New Delhi: India’s biggest real estate DLF’s net profits plunged 79% this quarter to Rs396 crore. Ever since the global economic downturn, real estate in India has been hit by falling sales and tightening credit. But DLF says activity in the sector has picked up, and analysts believe India remains a good real-estate market in the long term.
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Reliance Communications reported an 8% increase in net profits to Rs1,637 crore. The modest hike was actually higher than expected and was fueled by a larger customer base and from income from sources other than its operations.
NTPC has a new opening in its gas supply dispute with Mukesh Ambani’s Reliance Industries Ltd. The power ministry has told the state-owned power company it can intervene in the separate gas supply dispute between RIL and RNRL, in which the government is a party and which is now being fought in the Supreme Court. NTPC has it’s own concerns about the government’s petition in the case and had earlier asked the attorney general for his opinion.
The Sensex jumped 282 points on Friday to close at 15,670, the highest the Sensex has gone for 13 months. The Nifty rose 65 points, ending trade at 4,636.
Parliament is considering a private member bill that will ensure that its two houses sit for a minimum of 120 days and state assemblies sit for at least 60 days every year. The bill has been moved by Samajwadi party member Mahendra Mohan and will require constitutional amendments. Sittings at parliament have been falling sine 1980. In the last year of 14th Lok Sabha the two houses met for just 46 days, the lowest ever. Most of India’s state assemblies fare worse than Parliament, having an average of just 20 to 25 sittings every year. And that’s all we have for you today. Thanks for watching.
The Reserve Bank of India has extended its interest subvention of 2% on rupee loans for specified categories of exporters to March next year. The earlier deadline was the 30th September.