Business News

• Sony eyes 54% sales growth in India
• Tata International acquire 76% in Bachi
• Unitech founders stake rises to 48.6%

Sony eyes 54% sales growth in India

Consumer electronics firm Sony India on Monday said it expects to witness a 54% jump in sales to `5,700 crore this fiscal on the back of its enhanced distribution network, aggressive marketing campaign and newly launched products.

The company said it registered sales worth `2,600 crore in the first half of fiscal 2011, a 46% increase compared to the same period last fiscal.

Sony India had reported sales worth `3,700 crore last fiscal.

Tata International acquire 76% in Bachi

Tata International Limited (TIL), which launched the shoe retail chain Tashi in the domestic market in October, has acquired a 76% stake in each of the two separate entities of the Bachi group, Bachi Shoes India Pvt. Ltd and Euro Shoe Components Pvt. Ltd, for an undisclosed amount.

Bachi is a major exporter of children's shoes to Europe. The Bachi family will continue to hold the remaining 24% stake.

Unitech founder’s stake rises to 48.6%

Real estate firm Unitech New Delhi: Real estate firm Unitech Ltd said the stake of its founders rose to 48.57% from 47.39% after the conversion of warrants by way of preferential allotment of shares.

The founders were allotted 59 million shares at `50.75 each, according to a statement to the Bombay Stock Exchange.

With this allotment, the allottee has exercised the conversion right with respect to all 227.5 million warrants in total upon payment of balance 75% of the issue price within the period of 18 months and, hence, after this trench of conversion, the company has no warrants outstanding for conversion.

The company's stock on Monday closed at `61.75, down by 2.29%, while the benchmark Sensex fell 0.22%.