India Business Insight articles from January 2009

India Business Insight archives from January 2009

TATA AIG LAUNCHES INVEST ASSURE HEALTH (its first unit-linked health product).
January 31, 2009... Tata AIG Life Insurance Company has introduced Tata AIG Life Invest Assure Health, its first unit-linked health product. Tata AIG Life Invest Assure Health covers 946 surgeries without any limit to the number of claims for surgery. It...

INSURERS MAY HAVE TO GIVE FOREIGN JV DETAILS (including details of the exit clause and price the partner will charge for exiting).
January 31, 2009... Companies entering into insurance sector with foreign joint venture (JV) partners will have to give details of their JV agreements to Insurance Regulatory and Development Authority (IRDA). The companies will have to give details of the...

CABINET CLEARS WAY FOR 49% FDI IN INSURANCE (Council of Ministers gives clearance for the introduction of the Insurance Amendment Bill, 2008).
January 31, 2009... The Council of Ministers, Government of India, has given clearance for the introduction of the Insurance Amendment Bill, 2008 and amendment to Insurance Act 1938, General Insurance Business Nationalisation Act, 1972 and Insurance Regulatory...

IRDA OKAYS POLICY CUSTOMIZATION (gives permission to non-life insurance companies to design their own products).
January 31, 2009... Insurance Regulatory and Development Authority (IRDA) has given permission to non-life insurance companies to design their own products, which will benefit small businesses. Under motor insurance, companies will be able to introduce a...

SBI LIFE SETS A TARGET OF Rs11,000 CRORE (including Rs8,500 crore new businesses or collection of premium).
January 31, 2009... SBI Life is aiming to achieve Rs11,000 crore business in 2008- 2009, including Rs8,500 crore new businesses or collection of premium. The company intends to set up 250 new branches in 2009, of which 242 branches have been opened, to widen its...

INSURERS LINE UP FOR ULIPs DESPITE MARKET CRASH (twenty-two products have got clearance of which 8 are new ULIPs and 9 have been redesigned with alterations).
January 31, 2009... Insurance companies are going in for unit-linked insurance plans (ULIPs) despite the slowdown in the equity markets. IRDA has cleared 22 products of which eight are new ULIPs and nine are existing ULIPs, which have been redesigned with...

SBI ENTERS GENERAL INSURANCE BIZ THROUGH JV WITH IAG (SBI will hold 74% stake in the JV, while IAG takes 26%).
January 31, 2009... State Bank of India (SBI) is foraying into general insurance business through joint venture (JV) with Insurance Australia Group (IAG). The bank will hold 74 percent stake and the IAG 26 percent subject to clearance from Reserve Bank of India....

EXPORT CREDIT INSURANCE MARKET HARDENS (insurance companies have increased premium rates by 25-30% on cover for exporters).
January 31, 2009... Local insurance companies are avoiding offering credit risk insurance to exporters or raising premium rates for such cover as demand for such insurance is going up in the current global financial scenario. The Export Credit Guarantee...

SAUDI ARAMCO IN TALKS TO JOIN VIZAG REFINERY PROJECT (by acquiring 15% stake).
January 31, 2009... Saudi Aramco, the world's largest oil company, is expected to participate as a new joint venture partner in one of India's largest refinery-cum-petrochemical projects at Visakhapatnam in Andhra Pradesh. The Rs50,000 crore project is being set...

AXON BOARD GIVES NOD FOR HCL BID (at Pound Sterling 441.1 million).
January 31, 2009... The board of Axon group of the UK has approved the Pound Sterling 441.1 million takeover bid by HCL Technologies of India. This is expected to be India's largest tech buyout. HCL already holds a 10.43 percent stake in Axon and the acquisition...

SHAREHOLDERS, BAHL CALL TRUCE IN FILM VENTURE (IFCRG has agreed to withdraw its demand to remove two directors).
January 31, 2009... The Indian Film Company Limited Requisition Group (IFCRG) led by Altima Partners has agreed to withdraw its demand to remove two directors, Raghav Bahl and Alok Verma, from the board of The Indian Film Company (IFC). IFC is listed on the...

