Quick view: Mahindra joins others, raises car prices by 2%

Updated: Sep 28 2013, 06:36am hrs
Taking a cue from Tata Motors and Hyundai, sports utility vehicles major Mahindra & Mahindra on Friday said it will raise prices up to 2% across its product lineup. The revised prices, which comes into effect beginning October 1, 2013, and a few days ahead of the festive season, will pinch the customers looking at buying cars thus further putting a pressure on the industry witnessing a slowdown. The company cites higher input costs and the devaluation of rupee as reason behind this price hike which will in the range of R6,000-20,000. Audi, BMW and Mercedes-Benz also took a steep price hike of 2.5-4.5% in July-August period.

Bajaj Auto likely to raise motorcycle prices soon

Motorcycle manufacturer Bajaj Auto is likely to raise prices of its vehicles in the near term to offset the impact of high input costs and a weak rupee, its managing director Rajiv Bajaj said on Friday. It seems likely that we have to raise prices because commodity prices have gone up significantly, partly owing also to the way forex has moved, Bajaj told reporters on the sidelines of a business conference. He did not give the quantum of the planned price rise.

Nalco declares 25% dividend for 2012-13

The National Aluminium Company (Nalco) on Friday announced 25% dividend for the year 2012-13, against 20% dividend paid in the previous year. Nalco chairman-cum-managing director Ansuman Das said at the companys 32nd Annual General Meeting, held on Friday, that the company has decided to pay a final dividend at R0.50 per share (10%) in addition to the interim dividend of R0.75 per share (15%) paid on March. The total dividend pay-out for the 2012-13 fiscal now stands at R1.25 per share (25%), against R1.00 per share (20%) paid for the previous year 2011-12. Till date, the company has paid a total dividend of R4,519.17 crore including R3,920.73 crore to the government of India.

Den raises R689 crore via share allotment

Cable television services firm Den Networks on Friday said it has raised R689.67 crore from preferential share allotment to affiliates of the Goldman Sachs. Den Network alloted 3.17 crore equity shares at R217.50 apiece on preferential basis to Goldman Sachs affiliates Broad Street Investments (Singapore) and MBD Bridge Street 2013 Investments (Singapore).

Lupin gets USFDA nod for generic oral contraceptive

Lupin has received final approval for its VyfemlaTM tablets from the USFDA to market a generic version of Warner Chilcott companys Ovcon 35 Tablets. Lupins US subsidiary Lupin Pharmaceuticals shall commence marketing the product shortly. The tablets with ingredients of Norethindrone and Ethinyl Estradiol tablets USP, 0.4 mg/0.035 mg is the AB rated generic equivalent of Warner Chilcotts Ovcon 35 tablets and is indicated for the prevention of pregnancy in women who use this product as a method of contraception. Warner Chilcott company Ovcon 35 tablets had annual US sales of approximately $22.3 million according to IMS MAT March 2013.

Glenmark gets research fee payment from Forest

Glenmark Pharmaceuticals on Friday said it has received a small research fee payment from Forest Laboratories on a collaboration for the development of molecules to treat chronic inflammatory conditions. The company, however, did not disclose the exact quantum of payment. The company has received a small research fee payment from Forest Laboratories on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions to support the next phase of work, Glenmark Pharmaceuticals said in a statement.

STC profit up 9% in 2013 fiscal, turnover dips

The State Trading Corporation of India on Friday said its profit after tax grew by about 9% to R18 crore during 2012-13 fiscal, although its turnover fell sharply. The company had reported a profit after tax of R16.5 crore in the previous fiscal, an official statement said. It registered a turnover of R18,698 crore in 2012-13, against R30,444 crore in the preceding fiscal. STC effected exports of R1,563 crore and that the same were higher than any of the preceding three years, STC CMD Khaleel Rahim said.

Lenovo forays into Indias cheap smartphone mkt

Computer maker Lenovo on Friday announced the launch of new A series smartphones, marking the companys foray into the affordable smartphone segment in India. The four phones A269i, A369i, A516 and A850 will enable consumers to enjoy a superior smartphone experience at any price point, it said in a release. The handsets are priced in the range of Es 5,499-15,999, it added. The A516, A369i and A269i smartphones are powered by dual core processors, while the A850 is powered by 1.3 GHz quad core processor.