(IANS) The scrip of the Vijay Mallya-led Kingfisher Airlines Monday rose by two percent on the back of news that the government has asked the Life Insurance Corporation (LIC) to consider buying 10 percent stake in the airline.
At the Bombay Stock Exchange (BSE), the company's stock rose by 2.49 percent to Rs.24.65 in the noon trade. It had earlier touched an intra-day high of Rs.25.
The markets were buoyed by the news of a likely 10 percent stake buyout by LIC, as this will infuse the much-needed capital in the airline whose lenders had also asked the carrier to put in more money for continued support.
On Nov 14, the company's lenders had asked the airline to come up with more funds for them to consider restructuring of the company's loans.
"We have asked them to come up with some fresh funds. The thing that is being discussed is selling some of the assets. If they do it, it is good," State Bank of India managing director Hemant Contractor told reporters on the sidelines of a World Economic Forum (WEF) meet in Mumbai.
"We (banks) have to be satisfied about viability of Kingfisher. There is no point in restructuring (debt), if the company's operations are not going to be viable," Contractor added.
The SBI leads the consortium of 13 banks which has lent to the airline. SBI is also the biggest lender to Kingfisher with loans of Rs.1,500 crore. Private lender ICICI Bank has also given loans of up to Rs.400 crore to the company.
The development comes even as the carrier continues to curtail 50 flights daily since Nov 8 as it has been hit by technical and labour issues.
The concerns on airline's viability has been in the news since it started curtailing flights with its stock falling over 19 percent in the early trade of Nov 11 to a new low of Rs.17.55. It later managed to crawl up but was still ruling with a 12.44 percent loss at Rs.19 in noon trade.
Currently, the airline owes huge amounts to oil companies, the Airports Authority of India and private airport operators GVK and GMR groups. The airline has not posted any profit since its launch five years ago and reported a net loss of Rs.1,027 crore last fiscal and Rs.263 crore in the last quarter.
2011/11/9 5:00:49 Mumbai, Nov 9 (IANS) The country's largest lender State Bank of India (SBI) Wednesday reported an increase of 12.4 percent in net profit at Rs.2,810 crore for the quarter ended Sep 30 as against Rs.2,501 crore during the like period of the previous financial year.
Total income stood at Rs.29,394 crore during the quarter under review, up 23.4 percent as against Rs.23,813 crore for the quarter ended Sep 30, 2010, the company said in a regulatory filing.
SBI's net non-performing assets (NPAs) rose marginally to 2.94 percent at the end of second quarter of the fiscal under review from 1.7 percent a year ago.
At the Bombay Stock Exchange, shares of the company were 4.66 percent lower to trade at Rs.1,904.50.
2011/10/28 5:07:34 New Delhi, Oct 28 (IANS) State-run hydropower firm NHPC Friday reported a 40 percent increase in net profit at Rs.966.5 crore for the quarter ended Sep 30 as against Rs.690.2 crore during the like period of the previous financial year.
Net sales stood at Rs.1,830.7 crore during the quarter, up 47.6 percent against Rs.1,240.4 crore during the like period of the previous financial year, the company said in a regulatory filing.
At the Bombay Stock Exchange, the shares of the company were 4.22 percent up to trade at Rs.24.70.
2011/10/27 3:00:09 (IANS) Indian equities markets are closed Thursday on account of Diwali Balipratipada.
The markets had been closed Wednesday for Diwali except for a little over an hour in the evening for muhurat trading.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) had closed muhurat trading with a modest 33.97 points or 0.2 percent gain at 17,288.83 points, compared to the previous close at 17,254.86 points.
At the Natinal Stock Exchange, the broader 50-share S&P CNX Nifty nudged up 10.2 points or 0.2 percent, to close Wednesday at 5,201.8 points.
Since closing Friday, the benchmark indices have gained about 2 percent.
Indian Overseas Bank Q2 net profit rises to Rs.207.46 crore
2011/10/29 6:35:31 New Delhi, Oct 29 (IANS) The Indian Overseas Bank (IOB) Saturday posted a marginal increase in net profit to Rs.207.46 crore for the quarter ended Sep 30 as against Rs.206.15 crore during the like period of the previous financial year.