GOVT FIRMS TO GET PRIORITY IN KG BASIN GAS ALLOCATION (fertiliser and gas-based power plants in Andhra Pradesh will be given priority).
January 31, 2009... Public sector companies will be given priority on the allocation of gas from the KG basin. Fertiliser and gas-based power plants in Andhra Pradesh will be given priority. Power plants in Andhra Pradesh will be given gas at 70 percent plant...

TV18 SUBSIDIARY FILES IPO DRAFT IN US (has submitted a draft registration statement for a proposed IPO of ADS).
January 31, 2009... Web 18 Holdings, a subsidiary of Television Eighteen, has filed papers for a proposed initial public offering (IPO) in the US to the Securities and Exchange Commission. The company has submitted a draft registration statement for a proposed...

GOLDSTONE INFRA GETS NOD FOR MERGER (plans to merge Newtech Stewing Engineering, Shree Shree Telecom Private and Sun Plast O Met with itself).
January 31, 2009... Goldstone Infratech plans to merge Newtech Stewing Engineering, Shree Shree Telecom Private and Sun Plast O Met with itself. The merger proposal has been approved by the company's board of directors, on 29 Jan 2009.

FIRM CONTINUES TO BE BOMBARDIER'S VENDOR (Bombardier is among the top 30 clients of the Satyam).
January 31, 2009... Bombardier has decided to continue the existing contracts with Satyam Computer Services. Bombardier is among the top 30 clients of the Satyam. The company has expressed satisfaction with the work of Satyam's 285 associates.

IOB HAS AROUND Rs92 CRORE EXPOSURE IN MAYTAS (has been dealing with Maytas Infrastructure for the last four years).
January 31, 2009... Indian Overseas Bank (IOB) has stated that its exposure to Maytas Infrastructure, the subsidiary of IT Satyam, is about Rs92 crore as on Jan 2009. The bank has been dealing with Maytas Infrastructure for the last four years.

SUZLON PUTS EXPANSION PLAN ON BACK BURNER (following the global financial crisis and declining orders from the US and Europe).
January 31, 2009... Suzlon Energy has put on hold its capacity expansion plans in India following the global financial crisis and declining orders from the US and Europe. The company had planed to expand its capacity from 3,200 MW to 5,700 MW at R 2,600-2,800...

QUINTEGRA WINDS UP SINGAPORE SUBSIDIARY (with effect from 9 Jan 2009).
January 31, 2009... Quintegra Solutions, Chennai, has shutdown its wholly owned subsidiary in Singapore with effect from 9 Jan 2009. Quintegra is an IT services and consulting company.

THAI FIRM ACQUIRES STAKE IN AVANTI FEEDS (has acquired a 14.99% equity).
January 31, 2009... Thai Union Frozen Products (TUF) of Thailand has acquired a 14.99 percent equity of Avanti Feeds (AFL). AFL is engaged in shrimp/fish feed manufacturing and processing and export.

DLF MAY SHELVE DELHI CONVENTION COMPLEX PROJECT (following the ongoing liquidity crisis and delay in sourcing funds internationally).
January 31, 2009... DLF is likely to drop the plan to develop a convention and exhibition complex in Delhi. The move follows the ongoing liquidity crisis and delay in sourcing funds internationally. The company has been allotted 35 acres by the Delhi...

DLF DEBT PAPERS DOWNGRADED BY CRISIL (owing to declining real estate sales).
January 31, 2009... Crisil has downgraded about Rs1,300 crore worth of debt papers of DLF, including pass through certificates, by one notch owing to declining real estate sales. The company's rating has been downgraded to A+ from AA-. According to Crisil, the...

DABUR TO EXPAND PORTFOLIO IN Q4 (plans to introduce products across skin care, juices and oral care categories).
January 31, 2009... Dabur India plans to expand its product portfolio in Jan-Mar 2009. The company plans to introduce products across skin care, juices and oral care categories. Dabur will extend its toothpaste brand Babool with a Babool Gel variant in mint...

