IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter. Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 basis points as compared to the preceding […]
Eicher Motors said it sold 69,492 Royal Enfield Bullet motorcycles in October 2017, up 18% compared to the same month last year. However, the number represented a slight decline in the pace at which the company’s sales have been growing this year. For example, from April to October this year, total number of Royal Enfield […]
Reliance Capital reported a 2% year-on-year increase in total income for the September quarter for its subsidiary Reliance Commercial Finance Ltd. It earned pretax profit of Rs 92 crore, up 7% on year, while total income came in at 502 cr. As on September 30, 2017, outstanding loan book was Rs. 12,653 crore – a […]
Alembic Pharmaceuticals said it bought New Jersey-based generic drug developer Orit Laboratories LLC, which will bring seven approved generics and four applications with it. Orbit has “a team of eight highly experienced scientists,” Alembic said, adding that the firm focuses on developing and filing oral solid and liquid products. “We Welcome Dr. Satish Patel, Founder […]
Reliance Communications could ink more spectrum selling and sharing agreements with Mukesh Ambani-controlled Reliance Jio, Fitch Ratings said, adding that the Anil Ambani company would end up as a mobile virtual operator after its ongoing restructuring. Rcom “plans to monetise spectrum assets in the 800MHz, 900MHz, 1800MHz and 2100MHz bands by sharing and trading with […]
Reliance Communications said it the company’s board has approved the issue of fresh shares in the company to the shareholders of Sistema Shyam Teleservices Ltd, which operates the MTS brand of telecom services in India. RCom’s merger with MTS received the government’s approval a few days ago. Since companies in India can get an extension […]
Bharti Airtel, India’s largest telecom company by revenue, reported further erosion in its revenue and profit in September quarter compared to the previous June quarter. The company reported revenue of 21,777 cr, down 12.3% compared to a year ago and down 0.8% compared to the previous three months of April to June. Profit before exceptional […]
Tata Global Beverages, the world’s second largest tea company, said it is evaluating the possibility of entering the cafe business and has launched its first pilot outlet at Indira Nagar in Bangalore. The outlet, called ‘Tata Cha’, will offer a wide variety of teas as well as snacks. “Tata Cha will specialise in serving freshly […]
Tata Steel has promoted T V Narendran, currently MD for India and South East Asia, as the company’s new CEO and Managing Director. The Board also reappointed Koushik Chatterjee as Executive Director and Chief Financial Officer for a period of 5 years with effect from November 9, 2017, when his present term expires on November […]
Dabur India, one of the world’s biggest manufacturers of natural FMCG products, reported a slight revenue decline for the second quarter, but net profit rose marginally. Dabur’s Sept quarter revenue was hit by a steep appreciation in the currencies of several of the countries where the company sells its wares, it said. Adjusted for currency […]
Bharti Infratel, the tower arm of Bharti Airtel, said it has decided to explore the possibility of buying out the stakes of Idea Cellular and Vodafone in rival tower company Indus. Bharti and Vodafone currently own about 42% each in Indus, while Idea holds about 11%. As a result, anyone who buys the stakes of […]
Bharti Infratel reported a 17% fall in its net profit for the three months ended September, due to a sharp decline in its finance-related revenue. On finance charges, there was a net inflow of 62 cr this quarter compared to an inflow of 306 cr last year. Net profit fell to Rs 638 cr from […]
Pharma major Lupin reported an 8% fall in Q2 revenue to Rs. 3,952 cr. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for the quarter fell by 13% to 927 cr. Net profit was also down by 31.3% at Rs 455 cr in in the September quarter. The profit was higher than the mean analyst […]
HCL Technologies, one of the top five Indian IT services companies, said it has tied up with Red Hat — the biggest open source software company — to offer Linux-based virtual infrastructure for companies. Under the product, clients will be able to lease cloud computing infrastructure from HCL that are more efficient that traditional cloud […]
Tata Consultancy Services, the country’s largest exporter of services, said it has successfully implemented a cloud transformation of Malaysia Airlines, making it the world’s first full-service airline to migrate fully to the cloud. Cloud transformation refers to the replacement of packaged software — which is installed at users’ computers — by a single copy or […]
Madrasas in Uttar Pradesh state of India will soon start teaching from science and maths textbooks printed by the NCERT, deputy chief minister Dinesh Sharma said today. “Madrasas will teach using NCERT text books. The board has started preparations,” Sharma said today. Science and maths have been made mandatory from high-school level in all schools. […]
AU Small Finance Bank reported net interest income of Rs. 220 crore in the second quarter ended September, up 12% on year. Total Income was Rs 508 crore, up 41% and PAT was Rs 68 crore for Q2FY18 as against Rs 62 crore in Q1FY18. “Q2 was the first full quarter of operations as a […]
AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses. Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18. The program will target micro, small and medium sized enterprises in the manufacturing […]
ITC Ltd said its performance during the second quarter was relatively subdued due to “severe pressure” on the cigarette industry and sluggish demand conditions prevailing in the FMCG industry. Operating conditions in the Agri Business and Hotels Segment also remained challenging, it said. On a comparable basis, Gross Sales Value’ stood at Rs 16,391.58 crores […]
Credit rating agency India Ratings has warned that the ongoing consolidation in the telecom industry caused by the entry of Reliance Jio will be painful for lenders and banks, but was good for the industry as whole. It said it had become difficult for smaller players to survive in the market after the entry of […]
