India Business Insight articles from July 2009

India Business Insight archives from July 2009

AMBANI GAS CASE: APEX COURT TO FIX DATE FOR FINAL HEARING (the Government of India wants an early resolution of the dispute).
July 31, 2009... The Supreme Court is expected to fix the date for the final hearing on the dispute between the Ambani brothers on 1 Sep 2009. The Supreme Court is also hearing the petition by the Government of India against the order of the Bombay High Court...

SBI NET RISES 42% IN Q1 (the bank has announced a net profit of Rs2,330 crore for Apr- Jun 2009).
July 31, 2009... State Bank of India (SBI) has announced a growth of 42 percent in net profit at Rs2,330 crore for Apr-Jun 2009 (Rs1,641 crore for Apr-Jun 2008). Its net interest income has gone up to Rs5,025 crore (Rs4,818 crore). The bank has announced other...

OVERSEAS BORROWING GETS EASIER FOR INDIA INC (the companies have collectively raised $1.919 billion in Jun 2009).
July 31, 2009... A number of Indian companies have collectively raised $1.919 billion from overseas markets in Jun 2009 ($1.615 billion in Jun 2008). National Aviation Company of India Ltd has raised $830 million through external commercial borrowings (ECBs)....

NAGARJUNA CONSTRUCTION Q1 TURNOVER UP MARGINALLY (the company has announced turnover of Rs1,002.41 crore for Apr-Jun 2009).
July 31, 2009... Nagarjuna Construction Company Ltd has announced turnover of Rs1,002.41 crore for Apr-Jun 2009 (Rs972 crore for Apr-Jun 2008). Its net profit has gone up to Rs38.22 crore (Rs37.09 crore). The company has bagged fresh orders of Rs2,874 crore to...

MATRIX LAB NET DOWN 49% (the company has announced a net profit of Rs16.56 crore for Apr-Jun 2009).
July 31, 2009... Matrix Laboratories Ltd has announced a decline of 49 percent in net profit at Rs16.56 crore for Apr-Jun 2009 (Rs32.37 crore for Apr-Jun 2008). Its total revenue has gone up to Rs409 crore (Rs325 crore). The promoters of the company are...

NATCO PHARMA PROFIT UP 5% (the company has announced a net profit of Rs8 crore for Apr- Jun 2009).
July 31, 2009... Natco Pharma Ltd has announced a growth of five percent in net profit at Rs8 crore for Apr-Jun 2009 (Rs7.68 crore for Apr-Jun 2008). Its total revenue has gone up to Rs73 crore (Rs62 crore). The company has announced earnings of Rs2.87 a...

TATA CHEMICALS PROFITS UP 59% ON DEMAND GROWTH (the company has announced a net profit of Rs94 crore for Apr- Jun 2009).
July 31, 2009... Tata Chemicals Ltd has announced a growth of 59 percent in net profit at Rs94 crore for Apr-Jun 2009 (Rs59 crore for Apr-Jun 2008). Its sales have gone up to Rs1,394 crore (Rs1,201 crore). The company has announced a consolidated net profit...

SAIL PROFIT DROPS 28% ON LOWER PRICES, HIGHER INPUT COSTS (the company has announced a net profit of Rs1,236.09 crore for Apr-Jun 2009).
July 31, 2009... Steel Authority of India Ltd (SAIL) has announced a decline of 27.7 percent in net profit at Rs1,236.09 crore for Apr-Jun 2009 (Rs1,835.19 crore for Apr-Jun 2008). Its total income has declined to Rs9,692.72 crore (Rs11,421.99 crore). The...

M&M NET PROFIT SURGES TO Rs401 CRORE (the company has announced total income of Rs4,243 crore for Apr-Jun 2009).
July 31, 2009... Mahindra & Mahindra Ltd (M&M) has announced a net profit of Rs401 crore for Apr-Jun 2009 (Rs159 crore for Apr-Jun 2008). Its total income has gone up to Rs4,243 crore (Rs3,302 crore). The company has announced a growth of 28.5 percent in...

