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The Mint Report for 21 January 2010

The Mint Report for 21 January 2010
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First Published: Thu, Jan 21 2010. 11 23 PM IST
Updated: Thu, Jan 21 2010. 11 23 PM IST
New Delhi: India’s second largest bank, ICICI, reported a less than expected fall in its quarterly profits. Net profit for the third quarter fell 13.4% to Rs1,101 crore compared to the previous year’s Rs1,272 crore. And its treasury book reported a loss of Rs26 crore compared to a profit of Rs976 crore in the same period last year. ICICI has blamed the loss of treasury income for its disappointing figures, which have come just days after HDFC and Axis banks reported more than 30% increases in their net profits.
Yes Bank says it has raised $225 million by selling shares to institutional investors. It says the move was prompted by strong demand from global investors. Yes Bank announced better than expected third quarter results on Wednesday, with net profits going up 19%.
Larsen and Toubro announced disappointing results on Thursday. While its profit after tax went up 15.2% to Rs696 crore, investors were upset by its net sales, which went down 6% to Rs8,071 crore. Larsen and Toubro’s overall results were below street expectations.
Heavy fog may have already disrupted flights in northern India for some three weeks, but things could get even worse. India’s airline regulator the DGCA has tightened its rules for Airbus planes taking off in low visibility. Until now, Airbus A320 planes were allowed to take off when there was a visibility of 125m. But under the new rules, they will need to wait for a visibility of 150m, like Boeing aircraft do. Mint has learnt that the DGCA acted after carriers that fly Boeing aircraft complained about what they called preferential treatment. Airlines like Jet and SpiceJet largely run on Boeing planes while Air India runs on Airbus aircraft, along with private airlines like Kingfisher.
India’s food inflation continues to rise, but at a slower rate. The food price index went up 16.81% in the week ending the 9 January. That’s still less than the previous week, when food inflation was at 17.28%.
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First Published: Thu, Jan 21 2010. 11 23 PM IST
More Topics: The Mint Report | L&T | Larsen and Toubro | ICICI | Fog |