Tata Motors on Friday said it will increase the prices of its small car Nano, dubbed as the `1-lakh wonder, by about `9,000 with effect from November 1 to offset
rising input costs. This is the second time that the company has increased the rate of the car. In July this year, the company raised Nano's price by 3-4 per cent, translating into a hike ranging between `3,700 and `6,894 (based on ex-showroom, Delhi prices). “Tata Motors is taking a minor price increase on the Tata Nano, effective from November 1, to neutralise the steep increase in input costs in the last two years,” the company said in a statement.
UBL in high spirits, posts robust sales
UB Group firm United Breweries Limited on Friday reported a 87.1 per cent rise in its net profit at `21.9 crore for the second quarter ended September 30, on the back of robust sales across several states. The company had posted a net profit of `11.7 crore in July-September quarter last fiscal, United Breweries Limited (UBL) said. Net sales also rose to `566.9 crore for the September quarter from ` 412.25 crore in the same period previous year. During the six months ended Sept-ember 30, 2010 the company’s volumes grew by 28 per cent. This robust sales is due to the growth in volumes and market share in in Maharashtra, AP, Karnataka, Uttar Pradesh and Orissa, the firm said.
UCO Bank Q2 net profit heads south UCO Bank’s net profit declined 42 per cent in the second quarter of FY11 at `119 crore, as compared to the same period last fiscal. UCO Bank chairman and managing director, Mr Arun Kaul, said the decline in net profit was due to higher provisioning to the tune of `586 crore during the July-September quarter.
In the first quarter, the bank had made a provisioning of `384 crore. Mr Kaul told reporters that operating profit of the bank during the quarter stood at `705 crore
reflecting a growth of 91.6 per cent year-on-year. Net interest margin (NIM) of the bank during the quarter stood at 3.51 per cent.
India Cements enters north
Cement major India Cements Ltd launched their operations in the northern part of India through its newly commissioned Mahi cement plant in Rajasthan. Mahi cement plant. The 1.5 million tonnes capacity plant has been set up at an outlay of `800 crore by through India Cement’s wholly owned subsidiary called Indo Zinc Limited.
“The plant will begin its complete production by end of November and cater to cement requirements of Rajasthan, Gujarat and Madhya Pradesh,” said Mr Rakesh Singh, vice-president, India Cements. “The plant, which was operational yesterday, began its dispatches within Rajasthan,” he added.