INDIAN OIL PUMPS UP NINE-FOLD RISE IN Q1 PROFITS (the company has announced a net profit of Rs3,682.83 crore for Apr-Jun 2009).
July 31, 2009... Indian Oil Corporation Ltd (IOC) has announced a nine-fold growth in net profit at Rs3,682.83 crore for Apr-Jun 2009 (Rs415.13 crore for Apr-Jun 2008). Its turnover has declined to Rs63,521 crore (Rs80,735 crore). The company has announced...

WOCKHARDT POSTS Rs190-CRORE LOSS (the company has incurred mark-to-market loss of Rs255 crore in Apr-Jun 2009).
July 31, 2009... Wockhardt Ltd has announced a loss of Rs190 crore for Apr-Jun 2009 (net profit of Rs106 crore for Apr-Jun 2008). The company has incurred mark-to-market loss of Rs255 crore. Its net sales have gone up to Rs954 crore (Rs910 crore). The company...

BSNL PROFITS DROP 80% AS EXPENSES RISE (the company has announced a net profit of Rs574.85 crore for 2008-2009).
July 31, 2009... Bharat Sanchar Nigam Ltd (BSNL) has announced a decline of 80 percent in net profit at Rs574.85 crore for 2008-2009 (Rs3,009 crore for 2007-2008). Its total revenues have gone up to Rs35,811.92 crore (Rs32,359 crore). The company has incurred...

PATNI COMPUTER NET UP 19% (the company has announced net income of Rs$28.7 million for Apr-Jun 2009).
July 31, 2009... Patni Computer Systems has announced a growth of 18.7 percent in net income at $28.7 million for Apr-Jun 2009 ($24.1 million for Apr-Jun 2008). Its revenues have declined to $161.9 million ($182.5 million). The company intends to acquire...

WIPRO TO GO AGGRESSIVELY AFTER GOVERNMENT CONTRACTS (the company intends to build capabilities and solutions).
July 31, 2009... Wipro Ltd is planning to pursue Government contracts aggressively. The company intends to build capabilities and solutions to take up Government contracts. Wipro is planning to bid for the unique Identification Project of the Government of...

SUBEX BACK IN BLACK ON FCCB RESTATEMENT (the company has announced a net profit of Rs35.12 crore for Apr-Jun 2009).
July 31, 2009... Subex Ltd has announced a net profit of Rs35.12 crore for Apr-Jun 2009 (loss of Rs65.6 crore for Apr-Jun 2008). Its revenues have declined to Rs122.7 crore (Rs136.49 crore). The company has gained Rs50.6 crore from the restatement of foreign...

BHARTI, MTN LIKELY TO EXTEND TIMELINE FOR MERGER TALKS (the SEBI has received an application from Bharti Airtel).
July 31, 2009... Bharti Airtel and MTN of South Africa are expected to extend the timeline for the merger talks beyond 31 Jul 2009. The Securities and Exchange Board of India (SEBI) has received an application from Bharti Airtel for a partnership with MTN. ...

COMPANIES RUSHING TO ECGC FOR COVER (ECGC is adopting a cautious approach).
July 31, 2009... Indian information technology (IT) exporters are looking for cover from Export Credit Guarantee Corporation (ECGC) due to the recession. ECGC is adopting a cautious approach in offering policies to IT companies. The company has increased...

INFOSYS RENEWS ASSET COVER WITH NICL (the company has increased the value to Rs10,000 crore).
July 31, 2009... Infosys Technologies Ltd has renewed its asset cover for 2009- 2010 with National Insurance Corporation of India Ltd (NICL). The company has increased the insured value to Rs10,000 crore (Rs9,000 crore for 2008-2009) and has paid a premium of...

NON-INTEREST INCOME BOOSTS UNITED BANK NET 65% (the bank has announced a net profit of Rs70 crore for Apr- Jun 2009).
July 31, 2009... United Bank of India has announced a growth of 65 percent in net profit at Rs70 crore for Apr-Jun 2009 (Rs42.54 crore for Apr-Jun 2008). Its non-interest income has gone up to Rs142 crore (Rs55 crore). The bank has announced interest...

