Companies

Companies

HCL Tech posts 27% rise in Q4 net

IT firm HCL Technologies’ net profit rose over 27 per cent to Rs 2,475 crore for the March quarter of last fiscal, showing a stronger growth than larger rivals like TCS and
Infosys.
The fourth-ranked software services firm said it is also optimistic about opportunities, especially in new-generation services and provided a revenue growth outlook of 10.5-12.5 per cent in constant currency terms for 2017-18.

Hero MotoCorp Q4 net down 14%; BS-III discounts take a toll

Hero MotoCorp on Wednesday posted a 13.86 per cent decline in net profit at Rs 717.75 crore for the March quarter because of lower sales and discounts to liquidate banned BS-III models.
The company had reported a net profit of Rs 833.29 crore in the same quarter of the previous financial year. Total income also fell by 7.55 per cent to Rs 7,606.31 crore for the fourth quarter as against Rs 8,227.93 crore a year earlier, Hero MotoCorp said in a regulatory filing.

Toyota says annual profit drops 21%, first fall in five years

Toyota said today its annual net profit fell for the first time in five years, with the Japanese automaker unexpectedly warning of more declines as a stronger yen takes a bite out of its bottom line.
The Corolla and Prius hybrid maker posted a profit of 1.83 trillion yen (USD 16 billion) on slightly lower revenue of 27.6 trillion yen for the recently ended year to March -- well down from a record 2.31 trillion yen net profit the previous year.

Adi Godrej names successor at GCPL, it’s daughter Nisaba

The baton was formally passed on in one of India’s best known and loved companies on Tuesday.
The succession process at the Rs 60,000-crore Godrej group was set in motion with Adi Godrej handing over charge of the flagship company, Godrej Consumer Products Limited (GCPL), to his second daughter Nisaba.
Adi Godrej, 75, will become chairman emeritus after leading the company for 17 years.

Tata Steel hails new steel policy, says it will help cut cost

Tata Steel tdoay welcomed the National Steel Policy, saying it will help focus on infrastructure-led growth and help the industry achieve world-class cost efficiencies.
"The steel industry is poised to grow from the current level of 60 kg per capita to 160 kg per capita consumption by 2030-31, as envisaged by the National Steel Policy 2017 cleared by the Cabinet last evening," Tata Steel managing director TV Narendran said in a statement.

Toyota launches Innova Touring Sport priced up to Rs22.15 lakh

Toyota Kirloskar Motor (TKM) today launched a sporty variant of its multi-utility vehicle Innova Crysta, priced between Rs 17.79 lakh and Rs 22.15 lakh (ex- showroom Delhi).
Christened as Innova Touring Sport, the new variant comes with SUV-like styling with changes in exterior as well as interiors of the vehicle.
"Brand Innova has maintained its number one position in the segment ever since its launch in 2005 and the Innova Crysta continued this legacy," TKM Director and Senior Vice President (Sales & Marketing) N Raja said in a statement.

Shriram Properties, Xander Group ink $350 million deal for Chennai IT SEZ

Bengaluru-based Sh­r­iram Properties and Singapore’s Xander Group have signed a $350 million (Rs 2,290 crore) deal facilitating the latter to acquire 100 per cent interest in Shriram’s Gateway SEZ in Chennai and creating one of the largest PE deals witnessed in the real estate space.

Twitter, Bloomberg team up for streaming news channel

Twitter is launching a 24-hour streaming news channel in partnership with the Bloomberg Media, in a major expansion of the social media firm's video operations, the two firms have announced.
The new streaming channel "will combine the vast global editorial and newsgathering capabilities of Bloomberg with the digital power of Twitter," a joint statement said yesterday.
Michael Bloomberg, the founder of the financial news and information service and a former New York mayor, joined Twitter chief executive Jack Dorsey at a New York media conference to make the announcement.

Reliance Growth Fund hits NAV of Rs1,000

Reliance Growth Fund, a 21-year-old fund owned by Reliance Mutual Fund, has crossed the Rs 1,000-mark in net asset value (NAV), a first for the equity funds in the mutual fund industry.
The last updated NAV of Reliance Growth Fund stands at Rs 1003.75, as on Monday.
NAV is the price at which investors buy (bid price) fund shares from a fund company and sell them (redemption price) to a fund company. It is derived by dividing the total value of all the cash and securities in a fund’s portfolio minus its liabilities.

Nissan India sales rise 39% to 4,217 units in April

Japanese automobile major Nissan today reported a 39.26 per cent increase in India sales at 4,217 units in April.
The company had sold 3,028 units in April 2016, Nissan India said in a statement.
Commenting on this performance, Nissan India Managing Director Arun Malhotra said the company has started the fiscal on a robust note in terms of sales and sentiment.
The newly launched Terrano and Datsun redi-GO continue to get good response from customers, he added.

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