The total income stood at Rs.4,822.56 crore during the quarter under review against Rs.3,074.74 crore during the like period of the previous fiscal, the company said in a regulatory filing.
At the Bombay Stock Exchange, the shares of the company were 3.60 percent up to trade at Rs.97.80.
2011/9/14 0:07:25 Indian equities markets were ruling subdued in early trade Wednesday with benchmark indices slipping into the red and broader markets trading flat.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) which opened at 16,552.71 points, was ruling at 16,408.65 points, down 58.78 points or 0.36 percent from its previous close at 16,467.44 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading lower at 4,923.9 points, down 0.35 percent.
Broader markets were dull with the BSE midcap index ruling 0.14 percent higher and the BSE smallcap index down 0.2 percent.(IANS)
2011/10/5 4:36:17 A benchmark index for Indian equities slipped into red in the afternoon session Wednesday after rising nearly one percent in the morning trade, as weakness in banking stocks continue to weigh on Dalal Street's sentiments.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), opened in the positive at 15,967.72 points, but slipped in the negative terrain in the afternoon session. The Sensex was ruling at 15,841.56 points in the afternoon session, down 0.15 percent or 23.30 points from its previous close at 15,864.86 points.
The Sensex touched a high of 16,044.91 points and low of 15,840.13 points in the intra-day trade.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also slipped in the negative territory in the afternoon after rising nearly one percent in the early trade. The Nifty was ruling 0.15 percent down at 4,765 points.
Broader markets were also in the negative, with the BSE midcap and smallcap indices trading with a loss of nearly a quarter percent.
Among the sectoral indices, the banking index was down over two percent and consumer durables index was down 0.72 percent.
State Bank of India, the country's largest lender, slumped for the second day after the global ratings firm Moody's downgraded its ratings from C- to D+. SBI was down 3.35 percent at Rs.1,726.90. ICICI Bank slumped almost four percent. (IANS)
2011/10/21 7:45:31 [img align=left]http://www.bharatwaves.in/portal/uploads/L&T_4ea15b3b91c7c.jpg[/img]Engineering and construction major Larsen and Toubro (L&T) Friday reported a 15 percent increase in net profit at Rs.798 crore for the quarter ended Sep 30, despite a slowdown in various sectors it operates.
Gross revenues rose 20 percent to Rs.11,375 crore in the July-September period, the company said in a regulatory statement.
"Order inflow of Rs.16,096 crore during the quarter takes the order book to Rs.142,185 crore as on Sep 30. Despite the current slowdown in new investment decisions in many industries and uncertainly in global markets, the company succeeded in garnering orders," said the L&T statement.
The orders were mainly from the buildings and factories, hydrocarbons, minerals, metals and power transmission sectors, the company added.
The engineering and construction segment, the company's core business, saw gross revenues rise 21 percent to Rs.9,704 crore.
L&T, however, said the economy was witnessing a slowdown and capacity addition in several sectors had tapered off.
"The current economic slowdown in investment momentum witnessed in almost all sectors of the economy is constraining growth opportunities. Intensifying competition, high inflation, elevated interest rates, volatile financial markets and delayed policy intervention are posing considerable challenges for decision makers," said the company.
"Irrational pricing offered in the market place for the limited pie of opportunity is yet another factor to reckon in selection of remunerative projects. "
At the Bombay Stock Exchange, the L&T scrip was trading 1.29 percent lower at Rs.1,367.20 in afternoon trade. (IANS)
2011/11/9 4:57:43 Mumbai, Nov 9 (IANS) A benchmark index for Indian equities markets Wednesday started on a quiet note although major Asian markets were trading in the green.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,641.98 points, was within minutes trading at 17,631.92 points, up 62.39 points or 0.34 percent from its previous close at 17,569.53 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also nudged up to rule 6.15 points or 0.12 percent higher at 5,295.5 points.
Broader markets were also ruling with moderate gains with the BSE 500 index up 0.33 percent. The BSE midcap index was up 0.45 percent while the BSE smallcap index was trading 0.76 percent higher.
2011/10/19 7:06:36 A benchmark index for Indian equities Wednesday closed 321 points higher as a rally picked up strength in the second half of the day.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,883.36 points, closed at 17,069.84 points (provisional), up 321.55 points or 1.92 percent from its previous close at 16,748.29 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended higher, 1.98 percent or 99.65 points up at 5,137.15 points.