IOB PROFITS JUMP ON INCOME GROWTH (the bank has announced a net profit of Rs301.7 crore for Apr- Jun 2009).
July 31, 2009... Indian Overseas Bank (IOB) has announced a net profit of Rs301.7 crore for Apr-Jun 209 (Rs255.9 crore for Apr-Jun 2008). Its fee- based income has gone up to Rs230.6 crore (Rs26.2 crore). The bank has announced interest income of Rs2,577.8...

RUPEE MARGINALLY UP (the rupee closed at 48.34 to the US dollar on 30 Jul 2009).
July 31, 2009... Indian rupee has gained eight paise against the US dollar on 30 Jul 2009. The rupee opened at 48.54 to the dollar and closed at 48.34 (48.42 on 29 Jul 2009). The forward premium for six months closed at 2.45 percent (2.25 percent) and that for...

BOND PRICES DIP AHEAD OF AUCTION (bond prices in India declined by 50 paise on 30 Jul 2009).
July 31, 2009... Bond prices in India have declined by 50 paise on 30 Jul 2009 due to the auction of Government securities on 31 Jul 2009. The order matching system witnessed volumes of Rs5,925 crore. The 6.90 percent 2019 paper opened at Rs99.90 and closed...

CALL RATE ENDS AT 3.25-3.30% (the CBLO market witnessed volumes of Rs59,855.15 crore on 30 Jul 2009).
July 31, 2009... The inter-bank call rate in India closed at 3.25-3.30 percent on 30 Jul 2009 (3.20-3.30 percent on 29 Jul 2009). The Reserve Bank of India accepted 50 bids for Rs1,20,785 crore in the reverse repo auction. The collateralised borrowing and...

KARNATAKA BANK TRIMS DEPOSIT RATES (by 50-150 basis points across all maturities).
July 31, 2009... Karnataka Bank has reduced the interest rates on deposits by 50- 150 basis points across all maturities. The revised rate is applicable for all fresh deposits and renewals from 1 Aug 2009. The bank will offer additional interest of 0.75 percent...

BHARTI AXA OFFERS HOME, SHOP COVERS (the company intends to focus on retail segment).
July 31, 2009... Bharti AXA General Insurance Co Ltd has launched insurance products for householders from Rs2 lakh and for shopkeepers from Rs5 lakh. The products are available at a premium of Rs880 for homes and Rs910 for shops. The company had started its...

NON-LIFE PSU INSURERS PARK FUNDS IN G-SECS, BANK CDs (the companies are holding on to their investments in markets).
July 31, 2009... Public sector non-life insurance companies in India have parked their funds in Government securities and bank certificates of deposits (CDs). The companies are keeping away from equity markets and are holding on to their existing investments...

FEE-BASED INCOME LIFTS UCO BANK NET (the bank has announced a net profit of Rs178.85 crore for Apr-Jun 2009).
July 31, 2009... UCO Bank has announced a net profit of Rs178.85 crore for Apr-Jun 2009 (Rs133.4 crore for Apr-Jun 2008). Its fee-based income has gone up to Rs252 crore (Rs162 crore). The bank has announced interest income of Rs427 crore (Rs408 crore). Its...

ICICI BANK SEES HUGE POTENTIAL IN INFRASTRUCTURE FINANCE (the bank has sufficient funds to invest).
July 31, 2009... ICICI Bank expects huge opportunities for investment in infrastructure sector in India. The bank has a capital adequacy ratio of 17.4 percent and has sufficient funds to invest. ICICI Bank is closely working with the National Highways...

MAGMA FINCORP IN PACT WITH GERMAN COMPANY FOR INSURANCE BUSINESS (the joint venture will have an investment of Rs100 crore).
July 31, 2009... Magma Fincorp Ltd has signed a joint venture agreement with HDI- Gerling International Holding AG of Germany to enter into general insurance business. The joint venture, Magma HDI General Insurance, will have an investment of Rs100 crore. ...

