Mumbai: Indiabulls Financial Services Ltd has no plan to expand its loan portfolio from the current Rs11,000 crore and will instead focus more on repayment and pre-payments, chief executive officer Gagan Banga said on Tuesday. “Times are tough and we are getting into dialogues for pre-payments,” Banga said, adding it was sitting on a cash level of close to Rs3,000 crore.
The finance company plans to hold higher cash levels for the next six months. “We want to stay on high levels of liquidity,” he said.
Indiabulls Financial posted a net profit of Rs44.82 crore on total revenue of Rs641 crore. Its year-ago profit was Rs117 crore on total revenue of Rs350 crore, which included earnings from its brokerage business that was demerged earlier this year into Indiabulls Securities Ltd , Banga said.
Indiabulls Financial’s borrowers have repaid Rs2,000 in the July-September quarter and did not face any problems with large-ticket loans, Banga told television channel CNBC TV18 earlier in the day. Banga added that the company’s proposed commodities futures exchange would be operational by the first quarter of 2010. Shares of the company closed 8.74% at Rs107.05 in a firm Mumbai market.
— Reuters
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SAIL profit rises 18% in Q2 on increased output
New Delhi: State-run Steel Authority of India Ltd (SAlL) said second quarter (Q2) profit rose 18% as demand increased for higher grade products used by car makers and the railways.
Net income climbed to Rs2,010 crore in three months ended 30 September from Rs1,700 crore a year earlier, the company said in a statement to the Bombay Stock Exchange (BSE). Profit was in line with the Rs1,980 crore median estimate of five analysts in a Bloomberg survey. Sales increased 34% to Rs12,660 crore.
Shares of the company lost 2.5% to close at Rs105.15 on BSE, on a day the Sensex gained 4.5%.
— Bloomberg
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LIC Housing Fin Q2 net up 16% to Rs135 cr
Mumbai: LIC Housing Finance Ltd on Tuesday announced a net profit of Rs135.06 crore for the second quarter ended 30 September, a 16% growth over the year-ago period. The company showed a net profit of Rs116.37 crore in the year-ago period, LIC Housing Finance said in a filing to the Bombay Stock Exchange.
Total income rose to Rs704.23 crore from Rs523.22 crore in the year-ago period. Shares of the company gained 7.83% to close at Rs243.10 in a firm Mumbai market.
— PTI
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United Spirits reports 17% hike in profits
New Delhi: Liquor maker United Spirits Ltd on Tuesday reported a net profit of Rs93.89 crore for the second quarter ended 30 September, a 17.05% growth over the year-ago period.
The company, led by Vijay Mallya, had registered a net profit of Rs80.21 crore in the second quarter of the last fiscal, it said in a statement.
Total income rose 19.72% to Rs914.51 crore, from Rs763.83 crore in the corresponding period last year.