Top cues: Asian shares tumble, Sensex, Nifty could open weak
Vinod Dasari, managing director, Ashok Leyland, told NDTV Profit that the company is planning to make about 36,000 vehicles in FY13-14. “We are happy about the exports market that we have developed. Southern markets are seeing revival,” he added.
Asian stock markets fell for the fifth straight day on Tuesday. The MSCI Asia Pacific index fell over 1 per cent and is heading for the lowest close since 16 January 2012. Fears on Greece exiting the euro zone kept investors on the edge. Global markets witnessed a selloff on Monday. The MSCI World index fell 1.6 per cent. Overnight, US stocks fell to a three month low. The S&P 500 fell for the fourth straight day to the lowest level since February 2, 2012. The Dow Jones Industrial Average slipped to the lowest level since January 31 while Nasdaq closed at the level last seen on February 6. Finance and energy shares fell the most with JP Morgan Chase among the worst hit stocks.
Bajaj Hindusthan shareholders approve investment in power sector.
India's largest sugar firm Bajaj Hindusthan today said its shareholders' approved the company's proposal to furnish investments and corporate guarantees worth up to Rs 1,240 crore for its power projects. In a filing to the Bombay Stock Exchange, the company said that three special resolutions, circulated to the members through postal ballot, were declared as duly passed by the requisite majority. In early April, the company had sought shareholders’ approval for infusion of up to Rs 1,040 crore in Lalitpur Power Generation Company Ltd (LGPCL) and another Rs 200 crore in Bajaj Energy.
HSBC fund buys into TBZ
HSBC Global Investment Funds acquired a 9.16 per cent stake in Tribhovandas Bhimji Zaveri's (TBZ) for Rs 73.34 crore through public issue of the jewellery retailer. In a filing to the BSE, TBZ informed that HSBC has acquired 61,12,167 shares (9.16 per cent) through Initial Public Offer (IPO) at Rs 120 per share.
IVRCL shares crash on poor results
Leading infrastructure firm IVRCL on Monday reported a steep decline of over 92 per cent in its standalone net profit to Rs 4.94 crore for the quarter ended March 31, 2012, largely due to increased expenses. The company, in which media baron Subhash Chandra-led Essel Group had picked up 12.27 per cent in March-April, had posted a net profit of Rs 64.25 crore in the year-ago period.The net sales of the company also fell by 22.22 per cent to Rs 1,596.03 crore vis-a-vis Rs 2,052.04 crore in the January-March period of previous fiscal, it said in a filing to the BSE. Shares of IVRCL slumped by 11.83 per cent on Monday to close at Rs 45.10 on the BSE. IVRCL Assets and Holdings scrip closed 4.91 per cent down to Rs 37.80, while Hindustan Dorr-Oliver closed at Rs 33.30 apiece, up 4.23 per cent.
Bajaj Auto sales to grow 15% in 2012-13: Rajiv Bajaj
The country's second largest two-wheeler maker Bajaj Auto said that it expects sales to grow by over 15 per cent to 50 lakh units in 2012-13. "We hope that our total sales will cross 5 million units this fiscal compared to 4.3 million units in 2011-12," Bajaj Auto Managing Director Rajiv Bajaj told reporters on Monday. Bajaj Auto Ltd's (BAL) total vehicle sale rose 14 per cent for the year ended March 31, 2012, at 43,49,560 units.