Suzuki chairman calls on Modi as Maruti's Q1 net up 21%
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NEW DELHI: Higher sales and cost reduction measures boosted the first quarter earnings of the country's top carmaker Maruti Suzuki on a day when Osamu Suzuki, chairman of the company's parent Suzuki, called on Prime Minister Narendra Modi.
Maruti's profits, also aided by forex gains, rose 21% in the April-June'14-15 quarter at Rs 762 crore against Rs 632 crore in the same period of last fiscal. Net sales during the quarter stood at Rs 11,074 crore, up 11% against Rs 9,995 crore in the April-June quarter of last fiscal.
"We started the quarter with low consumer sentiments, high inflation and other economic factors that affected the economy last year. But consumer sentiment has changed after the elections and has turned positive," chief financial officer Ajay Seth said in a conference call with analysts.
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As the results for the Maharashtra polls will be announced tomorrow, Shiv Sena (UBT) leader Sanjay Raut on Friday exuded confidence in the victory of the Maha Vikas Aghadi (MVA), saying that around 160-165 MLAs will be elected from MVA.
Reacting to the speculations of the CM face from Maha Vikas Aghadi, Raut asserted that no formula has been made yet for the selection of the CM face as everyone will sit together and choose the CM.
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The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
An SC bench of Justices BR Gavai and KV Viswanathan said that it would make a decision on the matter during the next hearing without any adjournment.
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Kenya's president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after US bribery and fraud indictments against one of Asia's richest men.
President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
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Asserting that the relationship between India and the US is built on a strong foundation, the White House has expressed confidence that it can navigate the ongoing crisis surrounding bribery charges against Indian billionaire Gautam Adani.
At her daily news conference, White House Press Secretary Karine Jean-Pierre told reporters on Thursday that the administration is aware of the charges against Adani.
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Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
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