Broader markets were also in the green with the BSE 500 index ending 1.67 percent up. The BSE midcap index was up 1.27 percent, while the BSE small cap index closed 0.67 percent higher.
The market breadth at the BSE was positive with 1,659 stocks on the advance, 1,153 declining and 113 unchanged. (IANS)
2011/10/19 7:04:49 The country's second largest private lender, HDFC Bank, Wednesday reported a 31.48 percent increase in net profit at Rs.1,199.35 crore in the second quarter ended Sep 30, compared to Rs.912.14 crore in the like period of the last financial.
The bank's total income increased by 37.40 percent at Rs.7,929.38 crore in the quarter from Rs.5,770.70 crore in the corresponding quarter of the last fiscal.
The net interest income in the second quarter grew by 16.6 percent at Rs.2,944.5 crore with a net interest margin of 4.1 percent.
HDFC Bank's other income rose by 26.1 percent in the quarter ended Sep 30 at Rs.1,211.68 crore from Rs.960.71 crore in the like period of 2010-11.
The bank's gross non-performing assets declined by one percent against 1.16 percent in the second quarter of 2010-11.
Net non-performing assets were lower at 0.2 percent of net advances in the July-September quarter, as against 0.3 percent in the previous corresponding quarter.
The current account, savings account (CASA) stood at 47.3 percent.
For the half year, the bank reported an increase of 32.51 percent in its net profit which stood at Rs.2,284.33 crore as compared to Rs.1,723.85 crore in the like period of 2010-11.
The bank said that its total income in the half year period went up by 34.39 percent at Rs.15,027.4 crore as against Rs.11,181.3 crore in the like period of last fiscal.
The company's scrip at the Bombay Stock Exchange closed 2.81 percent up at Rs.490.20 from Tuesday's close of Rs.476.80.
2011/11/6 4:26:35 Mumbai, Nov 6 (IANS) Indian equities markets shed some of their last week's gains with benchmark indices slipping about 1.4 percent as investors across the globe continued to be worried over the Euro zone debt crisis.
During the week, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slipped 1.36 percent or 242.19 points and closed Friday at 17,562.61 points.
The Sensex had staged its the biggest weekly rally in over two months during the week ended Oct 28.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty also fell 1.42 percent or fell 76.5 points to close the week at 5,360.7 points.
Broader markets, did not fall as much. The BSE 500 index closed 0.59 percent lower. The BSE midcap index nudged up 0.37 percent, while the BSE smallcap index closed flat.
Among biggest gainers on the 30-scrip Sensex this week was FMCG giant Hindustan Unilever, which moved up 10.1 percent to close Friday at Rs.378.85.
Other prominent weekly Sensex gainers included DLF, up 5 percent at Rs.246.80; BHEL, up 3.9 percent at Rs.333.65; Hindalco, up 3.5 percent at Rs.139 and Jindal Steel, up 3.3 percent at Rs.577.30.
Among losers on the benchmark Sensex were: Tata Motors, down 5.1 percent at Rs.188; Coal India, down 3.8 percent at Rs.326.35; Maruti Suzuki, down 3.3 percent at Rs.1,123.35 and M&M, down 2.9 percent at Rs.835.05.
Markets across the world fell in the week under review as the Greek parliament got ready to vote on a confidence motion against Greek Prime Minister George Papandreou.
Earlier during the week, Euro zone leaders and investors across the globe were horrified by Papandreou's announcement that he intended to hold a public referndum on the bailout package worked out by leading European leaders.
On a weekly basis, the Japanese Nikkei closed 2.75 percent lower at 8,801.4 points, while Hong Kong's Hang Seng ended 0.88 percent down at 19,842.79 points.
The Chinese Shanghai composite index, however, moved up 2.22 percent and closed the week at 2,528.29 points.
European markets too slipped during the week. Britain's FTSE 100 closed 3.07 percent down at 5,527.16 points, the French CAC 40 closed 6.72 percent down at 3,123.55 points.
The German DAX settled 5.99 percent lower at 5,966.13 points on the last trading day of the week.
