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Electrolux Targets Rs500 Crore Sales From Small Appliances By Fy17

Updated: November 15, 2014 10:31 am

Swedish consumer appliances firm Electrolux is targeting Rs 500 crore turnover from small appliances by fiscal 2017 as it expands products range in the country. “We are a new entrant in the domestic market. We have spent last one year in understanding the market and developing products for India. We are looking at Rs 500 crore turnover by FY 2016-17,” Electrolux Kelvinator Small Appliances CEO Pramod K Khosla said in a statement. The company entered into small appliances category in India in October 2013 with the launch of select products under its power brand ‘Kelvinator’. Electrolux, which started operation for its small appliances business in India with water heaters, air coolers and tower fans, is in process of expanding products range by launching kettles, toasters, food processors and rice cookers by end of this fiscal.

ICVL To Invest $ 500 Million


State-owned International Coal Ventures (ICVL) will invest $ 500 million to create logistic and other infrastructure support in the next 2-3 years at its recently acquired coal mines in Mozambique, a senior official of the PSU said. ICVL is also looking to appoint a full-time official with rich experience in coal mining to head the operation of the Mozambique mines to turn them into a profitable venture, he said. ICVL signed the pact on July 28 to buy Rio Tinto’s 65 per cent stake in Benga and 100 per cent each in Zambeze and Tete East coal assets in the African nation for $ 50 million. “There are logistic issues. At this point of time it (mining operations) is making cash losses. There are about one billion tonnes of coal reserves available. It needs another $ 500 million in the next two to three years. It is a very good strategic investment,” the official said in a statement.

Kotak Mahindra Bank Net Up 23%


Private sector lender Kotak Mahindra Bank reported 23 per cent increase in its net profit on a consolidated basis to Rs 718 crore for the quarter ended September as compared to Rs 583 crore recorded during the same period of the previous year, mainly due to higher earnings from banking operations. On a standalone basis, net profit was up 26 per cent to Rs 445 crore from Rs 353 crore reported during the same period of the previous year. Profit was higher on account of robust growth in other income, which comprises fee and treasury income. While other income more than doubled to Rs 1,652 crore from Rs 713 crore during the period under review, fall in overall provisioning to Rs 58 crore from Rs 86 crore also helped its bottom line.

HDFC’S Net Rises In Single Digit


Housing Development and Finance Corporation (HDFC), the country’s largest home mortgage financier, reported 7.2 per cent growth in net profit to Rs 1,357 crore for the quarter ended September, as compared to Rs 1,266 crore in the year-ago quarter, with a rise in loans to individuals. The profit was largely in line with Bloomberg estimates of Rs 1,362 crore. However, the net profit growth is the lowest after the March 2009 quarter, when profits declined by 4.5 per cent. Since then, the net profit growth has always been in double-digits. It is after 21 quarters that the profit growth has slipped into single digits. The slower growth in this quarter can be attributed to increase in provisioning and tax, say analysts. Provisions and contingencies jumped 133 per cent year-on-year to Rs 35 crore from Rs 15 crore in the same quarter last year.

 HUL Q2 Net Up 8%


Hindustan Unilever Ltd, the Indian unit of consumer goods giant Unilever Plc, said second-quarter net profit grew 8%, in line with estimates as sales remained robust despite slower economic growth. Standalone net profit rose to Rs 988 crore for the three months to Sept 30 from Rs 914 crore a year earlier, Hindustan Unilever said in a statement. Analysts on average had expected a net profit of Rs 988 crore, according to data compiled by Thomson Reuters. Total income came in at Rs 7,639 crore in the quarter ended 30 September, 2014. HUL reported a 5% volume growth in the quarter. The company declared a dividend of Rs 6 per share.

Tata Motors To Raise $750 Mn


Tata Motors, India’s biggest automaker, is set to raise $750 million (Rs 4,600 crore) in what could be its second fund raising activity this year. The Mumbai-based company will reportedly issue $750 million of senior unsecured notes, according to Bloomberg. The $500-million 5.5-year issue is priced at 4.625 per cent while another $250-million issue is priced at 5.75 per cent for a 10-year period, stated the agency. In May, the company’s wholly owned-subsidiary TML Holdings raised $300 million (about Rs 1,800 crore) through an issue of debt securities having fixed interest rate.

Havells Q2 Net Up 1%


Havells India reported a marginal increase in its consolidated net profit at Rs 113 crore for the second quarter ended September 30, 2014. The company had posted a consolidated net profit of Rs 112 crore for the same period of previous fiscal, Havells India Ltd said in a statement. Consolidated net sales during July-September quarter increased 8.71% to Rs 2,207 crore as compared to Rs 2,030 crore during the same period of previous financial year, it said. Havells India Joint Managing Director Anil Rai Gupta said the government’s focus on boosting economic growth through a series of reforms has improved business climate in the country. Its total standalone income in H1 gained 18.72% to Rs 2,641.96 crore as against Rs 2,225.25 crore in the same period last year.

BGR Energy Secures Rs 250 Crore Order

BGR Energy a leading EPC and BoP company has received orders worth Rs 250 crore in the electrical sub-stations segment of its Electrical Projects Divison. Chennai-based BGR Energy’s Electrical Projects Division (EPD) have secured three Substation orders from Tamil Nadu Transmission Corporation Ltd., (TANTRANSCO) for Establishment of 230KV AIS Substation at Puraisai, Villupuram, 110KV GIS Substation at Thirumangalam South, 400/230-110 KV AIS substation with all associated equipment, systems and civil works at Palavadi in Dharmapuri district. All orders are on Total Turnkey basis. Besides the new orders, Electrical projects division is currently executing Main Plant Electrical Systems package (including nuclear island electrical) for 4x 700 MW (PHWR) for Nuclear Power Corporation of India Ltd (NPCIL) and 220 KV and 400 KV Air Insulated Substation works.

Idea Cellular Q2 Profit Up 69%


Idea Cellular, the country’s third largest operator, reported a 69 per cent jump in consolidated net profit for the July-September quarter, beating estimates of analysts. The growth was on the back of strong subscriber additions and surge in data usage. However, sequential growth remained mute during the seasonally weak quarter. Idea Cellular’s consolidated net profit grew to Rs 755.9 crore for the quarter, from Rs 447.6 crore reported in the corresponding quarter previous year. Analysts had estimated Idea Cellular’s net profit at around Rs 650 crore. “The company is well geared to meet all volatile, uncertain, complex and ambiguous developments and remains on course of its mission to improve its market standing both in mobile voice and data business,” the company said in a statement.

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