Hero MotoCorp in spotlight after record sales in May 2013

Hero MotoCorp despatched a record 5.57 lakh units of two-wheelers in May 2013 - its highest-ever sales for any single month. Two-wheeler sales rose marginally by 0.22% in May 2013 over May 2012.

Mr. Anil Dua, Senior Vice-President (Marketing & Sales), Hero MotoCorp, said "The demand momentum that we had seen on our product range in April continued in May as well, helping us achieve over 1.1 million retail sales in the two-month period. This retail off-take has been helped by our star brands, our new product range as also the recently-introduced five-year warranty on our entire portfolio. Going forward, with forecast of a normal monsoon, we expect sentiments to be good, thus helping us sustain the current momentum."

May was a landmark month for Hero MotoCorp, when the company made its first foray into new international markets. HMCL made its debut in Central America by launching brand 'Hero' and its range of two-wheelers in Guatemala, El Salvador and Honduras. Hero MotoCorp has appointed the reputed Indy Motos Group of Guatemala as the authorised distributor of its range of two-wheelers in these countries, Hero MotoCorp said in a statement.

Shares of companies which intend to apply for banking licenses will be in focus after the Reserve Bank of India (RBI) on Monday, 3 June 2013, said in a clarification to queries on new bank licences that the validity of in-principle approval for new banks has been extended to 18 months from one year. The aspirants will have to create a holding company which will house the bank and all their other financial-services businesses, the RBI said. They will have to separately approach regulators such as the Insurance Regulatory and Development Authority and the Securities and Exchange Board of India to bring their nonbank financial services entities under the holding company, it said. The last date to apply for bank licenses is 1 July 2013.

State Bank of India (SBI) has reduced interest rate on bulk deposits (Rs 1 crore and above) by 25 basis points for the tenors 7 days to less than 1 year. Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25% per annum with effect from 7 June 2013.

Wipro said that Azim Premji Trust, a member of the promoter group, transferred 6.10 crore equity shares of the company to Pioneer Independent Trust (irrevocable independent trust) in accordance with the said Sebi approval for the purpose of meeting the minimum public shareholding requirement of 25%.

Separately, Wipro said after market hours on Monday, 3 June 2013, that the company invested $5 million (Rs 28.3 crore) in Axeda, a US-based software solutions provider, for an undisclosed minority stake. With this investment, Wipro and Axeda will accelerate services and end-to-end solutions designed to help organizations connect with any asset, leverage real-time machine data to enhance business processes, and develop new innovative enterprise applications, Wipro said in a statement.

The board of Abbott India has decided to defer the proposal received by the company for selling the proprietary pharmaceuticals division of the company.

Lanco Infratech said that its engineering, procurement and construction (EPC) division won EPC contracts worth Rs 3293.96 crore from Gujarat Industries Power Company (GIPCL) for its two 300 megawatts lignite-based thermal power projects.

JSW Steel has fixed 12 June 2013 as the record date for the purpose of drawing up the list of shareholders of JSW Ispat Steel (JSWISL) to whom equity shares and 0.01% cumulative redeemable preference shares of the company will be issued and allotted pursuant to the terms of the scheme. As per the scheme, shareholders will receive one equity share of JSW Steel for every 72 equity shares held in JSWISL. Further, shareholder will be entitled to one 0.01% cumulative redeemable preference share of JSW Steel for every one 0.01% fully paid-up cumulative redeemable preference share held in JSWISL, having the same rights and terms, and credited as fully paid-up.

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