Companies and Markets

Companies & Markets

Ashok Leyland expects Rs 5,000cr from defence orders

Commercial vehicle manufacturer Ashok Leyland is expecting revenue of around Rs 5,000 crore from its order book from the defence sector. The company will also launch over 20 new models of commercial vehicles this year. 

Ashok Leyland had earned revenues of Rs 500 crore from the defence vertical last year and expects to grow this to Rs 800 crore this year. Development of the orders that the company currently has received from the defence sector will add another Rs 5,000 crore of revenue, said Vinod Dasari, CEO and MD of Ashok Leyland.

Amtek sells SMI JV stake to Nippon & Sumitomo

Debt-ridden Amtek Auto on Wednesday said it has signed a share purchase agreement with Nippon Steel and Sumitomo Metal Corporation to sell its stake in its joint venture (JV) company SMI Amtek Crankshaft.

"Pursuant to the approval granted by the committee of creditors of Amtek Auto (AAL).... For sale of all equity shares and preference shares held by AAL in SMI Amtek Crankshaft Pvt Ltd (SMI) to Nippon Steel and Sumitomo Metal Corporation (NSSMC), AAL has signed and executed share purchase agreement with NSSMC," Amtek Auto said in a regulatory filing.

Mindtree Q4 net up 87%

Mid-sized software services firm Mindtree on Wednesday reported more than 87 per cent growth in net profit at Rs 182.2 crore for the quarter ended on March 31, 2018.

It had posted a net profit of Rs 97.2 crore in the year-ago period, the firm said in a statement.

Its revenue rose by 11.1 per cent to Rs 1,464 crore in the January-March 2018 period from Rs 1,318.1 crore a year ago.

In dollar terms, net profit surged over 95 per cent to $28.2 million, while revenue grew 15.6 per cent to $226.2 million in the quarter under review.

Index hits resistance zone

The market snapped its nine-day winning spree as stocks closed lower on a day of high volatility. The Sensex fell 63.38 points, or 0.18 per cent to settle at 34,331.68 and the Nifty 50 shed 22.50 points, or 0.21 per cent to settle at 10,526.20. The BSE Mid-Cap and Small-Cap indices ended lower. The market breadth was negative as 1,527 shares fell and 1,131 rose. The BSE Consumer Durables Index was down 1.18 per cent and the Bankex was down 0.85 per cent.

Technical view

Theories abound to explain dry ATMs

While the government, economists and bankers have come up with several theories explaining reasons for empty-ATMs in some states, a latest hypothesis attributes it to lower bank deposit growth this year leading to unavailability of sufficient cash with lenders.

The total outstanding money deposited in banks by March 30 stood at Rs 114.75 lakh crore against Rs 107.58 lakh crore a year earlier. Though the outstanding deposit saw an incremental growth of Rs 7,17,334 crore, it registered the slowest growth of 6.7 per cent in aggregate deposits in a financial year since 1964.

Akshaya Tritiya sales marginally up

Akshaya Tritiya sales were just 5 to 10 per cent up this time as higher gold prices forced buyers to tighten their purse strings. “The sales have not been very great. There could be 5 to 10 per cent growth over last year,” said Bachhraj Bamalwa, former chairman of All India Gem & Jewellery Domestic Council.

I-T cautions salaried class against filing wrong tax returns

Salaried people are likely to face the music for dodging taxes. The failure to comply with the income-tax laws and provisions could land them in trouble, said the I-T department. The department has warned salaried people of penal action for under-reporting income or inflating deductions while filing

returns. Sounding a cautionary note, the department has also advised these taxpayers to not “fall prey” to unscrupulous tax advisors or planners in making wrong claims in their returns to get tax benefits.

MFs discuss succession at ICICI Bank with chairman

Harried fund houses, which have a huge exposure to ICICI Bank, have met non-executive chairman MK Sharma after a litany of allegations surfaced against Chanda Kochhar and have discussed all the issues, including succession planning, according to a source.

“There have been meetings between Sharma and the mutual fund houses to assuage their concerns. The issue of succession plan was also discussed in the event of Kochhar stepping down,” a bank source was quoted by PTI as saying on Wednesday.