Company Results | Canara Bank’s September quarter profit rises by 32%

Company Results | Canara Bank’s September quarter profit rises by 32%
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First Published: Tue, Oct 21 2008. 12 50 AM IST
Updated: Tue, Oct 21 2008. 12 50 AM IST
Bangalore: Canara Bank posted 32% rise in its second quarter profit on increase in its net interest income. The bank posted a net profit of Rs529.43 crore, compared with Rs401.57crore a year ago, while its total income rose to Rs4,447.97 crore from Rs4,054.66 crore. The cost of deposit fell to 6.60% from 6.77% in the same period last year. Meanwhile, A.C. Mahajan, chairman and managing director, said the Reserve Bank of India’s decision to cut short-term lending rate by 100 basis points to 8% could be an indication for a softening in interest rates in the future. “The move could mean a reduction in interest rates, which may not happen tomorrow but after two to three months,” he said. Mahajan further added that the bank may raise Rs1,000 crore through tier II and subordinate bonds, if the interest rates do come down. The bank’s stock closed at Rs180.85, up 5.05%, or Rs8.70, on Monday on the Bombay Stock Exchange.
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Petronet posts 11% fall in net profit
Mumbai:Petronet LNG Ltd, India’s biggest importer of liquefied natural gas, posted an 11% decline in second-quarter profit. Net income fell to Rs103 crore in the three months ended 30 September from Rs116 crore a year earlier, it said in a statement to the National Stock Exchange on Monday. Sales decreased to Rs1,650 crore on from Rs1,670 crore.
Bloomberg
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Indian Hotels reports 4.8% fall in net profit
Mumbai: Indian Hotels Co. Ltd, which owns the Taj luxury chain and the Ginger budget hotels, reported a 4.8% drop in net profit for the second quarter ended 30 September. Net profit fell to Rs50.66 crore from Rs53.24 crore in the same period a year before, while net sales increased to Rs323.97 crore from Rs297.35 crore.
Reuters
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Sterlite Tech second quarter profit falls 78%
Mumbai: Sterlite Technologies Ltd, an Indian maker of fiber-optic cables, said second-quarter profit fell 78 %.
Net income fell to Rs6.08 crore in the three months ended 30 September from Rs27.27 crore a year earlier, it said on Monday in a release to the Bombay Stock Exchange. Sales rose 41% to Rs566 crore. The shares fell as much as 3.7%, and traded at Rs68.75, down 1.2%, as of 3:17 pm local time.
Bloomberg
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Akruti City net up threefold at Rs195 cr
Mumbai:Akruti City Ltd on Monday announced a consolidated net profit of Rs195.36 crore for the second quarter ended 30 September, more than three-fold growth over the corresponding period a year-ago. The company had a net profit of Rs56.51 crore in September FY08, it said in a filing to the Bombay Stock Exchange. The consolidated income rose to Rs258.47 crore in the quarter under review from Rs98.53 crore in the year-ago period.
PTI
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United Phosphorus net profit grows 38.6%
Mumbai: United Phosphorus Ltd sees FY09 profit growing at 30-35% while revenue growth is seen at 25-30%, group chief financial officer Rajendra Darak said on Monday. Raw material availability has improved, though prices were still high, he said, adding that he expects them to soften.
In the quarter ended September, it’s net profit grew 38.6% to Rs122 crore, in line with street expectations, on net sales of Rs1,125 crore. Shares in the firm ended at Rs189.5, down 6.16%from the previous close.
Reuters
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IL&FS Investment Q2 doubles to Rs14 cr
Mumbai: IL&FS Investment Managers Ltd on Monday announced a net profit of Rs14.41 crore for the second quarter ended September 30, a two fold jump over the corresponding period a year ago. The firm had a net profit of Rs4.42 crore in the second quarter of FY’08, IL&FS Investment said in a BSE filing. Income from operations rose to Rs39.36 crore in the current quarter under review, from Rs15.14 crore the same period a year ago.
PTI
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Patel Engineering Q2 net up 20%
Mumbai: Construction firm Patel Engineering Ltd on Monday announced a consolidated net profit of Rs42.58 crore for the second quarter ended September 30, a 19.84% growth over the corresponding period a year-ago. The consolidated net sales of the company rose to Rs441.81 crore for the quarter under review from Rs338.77 crore in the year-ago period. For the six months ended 30 September, Patel Engineering recorded a consolidated net profit of Rs77.57 crore, against Rs62.57 crore in the year-ago period, up by 23.97%.
PTI
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Shree Cement profit beats forecast
Kolkata: Cement maker Shree Cement Ltd on Monday beat forecasts to post a marginal rise in net profit for the July-September quarter, helped by higher sales volumes. Net profit for the quarter rose marginally to Rs107 crore, from Rs106 crore a year ago. A Reuters estimate by analysts had predicted a 7.02% fall in net profit to Rs98.74 crore on sluggish cement demand. Net sales of the firm, with units in western Rajasthan, rose 33% to Rs620 crore, up from Rs466 crore a year ago.
Reuters
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Mindtree second quarter net up 37%
Bangalore: MindTree Ltd, a mid-tier IT services firm, said its second quarter profit rose 37% to Rs37.27 crore on cross selling services for customers of AztecSoft Ltd, the firm it acquired in May. Revenue rose 71% to Rs 312 crore between July and September, the first period it reported results for the merged entity, MindTree said in a statement. The firm reported profit of Rs 27.13 crore on sales of Rs 181.95 crore during the same period last year.
Staff Writer
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First Published: Tue, Oct 21 2008. 12 50 AM IST