Companies & Sectors
Bajaj Auto's June sales decline
Two- and three-wheeler major Bajaj Auto on Monday reported a 4% decline in its total sales for June.
 
According to the company, its total sales during the month under review stood at 316,969 units from an off-take of 331,317 units during the corresponding month of 2015.
 
However, total domestic sales in June were up 11% to 193,717 units from 175,243 units sold during the like month of last year.
 
The overall exports during the last month declined by 21% to 123,252 units from 156,074 units shipped out during the corresponding month of 2015.
 
The company's total motorcycle sales during the month under review decreased by five per cent to 273,298 units from 287,582 units sold in the like month of last year.
 
The overall commercial vehicle sales slipped by 0.14% to 43,671 units from 43,735 units sold during June 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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TeamLease buys ASAP Info Systems for Rs 67 crore
Leading human resources services firm TeamLease Services Ltd on Monday announced acquiring ASAP Info Systems Ltd for Rs67 crore through its subsidiary.
 
"The transaction, which will be accretive to our earnings per share (EPS), will be funded from internal resources by August," TeamLease said in a statement here.
 
As a tier-1 IT staffing provider, Bengaluru-based ASAP offers staffing solutions to multinationals and domestic firms with 1,000 associates and 171 core employees.
 
ASAP reported Rs63 crore revenue, with Ebitda (earnings before interest, tax, depreciation and ammortisation) of Rs.11 crore for last fiscal (2015-16).
 
The 14-year-old city-based TeamLease also offers staffing, payroll processing, recruitment, compliance and training services to about 1,400 clients across the country.
 
"The transaction creates an opening balance for us to build an IT staffing business. The acquisition is also in sync with our strategy of margin expansion through new product verticals and new client segments," said TeamLease co-founder and managing director Ashok Reddy.
 
TeamLease, which has been servicing IT firms for non-IT staffing positions, expects ASAP to help expand in the space post-merger.
 
"As TeamLeases' vision of 'putting India to work' resonates with us, we were attracted to its track record of growth and long-term strategy of building an institution. We are confident that our combined capabilities and resources will create a formidable force in IT staffing," said ASAP director K.J. Suweresh.
 
In partnership with the Gujarat government, TeamLease has set up TeamLease Skills University (TLSU) at Vadodara.
 
In 2014-15, TeamLease rolled out national employability through apprenticeship programme) to provide on-the-job training to apprentices.
 
TeamLease has 125,000 associates/trainees across the country and has given jobs to 1.2 million people with an aim to hire millions more.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Magma Fincorp: Watch Out for a Trend of Higher Profits
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