Merck Ltd renamed as Procter & Gamble Health Ltd
New Delhi: Drug firm Merck Ltd on Tuesday said it has been renamed as Procter & Gamble Health Ltd following P&G’s global acquisition of the consumer health business of Merck KGaA, Germany. “The company has received approval from the Registrar of Companies, Mumbai, Maharashtra, for change of name from Merck Ltd to Procter & Gamble Health Ltd effective May 6, 2019,” Merck said in a filing to the BSE. The company is taking necessary steps to comply with the formalities and documentation, as may be required by the stock exchanges to record the said change in its records, it added. Procter & Gamble Health Ltd managing director Milind Thatte said, “Our new name reflects our new identity as part of the P&G Group and signifies the coming together of strong consumer health capabilities and cultures”. Procter & Gamble Health Ltd will be a part of P&G’s Personal Health Care International Business Unit led by Uta Kemmerich-Keil (vice-president, Personal Health Care International), the company said.
Escorts Q4 net profit up 8%
New Delhi: Engineering and farm equipment maker Escorts on Tuesday said its net profit rose 7.8% to Rs 121.35 crore for March quarter 2019, aided by robust tractor sales. The company had reported a net profit of Rs 112.54 crore for the same period of previous fiscal. Revenue from operations rose to Rs 1,631.66 crore for the period under review as compared with Rs 1,436.10 crore in the fourth quarter of 2017-18, Escorts said in a regulatory filing. The company’s tractor sales for fourth quarter stood at 25,136 units, up 6.7% from the same period of 2017-18. For 2018-19, the company reported a net profit of Rs 484.91 crore, up 40.7% as compared with Rs 344.72 crore in 2017-18. Revenue from operations stood at Rs 6,196.36 crore in 2018-19. It stood at Rs 5,015.97 crore in 2017-18. “Escorts is committed to providing state of the art technology and unique engineering solutions for mechanised and innovative agriculture solutions, well supported infrastructure and safe rail transport,” Escorts chairman and managing director Nikhil Nanda said. The company will continue to bring in new technologies with a blend of frugal engineering and global technology collaborations for domestic and global markets, enabled by strong product mix and expanded distribution network, he added. The company’s board on Tuesday recommended a dividend of Rs 2.50 (25%) per share or Rs 10 each for 2018-19. The board also appointed Sunil Kant Munjal as independent director for a period of five years.
JLR drives in Range Rover Velar trim in India
New Delhi: Jaguar Land Rover India on Tuesday said it had initiated sales of locally manufactured Range Rover Velar in the country with prices starting from Rs 72.47 lakh (ex-showroom). The locally manufactured model is offered in a single trim, R Dynamic-S variant, and is available with both petrol and diesel powertrains. The cost of the trim has come down in the range of about 15-20 per cent as compared with the completely built units (CBU) variants of the model. The start of Velar’s local manufacturing would enable the company gain a competitive edge within the Indian luxury SUV segment, JLR India said in a statement. The Land Rover range in India includes the Discovery Sport, Range Rover Evoque, all-new Discovery, Range Rover Sport and Range Rover.
Royal Enfield recalls around 7K units of Bullet, Bullet Electra
New Delhi: Niche bike maker Royal Enfield on Tuesday announced the recall of nearly 7,000 units of its Bullet and Bullet Electra models to rectify faulty brake caliper bolt. The company said it was undertaking a proactive field service action, concerning brake caliper bolt on motorcycles of the two models manufactured between March 20, 2019 and April 30, 2019.