WHIRLPOOL EYES 15% OVERALL GROWTH (has reported a net profit of Rs38.2 crore).
July 31, 2009... Whirlpool India has targeted an overall growth of 15 percent in 2009-2010 and 20 percent growth in 2010-2011. The company has reported a net profit of Rs38.2 crore on a sales turnover of Rs2,094 crore in 2008-2009.

TATA COMM BAGS OUTSOURCING DEAL (will deploy a voice infrastructure in Sydney).
July 31, 2009... Gotalk of Australia has outsourced its voice and network expansion plans to Tata Communications. The outsourcing will enable the company to offer improved routing control, call quality and reporting of its international voice services. Tata...

J KUMAR INFRA BAGS Rs154-CRORE ORDERS (scope of the work includes construction of barrage, flyover and dam).
July 31, 2009... J Kumar Infraprojects has secured orders worth Rs154.64 crore from various vendors. The orders are for construction-related works. The scope of the work includes construction of barrage, flyover and dam.

ASHOK LEYLAND'S PANTNAGAR PLANT (is being set up at an investment of Rs1,300 crore).
July 31, 2009... Ashok Leyland will commission its Pantnagar plant in Uttarakhand by Mar 2010. The facility is being set up at an investment of Rs1,300 crore and will manufacture medium and heavy vehicles.

GE SHIPPING CANCELS ORDER (has cancelled an agreement with a shipyard to build a bulk carrier).
July 31, 2009... Great Eastern Shipping Co Ltd has cancelled an agreement with a shipyard to build a bulk carrier. The bulk carrier was scheduled for delivery in 2011-2012. The company's new building orders are for seven vessels ' five bulk carriers and two...

HOTELIERS SEE ROOM RENTALS RISING 25% DURING CWG (following delays in completion of hotel projects).
July 31, 2009... Hotel chains and travel agents are expecting a 25 percent increase in room rentals during the Commonwealth Games (CWG) 2010. The delays in completion of hotel projects in Delhi and the National Capital Region (NCR) owing to a financial crisis...

GOVERNMENT GETS SC GREEN SIGNAL ON CW CONSTRUCTION (Supreme Court quashes the Delhi High Court order).
July 31, 2009... The Supreme Court has given approval to the Government of India to go ahead with its construction activities near the Yamuna river bed for the Commonwealth Games. The Supreme Court quashed the Delhi High Court order that had imposed various...

IBM SETTING UP NEW STRATEGY COMPETENCY CENTRE IN INDIA (for its IT Strategy & Change practice).
July 31, 2009... IBM is setting up a dedicated competency centre for its IT Strategy & Change practice in India. The company's Global Business Services division plans to hire consultants for its Strategy and Change Centre of Competence (CoC) proposed to...

UTV Q1 LOSS AT Rs23.33 CRORE (total revenues declines by about 16%).
July 31, 2009... UTV Software Communications has reported a net loss of Rs23.33 crore in Apr-Jun 2009. The company had reported a net profit of Rs19.88 crore in Apr-Jun 2008. The company's total revenues decline by about 16 percent to Rs115.36 crore (Rs137.07...

GOVT TO CLEAR AMBIGUITY ON CITY GAS NETWORKS (plans to provide more powers to PNGRB).
July 31, 2009... The Government of India plans to provide more powers to the Petroleum and Natural Gas Regulatory Board (PNGRB) by notifying Section 16 of the PNGRB Act which deals with city gas distribution (CGD). Section 16 gives the Board regulatory power to...

BoM NET MORE THAN DOUBLES TO Rs102 CRORE (had reported a net profit of Rs46.63 crore in Apr-Jun 2008).
July 31, 2009... Bank of Maharashtra (BoM) has reported an over 100 percent increase in net profit at Rs101.79 crore in Apr-Jun 2009. The bank had reported a net profit of Rs46.63 crore in Apr-Jun 2008.

INSURERS MAY REGISTER 40% ULIPS AGAIN (to comply with the new norms on cost structure of insurance products).
July 31, 2009... Insurance companies will have to register over 40 percent of their unit-liked insurance product (Ulip) offerings before 31 Dec 2009 with the Insurance Regulatory and Development Authority (IRDA) again. This is to comply with the new norms on...

