Harish Bhat to join exec council at Tata Sons
Harish Bhat, managing director of Tata Global Beverages and chairman of Tata Coffee, will join Tata Sons as member group executive council (GEC), and report to chairman, Cyrus P Mistry, from April 1, 2014. Bhat joined the Tata group in 1987, as an officer in Tata Administrative Service (TAS).
Godrej Properties Q3 net up 5.7% at R37 crore
Godrej Properties, the real estate development company of Godrej Group, posted a mere 5.7% year-on-year increase in consolidated net profit to R37 crore for the third quarter ended December 31, 2013 as no new projects reached revenue-recognition threshold. Consequently, total income from operations was 9% lower y-o-y at R242 crore. However, this led to a decrease in total expenses, which stood at R158 crore, down nearly 18%. Other income saw a sharp y-o-y jump to R12 crore against
R1 crore due to some deployment from the recently raised rights issue.
Titan Q3 profit falls by over 19% to R165 crore
Titan Company said its net profit dropped by 18.8% to R165.57 crore in the third quarter ended December 31, 2013 due to a continued slowdown in the market. The company had a net profit of R203.92 crore during the same period of the last fiscal. Net sales of the company declined to R2,650.46 crore in the third quarter against R2,982.89 crore in the same period of previous fiscal, Titan said in a filing to the BSE.
Havells Q3 profit surges 28.32% to R121.47 crore
Electrical goods maker Havells India has reported a 28.32% increase in its standalone net profit at R121.47 crore for the third quarter ended December 31, 2013. The company had posted a standalone net profit of R94.66 crore for the same period of the previous fiscal. Net sales rose to R1,174.03 crore for the third quarter compared to R1052.09 crore during the same period of the previous financial year, Havells India said.
Alstom India narrows q3 loss to R7.58 crore
French firm Alstom's domestic arm Alstom India narrowed its net loss to R7.58 crore for the third quarter ended December 31, 2013. The company had recorded a net loss of R14.59 crore in the corresponding quarter of the previous financial year. Total income from operations in the quarter increased to R533.08 crore from R489.39 crore in the same period of the last fiscal, Alstom India said.
M&M eyes bigger pie with new Maxximo launch
Utility vehicle maker M&M on Wednesday launched the Maxximo Mini Van Vx, equipped with live monitoring facility. The company said it expects an immediate jump of about 7% in its minivan sales. It currently has a market share of 14% in the segment. Priced at R4.37 lakh (ex showroom, Mumbai), the van will come at a premium of about R60,000. The company believes the diesel engine will lure consumers looking for economy.
Usha Martin Q3 net falls 50% on sluggish demand
Wire rope and speciality steel manufacturer Usha Martin has posted a more than 50% decline in consolidated net profit to R15.43 crore for the third quarter of the current financial year. The company's net profit stood at R30.41 crore in the previous corresponding period. The sharp drop in net profit was due to sluggish steel demand and interest and depreciation charges, Usha Martin MD Rajeev Jhawar told reporters.
Century Textiles posts Q3 profit of R1.58 crore
BK Birla Group firm Century Textiles and Industries reported a profit of R1.58 crore for the third quarter ended December 31. It had posted a loss of R29.19 crore in the October-December period of 2012-13 fiscal, the company said in a BSE filing.
TechM deploys SAP at Cambridge Univ Press
IT firm Tech Mahindra said it has deployed SAP business systems as part of a three-year project with international publisher Cambridge University Press. No financial details were disclosed. Since January 2013, Cambridge has been successfully using the finance and procurement model of SAP.