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Eveready profit rises 415%
Eveready Industries India has recorded a profit after tax of Rs 16.05 crore for the quarter ended June 30, 2009, an increase of 415 per cent on the back of a four per cent gain in margins and excise duty benefit. Profit before tax increased 444 per cent to Rs 15.14 crore.Net sales increased six per cent to Rs 232.37 crore. Deepak Khaitan, executive vice chairman and managing director, Eveready said, the outlook for the next quarter was good. The company plans to reduce debt by Rs 50-60 crore this year through internal accruals and has also put up for sale its battery factory closed at Hyderabad.

2009: Organised retail feels recession pangs
India"s retail industry boom gave way to despair in 2009 as consumers held back big spending, forcing some companies to restructure finances, while recession-battered western retail chains would have felt glad they were not allowed to set shop.

News of the day

Credit offtake growth slows to 9.8%
The government today said credit growth from banks has slowed down to 9.8 per cent till November 6 in the current fiscal against 27.7 per cent in the corresponding period a year ago.
Small Business

SBI Card launches mShop

SBI Card, the credit card service offering from the State Bank and GE Capital, today launched mShop to enable its customers shop from over 100 merchants across the country, using their mobile phones. - Mid-mkt British hotel chain Premier Inn enters India - NASA launches space shuttle Atlantis - Ultimate Motors to launch Hyper cars in India - India Eco Summit: Daiichi to launch Ranbaxy"s drugs in Japan - Hindustan Unilever gains on defensive buying - Russia Space Troops put 250 spacecraft into orbit in 8yrs MShop offers SBI Card customers the convenience of transacting anytime, anywhere, while ensuring complete security of their transactions, an SBI Card press release said. "We are delighted to launch mShop, yet another way to make life simple for our customers. MShop will further enhance our cardholders’ experience with SBI Card. It will also open up a new revenue stream for our business," SBI Card chief executive Diwakar Gupta said. SBI Card is a joint venture between the State Bank and GE Capital and offers domestic consumers extensive access to a wide range of payment products and services. With the introduction of mShop, SBI Card customers can now buy air tickets, cinema tickets and pay utility bills using their mobile phones, the release said. The cardholders can instantly download the mShop application on their mobile phones and after initial registration can begin shopping on the go, it said.


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