NALCO HOLDS RECRUITMENT OF 700 EMPLOYEES (will redeploy the existing manpower).
January 31, 2009... National Aluminium Company (Nalco) has put on hold its plan to recruit 700 employees as part of its initiative to reduce operating expenses. The company had planned to recruit the employees for its additional production lines in Orissa...

CEAT POSTS A NET LOSS OF Rs21.64 CRORE IN DEC QTR (total income increases to Rs593.04 crore).
January 31, 2009... Ceat has reported a net loss of Rs21.64 crore in Oct-Dec 2008. The company had reported a net profit of Rs19.23 crore in Oct-Dec 2007. The total income of the company increased to Rs593.04 crore (Rs569.38 crore).

DECCAN CHRONICLE HOLDINGS NET TANKS 75% (is the publisher of English dailies Deccan Chronicle, Financial Chronicle and Asian Age).
January 31, 2009... Deccan Chronicle Holdings reported a 75 percent decline in net profit at Rs25.67 crore in Oct-Dec 2008 (Rs102.94 crore in Oct- Dec 2007). The company is the publisher of English dailies Deccan Chronicle, Financial Chronicle and Asian Age and...

BALMER LAWRIE NET RISES MARGINALLY TO Rs23 CRORE (net sales increases by 17.7%).
January 31, 2009... Balmer Lawrie and Company has reported a net profit of Rs23.74 crore in Oct-Dec 2008 (Rs19.99 crore in Oct-Dec 2007). The company's net sales increased by 17.7 percent to Rs408.77 crore.

CRANES NET DROPS 15% ON FALLING DEMANDS (decline in net profit has been attributed to declining demand in the international markets).
January 31, 2009... Cranes Software International has reported a 15 percent decline in net profit at Rs26.73 crore in Oct-Dec 2008. The decline in net profit has been attributed to declining demand in the international markets as well as higher expenses.

BOMBAY DYEING NET LOSS WIDENS TO Rs58 CRORE (net sales increases by 9.34%).
January 31, 2009... Bombay Dyeing and Manufacturing Company has reported a net loss of Rs57.80 crore in Oct-Dec 2008 (Rs37.01 crore in Oct-Dec 2007). The net sales of the company increased by 9.34 percent to Rs319.84 crore (Rs291.60 crore). The textile business...

GILLETTE Q2 BOTTOM LINE DIPS TO Rs27 CRORE (owing to the weakening of the rupee and higher investment on advertising).
January 31, 2009... Gillette has reported a 12 percent decline in consolidated net profit at Rs27 crore in Oct-Dec 2008 (Rs31 crore in Oct-Dec 2007). The decline in net profit has been attributed to the weakening of the rupee and higher investment on...

RAJESH EXPORTS PROFIT RECORDS 72% DROP (revenue increases by 32%).
January 31, 2009... Rajesh Exports reported a 72 percent decline in net profit at Rs17 crore in Oct-Dec 2008. The company's revenue increased by 32 percent to Rs2,732.3. The decline in net profit has been attributed to the decline in demand for jewellery...

INFY PROVIDES HELPING HAND TO 'FAILED EMPLOYEES' (has hired MaFoi to help its employees who fail to pass the final test to gain employment elsewhere).
January 31, 2009... Infosys Technologies has hired MaFoi to help its employees who fail to pass the final test to gain employment elsewhere. All new recruits undergo a 16-week training at its Mysore global training centre before being asked to work on projects....

PNB, INDUSIND CUT INTEREST RATES FURTHER (BPLR of PNB will reduce to 11.50%).
January 31, 2009... Punjab National Bank (PNB) and IndusInd Bank have reduced their benchmark prime lending rates (BPLRs) by 50 basis points (bps) and 25 bps respectively. The BPLR of PNB will reduce to 11.50 percent, while that of IndusInd Bank will reduce to...

MONEY SUPPLY GROWTH DIPS TO 18.7 PERCENT (is below RBI's revised estimated rate of 19% for 2008-2009).
January 31, 2009... The money supply growth declined to 18.7 percent in the fortnight ended 16 2009 (19.6 percent for the fortnight ended 2 Jan 2009). This is below Reserve Bank of India's (RBI) revised estimated rate of 19 percent for 2008-2009. The RBI...