Markets at Wall Street also fell. The S&P fell 2.48 percent and closed the week at 1,253.23 points, while the Dow shed 2.03 percent and ended Friday at 11,983.24 points.
The technology-heavy Nasdaq fell 1.86 percent and ended the week at 2,686.15 points.
2011/11/16 12:26:57 Mumbai, Nov 16 (IANS) A benchmark index for Indian equities markets Wednesday fell in morning trade and was ruling about 159 points lower minutes after opening bell.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,872.3 points, slipped within minutes to rule at 16,724.24 points, down 158.43 points or 0.94 percent from its previous close at 16,882.67 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 50.72 points or 1 percent lower at 5,022.05 points.
Broader markets were also ruling lower with the BSE 500 index down 0.97 percent. The BSE midcap index was trading 0.85 percent lower while the BSE smallcap index was ruling 0.43 percent down.
2011/11/21 12:05:23 Mumbai, Nov 21 (IANS) Indian equities markets started the week with a negative bias with a benchmark index falling almost 160 points minutes after opening bell.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,297.03 points, was ruling at 16,211.53 points, down 159.98 points or 0.98 percent from its previous close at 16,371.51 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 49.35 points or 1.01 percent lower at 4,856.45 points.
Both benchmarks had lost about 5 percent last week as the European debt crisis continued to plague Indian investors.
Broader markets were also ruling lower with the BSE midcap index down 0.84 percent.
2011/11/17 12:38:21 Mumbai, Nov 17 (IANS) A benchmark index for Indian equities markets Thursday fell in early trade with IT, energy and telecom stocks seeing selling.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,754.68 points, was ruling at 16,694.04 points, down 81.83 points or 0.49 percent from its previous close at 16,775.87 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 28.2 points or 0.56 percent lower at 5,002.25 points.
Broader markets were also ruling lower with the BSE midcap index down 0.48 percent.
2011/10/29 5:33:57 Mumbai, Oct 29 (IANS) Indian equities markets benchmark indices soared over 6 percent this week, as hopes of end of monetary tightening cycle and easing European debt crisis bolstered investors' sentiments.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) climbed 6.07 percent or 1,019.16 points, the biggest weekly rally in over two months.
The Sensex closed 2.98 percent higher at 17,804.8 points Friday, the last trading day of the week.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty also climbed over 6 percent in the weekly trade. The 50-scrip index soared 3.05 percent to close at 5,360.7 points Friday.
Expectations of end to the monetary tightening cycle boosted investors' sentiments on the Dalal Street this week. The Reserve Bank of India in its second quarter review of the monetary policy said it would not hike rates further if inflation started coming down from December as it expected.
The RBI has hiked key policy rates 13 times since the beginning of 2010 to curb inflation. The aggressive monetary tightening has made cost of capital expensive, hurting industrial growth and companies' earnings and profitability.
There was a strong rally in the interest rate sensitive realty and banking stocks towards the end of the week. The BSE realty index surged 5.34 percent and the banking index jumped 3.73 percent.
ICICI Bank, the country's second largest lender, jumped over seven percent to Rs.932.95 Friday. The largest lender, State Bank of India rose 2.15 percent to Rs.1,907.
Other prominent Sensex gainers Friday included Hindalco, up 10.88 percent at Rs.142.20; Sterlite, up 8.8 percent at Rs.132.90; ICICI Bank, up 7.01 percent at Rs.932.95; and Tata Steel, up 6.45 percent at Rs.480.60.
There were only three losers on the benchmark Sensex: Maruti Suzuki, down 1.99 percent at Rs.1,128; Bharti Airtel, down 0.25 percent at Rs.391.85; and Bajaj Auto, down 0.11 percent at Rs.1,754.45.
The Indian stock markets rallied Friday after two days of holiday. The markets were closed Wednesday, except for an hour-long muhurat trading session, and Thursday on account of Diwali holidays.
Markets rallied across the world towards the end of this week after the European leaders agreed on a plan to solve the debt crisis in the region.
The Japanese Nikkei Friday closed 1.39 percent higher at 9,050.47 points, while Hong Kong's Hang Seng ended 1.68 percent up at 20,019.24 points.
The Chinese Shanghai composite index ended 1.55 percent higher at 2,473.41 points.
