Bajaj Auto reports weak sales in November
Bajaj Auto reported a 13% YoY decline in its total sales to
269,948 units for November 2016, due to the demonetization impact. The total
domestic volumes declined by 10% YoY while the exports for the month were weak
with the volumes dropping by 16% YoY. The sales numbers for the month however
were ahead of estimates.
The motorcycles volumes for the month were dropped 12% YoY, while
3 wheeler volumes were down 17% YoY.
HCC board approves issue of shares on preferential basis
Hindustan Construction Company ( HCC) has announced that the board
of directors at its meeting held December 02, 2016, approved issue of 25.19
crore equity shares of the company, representing 24.44% of the expanded share
capital of the company and such and optionally convertible debentures (OCDs) of
face value Rs1000 each not exceeding Rs2000 crore on preferential basis, to
lenders, subject to shareholders' approval.
Eicher Motors highlights of demonetization conference call
Eicher Motors highlights of the demonetization conference call:
Minimal impact of demonetization on Royal Enfield; CV sales under pressure. In
the month of November 2016, Royal Enfield saw strong 41% growth in wholesale
volumes. As per the management the bookings for Royal Enfield bikes dipped by
8% in the month of November 2016 as compared to corresponding period last
years. However, the bookings recovered in the last week of November 2016 and
the growth in the new bookings reached normal levels (normal booking growth
rate is 30-40%) in the last week.
Wipro wins Infra deal from Australian firm
Wipro, a leading global information technology, consulting, and
business process services company has said that it has been awarded a
three-year IT infrastructure services and digital transformation contract by
Woodside. Woodside is an Australian oil and gas company with a global presence,
and is recognized for its world-class capabilities as an explorer, a developer,
a producer and supplier. Leveraging its Service NXT platform, Wipro will
provide Managed Services for IT Infrastructure across Woodside's global
portfolio, with a focus on the larger sites of Perth and Karratha in Australia.
The engagement includes delivering infrastructure services to offshore maritime
facilities and potential exploration sites. Backed by deep domain experience in
Oil & Gas, Wipro will also support Woodside with the digital transformation
of its upstream operations.
Coal India Nov production at 323.57 MN tons
State-run behemoth Coal India Ltd (CIL) produced 323.57 million
tonnes (MT) of coal in the first eight months of the current financial year.
The world's largest coal miner had set a target of 360.84 MT during the
April-November period of 2016-17 financial year. During November, the miner
produced 50 MT of the fossil fuel against a target of 53.85 MT.
The offtake of the dry fuel by the coal PSU during the period was
340.32 MT, lower than the target of 381.55 MT.Last month's offtake stood at
48.16 MT against a target of 49.80 MT.
CIL, which accounts for over 80% of the domestic coal production,
is eyeing 598 MT production in 2016-17 and targets to produce a billion tonnes
by 2020.
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