NSEL ENGAGES TWO DEPOSITORIES FOR WAREHOUSE RECEIPTS (has appointed NSDL and CDSL).
January 31, 2009... The National Spot Exchange (NSEL) has appointed National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) as its clearing house for settlement of trades relating to warehouse receipts (WR) for commodities. The...

HC ALLOWS RELIANCE TO SELL KG BASIN GAS AT $4.20 (the interim order is valid till the final judgement is given).
January 31, 2009... The Bombay High Court (HC) has passed an interim order to allow Reliance Industries Ltd (RIL) to sell natural gas from Krishna- Godavari (KG) basin at $4.20 per mmbtu. The interim order is valid till the court delivers the final judgement....

OIL BONDS HELP IOC REPORT 41% RISE IN NET (the company has announced a net profit of Rs2,959 crore for Oct-Dec 2008).
January 31, 2009... Indian Oil Corporation Ltd (IOC) has announced a growth of 41 percent in net profit at Rs2,959 crore for Oct-Dec 2008 (Rs2,091 crore for Oct-Dec 2007). Its turnover has gone up to Rs66,399 crore (Rs64,726 crore). The company has received oil...

SPICE PREFERS PREF ISSUE ROUTE TO ACQUIRE SATYAM (the group has cash reserves of Rs2,000 crore).
January 31, 2009... The Spice Group intends to acquire a controlling stake in Satyam Computer Services through issue of preference shares. The group has cash reserves of Rs2,000 crore. The Spice Group had sold its mobile services business to Idea Cellular for...

TATA MOTORS POSTS Rs263-CRORE LOSS (the company has announced revenues of Rs4,758.62 crore for Oct-Dec 2008).
January 31, 2009... Tata Motors Ltd has announced a net loss of Rs263 crore for Oct- Dec 2008 (profit of Rs499.05 crore for Oct-Dec 2007). Its revenues have declined to Rs4,758.62 crore (Rs7,251.83 crore). The company has sold 98,760 vehicles during the...

CELL PHONE MAKERS PROPOSE FREE HANDSETS TO 50 MILLION POOR FAMILIES (the ICA has asked the Government to support the consumers directly).
January 31, 2009... The Indian Cellular Association (ICA) has asked the Government of India to provide free mobile handsets to 50 million families below poverty line. The association has asked the Government to provide 5,000 crore from the Universal Services...

SALE OF READY-MIX CONCRETE BUSINESS BOOSTS L&T (the company has announced a net profit of Rs1,520 crore for Oct-Dec 2008).
January 31, 2009... Larsen & Toubro Ltd (L&T) has announced a net profit of Rs1,520 crore for Oct-Dec 2008 (Rs482 crore for Oct-Dec 2007). The company has received an extraordinary income of Rs916 crore from the sale of its ready-mix concrete business. Its...

SIEMENS NET RISES 68% ON ONE-TIME INCOME (the company has announced a net profit of Rs330.58 crore for Oct-Dec 2008).
January 31, 2009... Siemens Ltd has announced a growth of 68 percent in net profit at Rs330.58 crore for Oct-Dec 2008 (Rs197 crore for Oct-Dec 007). The company has received one-time income of Rs223.28 crore as dividend. Its net sales have declined to...

GMR INFRA NET DIPS 69% (the company has announced a net profit of Rs25 crore for Oct- Dec 2008).
January 31, 2009... GMR Infrastructure Ltd has announced a decline of 69 percent in net profit at Rs25 crore for Oct-Dec 2008 (Rs80 crore for Oct-Dec 2007). Its income has gone up to Rs959 crore (Rs535 crore). The company has incurred a foreign exchange...

SUZLON POSTS Rs390-CRORE NET LOSS IN Q3 (the company has announced total income of Rs1,547.7 crore for Oct-Dec 2008).
January 31, 2009... Suzlon Energy Ltd has announced a net loss of Rs390.93 crore for Oct-Dec 2008 (net profit of Rs338.18 crore for Oct-Dec 2007). Its total revenues have declined to Rs1,547.7 crore (Rs1,683.1 crore). The company has announced total...

