Tata Motors has laid out a target of tripling its commercial vehicle (CV) exports to 1.5 lakh units by 2020. The company plans to focus of exports to de-risk the business dependent of the cyclical domestic CV industry. The company will be targeting Southeast Asia, middle East and Africa as key export geographies.
·KEC International sells telecom assets for Rs 82.3 crore
KEC International has sold its telecom assets to ATC Telecom Tower Corporation for Rs 82.3 crore. The assets consist of 381 telecom sites and are located in the states of Chhattisgarh, Meghalaya and Mizoram – Positive read through.
·Govt gets Rs1 lakh crore spending cushion for FY16
The government is looking at a spending cushion of about Rs1 lakh crore for FY16 as global crude oil prices may remain low, besides an expected increase in indirect-tax buoyancy. Finance Ministry sources also suggest that there will be be no spending cuts, and the government might in fact have the rare headroom to spend more than budgeted, without worrying about fiscal arithmetic. The higher spending is likely to boost economic growth and may go into sectors like infrastructure, railways, renewable energy etc.
·Delhi Transport Minister to float tender for 1,380 CNG buses
Delhi Transport Minister to float tender for 1,380 CNG buses – Positive for Ashok Leyland (domestic business quite small for Tata Motors thus impact relatively much small).
·Eicher Motors CEO relocates to UK to focus on international business
Eicher Motors MD & CEO Siddhartha Lal will be moving to UK for a year to strengthen the company’s international business. Eicher’s motorcycle division i.e Royal Enfield had acquired UK-based Harris Performance in June to scale up its R&D and is in the process of setting up a development centre in UK. The company is developing engines for the international market.
·Apollo Tyres launches new Amaze 4G Life tyre
Apollo Tyres has launched a new tyre for the Indian market. The new Amaze 4G Life promises to run for 1 lakh km. The tyre has been jointly developed in Apollo’s R&D centres at Chennai and Netherlands.
The new tyre uses a new thread compound and siz layered protection that improves the life of the tyre.
·IRDA plans to axe commissions to distributors
The insurance regulator IRDAI is looking to crack down on commissions that raise the price of insurance products significantly. Such commissions can at times be as much as 25-30% of the first payments on policies. The regulator also plans to scrap the upfront commissions that some companies pay to distributors and could have impact on bank assurance tie ups.
·Alstom India Q1 net drops 47%
Alstom India reported 47% drop in net profit at Rs 8.05 crore for the quarter ended June 30, 2015 compared with Rs14.99 crore in the same quarter last fiscal.
The stock opened at Rs800 and touched a low of Rs 788.05 on NSE. Net sales for the quarter under review declined 9% to Rs425 crore compared with Rs469 crore in the quarter ended June 30, 2014.
·SKS Microfinance gains post Q1FY16 earnings
Shares of SKS Microfinance gained nearly 2% to Rs 544 on NSE as Q1FY16 earnings were up by 24% YoY .The stock opened at Rs 550.10 marking days low at Rs 541 and hit an intraday high of Rs552.30 on NSE so far. SKS Micro finance reported 24% YoY growth in the net profits to Rs 61.15 crore. This was led by 59% growth in income from operations, though higher provisions (Rs7.2 crore Vs -1.85 crore in Q1FY15) and increase in employee expenses partly absorbed strong growth in top line.
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