Rico Auto wins export order worth Rs70 crore per annum

Rico Auto will supply both manual and automatic transmission and the shipment is likely to start from June 2012

Auto component maker Rico Auto said it has won an export order worth up to Rs70 crore annually to supply transmission to a global passenger car maker.

"We have recently got an export order to supply transmissions to a global passenger car maker, which is also present in India. The order size is Rs50-Rs70 crore for every year and we expect to continue this for 7-8 years," Rico Auto managing director Arvind Kapur told reporters on the sidelines of the Automotive Component Manufacturers Association (ACMA) summit.

The company will supply both manual and automatic transmission and the shipment is likely to start from June 2012.

"We have not decided on the plants where we will produce this transmission but we may use our Sanand unit," he said. Without elaborating, Kapur said the company will invest Rs30-Rs40 crore in the next two-three years on the export project to augment capacity of its various plants.

On the domestic front, the company will invest Rs40-Rs50 crore this financial year to expand capacity of its existing facilities. When asked about the revenue, he said the company is expecting a turnover of Rs1,250 crore compared Rs1,015 crore last fiscal.

"We are targeting 10% margin this fiscal. Last two years, we had blip in our margins but before that we were (witnessing) 7%-8% of profit margins," Kapur said.

In the late afternoon, Rico Auto was trading at around Rs13 per share on the Bombay Stock Exchange, 1.96% up from the previous close.

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Peerless MF introduces Equity Fund

Peerless MF new issue closes on 21st September

Peerless Mutual Fund has launched Peerless Equity Fund, a close-ended income scheme.

The investment objective of the scheme is to generate long term capital appreciation by investing in an actively managed portfolio predominantly consisting of equity & equity related securities diversified over various sectors.

The new issue closes on 21st September. The minimum investment amount is Rs1,000.

S&P CNX Nifty is the benchmark index. Kaushik Dani (for equity) & Ganti N Murthy (for debt) are the fund managers.

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JM Financial MF launches Fixed Maturity Fund-Series XX-Plan B

JM Financial MF new issue closes on 20th September

JM Financial Mutual Fund has launched JM Fixed Maturity Fund-Series XX-Plan B (JM FMF-XX-B), a close-ended income scheme.

The investment objective of the scheme is to generate regular returns through investments in fixed income securities maturing on or before the date of the maturity of the scheme.

The new issue closes on 20th September. The minimum investment amount is Rs5,000. Girish Hisaria and Vikas Agrawal are the fund managers.

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