US REVENUES TO GO DOWN 50% (Suzlon Energy intends to expand to Africa and Latin America).
January 31, 2009... Suzlon Energy Ltd expects its revenues from the US to decline by 50 percent in 2009. The company had sold equipment for 8,000 megawatt in the US in 2008. Suzlon expects the sales in India, South Africa and Australia to make up for the loss in...

HINDALCO PROFIT FLAT, SALES DOWN (the company has announced a net profit of Rs545 crore for Oct-Dec 2008).
January 31, 2009... Hindalco Industries Ltd has announced a net profit of Rs545 crore for Oct-Dec 2008 (Rs543 crore for Oct-Dec 2007). Its sales have declined to Rs4,117 crore (Rs4,539 crore). The company has announced revenues of Rs1,980 crore from...

IGL NET DIPS 15% (the company has announced a net profit of Rs38.30 crore for Oct-Dec 2008).
January 31, 2009... Indraprastha Gas Limited (IGL) has announced a decline of 15 percent in net profit at Rs38.30 crore for Oct-Dec 2008 (Rs45.02 crore for Oct-Dec 2007). Its turnover has gone up to Rs247.56 crore (Rs209.97 crore). The company has received...

TAKE SOLUTIONS, FOUR SOFT MERGER PLAN OFF (the market conditions are not right for the merger).
January 31, 2009... Take Solutions has decided to drop its plans to merge Four Soft due to differences on post merger issues. The board is of the view that market conditions are not right for the merger. Take Solutions has announced a flat growth in net...

MTNL NET FALLS 40% (the company has announced a net profit of Rs58.2 crore for Oct-Dec 2008).
January 31, 2009... Mahanagar Telephone Nigam Ltd (MTNL) has announced a decline of 40.3 percent in net profit at Rs58.2 crore for Oct-Dec 2008 (Rs97.6 crore for Oct-Dec 2007). Its total income has gone up to Rs1,404 crore (Rs1,326 crore). The company is...

SUBHIKSHA LOOKS FOR CASH INFUSION TO GET GOING AGAIN (the company has closed down its stores across the country).
January 31, 2009... Subhiksha Retail Ltd is looking for infusion of Rs300 crore to resume its operations. The company has closed down its stores across the country due to lack of funds. Subhiksha has accumulated debt of Rs750 crore. The company has nearly...

CINEMAX BUCKS DOWNTURN; 50 MORE SCREENS ON RADAR (the company has launched multiplexes in Kalyan and Hyderabad).
January 31, 2009... Cinemax is planning to add 50 more screens across India with an investment of Rs70 crore. The company operates 75 screens at 25 locations. Cinemax has launched multiplexes in Kalyan and Hyderabad in the third week of Jan 2008. The...

FUTURE GROUP EXPLORING IDEA OF RENTING CLOTHES (customers can hire dresses for various occasions).
January 31, 2009... The Future Group is planning to start renting clothes for occasions and sell second-hand clothes. The venture will allow customers to hire high-end clothes and accessories for various occasions at a fraction of the price. The group owns...

HOTEL ROOM DEMAND MAY SEE 8-10% GROWTH BY 2011 (the average supply CAGR is expected to go up by 22 percent).
January 31, 2009... Cushman & Wakefield is of the opinion that the hotel room demand in India will increase at a compounded annual growth rate (CAGR) of 8-10 percent by 2011. The average supply CAGR is expected to go up by 22 percent. The national capital...

FOREX RESERVES DECREASE BY $4.55 BILLION (to $247.621 billion for the week ended 23 Jan 2009).
January 31, 2009... The foreign exchange (forex) reserves of India have declined by $4.55 billion to $247.621 billion for the week ended 23 Jan 2009. Foreign currency assets have declined by $4.54 billion to $238.305 billion. The gold reserves are steady at...

RUPEE GAINS 10 PAISE (the rupee closed at 48.87 to the US dollar on 30 Jan 2009).
January 31, 2009... Indian rupee has gained 10 paise against the US dollar on 30 Jan 2009. The rupee opened at 49.12 to the dollar and closed at 48.87 (48.97/98 on 29 Jan 2009). Recovery of the stock markets has helped the sentiments.

