New Delhi: HDFC unveiled better than expected results on Wednesday. Net profits rose 30.2% to Rs687 crore rupees compared to the same period last year. Net interest income rose grew 4.82% to Rs1,956 crore. Its net interest margin rose marginally to 4.2% from the earlier 4.1%. The bank’s other income rose 56.6% to Rs1,074 crore.
IndusInd Bank also reported second quarter results on Wednesday. Its net profits shot up 131% to Rs78 crore compared to a year earlier. Standalone net interest income was 209 crores compared to Rs105 crore in the same period last year, while net margin improved to 2.86% compared to the earlier 1.68%.
Larsen and Toubro says it is considering entering the power generation business. In the coming years, the company could invest in power plants with 1,000-2,000MW of capacity and could expand to 5,000MW in the next 5 years. India’s power sector is set to grow in the coming years, with the government planning to add 78,700MW of capacity in the five years to March 2012.
An agreement to build India’s first large-capacity nuclear power plant could be signed next year. If the deal goes ahead, France-based Areva will sell two 1,650MW reactors to India’s Nuclear Power Corporation for a project in Maharashtra. Areva could also offer its Indian counterpart a stake in an African uranium mine to guarantee supplies.
Meanwhile, Australia has said it will not export Uranium to India. Australia has the world’s largest supplies of Uranium, but does not sell the nuclear fuel to countries that have not signed the nuclear nonproliferation treaty.
India’s steel consumption rose 5.7% to 26.49 million tonnes in the first six months of the current fiscal year. Most of the extra demand came from the auto and consumer durables market.
The Future Group says one of its subsidiaries has entered a 50:50 joint venture with Britain-based footwear chain Clarks. The subsidiary Winner Sports plans to launch Clark in India by 2011.
Vijay Mallya’s UB Group says it is talking to two foreign companies about entering India’s organized retail market. The company’s subsidiary MCF wants to be the exclusive supplier of vegetables, grains, and other food items for its retail partner. MCF recently started buying produce from farmers and selling it at supermarkets.
Markets raced upwards on Wednesday. The Sensex shot up 204 points to a 17 month high, closing at 17,231 and the Nifty went up 64 points to end trade at 5,118.