Cummins payout at 200%
The board of Cummins India has recommended a 100 per cent final dividend for 2004-05 in addition to an interim payout of 100 per cent given earlier. The company has recorded a net profit of Rs 137.28 crore for the fiscal compared with Rs 109.27 crore in the previous year. Net sales grew 28 per cent to Rs 119.18 crore from Rs 932.40 crore in the year before. The board has also approved the demerger of its services business, Cummins Auto Services, from Cummins Diesel Sales & Services (India) ' a wholly-owned subsidiary of the company.
Larsen & Toubro (L&T) has bagged a Rs 278-crore contract from the National Highways Authority of India to upgrade and four-lane a 70-km stretch of national highway-76 in Rajasthan. The road will be completed by L&T's construction division in two-and-a-half years.
TVS Motor Company has reported a 32 per cent growth in sales in May at 1,06,914 two-wheelers compared with 80,895 in the same month last year. The thrust of this increase came from the 47 per cent growth of bike sales, which clocked 63,585 units in May compared with 43,180 units in the same period last year.
Abeer Chakravarty, who has been consulting on integrated communication projects for Bates India and 141 Worldwide, has taken the charge of the Calcutta office as senior vice-president. He will manage the advertising functions and spearhead the consolidation and development of 141's CRM/database marketing businesses and capabilities, nationally.
Ma Foi move
Ma Foi Global Search Services, a wholly-owned subsidiary of Ma Foi Management Consultants, will join the International Executive Search Federation ' the fastest growing global executive search network with presence in 48 countries. With this, Ma Foi Search will be the exclusive representative of this network in India, Dubai and Sri Lanka.
Former chairman of Cadbury Schweppes, Adrian Cadbury, has been awarded the Corporate Governance Laureate Medal from the Global Centre for Leadership & Business Ethics for his support for innovative approaches to financial management.
Lotto Sports Italia, the Italian sportswear brand, has entered the Indian market with its Summer Collection 2005 shoes. The company is eyeing a 15 per cent market share. The Eva collection of footwear starts from Rs 995. The other shoes are priced between Rs 1395 and Rs 1795.
Luxor Writing Instruments has launched Gloliter, a smart flow highlighter, in Calcutta. The ink can be used for highlighting on all normal and special papers like photocopy and fax. A set of five pens costs Rs 100.