BOND SLIPS ON SUPPLY CONCERNS (traders expect the Government to exceed its market borrowing plan).
January 31, 2009... Bond prices in India declined for the fourth session on 30 Jan 2009. Traders expect the Government to exceed its market borrowing plan. The 8.24 percent 2018 paper closed at Rs114.50 (Rs114.85 on 29 Jan 2009). The Reserve Bank of India...

CALL RATE STEADY (the inter-bank call rate in India closed at 4.10/4.20 percent on 30 Jan 2009).
January 31, 2009... The inter-bank call rate in India closed unchanged at 4.10/4.20 percent on 30 Jan 2009. The Reserve Bank of India received and accepted 12 bids for Rs23,420 crore in the first reverse repo auction. The bank accepted one bid for Rs50 crore...

PNB NET PROFIT GROWS 86% ON SURGE IN TREASURY INCOME (the bank has announced a net profit of Rs1,005.82 crore for Oct-Dec 2008).
January 31, 2009... Punjab National Bank (PNB) has announced a growth of 85.76 percent in net profit at Rs1,005.82 crore for Oct-Dec 2008 (Rs541.45 crore for Oct-Dec 2007). Its total income has gone up to Rs6,239.91 crore (Rs4,119.57 crore). The bank has...

RBI TO ALLOW PREPAID INSTTRUMENTS UP TO MAXIMUM VALUE OF Rs50,000 (issuers are expected to comply with the norms set by the RBI).
January 31, 2009... The Reserve Bank of India (RBI) is planning to allow banks and non-banking financial companies to issue prepaid instruments up to a maximum value of Rs50,000. The prepaid instruments facilitate purchase of goods and services against the...

IOB NET PROFIT INCREASES 26% (the bank has announced a net profit of Rs388.4 crore for Oct- Dec 2008).
January 31, 2009... Indian Overseas Bank (IOB) has announced a growth of 26 percent in net profit at Rs388.4 crore for Oct-Dec 2008 (Rs308.1 crore for Oct-Dec 2007). Its advances have gone up by 15.3 percent to Rs87,276 crore and deposits have gone up by 30...

KARUR VYSYA BANK NET UP 28% (the bank has announced a net profit of Rs59.25 crore for Oct- Dec 2008).
January 31, 2009... Karur Vysya Bank has announced a growth of 27.61 percent in net profit at Rs59.25 crore for Oct-Dec 2008 (Rs46.43 crore for Oct- Dec 2007). Its total interest income has gone up to Rs374.86 crore (Rs295.43 crore). The bank has announced...

RISE IN TREASURY PROFITS, INTEREST INCOME LIFT ORIENTAL BANK NET 82% (the bank has announced a net profit of Rs252.1 crore for Oct- Dec 2008).
January 31, 2009... Oriental Bank has announced a growth of 82.11 percent in net profit at Rs252.1 crore for Oct-Dec 2008 (Rs138.4 crore for Oct- Dec 2007). Its treasury income has gone up to Rs185 crore (Rs58 crore). The bank has announced total income of...

CHOLAMANDALAM DBS REJIGS CAPITAL (the company intends to exit the personal loans business).
January 31, 2009... Cholamandalam DBS Finance Ltd is planning to restructure its capital to provide for loan losses and infuse equity. The company is a joint venture between the Murugappa Group and DBS Bank of Singapore. Cholamandalam DBS intends to exit the...

DCB REPORTS NET LOSS OF Rs3.22 CRORE (the bank has made a provision of Rs26.18 crore for retail assets).
January 31, 2009... Development Credit Bank (DCB) has announced a net loss of Rs3.22 crore for Oct-Dec 2008 (net profit of Rs25.71 crore for Oct-Dec 2007). The bank has made a provision of Rs26.18 crore for retail assets (Rs7.05 crore). Its net...

