Hindustan Unilever Elevates Manish Tiwary And Punit Misra
Manish Tiwary, sales head of Hindustan Unilever, has been promoted as managing director of parent Unilever’s business in the Gulf. Punit Misra, vice president (customer development) for global route to market and traditional trade at Unilever, will replace Tiwary as HUL executive director and vice president, sales and customer development. He will be part of the firm’s management committee. A Hindustan Unilever spokesperson confirmed the promotions and said the change will be effective November, 2014. Hindustan Unilever recently restructured its home and personal care business into two separate divisions for a sharper focus, translating into a shake-up in its top management.
India Tourism Development Corporation Declares Dividend
India Tourism Development Corporation, the PSU under Tourism Ministry, declared 5 per cent dividend amounting to Rs 4.29 crore for 2013-14. The five per cent dividend was approved in the annual general meeting of the ITDC here, a senior Tourism Ministry official said. The turnover of the corporation has increased by 6.57 per cent to Rs 470 crore approximately. The net profit before tax increased by 118 per cent to Rs 11.93 crore while profit after tax increased by 214 per cent to Rs 9.42 crore. The official said efforts are on to venture into new areas of expansion like the launch of new Duty Free Shops. Steps are also being taken to upgrade the existing properties and explore the possibilities of attracting private investments.
Mercedes-Benz India Sales Up
German luxury carmaker Mercedes- Benz today reported 16 per cent increase in its sales in India to 7,529 units in the first nine months this year. The company had sold 6,461 units in the same period last year, Mercedes-Benz India. Commenting on the sales performance, Mercedes-Benz India Managing Director & CEO Eberhard Kern said: “The first three quarters of 2014 has been very satisfying for Mercedes-Benz given the tough market conditions the industry battled.” The results of these initiatives have been an inclusive growth for the brand in India in the first three quarters, he added. Mercedes-Benz India’s SUV portfolio is on the highest growth path and witnessed an impressive growth rate of more than 100 per cent, the company said.
Bharat Heavy Electricals Bags Rs 359 Cr Contract
Bharat Heavy Electricals has bagged a contract worth Rs 359 crore for setting up a plant power distribution system package for an NMDC steel plant in Chhattisgarh. The work pertains to state-owned NMDC’s three million tonnes per annum integrated steel plant at Nagarnar in Chhattisgarh. Already, Bharat Heavy Electricals Ltd is executing a raw material handling package at the project. BHEL said the contract for setting up the plant power distribution system package is valued at Rs 359 crore. “The present order envisages design, engineering, supply, erection and commissioning of the complete power distribution system on turnkey basis. The system will supply power through 33kV GIS (Gas Insulated Switchgear) based substations to the shops of the integrated steel plant,” it added.
Indiabulls Power Limited Appoints Jayant Kawale As MD
Jayant Kawale was appointed as the Managing Director of Indiabulls Power Ltd. Kawale, a former Indian Administrative Service officer of 1981 batch of Maharashtra cadre, was earlier managing director of (hydro and renewable) Jindal Power Ltd. During his tenure with the government, he headed the Maharashtra State Electricity Board, then the largest vertically integrated utility in the country, with exposure to generation, transmission and distribution, and also served as Secretary, Energy in Government of Maharashtra and as Joint Secretary, Ministry of Power, Government of India. In 2009, Shri Kawale made a diagonal change in his career and joined the private sector as CEO (Energy Development) in Bharat Forge. “With power industry at an inflection point with the current proactive Government, it will be an exciting journey to be part of such a dynamic organization like Indiabulls Power Ltd.” said Kawale said in a statement.
Srei Infra To Raise To Rs 1,500 Crore
SREI Infrastructure Finance is set to raise Rs 1,500 crore through secured, redeemable, non-convertible debentures (NCDs). The base issue size is of Rs 250 crore with an option to retain over-subscription up to the shelf limit of Rs 1,500 crore. This is the first tranche of the Rs 1,500 crore shelf limits. The NCDs have been given a credit rating of ‘AA-‘ by CARE and ‘BWR AA’ by Brickwork. The NCDs have maturity tenures of two, three and five years with annual coupon payout in the range of 10.75 to 11.75%. Monthly coupon payment options are available for tenures of three and five years. The net proceeds raised through the tranche 1 will be used for the purpose of lending/repayment of loan and for general corporate purposes. The issue opens today and shall close on October 31 with an option for early closure or extension by such period that may be decided by the board.
Aegis Gets Rs 200 Cr Contract From PNB
Aegis, the business process outsourcing (BPO) arm of Essar group, has bagged a five-year contract from Punjab National Bank (PNB) to support and manage the banks’ Pradhan Mantri Jan Dhan Yojna contact center. While the company refused to share the financial details, industry sources estimate the contract size to be around Rs 200 crore. “This would be the first customer contact centre institutionalised by a public sector bank for the Pradhan Mantri Jan Dhan Yojna,” Aegis said in a release. Pradhan Mantri Jan Dhan Yojana is a scheme for comprehensive financial inclusion launched by Prime Minister Narendra Modi in August this year.
Nissan Motor Sales Up By 64%
Japanese car maker Nissan Motor has registered a 64.02 per cent jump in its sales in September, 2014, selling 4,145 units from 2,527 units sold during the same month of last year. For the half year period ending September 30, 2014, the company had sold 25,741 units up by 105.7 per cent, from 12,515 units sold during the same period of previous year, a company statement said. Nissan Motor currently has a manufacturing facility at Oragadam near Chennai in joint venture with France-based automaker Renault. The company retails various models including hatchback Micra, sedan Sunny, and premium SUV Terrano, among others.
Mahindra Sales Up By 4%
Auto major Mahindra & Mahindra reported 3.7% increase in total sales at 44,911 units in September. It had sold 43,289 units in the same month last year, the company said in a statement. M&M’s domestic sales grew by 4.5% to 42,408 units last month as against 40,574 units a year earlier. Sales of passenger vehicles including Scorpio, XUV 500, Xylo, Bolero and Verito stood at 19,893 units compared with 18,916 units in September 2013, up 5.16 per cent. M&M Chief Executive Automotive Division and International Operations (AFS) Pravin Shah said: “The sales numbers for September have been encouraging and we are glad that the automotive industry is turning the bend.”