POWER SITUATION IMPROVES IN STATE (urban areas will get 22 hours of power).
July 31, 2009... The power situation in Karnataka has improved following good rains. According to the Government of Karnataka, urban areas will get 22 hours of power from 1 Aug 2009, while load shedding in rural areas will be to the extent of 14 hours. Rural...

BEL-IISc CHAIR FOR RADAR STUDIES (will create a platform for advanced studies in the areas of Radars).
July 31, 2009... Bharat Electronics Ltd (BEL) has signed a memorandum of understanding (MoU) with the Indian Institute of Science (IISc) for instituting a Chair Professorship for Radar Studies at the IISc. BEL has contributed Rs1 crore as corpus fund for setting...

SPICE EXPORTS DECLINE 12% IN Q1 (declines by 19% in volume).
July 31, 2009... Spices exports declined by 19 percent in volume and 12 percent in value in Apr-Jun 2009. A total of 1,22,515 tonnes of spices valued at Rs1,230.2 crore ($252.24 million) has been exported (1,50,920 tonnes valued at Rs1,400.8 crore ($336.25...

CENTRE TO HELP HIMACHAL REPLANT APPLE ORCHARDS (Central assistance increased from Rs23,000 per hectare to Rs56,000 per hectare).
July 31, 2009... The Ministry of Agriculture, Government of India has agreed to increase Central assistance from Rs23,000 per hectare to Rs56,000 per hectare for planting improved apple tree varieties in the old orchards of Himachal Pradesh. The Government of...

STATE BANK OF INDIA, LIC INVEST IN RELIANCE PRIVATE EQUITY (the company has raised about Rs1,500 crore).
July 31, 2009... Major Indian banks and financial institutions such as State Bank of India (SBI), Life Insurance Corporation (LIC), General Insurance Corporation (GIC), Bank of Baroda (BoB) and IDBI Bank have helped Reliance Equity Advisors to raise about...

INDIA FIRMS BACK WITH A BANG IN Q1, PROFITS SOAR (after witnessing modest earnings growth of 3-8 percent in the previous four quarters).
July 31, 2009... A study of 850 listed companies has shown that their net profits have risen 13 percent during Apr-Jun 2009 over Apr-Jun 2008. This is attributed to declining raw material costs, lower cost of borrowings and modest growth in wage bills. The 22...

STANCHART TO BUY RBS' INDIA RETAIL, SME ASSETS FOR $250 MILLION (the bank earns over 70 percent of its income and over 80 percent of its operating profit from Asian operations).
July 31, 2009... Standard Chartered Plc (StanChart) of the United Kingdom is to buy the retail and small and medium enterprises (SME) operations of Royal Bank of Scotland (RBS) in India, China and Malaysia. The deal is expected to cost StanChart around $250...

KHATTAR SOURCING LOW-COST SPARES WORRIES OEMs (Carnation Auto has started importing original Honda components at a cheaper price using India's FTA with Thailand).
July 31, 2009... Carnation Auto, the new company of Jagdish Khattar, services 28 auto models across brands. It has started importing original Honda components at a cheaper price using India's free trade agreement (FTA) with Thailand. This is a threat to the...

MARKS & SPENCER TO SLOT ITSELF AS MID-MARKET RETAILER (has been reducing prices in recent months to lure more customers).
July 31, 2009... Clothing retailer Marks & Spencer of the United Kingdom is repositioning itself in India as a mid-market retailer. It has been reducing prices in recent months to lure more customers. The retailer has been trying to convey this by...

KINGFISHER TELLS STAFF SALARIES WILL BE DELAYED (because it is in a tight financial situation).
July 31, 2009... Kingfisher Airlines has informed its 6,000 employees that there will be a delay in paying salaries. It has asked its employees to adjust to delayed salaries and embarrassing dealings with unpaid vendors. This is because Kingfisher is in a...

AIRTEL PICKS UP T20 TITLE SPONSORSHIP (for a five-year term).
July 31, 2009... Bharti Airtel has picked up the title sponsorship of the upcoming Champions League T20 tournament for Rs170 crore. The tournament will be called Airtel Champions League Twenty20 and will begin from 8 Oct 2009, with 12 teams competing for the...