European markets registered good weekly gains, however closed marginally in the red Friday. Britain's FTSE 100 closed 0.20 percent down at 5,702.24 points, the French CAC 40 closed 0.59 percent down at 3,348.63 points Friday.
However, the German DAX settled 0.13 percent higher at 6,346.19 points on the last trading day of the week.
Indian benchmarks slip over 2 percent on bank downgrade
2011/11/12 3:25:40 Mumbai, Nov 12 (IANS) Indian equities markets fell during the week as high food inflation and falling industrial output depressed investor sentiments. Also, credit rating agency Moody's downgrading several major banks weighed on the markets.
During the week, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slipped 2.11 percent or 369.79 points and closed Friday at 17,192.82 points.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty also fell 2.18 percent or fell 115.35 points to close the week at 5168.85 points.
Broader markets also ended in the red. The BSE 500 index closed 2.32 percent lower. The BSE midcap index fell 2.16 percent lower, while the BSE smallcap index slipped 2.78 percent.
"Markets were lower on the back of continued concerns on Europe and the lower-than-expected IIP numbers," said Dipen Shah, Head-Fundamental Research, Kotak Securities.
"European concerns continued to impact global markets over the week with Italy being the new focus area. Greece has appointed a new Prime Minister and Italy is also expected to appoint one soon," added Shah.
India's industrial output fell sharply in September at 1.9 percent, official data showed Friday, growing the slowest in over two years as rising interest rates and a slump in investments started to bite. This even as latest data showed food inflation still hovering well above the double digits.
Prominent weekly Sensex gainers included Hindustan Unilever, up 4.4 percent at Rs.2,173.55; Hindustan Unilever, up 3.8 percent at Rs.396.15; Wipro, up 2.4 percent at Rs.381.70 and Bhart Airtel, up 1.7 percent at Rs.395.50.
Among losers on the benchmark Sensex were: Tata Steel, down 8.3 percent at Rs.430; DLF, down 8.3 percent at Rs.228.35; SBI, down 8.2 percent at Rs.1,797.65 and ICICI Bank, down 7.6 percent at Rs.822.50.
Asian markets closed lower amid uncertainty in the Euro zone.
On a weekly basis, the Japanese Nikkei closed 3.26 percent lower at 8,514.47 points, while Hong Kong's Hang Seng ended 3.56 percent down at 19,137.17 points.
The Chinese Shanghai composite index, shed 1.37 percent and closed the week at 2,481.08 points.
European markets notched up modest gains. Britain's FTSE 100 closed 0.33 percent up at 5,545.38 points, the French CAC 40 closed 0.83 percent up at 3,149.38 points.
The German DAX moved up 1.52 percent at 6,057.03 points during the week.
Markets at Wall Street closed mixed. The S&P rose 0.85 percent and closed the week at 1,263.85 points, while the Dow rose 1.42 percent and ended Friday at 12,153.68 points.
The technology-heavy Nasdaq, however, fell 0.28 percent and ended the week at 2,678.75 points.
2011/11/18 10:56:36 Mumbai, Nov 18 (IANS) A benchmark index for Indian equities markets Friday again started trade with a negative bias, falling over 140 points in the morning session.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,387.7 points, was ruling at 16,320.86 points -- down 140.85 points or 0.86 percent from its previous close at 16,461.71 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 50.15 points or 1.02 percent lower at 4,884.6 points.
Broader markets were also ruling lower with the BSE midcap index down 1.03 percent.
2011/10/17 6:11:58 A benchmark index for Indian equities Monday closed 58 points lower as traders took a breather after last week's rally.
The 30-scrip sensitive index (Sensex) of the BSE opened at 17,176.05 points and closed at 17,024.15 points (provisional), down 58.54 points or 0.34 percent from its previous close at 17,082.69 points.
The Sensex had soared over 5 percent last week.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed on a lacklustre note, ending the day at 5,118.25 points, down 0.27 percent or 14.05 points.
Broader markets too ended on a subdued note with the BSE 500 index edging lower. The BSE midcap index closed flat while the BSE smallcap was up 0.19 percent.
