Business Diary

Sanghvi Movers Limited,a crane hiring company,registered a growth of nearly 22 per cent in its net sales.

Sanghvi Movers register 22 per cent growth in year

Sanghvi Movers Limited,a crane hiring company,registered a growth of nearly 22 per cent in its net sales. In the financial results of the first quarter ending 30 June this year,net sale of the company stood at Rs 104 crore as against Rs 85.2 crore for the corresponding quarter last year. The EBITDA for the first quarter stood at Rs 75.6 crore as against Rs 64.2 crore registering a growth of 17.6 per cent while as earnings per share (EPS) stood at Rs 8.46 compared to Rs 5.5 for first quarter of this financial year. The company has incurred a capital expenditure of Rs 47 crore. Commenting on the results,C P Sanghvi,chairman and managing director said,The industrial crane industry in India has enjoyed strong growth especially from wind mills and power sector which has contributed to the growth.

Spree Lotus Valley Hotel inaugurated

A business class Hotel Spree Lotus Valley was inaugurated in Pimpri last week. Besides offering luxury facilities to people,the hotel also boasts of broadband and Wi-fi facility. The hotel offers a wide range of dining options and has facilties like feast cafe and lounge besides providing midnight snacks. Keshav Baljee,Managing Director (MD) of Spree Hotels and co-promoter Royal Orchid Hotels said,The city of Pune is today acknowledged and recognised as an industrial hub and home to many enterprises like IT and auto. Spree Lotus Valley has been created with the aim of reaching out to the people who travel frequently to the city and provide them luxury and elegance which is at par with international standards.

Edelweiss to open operations in city

Edelweiss Housing finance ltd (EHFL ) is starting its operations in Pune to finance the housing projects in the city. This was disclosed by head retail finance,Edelweiss,Anil Kothuri,last week at a media conference. He said that the company has a target of providin loan of Rs 1,000 crore in the city in next few years. EHFL has opened its office at Kothrud. Over the last few years,Pune has emerged as a new destination for IT and BPO related industries. This has opened up avenues for a lot of real estate development projects, said Kothuri.

Lions Club membership to Narayana Murthy

Chief mentor infosys,Dr Narayana Murthy,was given honorary membership of Lions Club at a function organised by Lions Club on Sunday. At the event,Murthy recalled his past experiences when he was working in the city. Murthy shared his vision for the prosperous country at the event. He emphasised that there was a strong need to remove the gap between the rural and urban youth. Murthy also hoped the honest politicians and bureaucrats will help fuel the growth in the country.

(COMPILED BY ISHFAQ NASEEM)

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