'EMF RADIATION FROM MOBILES VERY LOW' (according to the director-general of COAI).
July 31, 2009... There is a raging debate over health hazards of mobile phones. However organisations representing service providers are seeking to dispel fears that the electro-magnetic fields (EMF) radiation from towers and mobile phones harm users. The...

IT OUTSOURCING LIKELY TO BE SUBDUED THIS YEAR (according to a study by Springboard Research).
July 31, 2009... Information technology (IT) outsourcing in the Indian market is expected to remain subdued during the course of 2009. According to a study by Springboard Research titled 'Inside the End-Users' Mind - India IT services demand side analysis',...

HINDUJA LOOKS TO INCREASE HEADCOUNT (proposes to add around 1,000 people during the course of 2009-2010).
July 31, 2009... Mid-tier business process outsourcing (BPO) company Hinduja Global Solutions Ltd (HGSL) is looking to add around 1,000 people during the course of 2009-2010 on the backdrop of its strong order book position. This includes a second centre in...

WELSPUN INDIA NET AT Rs33 CRORE (during Apr-Jun 2009).
July 31, 2009... The net profit of Welspun India has risen to Rs33.27 crore during Apr-Jun 2009 (Rs4.8 crore during Apr-Jun 2008). Net sales have grown 44 percent to Rs409.3 crore. This growth is attributed to the introduction of new products like fashion...

PATEL ENGINEERING NET PROFIT UP 25% (during Apr-Jun 2009).
July 31, 2009... The consolidated net profit of Patel Engineering has risen 25 percent to Rs36 crore during Apr-Jun 2009 (Rs29 crore during Apr- Jun 2008). Consolidated net sales rose by 15 percent to Rs643 crore (Rs558 crore).

FINANCIAL TECHNOLOGIES Q1 NET FALLS 88% (to Rs21 crore during Apr-Jun 2009).
July 31, 2009... The net profit of Financial Technologies has declined by 88 percent to Rs21 crore during Apr-Jun 2009. Net sales grew by 33 percent to Rs58.5 crore. The other income of the company stood at Rs6.5 crore compared to Rs210 crore during Jan-Mar...

BETTER ORDERS LIFT KALPATARU PROFIT (to Rs32 crore during Apr-Jun 2009).
July 31, 2009... The net profit of Kalpataru Transmission has risen 10 percent to Rs32 crore during Apr-Jun 2009. This growth is attributed to better orders. Its order book is at Rs4,800 crore, including overseas orders of about Rs2,000 crore. The company's...

MORE CONTRACT VERSIONS FOR CURRENCY FUTURES (as traders need more variety in current single-pair offering).
July 31, 2009... The Securities and Exchange Board of India (SEBI) is planning to start more dollar-rupee contract versions to provide currency futures traders with a larger choice. According to SEBI, traders need more variety in current single-pair offering....

IIFCL FOR ALTERNATIVE HIGHWAY FUNDING WAYS (calls for early enactment of amendments to the Land Acquisition Act).
July 31, 2009... India Infrastructure Finance Company Ltd (IIFCL) has pointed out the need for alternate financing for highway projects, reducing financial closure period of a highway project to three months and early enactment of amendments to the Land...

CRISIS DENTS PC, PERIPHERALS CONSUMPTION IN FY08-09 (as sales of uninterrupted power supply units declined by six percent to 1.51 million units).
July 31, 2009... The Manufacturer's Association for Information Technology (MAIT) has revealed in its review for the IT peripherals industry that demand for personal computers (PCs) and peripherals dropped in 2008-2009 on account of the economic slowdown. ...

DIRECT FERT SOPS TO FARMERS ON CARDS (rather than passing subsidies to the fertiliser manufacturers).
July 31, 2009... The Ministry of Chemicals and Fertiliser, Government of India, is planning to provide fertiliser subsidies directly to farmers rather than passing subsidies to the fertiliser manufacturers. The ministry is also looking at prices of fertilisers...

