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Updated: May 31 2013, 06:54am hrs
Merc launches A-Class compact at R21.9 lakh

German luxury car maker Mercedes-Benz on Thursday launched the all new A-Class in the compact segment at an introductory price of R21,93,500 for the petrol variant and R22,73,500 for diesel, ex-showroom Mumbai. The two new A-Class models are A 180 Sport and A 180 CDI Style, available in petrol and diesel options, and have one of the best fuel economy in the segment, the company said.

TVS Logistics acquires US firm Wainwright

TVS Logistics Services, Indias leading third-party logistics service provider and part of the TVS group, has acquired US-based Wainwright Industries for R25 crore, a family-owned end to end supply chain provider. This is the second acquisition by TVS Logistics in the US after Mesco in 2011 and fifth overall in the last few years, including three in the UK, said R Dinesh, managing director, TVS Logistics. The company expected to end the current fiscal with R2,200 crore in revenue including R300 crore from the US operations against R1,800 crore last fiscal.

SSTLs Vsevolod Rozanov elevated as group CFO

Russian conglomerate Sistema on Thursday announced elevation of CEO of its Indian telecom firm, SSTL, Vsevolod Rozanov as the new senior vice-president and CFO of the company. The new appointments to Sistemas management board with effect from June 1, 2013 include appointment of Rozanov as senior vice-president and chief financial officer, Sistema said. Sistema ventured into Indian telecom space with Rozanov as CEO of its joint venture Sistema Shyam TeleService in 2008.

Fortis Healthcare posts Q4 net loss of R116 crore

Fortis Healthcare on Thursday reported consolidated net loss of R116 crore in the fourth quarter ended March compared with net profit of R42 crore in Q4FY12. Total income was however up by 26% to R1,610 crore in the January-March quarter from R1,279 crore in the same period last year. The India hospital business posted a 17% revenue growth to touch R605 crore. For the year ended March 2013, the consolidated net profit stood at R500 crore up from R72.22 crore in FY12. This, however, included a one-time gain arising from the business trust transaction.

Cadila Healthcare net increases to R262.4 cr

Pharmaceutical firm Cadila Healthcares net profit for the fourth quarter stood at R262.5 crore against R170.8 crore. The companys consolidated quarterly net sales increased by 16.5% to R1,566 crore from R1,344 crore in the corresponding quarter of last year. For the full year ended March 2013, Cadilas consolidated net sales increased to R6,155.4 crore from R5,089.9 crore in the previous year. Its annual net profit remained almost unchanged at R655 crore.

MphasiS hits 52-week high on stake sale buzz

IT firm MphasiS touched a 52-week high on the BSE on Thursday with its share price rising to R513, on market buzz that Hewlett Packard would sell its controlling stake (60%) in the company. HP which holds 60.5% stake in Mphasis has already expressed its intention of divesting its holding but no formal process has begun. The technology giant picked up majority stake in the Indian company after its global takeover of EDS in 2008. There are reports that certain erstwhile executives of MphasiS are also interested in bidding for the company.