India Business Insight articles from November 2008, page 70

India Business Insight archives from November 2008

SMS PHARMA NET DIPS (net profit at Rs5.16 crore for Jul-Sep 2008).
November 1, 2008... SMS Pharma has registered a decline in its net profit to Rs5.16 crore for Jul-Sep 2008 (Rs6 crore for Jul-Sep 2007). The company's total income has increased to Rs69.9 crore (Rs45.91 crore). The company's earnings per share for the...

XL TELECOM & ENERGY NET UP (net profit at Rs14.99 crore for Jul-Sep 2008).
November 1, 2008... XL Telecom & Energy Ltd has registered an increase in its net profit to Rs14.99 crore for Jul-Sep 2008 (Rs6.02 crore for Jul- Sep 2007). The company's total income has increased to Rs236.25 crore (Rs141.34 crore). The company's earnings per...

REDPILL LAUNCHES INDIAN OPERATIONS (sets up customer innovation centre in Chennai).
November 1, 2008... RedPill, a customer management consulting services company based in Singapore, has launched its Indian operations. The company has set up a customer innovation centre, C-lab, in Chennai. The company will make C-lab its hub for research...

SQL STAR INTERNATIONAL POSTS Rs0.36 CRORE LOSS (income from operations at Rs22.93 crore for Jul-Sep 2008).
November 1, 2008... SQL Star International has registered a net loss of Rs0.36 crore for Jul-Sep 2008 (a net profit of Rs2.56 crore for Jul-Sep 2007). The company's income from operations has declined to Rs22.93 crore (Rs26.25 crore). The company has...

DELHI-HARYANA METRO WORK FROM JAN 2010 (MRC gets Rs283.50 crore from Government of Haryana).
November 1, 2008... The Government of Haryana has released Rs283.50 crore to the Metro Rail Corporation (MRC) as the second instalment of its share for the construction of the Qutub Minar-Gurgaon metro corridor. The total cost of the 7.08-kilometre metro...

HARYANA ROADWAYS TO PURCHASE 1,000 BUSES (move to augment and modernise existing fleet of buses).
November 1, 2008... Haryana Roadways (HRW) is augmenting and modernising its existing fleet of buses. For this purpose, HRW will purchase 1,000 additional buses, including Volvo AC buses, CNC buses, Haryana Gaurav and semi low-floor buses, by 2012. The move...

BARC DEVELOPS FOURTH GENERATION URANIUM ENRICHMENT GAS CENTRIFUGES (provides about 10 times more output than earlier designs).
November 1, 2008... Bhabha Atomic Research Centre (BARC) has designed and developed a cascade of fourth generation (4G) uranium enrichment gas centrifuges. The 4G system provides about 10 times more output than earlier designs. The 4G system, which is...

CENTRE APPROVES Rs1,008-CRORE PORT PROJECTS (to award contracts for development of the projects in 2009).
November 1, 2008... The Government of India on 31 Oct 2008 has approved the setting up of two port projects, with an estimated combined investment of Rs1,008 crore, by the Department of Shipping, through public- private partnership. The projects are a...

S&P RETAINS INVESTMENT GRADE FOR INDIA (agency says India has strong economic growth prospects).
November 1, 2008... Standard & Poor's (S&P), an international rating agency, has retained its BBB-long-term and A-3 short-term sovereign credit ratings on India. S&P's outlook on the long-term ratings on India remain stable. S&P has reaffirmed the ratings on...

KOTAK BANK Q2 NET DIPS 37% (interest income up 26 percent at Rs746 crore).
November 1, 2008... Kotak Mahindra Bank (KMB) has posted 36.5 percent decline in net profit for Jul-Sep 2008 at Rs47.86 crore, compared to Rs75.38 crore in Jul-Sep 2007. The bank's net profit declined year-on- year by 33.33 percent on a consolidated basis to...

SYND BANK ENTICES HOUSEMAIDS, HNIS (tie up with housemaid welfare association in Mumbai).
November 1, 2008... Syndicate Bank (SB) has decided to open up to having more nominal balance or zero balance (no-frill) accounts and savings accounts. The bank has tied up with a housemaid welfare association in Mumbai, helping it open more than 5,000 accounts....