CENTRE INVITES EOIS FOR JOINT VENTURES IN FOUR SICK CPSES (subject to approval from the Parliament).
July 31, 2009... The Ministry for Heavy Industries and Public Enterprises, Government of India, has invited expressions of interest (EOIs) for forming joint ventures (JVs) in four sick central public sector enterprises (CPSEs). The four CPSEs include Hindustan...

DPE OKAYS FUND FOR CPSES (including Rs2,921 crore as the cash component and Rs12,194 crore as non-cash assistance).
July 31, 2009... The Department of Public Enterprises (DPE) has given its approval for providing financial assistance worth Rs15,115 crore to revive 35 central public sector enterprises (CPSEs). The aid to the CPSEs includes Rs2,921 crore as the cash component...

GMR GETS BOARD NOD FOR STOCK SPLIT (subject to approval from the shareholders of the company).
July 31, 2009... The board of GMR Infrastructure Ltd (GIL) of Bangalore has approved the company's plans to split the stocks. However, the sub-division of the shares of GIL will be subject to approval from the shareholders of the company. The shares of the...

SHRI LAKSHMI NET UP (by 20.03 percent to Rs69.27 crore in Apr-Jun 2009).
July 31, 2009... Shri Lakshmi Cotsyn Ltd has reported a 20.03 percent increase in net profit in Apr-Jun 2009 at Rs69.27 crore. The company had posted net profit of Rs57.71 crore in Apr-Jun 2008.

IPCA LAB PROFIT JUMPS (as income from operations rises to Rs358.94 crore).
July 31, 2009... IPCA Laboratories Ltd (IPCA) has reported increase in income from operations in Apr-Jun 2009 to Rs358.94 crore, compared to Rs294.93 crore in Apr-Jun 2008. The company's net profit increased by two times to Rs49.77 crore.

INDIABULLS NET DIPS (as total income increases by 3.94 percent to Rs34.78 crore).
July 31, 2009... Indiabulls Real Estate Ltd (IBREL) has reported a 3.94 percent increase in total income in Apr-Jun 2009 to Rs34.78 crore, compared to Rs33.46 crore in Apr-Jun 2008. The company's net profit, however, declined by 12.5 percent to Rs5.95 crore...

DR REDDY'S STEROID (is recommended as an alternative to mometasone furoate).
July 31, 2009... Dr Reddy's Laboratories Ltd (DRL) of Hyderabad has launched a potent steroid called Execare. Ececare contains halometasone cream 0.05 percent and is recommended as an alternative to mometasone furoate and betamethasone dipropionate. Execare...

PTC INDIA NET UP 77% (as total income rises by 96 percent to Rs2,399.63 crore).
July 31, 2009... PTC India Ltd (PTCIL) has reported a 96 percent increase in total income in Apr-Jun 2009 at Rs2,399.63 crore, compared to Rs1,220.67 crore in Apr-Jun 2008. The company's net profit grew by 76.9 percent to Rs33.33 crore (Rs18.84 crore). For...

MMTC PROFIT DIPS (while total income also declines to Rs7,511.93 crore).
July 31, 2009... MMTC Ltd has reported a decline in total income in Apr-Jun 2009 to Rs7,511.93 crore, from Rs9,782.40 crore in Apr-Jun 2008. The company's net profit dipped by 23.23 percent to Rs41.27 crore.

BERGER PAINTS PROFIT UP (by 22.48 percent at Rs28.38 crore in Apr-Jun 2009).
July 31, 2009... Berger Paints India Ltd has reported that its income from operations dipped to Rs372.63 crore in Apr-Jun 2009, compared to Rs378.16 crore in Apr-Jun 2008. The company's net profit rose by 22.48 percent to Rs28.38 crore.

VOLTAS NET PROFIT DIPS (by five percent to Rs80 crore in Apr-Jun 2009).
July 31, 2009... Voltas Ltd has reported an 18 percent increase in sales in Apr- Jun 2009 to Rs1,248 crore, compared to Rs1,058 crore in Apr-Jun 2008. The company's net profit declined by five percent to Rs80 crore (Rs84 crore).

