BackNeed to Know | Vikas Sharma to head Nomura in India
Need to Know | Vikas Sharma to head Nomura in India
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Mumbai:Vikas Sharma will replace Tarun Jotwani as the country head of Japanese investment bank Nomura International in India. Sharma was earlier Nomura’s investment banking head in India. Nomura had taken over the Asia operations including the India team of US investment bank Lehman Brothers Holdings Inc., which collapsed in mid-September. Jotwani, who was heading Nomura in India after the takeover, has shifted to Tokyo.
—Nesil Staney
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World Bank’s India head arrives on a 7-day visit
New Delhi: Roberto Zagha, the World Bank’s new country director for India, arrived here on Friday for a one-week visit. Zagha, a Brazilian national, replaced Isabel Guerrero on 1 January to become the country director for India. Guerrero is now the bank’s vice-president for the South Asia region.
Zagha was previously senior adviser to the World Bank’s vice-president in the poverty reduction and economic management unit.
—Staff Writer
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RIL profits may fall 21% to Rs15,400 cr in FY09
Mumbai: Reliance Industries Ltd (RIL) is struggling to convince investors that natural gas sales and a new refinery will reverse a slump in profit.
The Mumbai-based firm said net income declined 9.8% to Rs3,500 crore in the quarter ended 31 December. For the full fiscal, profit might fall 21% to Rs15,400 crore, according to the median of 20 estimates compiled by ‘Bloomberg’.
Reliance may not see a big improvement in earnings in the next quarter and next year’s earnings will climb, depending on factors such as early resolution to their gas sales dispute, Chintan Mewar, a Mumbai-based analyst at Finquest Securities Pvt. Ltd, said on Friday. If crude oil prices continue to fall, India could revise gas prices downwards and this may hurt their income.
—Bloomberg
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‘India to face gas crisis if Iran pipeline is scrapped’
New Delhi: India could face an acute shortage of natural gas if the proposed pipeline from Iran and Turkmenistan that runs through Pakistan are scrapped due to deteriorating relations with the neighbouring country in the aftermath of the Mumbai terror attacks, according to an Assocham study.
India’s current gas availability of 104 million standard cubic meters per day meets only 60% of the industrial demand. This gap between supply and demand is projected to widen by 2011-12.
—PTI
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ONGC-Mittal to buy 25% stake in Satpayev field
New Delhi: Oil and Natural Gas Corp. Ltd (ONGC) and its partner Lakshmi N. Mittal will sign on Saturday a deal to buy a 25% stake in Kazakhstan’s prospective Satpayev oil field in the Caspian Sea.
ONGC Mittal Energy Ltd, the joint venture of ONGC Videsh Ltd and Mittal Investment Sarl, will sign the agreement for the stake in the Satpayev field, officials said.
—PTI
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Foreign firms will create more jobs: Bhardwaj
Mumbai: Indian lawyers should stop opposing the entry of overseas firms as they will create thousands of legal jobs, minister of law and justice H.R. Bhardwaj said. The Union government has circulated draft regulations on foreign law firms as a step toward opening the country’s legal market, he told reporters after meeting UK business secretary Peter Mandelson in Mumbai on Friday.
The initiatives we are taking at the government level are not to harm lawyers here, he said.
—Bloomberg
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Pinarayi Vijayan is 9th accused in Lavalin case
Kochi: The Central Bureau of Investigation (CBI) has sought permission from the Kerala high court to arraign CPI(M) state secretary, Pinarayi Vijayan as ninth accused in the SNC Lavalin case relating to renovation and modernization of three hydel projects in the state in late 1990s.
The CBI has in a report submitted to the court stated that Vijayan, a former power minister, should be arraigned as the ninth accused. There are totally 11 accused in the case.
—PTI
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3i Infotech consolidated PAT up 41% to Rs69.7 cr
Mumbai: IT company 3i Infotech Ltd has clocked a 40.6% growth in its profit after tax (PAT) on a consolidated basis in Q3 FY09 at Rs69.74 crore.
Its consolidated revenue for the reporting quarter grew 90.4% at Rs615.60 crore of which 65.9% was inoganic and 24.5% organic growth, a press release issued on Friday said.
—PTI
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MRF posts Q3 net loss of Rs38.3 crore
Mumbai: Tyre maker MRF Ltd fell the most in three months in Mumbai after posting a quarterly loss of Rs38.3 crore, compared with a profit of Rs51.75 a year earlier.
Sales in the three months ended 31 December were at Rs1,350 crore, compared with Rs1,160 crore a year ago, the company said in a statement to the Bombay Stock Exchange on Friday.
Total expenditure rose 30% to Rs1,390 crore.
—Bloomberg
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Jyothy Lab net dips 33% to Rs13.47 in Q3
Mumbai:Jyothy Laboratories Ltd said on Friday its net profit for the third quarter ended 31 December, declined by 32.81% to Rs13.47 crore. Total income rose to Rs119.47 crore for the quarter under review, against Rs95.82 crore for the year-ago period.
—PTI
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