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The Week in Review for 22 October 2010

The Week in Review for 22 October 2010
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First Published: Fri, Oct 22 2010. 09 29 PM IST
Updated: Fri, Oct 22 2010. 09 29 PM IST
Coal India’s IPO has been subscribed many times over, but there’s a hitch. Markets regulator Sebi has asked it to give investors an exit option until 25 October. The decision came after Sebi said it spotted errors in the Coal India prospectus. On Thursday, the IPO closed after being subscribed 15.2 times overall. The portion reserved for institutional buyers got covered 25 times. Coal India’s IPO consists of a 10% stake sale by the government, which is hoping to make more than Rs15,000 crore. Disinvestment secretary Sumit Bose told Mint the errors in the prospectus were minor and that he did not expect any major withdrawals.
While the Coal India IPO could make the government a fortune, it also wants PSU’s to create jobs. It plans to evaluate the investments of state-run companies based on the number of jobs they’ll generate. The proposal is part of the UPA’s upcoming national employment policy. Mint has learnt that the labour ministry will send a draft of the proposal to the union cabinet within a month.
Several major companies and banks posted their second quarter numbers this week. Mortgage lender HDFC reported a 22% rise in net profit to a higher than expected Rs808 crore.
HDFC Bank, meanwhile, said its net profit climbed 33% to Rs912 crore. Its net interest income grew 29% to Rs2,526 crore.
Two other private lenders have also announced their results. Kotak Mahindra Bank posted a net profit rise of 21% to Rs364 crore. And Yes Bank’s net profit was up 58% to one Rs176 crore. Both banks also saw considerable increases in their net interest incomes, while their net interest margins fell slightly.
And it’s been a mixed week for the IT industry, with Wipro’s numbers not meeting expectations and TCS beating them. Net profit for TCS shot up 32% to reach Rs2,169 crore, while its revenue surged some 25% toRs9,286 crore.
Wipro meanwhile saw a 2.56% fall in its net profit to just under Rs1,285 crore. The company’s net sales for all businesses rose 6.83% to Rs 7,730 crore.
A new study in medical journal The Lancet claims 13 times more Indians die of malaria than previously thought. The report estimates the disease kills 205,000 people every year. The WHO puts the annual death rate from Malaria in India at 15,000. It has already disputed The Lancet study.
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First Published: Fri, Oct 22 2010. 09 29 PM IST
More Topics: Week in Review | CIL | IPO | HDFC | TCS |