The iconic brand Ambassador, which used to be a symbol of the high and mighty in power corridors, has changed hands, with Hindustan Motors selling it to European auto major Peugeot for Rs 80 crore.
Hindustan Motors, maker of the iconic Ambassador car, reported a net profit of Rs 17.20 crore in the first quarter, compared with a Rs 19.73 crore loss a year ago, boosted by one-time gain from profit on sale of immovable properties and investments.
In an interview with CNBC-TV18, CK Birla, Chairman, Orient Papers said, the net sales have gone up from Rs 441 crore last year to Rs 533 crore this year in the first quarter. He further said, the company will demerge its cement business. “We will list cement business after all necessary approvals by April-May 2012.”