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The Mint Report for 20 January 2010

The Mint Report for 20 January 2010
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First Published: Thu, Jan 21 2010. 01 07 AM IST
Updated: Thu, Jan 21 2010. 01 07 AM IST
New Delhi: Mortgage lender HDFC reported its third quarter results on Wednesday, posting a 22.75% increase in net profits to Rs671 crore. Loan approvals during the nine month period ending in December went up 22% to Rs41,110 crore.
The third quarter has also been good to India’s IT sector. After impressive numbers from TCS and Infosys last week, Wipro also unveiled better than expected third quarter results. Profits shot up 21% to Rs1,217 crore, driven by greater demand from banks and financial institutions. The company’s revenues increased 5% to Rs6,966 crore for the third quarter.
Not all companies have made gains in the third quarter. Dr. Reddy’s Laboratories reported a net loss of Rs233 crores in the quarter ending in December. The company had made a profit of Rs159 crore in the same period last year.
Bharti Wal-Mart opened its first agricultural cooperative centre on Wednesday. The centre is based in Sirhind in Punjab and will aggregate and deliver fresh produce to Bharti Retails stores. Bharti Wal-Mart is a joint venture between Bharti Enterprises and Wal-Mart.
Reliance Industries Limited may want to acquire the bankrupt petrochemicals company LyondellBasell, but a new court ruling in the US could make that harder. On Tuesday, a US bankruptcy court extended the exclusivity period for the company’s management. That means LyondellBasell now has until the 15 April to file a reorganization plan without having to deal with competing plans. Sector analysts have told Mint the move could swell valuations, making an acquisition more expensive.
NTPC plans to spend some Rs25,000 crore on building power plants in the next fiscal year. The power company will borrow about 70% of the planned expenditure for the new plants and says its lenders include State Bank of India and Life Insurance Corporation. Currently, NTPC generates about a fifth of India’s electricity, but has failed to meet its targets for adding new capacity this year.
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First Published: Thu, Jan 21 2010. 01 07 AM IST
More Topics: The Mint Report | HDFC | Wipro | RIL | LyondellBasell |