ü MindTree Doubles profit for the Quarter ended Sept 30, The company beats analysts’ expectations and reported a 58% sequential increase in profits at Rs.54.5 cr.
ü TVS Electronics has appointed Hewlett-Packard and Acer veteran JN Sastry to Implement a turnaround plan which will see the company re-emerge in a new avatar, Chairman Gopal Srinivasan said on Monday.
ü Mahindra & Mahindra wants to build an SUV that weighs half of the lightest SUV on road today. Maruti Suzuki has saved Rs.147 cr by working on one-gram weight reductions on parts. Customers want lighter, greener and, of course, cheaper cars and automakers are pulling out stops to deliver.
ü HDFC , on Monday Reported a 20% increase in its net profit to Rs.971 cr for the 2nd quarter ended September 30. It has posted a net profit of Rs 807.54 cr for the July-Sept Quarter of 2010-11.
ü Canada’s Research In Motion will offer free premium apps more than $100 to appease Blackberry Customers frustrated by service disruption last week which ran for days and affected millions.
ü Acute Faculty Shortage Cripples IITs:
o 2500 estimated new faculty members needed across IITs
o IIT Delhi has 416 faculty members out of the total sanctioned 800
o IIT Roorkee has less than half of the Sanctioned strength of 900
o IIT Kanpur has 350 Faculty members, is short of approximately 80-100
o IIT Guwahati has 295 faculty members, needs around 100 more.
ü TCS’ Q2 Net profit Lags Street outlook:
o TCS met revenue expectations in the 2nd quarter but lagged street expectations on Net Profit as customers postponed spending on Projects because of economic uncertainty and the company incurred higher costs on New Staff.
ü BMW to Launch Small Luxury Car Mini in India Next Year:
o German Auto Car Major BMW on Monday said it will launch the Small Luxury car, Mini, In India by next year.
o It is excepted to be priced above Rs.25 Lakh, and will also set up separate showrooms for the brand and aims to have up to 12 dealerships across the Country.
ü Platinum a Hit with Youngsters as price difference with Gold Drops, jewellery consumers are now attracted towards platinum with its premium over Gold narrowing.
ü The Head of Wal-Mart Stores China business has resigned citing personal reasons, after the world’s largest retailer ran into trouble with Chinese authorities leading to store closures and employee detections. The departure of China CEO Ed Chan, along with Senior Vice President of Human Resources Clara Wong, is another Setback for Wal Mart which is facing stiff competition from Local firms in the strategically important market.
ü Philips to Cut jobs as Profit Slides:
o The world’s biggest manufactures of light bulbs announced its plans to cut 4,500 jobs to revive its earnings.
o Net Income dropped to 74 mn Euros in the quarter, from 524 mn Euros in the year-ago period.
Have a nice day !!
Regards,
Karan
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