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Essar Power FY13 net loss at Rs 512 crore

Essar Power on Thursday reported a net loss of Rs 512 crore for the fiscal ended March.

Essar Power on Thursday reported a net loss of R512 crore for the fiscal ended March. The company had reported a net profit of R335 crore in the fiscal 2011-12, Essar Power said. The company recorded net revenues of R2,371 crore, compared with R1,378 crore in FY12. There was a whopping 85% increase in power generation from the thermal power plants at 9,061 million units, against 4,926 million units in the same period last fiscal.

Hero MotoCorp forays into Peru with Hero brand

Hero MotoCorp has launched the brand ?Hero? and its range of two-wheelers in Peru, marking the company?s foray into the Latin American market. It also announced a partnership with Motocorp (of EFE Group of Peru) to market its two-wheelers. Motocorp has been appointed as the sole distributor of Hero range of two-wheelers. Hero MotoCorp MD& CEO Pawan Munjal said, ?Our new international markets will play a crucial role in the future as we move forward with the objective of surpassing 100 million units in cumulative sales by 2020.?

Bajaj buys Nomarks brand from Ozone Ayurvedics

Bajaj on Thursday announced acquisition of Ozone Ayurvedics? Nomarks brands for an undisclosed amount. With the acquisition, the company aims to strengthen its position in the personal care segment. Commenting of the acquisition, Bajaj chairman Kushagra Nayan Bajaj said: ?The acquisition of Nomarks brand is a strategic move as it enhances our presence in the personal care market and gives us an entry to the skin care category.?

Hindalco seeks more time to set up SEZ in Orissa

Aditya Birla Group firm Hindalco Industries has sought more time from the government to set up aluminium and aluminium products special economic zone (SEZ) in Orissa as it is facing problems in land acquisition. The company?s request will be considered by the 19-member Board of Approval (BoA) chaired by Commerce Secretary SR Rao at its meeting on August 30. ?Out of this area, formal approval was granted for 115.70 hectares…the same was notified on 13th March, 2008,? the agenda note of the BoA meeting said.

UB Holdings appoints V Shashikanth as MD

The Vijay Mallya-led United Breweries Holdings (UBHL) on Thursday said that it has appointed V Shashikanth as MD following the expiry of the three-year tenure of Harish Bhat, who has resigned as a director. Shashikanth was appointed as an additional director not liable to retire by rotation with effect from August 14, the company said. Meanwhile, UBHL?s subsidiary Kingfisher Finvest on Thursday said that it has bought shares worth R37.86 lakh in group company Mangalore Chemicals and Fertilizers, taking its stake to 2.01% from 1.96%.

Apollo Tyres ties up with Manchester United

Apollo Tyres has said that it has entered into a three-year regional partnership with Manchester United Football Club to become the club?s official tyre partner in the UK and India. Apollo will leverage the high profile partnership with Manchester United to raise awareness of its brand among potential customers, business partners and consumer audiences around the world. Apollo will build football pitches made from recycled rubber in local communities across the UK and India.

DRL recalls anti-gas drug from US market

Pharma major Dr Reddy?s Laboratories has initiated recalling of total five lots of bottles of Ranitidine Hydrochloride tablets, USP, of 150 mg strength, which is used in gastric problems, from the US market due to microbial contamination of non-sterile products. The drug was supplied to three different parties with three different brand names. According to a notification issued by USFDA, the recalling has been initiated voluntarily by the city-based drug maker and the same was intimated to the drug regulator through a letter on August 2.

Hiring to pick up in the second half: Report

Higher attrition rates and low net hiring in the Indian IT sector, when demand for IT services is picking up, could be a matter of concern, according to a report by brokerage firm Prabhudas Liladher. According to the firm, the acceleration in demand growth would push Indian IT companies to increase hiring in the second half of the fiscal?despite the non-linear growth in revenue and automation.

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First published on: 23-08-2013 at 01:46 IST
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