Realty firm Mahindra Lifespace Developers Ltd today said it has bought a land parcel in Maharashtra to develop a housing project.
In a filing to the BSE, the company informed that it has "acquired a land parcel in district Palghar, Maharashtra, admeasuring 85,000 square meters for Residential Development".
The company recently reported 36 per cent decline in consolidated net profit at Rs 15.11 crore for the quarter ended September.
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Its net profit stood at Rs 23.47 crore in the year-ago period.
Income from operations also fell by 9 per cent to Rs 164.55 crore during the second quarter of this fiscal from Rs 181.61 crore in the corresponding period of the previous year.
The USD 155-billion domestic IT industry nets over 65 per
cent of its revenues from the US.
In view of the uncertainty created following Trump's protectionist comments, Nasscom has again lowered its revenue growth projection to the lower-end of its already lowered guidance of 8-10 per cent for this year from 10-12 per cent given last February.
Mahindra said the country had the same opportunity in the 1960s under the "charismatic" Nehru but the leader floundered on the economic front.
Canadian Prime Minister Justin Trudeau is also trying to do just that but may not have the economic heft to fulfil his ambitions, he added.
Chinese president Xi Jinping also attempted a similar thing in the recently concluded Davos summit, Mahindra said, adding that the world will be fearful of China and the head of the Communist regime cannot lead a "free world".
There are positives for India like space exploration and science and technology, he said crediting Prime Minister Narendra Modi for his attempts to change the mindsets of the nation with schemes like Swwach Bharat and demonetisation.
He said the cleanliness drive may be aimed at increasing the revenues coming to the tourism industry which has margins higher than the IT industry.
He also said that under Modi, instances of corruption in New Delhi's corridors of power are "non-existent".
Welcoming Nasscom's view to defer its guidance for next fiscal, Mahindra said industry should function independently and not go to the government asking for any sops.
On automation, he said the tractors which cannot mow down people in the field will be the first to go driverless, followed by trucks if separate lanes are provided and then the cars.
HDFC Bank's Aditya Puri said the bank is also working with Mahindra to have a car dashboard banking application which can help conduct transactions on the go.
