Companies

Companies

Tata Motors registers 16.8% decline in Q4 profit

Tata Motors reported a 16.8 per cent fall in its consolidated net profit for March quarter at Rs 4,336 crore against Rs 5,211 crore mainly due to forex losses.
The company said that its revenues were lower by Rs 9,032 crore due to translation impact from British pound to rupee. While revenues for the quarter fell 2.9 per cent to Rs 77,272 crore from Rs 79,549 crore a year ago, consolidated profit before tax fell to Rs 5,166 crore from Rs 5,888 crores in the year-ago quarter.

Airtel, Voda, Idea caused Rs 400-cr loss to govt: Rel Jio

Reliance Jio has filed a complaint with the telecom ministry alleging that incumbents Bharti Airtel, Vodafone and Idea did not deposit requisite licence fee in March, which led to a potential loss of Rs 400 crore to the government.

Vodafone dials up € 6.3B loss over India troubles

Vodafone logged on Tuesday a large annual net loss after slashing the value of its troubled Indian division, but underlying earnings soared on a solid European performance.
The British mobile phone giant posted a loss of 6.3 billion euros ($6.9 billion) for the 12 months to March, after a net loss of 5.4 billion euros in the previous financial year, it said in a statement.
The loss was driven by taxation changes and a 3.7-billion impairment at its Indian division—which Vodafone is spinning off into a joint venture.

Tata Steel net loss narrows to Rs 1,168 cr as revenue improves

Tata Steel's consolidated net loss narrowed to Rs 1,168.02 crore for the March quarter, driven by higher revenue from Indian and European operations. The Tata Group company had posted a consolidated net loss of Rs 3,041.88 crore in the year-ago quarter.
The consolidated revenue from operations increased to Rs 35,304.89 crore in January-March 2017, from Rs 27,071.26 crore in the same quarter of FY15-16, Tata Steel said in a regulatory filing.
Shares of the company closed at Rs 457 apiece on the BSE, up 0.27 per cent from the previous close.

Thyssenkrupp launches 4th global elevator plant in Pune

The Euro 39 billion German engineering giant Thyssenkrupp, which opened its new factory with an investment of Rs 360 crore to manufacture a range of elevators at Chakan industrial area, near Pune, has created 350 new direct jobs, apart from similar number in the vendor value chain. It would also double its headcounts at its factory as it expands the production capacity over next two years.

Snapdeal director steps down

Vani Kola, the representative of Kalaari Capital on Snapdeal board, has resigned ahead of the potential sale of the e-commerce firm to Flipkart.
Kola, who had been on the board of Jasper Infotech since 2009, resigned on May 2 from the post of director, as per regulatory filing with the ministry of corporate affairs.

Without citing any specific reasons, Kola said she was unable to continue to be a part of Snapdeal board and requested to be discharged of her duties with “immediate effect”.

Nestle reports 6.8% rise in Q1 net profit to Rs 307 crore

FMCG major Nestle India on Friday reported an increase of 6.76 per cent in net profit to Rs 306.76 crore for the first quarter this year, driven by volume growth across products including Maggi noodles. The company, which follows January-December period as financial year, had posted a net profit of Rs 287.32 crore for the March quarter of last fiscal.
Its net sales during the quarter under review were at Rs 2,575.74 crore, up 9.10 per cent as against Rs 2,360.80 crore a year ago, Nestle said in a BSE filing.

Dr Reddy’s Q4 net profit jumps 3-fold to Rs 337.6 crore

Dr Reddy’s Laboratories on Friday reported a near three-fold jump in consolidated net profit to Rs 337.6 crore for the fourth quarter ended March 31, 2017. The company had posted a net profit after taxes and shares of associates of Rs 122.6 crore for the corresponding period of the previous fiscal, Dr Reddy’s said in a BSE filing.

UP refuses nod to Yogi’s prosecution in Gorakhpur riots

The Uttar Pradesh government has refused to grant sanction for the prosecution of Chief Minister Yogi Adityanath in a decade-old communal riots case, the states top bureaucrat told the Allahabad high court on Thursday.
The riots in Gorakhpur in January 2007 were sparked allegedly after a provocative speech by Adityanath, the then local MP, over the killing of a Hindu youth in clashes between Hindu and Muslim groups during a Moharram procession. The BJP MP was arrested and remained in jail for 10 days before getting bail from a court.

TVS Motor to strengthen presence in Central America

TVS Motor Company, a leading two and three-wheeler manufacturer, on Thursday announced its alliance with MASESA, a Gautemala-based company and a leader in the commercialisation of motorcycles and Tuk Tuks in the Central American region. The alliance is in line with TVS’ plan to expand and strengthen its presence in Central America, LATAM, South East Asia and Middle East.
As per the agreement, MASESA will establish a chain of 500 – 600 exclusive TVS outlets over the next 12 months in Gautemala, El Salvador, Honduras, Nicaragua and Costa Rica.

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