Higher sales were reported in nine of 21 sectors, including durable goods, which saw sales rise 1.6%. Miscellaneous manufacturing was up 17.9% and the food industry was up 1.5%.
British Columbia and Ontario led five provinces posting higher sales with increases of 2.1% and 1.5% respectively.
KOLKATA:The Ruia Group, known for its buying spree, could acquire a European autocomponent company soon, chairman Pawan Kumar Ruia said.
"We are trying to close a dealvery soon in one of the auto component companies in Europe. In Europe, a lot ofcompanies are up for sale. We are working on some projects," Ruia told IANS inan interview here.
Thecompany, which is looking at two-three European companies, has acquired Britishauto component company Schlegel Automotive Europe Ltd and Germany's leadingautomotive sealing systems company, Henniges Automotive Grefarth GmbH, in 2009.
Bajaj Auto will consider a bonus issue at its board meeting on July 22, the first time in 13 years. Following the announcement, Bajaj Auto?s shares touched a high of Rs 2,525 on an intra-day basis on the BSE, after opening at Rs 2,415 Wednesday. No other details of the issue were announced.
According to information available on the official website, the last time Bajaj Auto Ltd (now known as Bajaj Holdings and Investments Ltd) had made an announcement of the sort was in October 1997, when it issued bonus shares in the ratio of 1:2. This will be the company?s ninth bonus issue since its inception. Five of the previous bonus issues have been in the ratio of 1:1, in 1994, 1991, 1988, 1984 and 1976. The highest ever was 1:5, issued in the 60s. Bajaj Auto will hold its AGM on the same day to obtain shareholders? nod for the issue.
Bajaj Auto has already recommended a 400% dividend of Rs 40 per share for 2009-10, riding on its highest numbers in its history after it sold 2.85 million units in FY10. BAL's forecast for FY 11 is to touch four million sales, with one million coming from exports. The company ended year 2009-10 with a total income of Rs 12,043.4 crore and net profit of Rs 1,700 crore. Bajaj?s EPS in 2009-10 was at 117.70. Bajaj Auto has been outperforming the Sensex and the auto index since April 2009.
The automobile industry is expected to do well in the year’s first quarter, ended June, but the growth in sales and profits may not be as good as in the previous four quarters, due to a higher base effect.
The results’ preview by eight broking firms estimated that seven auto makers are expected to post a 40-plus per cent growth in sales, operating profit and net profit in the first quarter. The rise in input costs is likely to affect profit margin by 50-100 basis points, say analyst from the eight broking houses.
In a nutshell, the scope for earnings surprises in the first quarter is limited, with company-specific performance likely to drive up the growth rate. Ashok Leyland is expected to be a big outperformer, while Tata Motors is geared up for higher growth in revenue and profit. Bajaj Auto and TVS Motors are expected to outperform the motorcycle leader, Hero Honda, with healthy growth in sales and profit. Maruti Suzuki and Mahindra & Mahindra are expected to show 25-30 per cent growth in sales and profit.
The German carmaker said on Tuesday it now sees 2010 pretax profit to rise more sharply than previously forecast, with sales rising by around 10% to more than 1.4 million units, compared with its previous forecast for a single-digit increase.
The company now sees its EBIT margin -- earnings before interest and tax as a percentage of revenues -- at more than 5% in its automobile business.
BMW had said last week it sold 13.7% more BMW brand vehicles last month, adding some automotive markets were recovering more quickly than expected.
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