TULIP TELECOM Q4 PROFIT FALLS 8% AT Rs49 CRORE DUE TO FOREX LOSSES (the company has incurred a forex loss of Rs39.1 crore in Apr- Dec 2008).
January 31, 2009... Tulip Telecom Ltd has announced a decline of 8.2 percent in net profit at Rs49.64 crore for Oct-Dec 2008. Its net sales have gone up to Rs441.78 crore (Rs333.12 crore). The company has incurred a foreign exchange (forex) loss of Rs39.1 crore...

EDUCOMP BAGS Rs120-CRORE ORDERS FROM UP, ASSAM (the company has increased the number of schools to 12,012).
January 31, 2009... Educomp Solutions Ltd has bagged orders worth Rs120 crore from the Governments of Uttar Pradesh and Assam. The company will implement information and communication technology (ICT) programme in 2,042 schools. Educomp has increased the...

MOODY'S LOWERS CREDIT OUTLOOK FOR BANKING SYSTEM (the slowdown is expected to affect other sectors).
January 31, 2009... Moody's Investor Services has lowered the credit outlook for the banking system in India from stable to negative over the next 12- 18 months. Indian economy is expected to slow down due to the global financial crisis. The slowdown is...

HIRING SENTIMENT FALLS TO NEW LOW (TeamLease expects the hiring to decline by 30 points in Jan- Mar 2009).
January 31, 2009... TeamLease Services Pvt Ltd expects the hiring sentiment in India to fall further by nearly 30 points in Jan-Mar 2009. Employment outlook index was at 75 points in Jun-Oct 2008. Global companies have cut more than 2.5 million jobs in 2008. The...

ALLGREEN ENERGY PLANS 10 BIOMASS-BASED PROJECTS (the company intends to set up the projects in Karnataka, Tamil Nadu and Madhya Pradesh).
January 31, 2009... AllGreen Energy India Ltd is planning to set up 10 biomass-based energy projects in India in the next three years with an investment of Rs500 crore. The company intends to set up the first three projects in Karnataka, Tamil Nadu and Madhya...

BINANI CEMENT NET DOWN 84% (posts net profit of Rs9 crore for Oct-Dec 2008).
January 31, 2009... Binani Cement has reported a decline of 84 percent in net profit at Rs9 crore for the third quarter ended 31 Dec 2008 against Rs54 crore earned in the third quarter ended 31 Dec 2007. Sales grew by 54 percent to Rs360 crore from Rs233 crore...

TATA TEA NET RISES 10% ON HIGHER REVENUES (standalone revenues up 23 percent at Rs379 crore).
January 31, 2009... Tata Tea Ltd has posted an increase of 10 percent in net profit at Rs48.3 crore for the third quarter ended 31 Dec 2008 against Rs43.7 crore earned in the third quarter ended 31 Dec 2007. The group's consolidated net profit has fallen to...

BERGER PAINTS NET DIPS 35% (net profit at Rs14.96 crore for third quarter of 2008-2009).
January 31, 2009... Berger Paints has reported a decline of over 35 percent in net profit at Rs14.96 crore for the third quarter of 2008-2009 against Rs23.25 crore earned in the third quarter of 2007-2008. Net sales improved marginally to Rs358.25 crore from...

APOLLO HOSPITALS NET RISES TO Rs29.5 CRORE (income of Rs373 crore for quarter ended 31 Dec 2008).
January 31, 2009... Apollo Hospitals Enterprise Ltd has reported a net profit of Rs29.53 crore on an income of Rs373 crore for the quarter ended 31 Dec 2008 against a net profit of Rs26.39 crore on income of Rs289.04 crore in the quarter ended 31 Dec 2007. ...

GE SHIPPING NET DOWN 18% (net profit at Rs241 crore for third quarter ended Dec 2008).
January 31, 2009... Great Eastern Shipping has reported a fall of 18 percent in net profit at Rs241 crore for the third quarter ended 31 Dec 2008 against Rs294 crore earned in the third quarter ended 31 Dec 2007. Operating income grew by 11 percent to Rs728...

SMALL DIP IN BEML NET (net profit at Rs58.74 crore for third quarter of 2008-2009).
January 31, 2009... BEML Ltd has reported a marginal fall in net profit at Rs58.74 crore for the third quarter of 2008-2009 against Rs59.2 crore in the third quarter of 2007-2008. Net sales rose by about two percent to Rs632.8 crore from Rs622 crore. The...

