Tata Motors to invest Rs 6,000 cr in Pune unit

Tata Motors will invest about Rs 6,000 crore over 4 to 5 years in its existing plants and in setting up vehicle testing facilities in Pune district, reports DHNS from Mumbai.

Tata Motors and the Government of Maharashtra, on Monday, signed an MoU to this effect. The Government of Maharashtra has agreed to provide all the necessary support to the expansion project. The investments will generate additional direct employment of 1500 at full capacity, said a release.

V Guard’s Q4 sales at Rs 65.13 crore

V Guard Industries, which got listed on the stock exchanges recently, announced last week that its net sales for the quarter ending December 31, 2007 was Rs 65.13 crore. The company’s profit before tax was Rs 3.17 crore and the profit after tax was Rs 2.00 crore in the December quarter. V Guard’s operating profit margin was 7.90 per cent in this quarter. 

Cairn India FY’07 net loss at Rs 25 crore

Cairn India Ltd, the Indian subsidiary of Scottish firm Cairn Energy Plc, on Monday announced a net loss of Rs 24.54 crore for the year ended December 31, 2007, as against a net loss of Rs 21.17 crore in the corresponding period in 2006.

The income of the firm rose to Rs 1,144.67 crore in the year ended December 2007, from Rs 44.96 crore in the year ago period, the company said in Mumbai.

Canara Bank starts retail asset hub

Canara Bank announced that its Retail Asset Hub in Bangalore was inaugurated on Monday by M B N Rao, Chairman and Managing Director of the bank, in the presence of D L Rawal and G S Vedi, Executive Directors of the bank. The bank has established a retail asset hub to facilitate quicker sanctions of loan proposals and extending the benefit of collective experience, said a press release.

Hero Honda’s annual bike sales remain flat

Hero Honda Motors Ltd (HHML), on Monday, announced that its total sales for the financial year 2007-08 stood at 33, 37,142 two-wheelers, a shade higher than 33,36,756 units sold in 2006-07. The company claimed that this was a significant achievement in a year when the industry sales dropped due to a severe slowdown for the past one year. HHML, however, reported a 15 per cent sales growth in March. The company sold 320,594 units of two-wheelers in March 2008 against 277,915 units in March 2007. 

Dr Sumantran joins Hinduja Automotive

The Hinduja group announced on Monday that Hinduja Automotive UK has appointed  former General Motors and Tata executive, Dr V Sumantran, as Executive Vice Chairman of the company.

M&M to invest Rs 1,500 cr in Chakan

M&M, on Monday, said that it would invest an additional Rs 1500 crore to the already earmarked Rs 2500 crore in the Chakan manufacturing plant, reports DHNS from Mumbai. The total sum of Rs 4000 crore will be utilised towards development and production of all vehicles slated to be rolled out from the proposed Greenfield. The company signed an MoU with the Maharashtra Government to this effect.

Indian Bank’s business crosses Rs 1 lakh crore

Indian Bank announced on Monday that the bank has crossed Rs 1 lkah crore business as on March 31, 2008. This landmark was reached along with all 1541 branches of the bank coming under the core banking solution.