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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Telugu Desam Party quitting NDA in 2018 was not a mistake, senior party leader and former Civil Aviation Minister P Ashok Gajapati Raju has said.
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The militaries of India and China have been locked in a standoff since May 2020 and a full resolution of the border row has not yet been achieved though the two sides have had several rounds of talks at the diplomatic and military levels.
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The Enforcement Directorate on Monday claimed to have recovered a huge amount of "unaccounted" cash during searches of premises allegedly linked to an aide of a state minister, official sources said.
Video footage shared by the sources showed wads of currency notes spread in a room that is alleged to be of the domestic help of the private secretary of rural development minister Alamgir Alam.
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Australia's Qantas Airways agreed to pay A$120 million ($79 million) to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
The company will split A$20 million between more than 86,000 customers who booked tickets on the so-called "ghost flights" and pay a A$100 million fine instead of defending the lawsuit that it had previously vowed to fight, Qantas and the Australian Competition and Consumer Commission (ACCC) said on Monday.
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Billionaire investor Warren Buffett said that the Indian market has unexplored opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore in the future".
Buffett's remarks came at Berkshire's annual meeting on Friday when Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund that invests in Indian equities, asked him about the possibility of Berkshire exploring in India, the world's fifth-largest economy.
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