The Indian head of French retail giant Carrefour, Jean Noel Bironneau, on Thursday called on commerce and industry minister Anand Sharma amid calls from sectoral players to open multi-brand retail in India to FDI. Although neither Sharma nor Bironneau commented on what transpired during their meeting, it is understood that the French retailer raised the issue of allowing foreign direct investment in multi-brand retail.
Cinemax revenue doubles, narrows losses for Q4
Multiplex operator Cinemax India doubled its revenues for the March quarter of 2012 at R58.4 crore from R28.91 crore in the year-ago period. The company managed to narrow its net loss for the quarter to R2.31 crore. In the corresponding prior quarter, its losses stood at R2.65 crore. On Thursday, Cinemax shares were up 0.78% to R32.20 on the BSE.
Madras Cements FY12 net up 83%
By curtailing the impact of the raising costs, optimal utilisation of captive power generation, increased quantity sale of blended cement coupled with better per tonne sales realisation, Madras Cements reported a 83% growth in its net profit for the year ended March to R385 crore against R211 crore in the previous fiscal. This despite provision of higher current tax of R112 crore for the year against R82 crore in the previous year. The total turnover, including other income, increased 24% to R3,288 crore for the year under review against R2,645 crore in the previous year. The sale volume increased to 75.50 lakh tonne as against 72.55 lakh tonne in the previous year.
Hyundai announces petrol price lock programme
Hyundai Motor India (HMIL) has structured a petrol price lock assurance programme to protect its customers from the fuel price hike announced on May 23. Under the programme, customers will be offered discounts on the petrol models of the Eon, Santro, i10, i20, Accent and Verna. The programme covers this fuel hike for the next seven months, it is valid on purchases made till May 31. Arvind Saxena, director, marketing & sales, HMIL, said, The scheme will insulate customers from the impact of the price hike.
S Oliver parts ways with Orient Craft
Germany-based apparel retailer S Oliver on Thursday said it has roped in a new joint venture partner in India as a part of new expansion plan for the market that includes investment of 20 million euro (over R140 crore) by 2016. The firm, which had partnered with Orient Craft Brands for its India foray in 2007 through a JV, said it has joined hands with a newly set up firm Design Pod in India. In April this year, Design Pod bought 49% stake held by Orient Craft Brands in S Olivers India operations, Design Pod founder and MD for the brand in India, Rajive Ranjan said.
Max India Q4 net loss narrows at R1.39 cr
Diversified business group Max India on Thursday reported a narrowing of net loss at R1.39 crore for the quarter ended March, driven by robust growth in speciality plastic products business. The company had posted a net loss of R13.47 crore in the corresponding period previous fiscal, Max India said. Total income of the company for the fourth quarter ended March, however, rose to R194.43 crore from R129.16 crore for the same period a year ago.
Apollo Tyres to set up R&D unit in Netherlands
Apollo Tyres on Thursday said it is setting up a new R&D centre for passenger vehicle segment in the Netherlands. It also said it is consolidating its entire R&D activities under two divisions passenger and commercial vehicle. As per the new arrangement, the passenger vehicle tyre R&D unit will be headed by Peter Snel at a new facility being set up in Enschede, Netherlands. The commercial vehicle tyre R&D will be led by PK Mohamed from the Chennai facility.
VA Tech Wabag net up 34% to R50 crore
VA Tech Wabag, a key player in water management services recorded a 34% jump in its net profit to R50 crore for the fourth quarter against R39.1 crore in the same quarter last fiscal. It clocked a revenue of R520 crore as against R356 crore, registering a growth of 46%. The company has received fresh orders worth R930 crore during fourth quarter of which R517 crore is from India and R413 crore from overseas.
I Vijayakumar appointed CMD of Madras Fertilizers
I Vijayakumar, IRS, has assumed charge as chairman and managing director of Madras Fertilizers, a government of India undertaking. Prior to this appointment, he was working as commissioner of income tax, Chennai, and held various important positions in I-T department in Tamil Nadu, Kerala and Gujarat, a release said.