SYND BANK Q2 PROFIT UP 15% (net interest income up 55 percent at Rs747 crore).
November 1, 2008... Syndicate Bank (SB) has reported a 15 percent year-on-year growth in net profit of Rs262 crore for Jul-Sep 2008. The bank's net interest income grew by 55 percent to Rs747 crore. The bank registered a 0.2 percent growth in net interest...

ING VYSYA LOGS FLAT NET (net profit at Rs46.97 crore for Jul-Sep 2008).
November 1, 2008... ING Vysya Bank has reported net profit of Rs46.97 crore for Jul- Sep 2008, compared to Rs45.98 crore in Jul-Sep 2007. The bank's total income from operations grew by 33 percent to Rs1,470.14 crore. The bank registered a 23 percent...

NALCO POSTS 1% RISE IN Q2 NET PROFIT (sales at to Rs1,676 for Jul-Sep 2008).
November 1, 2008... National Aluminium Company (Nalco) has posted a 1.08 percent rise in net profit for Jul-Sep 2008 at Rs444.46 crore, compared to Rs439.73 crore in Jul-Sep 2007. The company's marginal rise in net profit is attributed to a higher coal import...

MMTC NET UP 30% AT Rs49 CRORE (net income at Rs12,489.10 crore for Jul-Sep 2008).
November 1, 2008... MMTC Ltd (MMTC) has posted a 30.32 percent rise in net profit for Jul-Sep 2008 at Rs48.78 crore, compared to Rs37.43 crore in Jul- Sep 2007. MMTC's net income grew to Rs12,489.10 crore (Rs5,920.02 crore).

RAILWAYS EARNINGS GO UP 13% (passenger revenues at Rs617.20 crore for 11-20 Oct 2008).
November 1, 2008... The Indian Railways has posted a 12.72 percent rise in earnings for 11 Oct-20 Oct 2008 at Rs2,071.03 crore, compared to Rs1,838.09 crore in 11 Oct-20 Oct 2007. The railways' earnings are from its freight, coaching and passenger departments....

BEML Q2 NET ZOOMS 128% (sales at Rs613.89 crore in Jul-Sep 2008).
November 1, 2008... BEML has posted a 128 percent year-on-year rise in net profit for Jul-Sep 2008 at Rs55.51 crore. The company's sales grew to Rs613.89 crore (Rs475.19 crore in Jul-Sep 2007). BEML's other income rose to Rs21.61 crore (Rs12.09 crore).

GOVT CLEARS 40 FDI PROPOSALS WORTH Rs1.5K CRORE (ILFS-ORIX Trust's proposal of Rs400 crore cleared).
November 1, 2008... The Ministry of Finance, Government of India, has approved 40 foreign direct investment (FDI) proposals worth Rs1,498 crore on the recommendations of the Foreign Investment Promotion Board (FIPB). The approvals include a Rs400 crore plan...

HPCL POSTS Q2 NET LOSS OF Rs3,218 CRORE (for selling products at lower rates and inventory loss on account of rupee depreciation).
November 1, 2008... Hindustan Petroleum Corporation Ltd (HPCL) has posted a net loss of Rs3,218 crore for Jul-Sep 2008, compared to a net profit of Rs853 crore in Jul-Sep 2007. The company's loss is attributed to selling products at lower rates and inventory...

INSURERS CHEER GOVT DECISION TO HIKE FDI (bill to be presented in Indian Parliament in Dec 2008).
November 1, 2008... The Union Cabinet, Government of India's approval on 31 Oct 2008 for amending the insurance bill is expected to help private insurers attract more capital from their overseas partners. The Insurance (Amendment) Bill 2008 seeks to increase...

WTO RULES AGAINST INDIA IN WINE DUTY CASE (appeal by US against India's high customs duties).
November 1, 2008... The appellate body of the World Trade organisation (WTO) has ruled in favour of the US against high customs duties imposed by India on wines and spirits. However, the appellate body has not found anything inconsistent with applied duties...

NANO: PLAN B, EVEN PLAN C, IN PLACE (Tata Motors has decided to shift its Nano project from Singur to Sanand in Gujarat).
November 1, 2008... Tata Motors has decided to shift its Nano project from Singur to Sanand in Gujarat. Sanand meets the just-in-time inventory and logistic cost management requirements of Tata Motors' demand for the vendor park. With the shifting of the...