Mahindra pulls the plug on electric car sales in UK

LONDON/NEW DELHI - Mahindra & Mahindra has stopped selling its electric car in the United Kingdom due to meagre sales and is winding up operations there, according to a document seen by Reuters, in a setback for the Indian automaker's global ambitions.

Mahindra's exit from the UK comes less than a year after it launched the e2o car in a market it cons

TVS Motor posts 8.4% growth in April sales

Two and three-wheeler manufacturer TVS Motor has clocked a 8.46 per cent growth in its sales, including exports, in April. The city-based company sold 2,46,310 vehicles during the month as against 2,27,096 units in the year-ago period.

Total two wheeler sales grew by 8.39 per cent to 2,41,007 units last month from Rs 2,22,350 units, it said in a release. Sale of two wheeler in domesti

India may make local steel mandatory in government infrastructure projects - source

NEW DELHI  - The cabinet may clear a proposal on Wednesday to make usage of local steel mandatory for government's infrastructure projects, an official with direct knowledge of the matter said, aimed at boosting sales of local companies and global steel makers' investments.

The ministry's flagship National Steel Policy, which seeks to outline a roadma

0.43% div announced under SBI Savings Fund - Direct Plan

SBI Mutual Fund has announced 0.4334 per cent dividend under dividend payout option of scheme named as “SBI Savings Fund - Direct Plan” on the face value of Rs 10 per unit. The record date for the dividend was April 28.

The investment objective of the open-ended scheme is to provide the investors an opportunity to earn, in accordance with their requirements, through capita

Punjab & Sind Bank raises Rs 1,000 cr from bonds

State-owned Punjab & Sind Bank said that it has raised Rs 1,000 crore through issuing bonds to fund business growth. The fund raised through Basel-III compliant AT-1 Bonds, the bank said in a filing to the Bombay Stock Exchange.

The issue was fully subscribed and bids for Rs 1,000 crore with coupon of 10.90 per cent were accepted, it said. Under the Basel-III norms, AT-1 bonds com

Bajaj Auto April sales nearly flat at 3,29,800 units

Bajaj Auto, an Indian two-wheeler and three-wheeler manufacturing company, on Wednesday reported flat sales at 3,29,800 units in the month of April, 2017. “The company had sold 3,30,109 units in the same month last year,” said Bajaj Auto in a filing to the Bombay Stock Exchange.

Domestic sales during the month dipped by 21 per cent to 1,77,887 units from 2,26,133 units in

Majesco Q4 loss narrows to $0.8 million

Majesco, a core insurance software and consulting services firm, on Wednesday said it has reported a net loss of USD 0.8 million, or USD (0.02) per share for the fourth quarter ended March 31, 2017, compared to net loss of USD 1.5million, or USD (0.04) per share in the year ago period. Revenue for the fourth quarter ended March 31, 2017 decreased to USD 28.2 million as compared to USD 32.3milli

Markets open on a higher note on Wednesday

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a higher note during the morning session of the trade.

The Sensex of the BSE after opening at 29,984.95 points, touched a high of 30,020.59 points and a low of 29,972.79 points.

On Tuesday the Sensex closed at 29,921.18 points.

The Sensex is trading at 29,985.11 points up by 63.93 points or 0.21 per cent.

M&M`s April sales down 6%

Utility vehicles major Mahindra and Mahindra (M&M) on Tuesday reported a decline of six per cent in its passenger and commercial vehicle sales during last month.

According to the company, its total sales for April decreased to 39,357 units from 41,863 units sold during the corresponding month of last year.

The automobile major's domestic sales during the month under

Wipro goes for new identity to win over clients

Global software major Wipro on Tuesday unveiled a new brand identity with a new logo to win over clients.

"Our brand identity is a visual expression of what we do and mean for our clients. It is energised by our values, which are our core and beacon, the bedrock of our culture. Our values connect and resonate with the new identity," said Wipro Chairman Azim Premji in a state

Apple posts surprise dip in iPhone sales, shares fall

Apple Inc reported a surprise fall in iPhone sales for its second quarter on Tuesday, indicating that customers may have held back purchases in anticipation of the 10th-anniversary edition of the company's most important product later this year.

Under pressure from shareholders to hand over more of its $250 billion-plus hoard of cash and investments, Apple boosted its capital retu

Hyundai posts double-digit fall in global car sales

Global car sales of South Korean automakers posted a double-digit fall in April due to weak demand from China, the world's largest automobile market, industry data showed on Tuesday.

The country's biggest carmaker Hyundai Motor and its affiliate Kia Motors logged 364,225 units and 209,832 units respectively in global auto sales in April, down 11.7 per cent and 13.2 per cent fr

Indian equities close in red, Sensex below 30,000-mark

Despite positive global cues and healthy domestic macro-economic data, Indian equity markets provisionally closed in the negative on Tuesday, as heavy selling pressure was witnessed in healthcare and capital goods stocks.

