Maharashtra, Delhi drive Bajaj Auto’s three-wheeler sales growth
Posted on 6th February 2018 |
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| Bajaj Auto’s three-wheelers are on a fast track. The end of the permit raj for autorickshaws in Maharashtra has pushed the company’s three-wheeler sales to record highs in FY18 and this good run is expected to continue in FY19 too. Bajaj Auto has emerged as a major beneficiary of the end of the permit system in Maharashtra and issue of new permits in Delhi. There has been a recovery in three-wheeler exports as well, and the company is set to exceed its annual sales targets this year. Bajaj Auto enjoys 62% market share in this market and is making the most of the opportunity. The company has seen its commercial vehicle or three-wheeler sales go up in the domestic market by 154% to 39,082 units in January and 187% during December 2017 with sales of 36,579 units. For the first time, quarterly volumes in the domestic market exceeded one lakh units and grew by 105% to 1.10 lakh units during Q3FY18. Total Q3 sales stood at 1.82 lakh units, the highest-ever for any quarter. For the April 2017 to January 2018 period, three-wheeler sales from the domestic and export markets jumped 32% to 5.12 lakh units. Domestic sales were at 2.86 lakh units and exports at 2.26 lakh units. Kevin D’sa, president, finance, Bajaj Auto, said at an investor call on Monday that the company had a good run this year because of Maharashtra doing away with permits and Delhi issuing new permits. Sales many not be as high as it is in the current quarter, but the company sees growth in the next year or two, D’sa said. Meanwhile, Bajaj Auto will be using the excess cash for acquiring brands and growing its two- and three-wheeler business. Till then, the excess cash will remain with the company, D’sa said. There will be no buyback or special dividend, he said. As on December 31, 2017 Bajaj Auto was sitting on surplus cash and cash equivalent of Rs 13,554 crore. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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