SHANGHAI: Chinese shares closed down 0.6 percent on Monday on worries over a slowdown in the world's second-largest economy after the Chinese central bank cut bank reserve requirements on Saturday. The Shanghai Composite Index ended at 2,380.7 points, extending a 2.3 percent slump over the week last week, the biggest weekly percentage fall in six weeks.
Sony to hire 500 people in India in 2012-13
NEW DELHI: In contrast to its loss making Japanese parent, Sony India today said it is registering "healthy profit" and even plans to increase its headcount by 500 people in the current financial year. "The situation in India is different from the other global markets, where Sony is witnessing pressure. We are having strong growth and healthy profits," Sony India Managing Director Masaru Tamagawa told reporters here.
Stating that Sony India expects to continue good growth, he said the company plans to ramp up its manpower strength in the near future. "Considering both permanent and contract workers, we are at present employing a total of 3,300 people in India. This number will go up to 3,800 by March, 2013," Tamagawa said. This is contrary to the parent, Sony Corporation reported to have decided to cut 10,000 jobs, probably by the end of this year to reduce loss. In February this year, the Japanese electronics goods major had forecast a consolidated net loss of 220 billion yen for the financial year ending March 31, 2012.
"Currently the Indian market is contributing 5 per cent of the global revenue and it may rise up to 6 per cent in the next one year. Sony India had a revenue of Rs 5,400 crore in 2010-11," Tamagawa said, adding the company will announce the results for FY'12 in the next few weeks.
He said the Indian operations is the fifth largest for Sony globally after Japan, the US, China and Brazil. "We are closer to Brazil than the other three markets, which are very large. In the next two years, we may overtake the Brazilian market," he added. Sony India's growth is primarily led by three divisions -- Bravia range of televisions, Vaio branded computers and digital imaging products like Cyber-shot cameras.
In order to push its growth further, Sony India today launched a series of 34 new digital cameras in the country, priced between Rs 5,490 and Rs 27,990. "With 45 per cent growth last fiscal, we outperformed the digital camera market's rate of 40 per cent. We are targetting to increase our share in the market to 45 per cent in this fiscal from 42 per cent in last fiscal," Tamagawa said.
According to Sony India, the digital still camera market in the country stood at 33 lakh units in FY'12 and is expected to increase to 42 lakh units by 2012-13. The company is aiming to sell 14 lakh units of these cameras in FY'13 compared to last fiscal's 11 lakh units. Sony to hire 500 people in India in 2012-13
