ICICI open to domestic acquisition
INDIA’S LARGEST private sector lender ICICI Bank on Sunday ruled out overseas acquisitions, but said it is open to buying local banks to increase presence and business within the country.
“We are not looking at global mergers or takeover. In a way we are well established in 18 countries and we have a very large network in the 18 countries,” ICICI Bank managing director and CEO, Ms Chanda Kochhar, said when asked whether she was looking at properties abroad that were available at a discount. However, with regards to domestic acquisition, she said, the bank is open to inorganic growth and would look for the right opportunity.***Ashok Leyland Q3 net up 455%HINDUJA GROUP flagship company Ashok Leyland on Sunday reported 455 percent jump in net profit for the quarter ended December at Rs 105 crore on the back of robust sales growth. The automobile manufacturer had registered a net profit of Rs 19 crore in the same quarter a year ago. Sales revenue was up 81 per cent at Rs 1,815.53 crore against Rs 1,004.49 crore in the corresponding period the previous fiscal. During the quarter under review, the volume of sales saw a whopping increase of 101 per cent and stood at 16,129 units, as against the 8,011units it had sold in the year-ago period, the company said in a statement.***M&M set to launch 7 new variantsAUTO MAJOR Mahindra & Mahindra on Sunday said it will launch six-to-seven new variants of vehicles across various segments during the next fiscal. The company also said it plans to formally start production of pick-ups in the US market by the beginning of April 2010.“Next fiscal we will be launching 6-7 new variants of our existing models. The new variants will cover all segment including utility vehicles, commercial vehicles and three wheelers,” M&M President (Automotive), Mr Pawan Goenka, said on the sidelines of JK Tyre Baja SAE India 2010 event, where students duke it out in self-designed cars in New Delhi.***Gitanjali Gems Q3 net up at 39 %GITANJALI GEMS, the flagship company of Gitanjali Group has posted 39 per cent jump in net profit at Rs 41 crore in the third quarter of 2009-10. The company’s jewellery sales turnover rose by 60 per cent to Rs 1,098 crore in Q3 FY 10, the company said in a statement. For the nine-month period ended December 2009, the company’s jewellery sales turnover increased by 43 per cent to Rs 2,703 crore as compared to Rs 1,892 crore in the year- ago period, the statement said. Net profit for the period stood at Rs 139 crore as compared to Rs 120 crore in the year-ago period, which was an increase of an impressive16 per cent.
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