operations in the country.
After announcing its decision to stop retailing vehicles on May 18, the company sent mails to employees the very next day about the VSS that will close on June 15, 2017.

Amazon to enable entrepreneurs in Mumbai to go global

Global e-commerce company Amazon will conduct a workshop for small and medium businesses in the city on Friday, to focus on the company's global selling programme and educate sellers on enhancing business.
The workshop targets entrepreneurs, small and medium enterprises and manufacturers to sell their products to consumers across the globe.

Apple seeks changes in PMP for setting up unit in India

iPhone maker Apple has sought modifications in the government's phased manufacturing programme (PMP) as it plans to set up a manufacturing unit in the country.
The objective of Electronics and IT ministry's PMP is to boost indigenous production of mobile phones by providing tax relief and other incentives on components and accessories used for the devices. The programme will be rolled out over a period of time.

IT stocks continue to see selling pressure, down up to 3.6%

IT stocks continue to witness selling pressure for the second straight session today, falling by up to 3.6 percent amid rising concerns as the sector is facing challenges on multiple fronts including stricter visa regime in key markets.
Shares of TCS fell by 3.59 per cent, HCL Tech lost 1.30 percent, Hexaware Tech came down by 0.63 per cent, Infosys (0.54 per cent), Tech Mahindra (0.54 per cent) and Wipro (0.06 per cent) on BSE.
TCS was the biggest drag on the BSE benchmark Sensex.
The BSE IT index declined by 1.33 per cent to close at 10,178.03.

Unichem lines up Rs 350 cr capex for next two years

Drug firm Unichem Laboratories has lined up a capex of around Rs 350 crore for the next two years as it plans to strengthen R&D activity and expand operations in the US market.
The company, which focuses on various therapeutic segments like gastroenterology and cardiology, expects its US revenues to cross USD 100 million over the next few years.
The long term aim of the company is to cross USD 500 million in revenues from US operations.

RCom shares extend losses; end over 3% lower

Shares of Reliance Communications fell by more than 3 percent today, continuing the downtrend on sluggish investor sentiment after Fitch and Moody's Investors Service further downgraded the company's credit ratings.
The stock went down by 3.10 percent to close at Rs 18.75 on BSE. During the day, it declined by 3.61 per cent to Rs 18.65.
At NSE, shares of the company slipped 3.10 per cent to end at Rs 18.75.
On the volume front, 36.59 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

Stocks of housing finance firms, banks vault

Stocks of select housing finance companies and public sector banks gained after the RBI reduced the risk weight on high value home loans and cut statutory liquidity ratio (SLR) for banks by 50 basis points to 20 per cent.
The gainers on the BSE included lenders catering to the affordable housing segment, led by Can Fin Homes (up 5.23 per cent), PNB Housing Finance (5.73 per cent), Gruh Finance (2 per cent), DHFL (1.47 per cent) and LIC Housing Finance (0.41 per cent).
Top home financier HDFC, however, fell 0.53 per cent and Indiabulls Housing Finance closed flat.

20 per cent growth in sales target set

Honda Motorcycle and Scooter India (HMSI) which sold five million two-wheelers in the last fiscal, is targeting to increase the sales by 20 per cent in 2017-18, a top company official said today.
The company has registered a 12 per cent growth as against the five per cent recorded by the industry in 2016-17, selling five million vehicles in the process, HMSI President and CEO, Minoru Kato told reporters here.

Focus on new tech to cut emission, enhance mileage: Maruti

The country's largest carmaker Maruti Suzuki India(MSI) is focusing on new technologies to cut emission per vehicle while enhancing fuel efficiency for its future models.
The company said it has been able to bring down weighted average of CO2 emission for its entire fleet by nearly 19 per cent over a decade since 2007-08.

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