Godrej Properties signs MoU with State Bank of India

Both companies plan on hosting various co-promotional activities for customers in India as well as for NRI’s in countries like the UK, US and Singapore

Godrej Properties Ltd (GPL) has entered a memorandum of understanding (MoU) with State Bank of India (SBI) to create multiple platforms to make their projects and services available to customers across India and abroad.  

Both companies jointly plan on hosting various co-promotional activities for customers in India as well as for NRI's in countries like the UK, US and Singapore.  These promotional platforms will include seminars, workshops, exhibitions, and road shows. GPL will showcase their sustainable homes while SBI Home Loans will consider offering favourable home loan rates for GPL's residential properties in Ahmedabad and Kolkata. These favourable terms could eventually be extended to other Godrej Properties' residential projects as well.

On Thursday, GPL ended 0.26% up at Rs800.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.36% to 18,436.19.

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Crisil’s Q1 net profit jumps 33.44% to Rs44.45 crore

CRISIL posts quarterly net profit of Rs44.45 crore on an income of Rs203.79 crore

Leading ratings agency Crisil has reported a 33.44% jump in its net profit to Rs44.45 crore for the quarter ended 30 June 2011.

The company had posted net profit of Rs33.31 crore in the corresponding April-June quarter last year. Crisil's consolidated total income was up 34.77% to Rs203.79 crore during the reporting period.

The company's Board of Directors also declared an interim dividend of Rs27.50 per share, a statement issued said.

On Thursday, Crisil ended 9.42% up at Rs7,889.55 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.36% to 18,436.19.

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Hero Honda Q1 net profit rises 13% to Rs558 crore

Commenting on the results, Hero Honda managing director and CEO Pawan Munjal said: "Our Q1 performance has set the outlook for coming quarters and we are confident of achieving our initial guidance for FY11-12 to sell over six million units"

New Delhi: Hero Honda, the country's largest two-wheeler maker today reported a 13.46% jump in net profit for the quarter ended 30th June to Rs557.89 crore, from Rs491.69 crore for the April-June quarter last year, the company said in a filing to the Bombay Stock Exchange (BSE).

Total income during the first quarter of this fiscal also soared by 32.68% to Rs5,771.74 crore from Rs4,350.03 crore in the year-ago period, reports PTI.

The company sold 15,29,577 vehicles in April-June 2011, up 23.95% from 12,34,039 units in the corresponding period a year ago.

Commenting on the results, Hero Honda managing director and CEO Pawan Munjal said: "Our Q1 performance has set the outlook for coming quarters and we are confident of achieving our initial guidance for FY11-12 to sell over six million units."

The numbers for the first quarter are in line with the growth that Hero Honda has been reporting for the past several years, he added.

Mr Munjal said the company's initiatives on developing a new brand identity, exploring global opportunities, enhancing R&D capabilities and finalisation of the fourth plant are going ahead.

"However, on an immediate basis, the thrust is on to maintain operational excellence in light of the volatile costs of commodities such as steel, aluminium and rubber," he added.

The company will carry on strengthening its product portfolio through new launches, network expansion and other customer outreach initiatives.

"We have already covered over 1,00,000 villages across the country as part of our rural initiatives under our rural vision, 'Har Gaaon Har Aangan'.

"We are also aggressively expanding our distribution network and we will soon be crossing 5,000 customer touch points by the end of the year. All these initiatives will continue to drive growth for us in the domestic market, even as we explore markets around the world, notably in Latin America, Africa and South East Asia," Mr Munjal said.

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