Sadbhav Engineering wins Rs1,411.4 crore projects from NHAI

Infrastructure company Sadbhav Engineering Ltd said it won road projects worth Rs1,411.4 crore from the National Highways Authority of India (NHAI) for widening and maintenance of roads in Madhya Pradesh and Maharashtra.

Sadbhav Engineering said it received a project for widening of Mulatai-Chhindwara-Seoni and Narsinghpur-Amarwara-Saoner sections of National Highways in Madhya Pradesh and Maharashtra to two-lane, the Gujarat-based company said in a filing to the Bombay Stock Exchange (BSE).

Besides up gradation of the highways sections to two lanes, the projects include construction and maintenance of ring road and connecting roads in Chhindwara town, it added.

The contracts are part of 18 projects worth Rs13,886 crore announced by the NHAI in June this year. These included five projects across Madhya Pradesh and Maharashtra.

On Friday, Sadbhav Engineering shares fell 3% to Rs1,486 on the BSE, while the benchmark Sensex declined 1.8% to 20,125 points.


Tata Motors global sales up 19% in September

Tata Motors Ltd said its global sales increased 19% in September to 86,996 units on robust demand for both commercial and passenger vehicles.

Sales of luxury brands from Jaguar Land Rover were at 19,528 units during September up 16% from the same month last year, Tata Motors said in a statement.
While sales of luxury sedans of Jaguar brand jumped by 10% last month to 4,861 units, Land Rover sales were higher by 19% at 14,667 units, it added.

It said the total passenger vehicles sales stood at 46,035 units in September 2010, a growth of 21% from the corresponding month last year.

Commercial vehicles sales were also up by 18% to 40,961 units from the same month last year, it added.

The Tata Motors Group global sales comprise Tata, Tata Daewoo and Hispano Carrocera range of commercial vehicles, Tata passenger vehicles along with the distributed brands in India, Jaguar and Land Rover.

During the April-September period, total vehicle sales rose 38% at 511,934 units.
While, total passenger vehicle sales increased by 43% at 278,361 units, commercial vehicle sales jumped 32% at 233,573 units in the first five-month of this fiscal.

On Friday, Tata Motors shares ended 2.2% down at Rs1,156 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.8% to 20,125 points.


One more round of rate hike needed to tame inflation: Rangarajan

New Delhi: The Reserve Bank of India (RBI) may need to raise policy rates yet again to tame the "uncomfortably" high inflation of 8.6%, reports PTI quoting the prime minister's economic adviser C Rangarajan.

The RBI has raised key policy rates five times so far this year, but there have been no signs of inflation cooling.

The rate of price rise in September stood at 8.62% in September, up from 8.51% in August.

"The inflation is at uncomfortably high level. So continued actions on the part of RBI may be needed," Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan told PTI in an interview.

He further said that focus of RBI would be more on inflation than industrial production numbers. Industrial production in August nearly halved to 5.6%, prompting calls from India Inc against further rate hikes.

"The inflation rate for September also seems to be as high as that in August. Perhaps, one more round of tightening as that have done previously may be called for," he added.

Mr Rangarajan added that inflation is likely to come down to 6.5% by end of December. The government too expects inflation to ease, primarily because of a fall in food prices on the back of good monsoon.

The Reserve Bank is slated to review its monetary policy on 2nd November, amid expectations that it could tighten the policy further to fight high inflation.

In its maiden mid-quarterly monetary policy review last month, the central bank upped repo, under which it lends short-term funds to banks, to 6% and reverse repo, the short-term borrowing mechanism, to 5%. The hike in the policy rates was the fifth this year.

The decline in industrial production growth from 10.6% a year ago is mainly on account of decline in output of capital goods, a sector which reflects fresh investments in the economy.

Mr Rangarajan, however, expects industrial production to grow at around 9% and Indian economy to register 8.5% growth rate in the current fiscal.


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