State-run oil marketing firms may edge lower after they cut retail petrol prices by Rs 2.02 a litre effective from Sunday following heated protests from the ruling Congress party's key allies, opposition parties and consumers. PSU OMCs had resorted to a steepest ever hike in petrol prices by Rs 7.54 on 24 May 2012. HPCL, BPCL IOC have freedom to revise gasoline rates every two weeks, in line with the benchmark global prices.
Small car market leader Maruti Suzuki India signed state support agreement (SSA) with the Government of Gujarat for purchase of land near Mehsana to set up an all new manufacturing facility. The Agreement was signed by Mr. Shinzo Nakanishi, Managing Director and CEO, Maruti Suzuki India and Mr. Maheshwar Sahu, Principal Secretary (Industry and Mines), Government of Gujarat in the presence of Gujarat Chief Minister, Mr. Narendra Modi. The new infrastructure in Gujarat will be a complete vehicle manufacturing facility. Government of Gujarat has allocated around 700 acres land to Maruti Suzuki India for this manufacturing facility. This land purchase by the company is in line with long term management view on expansion of its manufacturing facilities in India to meet future market demand.
Based on the market demand the manufacturing facility near Mehsana will be added to the company's existing manufacturing facilities at Gurgaon and Manesar in Haryana. This new facility will take Maruti Suzuki's combined manufacturing capability to 2 million units by 2015-16. In addition to Maruti Suzuki, company's vendors and ancillary suppliers are expected to invest in Gujarat at matching levels. Maruti Suzuki Gujarat plant will be located around 100 km from Ahmedabad. The new facility is around 300 km from Mundra port and hence would be well suited for Company's exports initiatives. Maruti Suzuki will continue to increase its production at Manesar facility, where a third assembly line, (Manesar C plant, 2.5 lakh units annually) is expected to go on stream by mid 2013-14.
Bike maker Hero MotoCorp has reported its best-ever monthly sales in May 2012, thus underlining the robust momentum the company has sustained since embarking on its solo journey. Marking its 10th consecutive month of over five lakh sales, Hero MotoCorp total sales rose 11.3% to 5,56,644 two-wheelers in May 2012 over May 2011. The company's sales in May this year surpassed its previous highest of 5,51,557, recorded only last month (April'12).
Mr. Anil Dua, Senior Vice-President (Marketing and Sales), Hero MotoCorp said, We have been setting new industry benchmarks month after month which is an indication not only of our progress in our journey but also the trust of our valued customers. The first two consecutive months of the new fiscal recording highest-ever sales for the company has clearly been a great start for us. Notwithstanding the slowdown in the overall economy and the prevailing sentiment in the country, we are cautiously optimistic that the expected normal monsoon and the consequent good harvest should perk up the mood in the coming months. “We remain committed to our multi-focal strategy of new launches, network expansion, rural drive, compelling communication and on-ground customer activation. We currently have about 5000 customer touch points, and we plan to add another 400 touch points to our network this year,” he added.
Reliance Industries has reportedly agreed to sign agreements with Pragati Power Corp and NTPC for supply of natural gas from its eastern offshore KG-D6 fields.
ACC's cement dispatches rose 3.01% to 2.05 million tonnes and cement production rose 0.49% to 2.02 million tonnes in May 2012 over May 2011.
Ashok Leyland's auto sales reportedly rose 51.05% to 8,648 units in May 2012 over May 2011.
MphasiS reported a 2.48% rise in net profit to Rs 189.43 crore on 2.8% fall in total income to Rs 1328.87 crore in Q2 April 2012 over Q1 January 2012.
US-based private equity firm Warburg Pincus is reportedly likely to pick up a majority stake in financial services firm Future Capital Holdings for an estimated Rs 600 crore. The announcement is likely to be made after today's board meeting.