SREI INFRA CONSOLIDATED PROFITS FALL IN Q3 (net profit at Rs8.77 crore for quarter ended Dec 2008).
January 31, 2009... Srei Infrastructure Finance Ltd has reported a decline in consolidated net profit at Rs8.77 crore for the quarter ended 31 Dec 2008 against Rs27.9 crore achieved in the quarter ended 31 Dec 2007. Total consolidated income fell to Rs176.94...

MUNDRA PORT Q3 PROFIT SURGES 92% (income has risen by 46.52 percent to Rs300.88 crore).
January 31, 2009... Mundra Port and SEZ Ltd of the Adani Group has improved its net profit by 92.23 percent to Rs100.81 crore for the third quarter of 2008-2009 against Rs52.44 crore earned in the third quarter of 2007-2008. The company's income has risen...

ADANI ENTERPRISES NET DOWN 54% (income at Rs3,174.50 crore for Oct-Dec 2008).
January 31, 2009... Adani Enterprises Ltd of the Adani Group has reported a fall of 53.6 percent in net profit at Rs55.94 crore for the third quarter ended 31 Dec 2008 against Rs120.74 crore earned in the third quarter ended 31 Dec 2007. The company's income has...

AIR FRANCE TO WITHDRAW CHENNAI SERVICES FROM MARCH 28 (route does not show signs of economic profitability).
January 31, 2009... Air France has decided to suspend its thrice weekly services on the Chennai-Paris route from 28 Mar 2009. The airline says that it is suspending the service since the route does not show signs of economic profitability in the short and medium...

CEAT REPORTS Rs21.64 CRORE NET LOSS (total income at Rs593 crore in Oct-Dec 2008).
January 31, 2009... Tyre manufacturer Ceat Ltd has reported a net loss of Rs21.64 crore for the third quarter ended 31 Dec 2008 against a net profit of Rs19.23 crore achieved in the third quarter ended 31 Dec 2007. Total income has grown by four percent to Rs593...

JSPL POSTS Rs325-CRORE NET IN Q3 (net sales up 27.62 percent at Rs1,782.07 crore).
January 31, 2009... Jindal Steel & Power Ltd has improved its net profit by 1.92 percent at Rs325.17 crore for the third quarter of 2008-2009 against Rs319.05 crore earned in the third quarter of 2007-2008. Net sales grew by 27.62 percent at Rs1,782.07 crore...

DSCL REVENUES UP, NET DOWN IN Q3 (net profit has fallen to Rs9.05 crore for Oct-Dec 2008).
January 31, 2009... DCM Shriram Consolidated Ltd has improved its net revenues by 37 percent at Rs918.5 crore for the third quarter ended 31 Dec 2008 against Rs671.1 crore earned in the third quarter ended 31 Dec 2007. The company's net profit has fallen to...

HATSUN AGRO Q3 NET DIPS (net profit at Rs2 crore for Oct-Dec 2008).
January 31, 2009... Hatsun Agro Products Ltd has reported a fall in net profit at Rs2 crore for the third quarter ended 31 Dec 2008 against Rs5.21 crore earned in the third quarter ended 31 Dec 2007. Net sales have improved to Rs261.66 crore from Rs232.31...

L&T: EXPOSURE TO SATYAM NOT SUBJECT TO MARK-TO-MARKET ACCOUNTING (the company has 12 percent stake in Satyam Computers).
January 31, 2009... Larsen & Toubro says that its recent investment in the shares of Satyam Computer Services will not be subject to mark-to-market accounting and taken to the profit and loss account since it constitutes a strategic investment. The company says...

SAGAR CEMENTS NET DOWN 65% (total income has grown by 13 percent to Rs79.85 crore).
January 31, 2009... Sagar Cements Ltd of Hyderabad has reported a fall of 65 percent in net profit at Rs5.36 crore for the third quarter ended 31 Dec 2008 against Rs8.88 crore earned in the third quarter ended 31 Dec 2007. Total income has grown by 13 percent to...