The market breadth at the BSE was mixed, with 1,309 stocks advancing, 1,438 declining and 120 unchanged. (IANS)
2011/10/7 4:55:26 India's food inflation accelerated to 9.41 percent for the week ended Sep 24 as compared to 9.13 percent in the previous week due to sharp rise in the prices of milk, vegetables, fruits and protein-based products, official data showed Friday.
Finance Minister Pranab Mukherjee said acceleration in the prices of food and other essential commodities remained a matter of concern and the government was constantly in touch with the Reserve Bank of India to bring down inflation to a comfortable level.
"Inflation is definitely a matter of concern. We shall have to see how to bring it down to a moderate level. I am constantly in touch with the RBI and other experts in this area," Mukherjee told reporters here.
Food inflation has risen sharply during the last three weeks under review. Food inflation was at 8.84 percent for the week ended Sep 10.
Pulses became costlier by 7.54 percent during the week ended Sep 24 as compared to 4.86 percent increase in the previous week. Fruits became costlier by 11.72 percent prices of milk rose by 10.35 percent during the week under review year-on-year, according to data released by the commerce and industry ministry.
The primary articles index, which has a 20.12 percent weight in the wholesale price index, rose by 10.84 percent during the week under review as compared to 11.43 percent in the previous week.
The rise in the index of fuel and power remained unchanged at the previous week's level of 14.69 percent.
The index for non-food articles rose at a much slower rate of 10.77 percent during the week ended Sep 24 as compared to 12.89 percent in the previous week.
Inflation has remained stubbornly high near double-digit since January 2010. The headline inflation based on the wholesale price index was recorded at 9.78 percent in August, according to the latest official data.
The stubbornly high inflation might prompt the RBI to hike policy rates again. The central bank has hiked key policy rates 12th time since January 2010.
The following are the yearly rise and fall in prices under review of some main commodities that form the sub-index for food articles:
Maruti Suzuki quarterly net profit declines 59.81 percent
2011/10/29 6:39:11 New Delhi, Oct 29 (IANS) Automobile giant Maruti Suzuki Saturday reported a decline of 59.81 percent in its net profit for the quarter ended Sep 30 due to the prolonged labour unrest and strike by workers at its Manesar facility during the period.
The company posted a net profit of Rs.240.44 crore for the quarter ended Sep 30 as compared to Rs.598.24 crore during the like period of the previous financial year, the company said in a regulatory filing to the Bombay Stock Exchange (BSE).
The total income during the quarter under review stood at Rs.7,949.36 crore, down 14.36 percent from Rs.9,282.3 crore in the like period of last fiscal.
According to the company during the quarter, the domestic auto industry remained sluggish on account of increase in fuel prices and hardening interest rates, leading to higher sales promotion expense.
The company's bottom line was also impacted due to adverse foreign exchange rates.
The company sold a total of 2,52,307 units, a decline of 19.6 percent over 3,13,654 units during the same period last year.
The company's domestic sales were dented the hardest in the volume-driven A2 segment -- which includes cars like Alto, WagonR, Zen, Swift, Ritz, and A-Star -- where sales declined by 23.5 percent at 1,52,260 units. Compared to the sales in July-September quarter, 2010, sales in A3 segment -- SX4, D'zire -- dropped by 21.3 percent to 24,680 units.
The company added that it has decided to buy land in Gujarat, where it plans to set up a new production facility.
"The board granted approval to purchase land in district Mehsana, Gujarat, for future expansion of manufacturing facilities," the regulatory filing said.
At the Bombay Stock Exchange, the shares of the company were 1.99 percent down to trade at Rs.1,128 Friday, the last trading day of the week.
(IANS) Indian equities markets are closed Thursday on account of Diwali Balipratipada.
A benchmark index for Indian equities Wednesday closed 321 points higher as a rally picked up strength in the second half of the day.
The country's second largest private lender, HDFC Bank, Wednesday reported a 31.48 percent increase in net profit at Rs.1,199.35 crore in the second quarter ended Sep 30, compared to Rs.912.14 crore in the like period of the last financial.
A benchmark index for Indian equities Monday closed 58 points lower as traders took a breather after last week's rally.
India's food inflation accelerated to 9.41 percent for the week ended Sep 24 as compared to 9.13 percent in the previous week due to sharp rise in the prices of milk, vegetables, fruits and protein-based products, official data showed Friday.
