Companies & Sectors
Siemens swings to loss in June quarter as sales decline
Macro-economic concerns, currency volatility and project-related provision affected Siemens’ net profit as well as sales. It is also hiving off two subsidiary companies for Rs122.8 crore
 
Siemens Ltd, a unit of German Siemens AG, swung to third quarter net loss on uncertain macro-economic situation as well as volatility in the Indian currency and commodity exchange rates.
 
For the quarter to end-June, the Indian unit of engineering giant Siemens AG, reported a net loss of Rs48.8 crore from a net profit of Rs36.2 crore while its total revenues including sales, fall to Rs2,645.2 crore from Rs2,856.2 crore same period last year. During the quarter the company’s sales fell to Rs2,588.4 crore from Rs2,979.4 crore a year ago period.
 
Dr Armin Bruck, managing director, Siemens, said, “Our results have been impacted by the uncertain macro-economic situation as well as volatility in the currency and commodity exchange rates. It is imperative now that concrete steps are taken to create an environment that will encourage growth in the country through increased capex expenditure.”
 
The board of directors, in its meeting held on 2nd August, approved sale and transfer of the company’s divisions, postal and parcel logistics technologies and airport logistics technologies (both forming part of the infrastructure and cities sector), to Siemens Airport Logistics Technologies Private Ltd, a 100% subsidiary of Siemens AG, for Rs122.8 crore. 
 
Siemens closed Friday 5.9% down at Rs451.4 on the BSE while the benchmark Sensex ended the day marginally down at 19,164.
 

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COMMENTS

vivek shah

4 years ago

If a company of the stature of Siemens reports losses there are systemic faults in our country. The same goes with the likes of BHEL, L&T and ABB where they have reported below par results. The sooner the policy paralysis ends the better for the countyr. Our country certainly deserves a better government.

Save More on Car Insurance: Here are the survey results

Moneylife online survey on car insurance shows that car-dealers often offer ‘free’ insurance while purchasing a new car and other ‘freebies’ in subsequent years. Are they really the best options?

Read Save More on Car Insurance, our cover story, which explores different parameters which help you to reduce the premium and avoid questionable ways to reduce it.

Our survey received responses from 427 readers. Only 27% of the respondents have used web aggregator sites like Policybazaar.com to compare car insurance premium. Two out of three have not compared the quotations of the premium for online renewal/purchase from the same insurance company.

 

Over 61% said they would renew car insurance with the existing insurer. Interestingly, only 11% feel that the car-dealer will give them best quote at the time of purchase or renewal. Four out of 10 said that they buy or renew car insurance from car-dealers believing that claims handling will be smoother. A few stick with car-dealers due to fear of unwarranted charges or delay in service. Some respondents opt to buy from the insurer based on manufacturer’s recommendation.

 

At the time of renewal, three out of 10 respondents listen to tele-callers from rival companies. One out of three respondents uses online web aggregators. Two out of three will talk with friends or insurance advisors.

 

Only 42% of the respondents were aware that some insurers offer discounts based on profession, age group, an automobile association’s membership and anti-theft devices. A good 60% are aware of the meaning of ‘IDV’ (insured declared value) of the car.

 

75% respondents check for no-claim bonus or NCB while renewing car insurance. Unfortunately, almost half of the respondents are unaware of the protection offered by ‘own damage’ cover; only one out of four lacks awareness of ‘third party’ cover.
 

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COMMENTS

M P Bhaya

4 years ago

Why do not you tell your Readers as to which co; one should renew his Car Policy.

Tech Mahindra unit Complex IT signs two deals in Latin America

The Mahindra group company will provide services to Brazil-based Schahin Petroleo for supply chain solutions. It will also provide transformational solutions to a leading bank in Brazil

Tech Mahindra Ltd said Complex IT, its unit in Brazil, has signed two deals in that country for delivering enterprise solutions in oil and gas and banking vertical.  No financial details were provided.
 

Arvind Malhotra, senior vice president, strategic accounts, Tech Mahindra, said, “Our growth strategy in Latin America leveraging a combination of inorganic and organic plays is showing early results.”
 

The first project is with Schahin Petroleo to deliver a new enterprise business solution for the operations of the oil and gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process.
 

On another instance, Complex IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, projects and ongoing demands. This will help them overcome high complexity environment and helping internal SLA.
 

At 3.40pm Friday, Tech Mahindra was 1.5% down at Rs1232 on the BSE, while the 30-share Sensex was also marginally down at 19,164.

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