New Delhi: India’s largest company had bad news on Friday. Reliance Industries Ltd or RIL reported an 11.5% fall in net profits to Rs3,636 crore. The figures were worse than what analysts had expected. This is the third straight quarter for which RIL has posted a fall in net profits.
Ranbaxy Labs turned out impressive earnings. The drug maker posted net profits of Rs675 core for the quarter ending June, which is 30 times it net profits for the same period last year. Much of the profits come from high valuation of derivatives.
Jet Airways is going to convert about two-thirds of its fleet into its no-frills Jet Airways Konnect. The airline has been getting fewer passengers and has excess capacity.
The Sensex jumped 148 points on Friday to shut shop at 15,379, while the Nifty went up 45 points, closing at 4,569.
The Union Cabinet has approved the free trade agreement with the Association of Southeast Asian Nations, or Asean. The agreement was to be signed last December, but was delayed by instability in Thailand and later by India’s general elections. Government officials say they are likely to sign the agreement in August.
Bill Gates has a task cut out for Nandan Nilekani. He thinks village-wise immunization records can be stored in a computer and tracked using a unique I-D system. Currently health workers make these entries in a physical register and there is no real time updating. Gates thinks a simple device can change all this.
Vodafone may have used Zoozoos to sell their phone services…but now it wants to sell the Zoozoos themselves. The company is in talks with retail chain Shoppers Stop to sell Zoozoo merchandise including mugs, t-shirts, dolls, and clocks. Retailers in India have generally been wary of selling branded character merchandise because of the large number of knock-offs available.