INTEREST RATE FUTURES: THE NEXT BIG LEAP (SEBI and RBI are in the process of finalising the operational guidelines for re-launch of interest rate futures).
July 31, 2009... The Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) are in the process of finalising the operational guidelines for re-launch of interest rate futures. Interest rate futures are traded on the bourses and are...

GOVT EYES FDI FROM GERMANY, FRANCE TO BOOST TEXTILE GROWTH (as the $52-billion textiles sector requires investment worth $8 billion by 2012).
July 31, 2009... The Ministry of Textiles, Government of India, has launched a project called Mobilisation of FDI in Textiles and Apparel Sector. Under the project, a committee that has been setup by the ministry will formulate a working plan to attract foreign...

CYBERCRIMINALS BOOT IT WITH SPAM, TROJANS (Spam volumes are growing by 33 percent each month or by 117 billion emails every day).
July 31, 2009... Software security solutions provider McAfee Inc has stated in its Threats Report that spam volumes have grown by 141 percent in Apr- Jun 2009 as compared to Jan-Mar 2009. Spam, which accounts for 92 percent of all e-mail, has grown on account of...

SIX LOCKHEED C-130 PLANES IN INDIA SOON (company is aiming to deliver the planes worth $1.1 billion from Jan 2011).
July 31, 2009... Lockheed Martin Corporation (LMC) of USA is planning to expedite its delivery of six C-130J military planes to India. The company is aiming to deliver the planes worth $1.1 billion from Jan 2011. LMC is one of the largest manufacturers of...

233 PUBLIC SECTOR UNITS WITHOUT COMPANY SECRETARY, TO FACE ROC IRE (the ROC may take action against public sector units for not appointing a company secretary).
July 31, 2009... The Ministry of Corporate Affairs, Government of India has informed that the Registrar of Companies (ROC) may take action against 233 public sector units (PSUs) for not appointing a company secretary, which is mandatory under the Companies Act,...

FALCON TYRES TO INVEST Rs300 CRORE TO INCREASE PRODUCTION CAPACITY, RECOMMENDS STOCK SPLIT (plans increase in monthly production capacity to nine lakh units by Aug 2009 and to 14 lakh units per by Mar 2010).
July 31, 2009... Falcon Tyres Ltd (FTL) is planning to increase the capacity of its production plant at Mysore in Karnataka with an investment of Rs300 crore. FTL is a manufacturer of tyres for two-wheelers and three-wheelers under the brand name, Dunlop. The...

ALFA LAVAL RIDES SLUMP ON FOOD PROCESSING BOOM (orders have increased year-on-year by 25 percent in Apr-Jun 2009 to Rs635 crore).
July 31, 2009... Alfa Laval India (ALI) has stated that its food processing business has not been affected, while other businesses such as real estate have been affected. ALI's orders have increased year- on-year by 25 percent in Apr-Jun 2009 to Rs635 crore...

DEMAND FOR SOLAR THERMAL ENERGY PICKS UP (as companies are increasingly insisting on adopting green technologies).
July 31, 2009... The demand for solar-thermal energy is picking up among companies, who are increasingly insisting on adopting green technologies. Gadhia Solar Energy Systems of Gujarat is installing four solar thermal power plants of 50-100-megawatt (mw)...

INDIAN MEDIA INDUSTRY TO OUSHINE GLOBAL PEERS (by showing a compound annual growth rate of 10.5 percent from 2009 to 2013).
July 31, 2009... PriceWaterhouseCoopers (PWC) has projected the Indian media and entertainment (E&M) industry to show a compound annual growth rate (CAGR) of 10.5 percent from 2009 to 2013, compared to the global rate of 2.7 percent. In value terms, the...

BHUSHAN STEEL POSTS 30% RISE IN NET (though net sales declined marginally by one percent to Rs1,304 crore).
July 31, 2009... Bhushan Steel Ltd (BSL) has reported a 30 percent increase in net profit to Rs171.8 crore for Apr-Jun 2009, compared to Rs132.6 crore in Apr-Jun 2008. The company's net sales declined marginally by 1 percent to Rs1,304 crore in Apr-Jun 2009,...