The barometer 30-scrip BSE Sensitive index (Sensex) slipped below the psychologically important 30,000-point mark, however, the wider NSE Nifty retained its position

Chambal Fertilisers gets nod to sell ship for $24.5 mn

Chambal Fertilisers and Chemicals Ltd today received the board's approval for sale of one of its ships to Liberian company Railto Navigation for Rs USD 24.5 million (approximately Rs 157 crore). The sale of the ship 'Ratna Shalini' is expected to be completed by July 15, the company said in a BSE filing. The book value of the ship was Rs 194.04 crore as on March 31, 2017, it added.

SML Isuzu sales down 45.3% in April

SML Isuzu Limited (SMLI), a commercial vehicle manufacturer, on Tuesday reported a decline of 45.3 per cent in its April sales at 768 vehicles in the month of April, 2017, against 1,404 vehicles sold in the year ago period. “275 BSIII vehicles have been returned by dealers during April 2017 pursuant to Supreme Court judgment pronounced on 29th March, 2017, banning sale of BSIII vehicles p

M&M tractor sales climb 22% in April

Homegrown auto major Mahindra & Mahindra Ltd’s (M&M) Farm Equipment Sector (FES) on Tuesday reported a growth of 22 per cent in its total tractor sales at 26,001 units in April FY18. It had sold 21,386 units during the same period last year, the company said in a filing to the BSE on May 02, 2017.

The domestic tractor sales of the company jumped 21 per cent to 25,081 uni

HMSI sales up 34% in April at 5,78,929 units

Honda Motorcycle and Scooter India (HMSI) today reported 34 per cent increase in total sales at 5,78,929 units in April. It had sold 4,31,065 units in the same month last year. In the domestic market, sales grew 33 per cent to 5,51,884 units last month as against 4,14,035 units in April 2016, the company said in a statement. Exports grew 59 per cent to 27,045 units in April as against 17,030 un

M&M April auto sales drop 6% to 39,357 units

Auto major Mahindra & Mahindra Ltd on Tuesday reported a fall of 6 per cent in its total auto sales at 39,357 units in April this year. It had sold 41,863 units during the same period previous fiscal, the company said in a filing to the Bombay Stock Exchange on May 02, 2017. In the domestic market, sales fell by 4 per cent at 37,829 units in the month of April this year, as compared to 39,3

Reliance Infratel gets shareholders' nod for tower unit's merger with Brookfield Infrastructure

The shareholders of Reliance Infratel (RITL), a subsidiary of Reliance Communications (RCOM) at their meeting on April 29, 2017 have approved with 98 per cent majority the merger of the tower division of the RITL into Towercom Infrastructure Private Limited (TIPL), a company statement said here on Tuesday.

"Upon the completion of the demerger, through a Scheme of Arrangement, and

Ashok Leyland April sales down

Commercial vehicle major Ashok Leyland Ltd on Tuesday said it sold 7,083 units in April.

A company statement said this was far below the 10,182 units sold in April 2016.

While the company registered sales growth in its light commercial vehicles segment, the overall sales was brought down by lower sales in the medium and heavy commercial vehicles segment.
 

Asian factories get off to solid start in second quarter

NEW DELHI  - Factories across much of Asia got off to a solid start in the second quarter, buoyed by strong global demand, particularly for hi-tech gadgets which are leading a sizzling rally in electronics.

 Though China's manufacturing growth eased more than expected in April, business still improved and there were no hints of a sharp loss of momentum d

GAIL awards contract for laying pipeline in Kerala

State-owned gas utility GAIL India Ltd said that it has awarded natural gas pipeline laying work contracts for 131-km in Kerala. With this award, 75 per cent of the Kochi-Koottanad-Mangaluru pipeline is now in construction phase.

The 131-km section from Areacode (Malappuram) to Kurumathoor (Kannur) will cost about Rs 200 crore, the company said in a BSE filing. The balance 111-km stre

Toyota Kirloskar Motor sales grow 48% in April

Toyota Kirloskar Motor (TKM) has reported a 47.85 per cent jump in total sales at 14,057 units in April, driven by its newly launched SUV Fortuner. The company had sold total 9,507 units in the same month last year, TKM said in a statement. Domestic sales grew 51.81 per cent to 12,948 units as against 8,529 units in April last year, it added.

TKM exported 1,109 units of the Etios seri

Coal India's production declines, sales grow in April

Coal India on Tuesday said its production during April declined by 4.8 per cent to 38.44 million tonnes (mt) as compared to 40.09 mt produced in the year-ago month.

The miner reported its off-take grew by 6.1 per cent in April to 45.29 mt as against 42.45 mt sold in corresponding month in 2016. 

Miner's two subsidiaries -- South Eastern Coalfields Limited (SECL) and

ICICI to make 600 villages digitally-enabled in 2017

The ICICI Group on Tuesday said it has made 100 villages digitally-enabled in 2017 while planning to transform another 500 by the year-end.

Finance Minister Arun Jaitley while inaugurating the 100 ICICI digital villages here said: "The ICICI initiative should be followed by other banks in rural areas."

ICICI Bank MD and CEO Chanda Kochhar said: "We have transf