Business Fwire News - Page 14

Essar Shipping posts Q2 net loss of Rs 36 cr

Essar Shipping today reported a consolidated net loss of Rs 35.99 crore for the quarter ended September 30, 2012, largely due to increased finance costs and a forex loss of Rs 50.20 crore.

'Big pharma cos behind campaign against tobacco'

International Tobacco Growers Association said this was to reduce cigarette production and thereby increase nicotine patch sales which is used to help people quit smoking.

Corporation Bank hopeful of recovering loans from Kingfisher

Corporation Bank has said that its loan exposure to the financially troubled Kingfisher Airline was about Rs 160 crore and it is hopeful of the recovery.

Wipro bets big on banks in emerging markets

Wipro Technologies today said it is working on emerging markets in Asia, Africa and Latin America to grow its sophisticated IT systems for banking services.

India Cements Q2 net drops 30% on high power rates

India Cements today said its net profit dropped by 29.5 percent to Rs 49.08 crore in July-September quarter due to rise in power tariffs and freight rates.

Cipla Q2 net up 62% on robust sales at Rs 500 cr

The company said domestic revenues grew by 13.5 percent to Rs 962 crore during the second quarter.

Govt may restrict cash-surplus investments by PSUs

At present, there are various norms issued by the DPE on investment of excess funds available with such PSUs.

Japanese firm buys 26% stake in ONGC's KG basin block

The tie-up comes on the heels of ONGC's recent alliances this year with global majors like US-based ConocoPhillips, China's CNPC and Colombia's Ecopetrol SA.

Coal India asks states to respond on price-pooling mechanism

Racing against the month-end deadline to ink the fuel supply pacts, Coal India (CIL) has shot off reminder letters to the state governments seeking their views on price-pooling mechanism.

L&T Infra arm bags Rs 1,252 cr order from Delhi Metro

L&T's buildings arm has also won an order worth Rs 644 crore from IIIT Hyderabad. The Delhi Metro order will be executed as a joint venture with Shanghai Urban Construction Group.

Power regulator CERC pitches for South Asian power trading market

India's power sector regulator CERC today suggested establishing a South Asian power trading market to help ease acute electricity shortages facing many nations in the region.

Hero Cycles to open 30 outlets in 25 cities in one year

Hero Cycles today said it plans to open 30 company-owned retail outlets across 25 cities within one year.

Coal India to double production in Chhattisgarh by 2017

State-run Coal India has said it plans to double its production capacity in Chhattisgarh to 220 million tonnes by 2017.

Air India cancels two flights to Odisha

The Chennai-Bhubaneswar-Chennai flight number 537 and Bhubaneswar-Kolkata-Bhubaneswar flight number 770 stand withdrawn with effect from 5 November

Reinvent learning to support indigenous innovation, says Murthy

Despite making landmark advances, the Indian software industry has failed to support the growth of its own inventions, Infosys founder Narayana Murthy said today, asking students to reinvent their idea of education to end this anomaly.

Will not ship animals: Jet Airways assures PETA

According to PETA, several major airlines have full or partial policies against transporting animals for experimentation.

Volkswagen to set up India engine assembly plant by 2015

The company also plans to invest 60 million euros in its India business next year on localisation of components and to boost export potential from the country

BSNL alleges sabotage attempt during GIS meet

The public sector telecom company had provided technical support for the three-day event, which had started on 28 October.

Sundaram Finance Q2 net up 23% to Rs 111 crore

Non-banking finance company Sundaram Finance has reported a 22.8 percent jump in net profits at Rs 111.49 crore for the second quarter ended September 30.

GAIL Q2 profit slips 10% on rise in LPG subsidy

GAIL India, the nation's biggest gas firm, today reported a 10 percent drop in its second-quarter net profit after a steep rise in its LPG subsidy outgo.

PNB net drops 11.6% on higher NPAs, stock tanks 7%

Punjab National Bank today reported a 11.6 percent drop in net profit to Rs 1,065 crore on account of higher provisioning for bad loans in the September quarter.

Dabur Q2 net up over 16% at Rs 202 crore

FMCG firm Dabur India today said its consolidated net profit rose by 16.39 percent to Rs 202.37 crore for the second quarter ended September 30.

Nalco Q2 profit falls 97% to Rs 5 crore

Aluminium giant Nalco today reported a 96.5 percent drop in its net profit at Rs 4.78 crore for the quarter ended September 30, due to increase in power and fuel cost and lower sales.

Honda may export some models from Noida facility

Honda Cars India, which today shipped the first lot of 390 units of its locally-made hatchback Brio to South Africa, said it may make the Noida facility as an export hub for some of the models.

Cognizant to invest $25 mn for data centres in US, Europe

As part of measures to expand its presence in North American and European markets, IT major Cognizant would initially invest $25 million to open additional data centres, the company said today.

Lupin gets USFDA nod for generic contraceptive tablets

Drug firm Lupin today said it has received final approval from the US health regulator to market its generic Levonorgestrel and Ethinyl Estradiol combined oral contraceptive tablets.

Oriental Bank Q2 net jumps 80% at Rs 302 cr

Oriental Bank of Commerce today reported 80 percent jump in net profit at Rs 302.19 crore for the second quarter ended September 2012.

Capgemini opens new BPO centre in Tamil Nadu

Spread across an area of 18,000 sq ft, the new facility would increase Capgemini's BPO strength in India where more than 6,500 full time staff are now employed.

Lupin Q2 net up 9% to Rs 291 crore

Drug firm Lupin today said its consolidated net profit rose by 8.84 percent to Rs 290.5 crore for the second quarter ended September 30, 2012, on the back of robust sales across the US, India and Japan markets.