Share sale boosts M&M profits to Rs 321 cr

The company’s net sales rose 20 per cent to Rs 2,288 crore, from Rs 1,910 crore a year ago. The board has recommended a dividend of Rs 10 per share (100 per cent).

For the year 2005-06, the company registered a net profit of Rs 857.10 crore as against Rs 512.67 crore for the year 2004-05. The total income rose to Rs 8,326.53 crore for FY 05-06 from Rs 6769.05 crore in FY 04-05.

Shares in Mahindra came off their day’s high of Rs 612.90 and closed lower at Rs 591.50 per cent in a firm Mumbai market.

Mahindra sold 65,393 vehicles and tractors in Jan-March, up 9 per cent from a year ago, lagging market growth of 11 per cent.

The company would roll out multi-purpose vehicle, Ingenio, in 2008. ‘‘We are working on the Ingenio project and hope that the product would hit the roads in 2008,’’ Mahindra group vice chairman and MD Anand Mahindra said. M&M would invest between Rs 500 crore to 600 crore towards the project, he added.

It would also come up with ‘Logan Sedan’, a passenger car variant, in association with France’s Renault in the first half of 2007.

The company said it has maintained its interest in acquiring controlling stake in Romanian tractor manufacturer, Tractorul Brasov.

Tata Power net declines 18.60%

MUMBAI: Tata Power Company Ltd has posted 18.60 per cent decline in its net profit after tax of Rs 138.82 crore for the quarter-ended March 31 as compared to Rs 170.55 crore for the corresponding period last fiscal.

Total income has increased by 7.98 per cent at Rs 1,246.53 crore for the fourth quarter of FY’06 as against Rs 1,154.38 crore in the same period year ago, the company informed the stock exchanges.

Board of directors has recommended a dividend of Rs 8.50 per share to shareholders.